ExGen Resources Inc. is pleased to provide an update in respect of Phoenix Copper Ltd.’s (“Phoenix”) exploration and development activities at the Empire Mine Project in Idaho, USA. Further to previous ExGen news releases, ExGen owns 20% and Phoenix owns 80% of Konnex Resources, Inc. (“Konnex”), which holds the leases and claims to the Empire Mine Project. ExGen further has a 2.5% NSR royalty on the Empire Mine Project and owns 1,330,000 common shares of Phoenix.
ExGen is pleased to report that Phoenix, (the operator of the Empire Mine Project), has completed a mapping and evaluation program of the Red Star magnetite-bearing skarn body formed at the contact of the Mackay Granite and White Knob Limestone. The program, which was conducted to better characterize the North Pit mineral resource potential, included creation of a geologic map of the North Pit region, examination of drill core and creation of a model of the mineralization to assist and guide future drilling. The work was conducted by David W. Rodgers, Ph.D., Consultant Structural Geologist to Phoenix. His report ““Geologic Mapping and Structural Analysis in the North Pit Region, Mackay Mining District, 9 November 2020” can be found on Phoenix Copper’s website at www.phoenixcopperlimited.com in the “Reports” section.
Highlights:
Dr. Rodgers is familiar with the geology of the Company’s Empire Mine property and the region as a whole. He was the structural geology professor in the Idaho State University (ISU) Department of Geology from 1985 to 2010, Associate Dean of ISU College of Science and Research from 2010-2018, and is currently the Associate Vice-President for Research at ISU. During Dr. Rodgers’ tenure as a structural geology professor, he mapped extensively in the Central Idaho area, including the more distal extents of the same rock formations present at the Company’s Empire Mine.
Jason Riley, CEO of ExGen, commented, “We are excited for Phoenix to begin the geophysical surveys at Red Star and the potential of discovering potential drill targets. We believe that Red Star and the potential along the north pit could be significant to the overall project.”
Red Star Background
Red Star is located approximately 330 metres north-northwest of the Empire open pit resource area within the Empire patented claim boundary. This boundary is contiguous with the Horseshoe Block to the north and west. A map showing the area can be found on Phoenix Copper’s website at www.phoenixcopperlimited.com in the “News” section. The Red Star Zone was discovered during field mapping and reconnaissance of the northern patented claim boundary and adjacent Horseshoe Block. In 2020, 10 HQ-core holes were completed at Red Star (ExGen news release of October 1, 2020).
Qualified Person
Kieran Downes, Ph.D., P. Geo., a Qualified Person as defined by National Instrument 43-101, has reviewed and verified the technical information provided in this release.
ABOUT EXGEN RESOURCES INC.
ExGen, formerly Boxxer Gold Corp, is a project accelerator that seeks to fund exploration and development of our projects through joint ventures and partnership agreements. This approach significantly reduces the technical and financial risks for ExGen, while maintaining the upside exposure to new discoveries and potential cash flow. The company intends to build a diverse portfolio of projects across exploration stages and various commodity groups. ExGen currently has 6 projects in Canada and the US.
For more information on ExGen please contact ExGen Resources Inc.
Jason Tong
Chief Financial Officer
Email: jason@catapultgroup.ca