Toronto, Ontario--(Newsfile Corp. - March 30, 2022) - Xplore Resources Corp. (TSXV: XPLR) ("Xplore" or the "Company"), is pleased to announce that it has contracted Prospectair Geosurveys Inc. ("Prospectair") of Gatineau, Quebec to complete a high-resolution heliborne magnetic survey of the recently optioned 3416 ha lithium Surge Property (the "Property" or "Surge") located in the Patricia Mining District, Ontario, Canada approximately 150 kms east of Red Lake, Ontario.
Wes Hanson, P.Geo., President and CEO of Xplore Resources, commented, "We were fortunate to be able to join a consortium of lithium focused exploration companies who have aggressively acquired claims in the region, largely due to the discovery potential for lithium bearing pegmatites associated with the Allison Lake batholith and Root Lake pegmatite group. Participating in this consortium not only reduces the overall costs of the survey for all participants, but more importantly, it will generate preliminary results by mid-May, allowing us the opportunity to prioritize areas of interest for field follow up and sampling during the coming field season. That allows us to double down on field evaluation as our Perrigo Lake claim block, acquired initially for its gold potential, lies immediately west and adjacent to the Allison Lake Batholith, giving us two properties in this dynamic region. We are very encouraged by the commitments outlined in Ontario's recently announced Critical Minerals Strategy, focused on positioning the province to benefit from the anticipated exponential growth of electric vehicle manufacturing. This includes financial support for the exploration for and development of critical battery metals, including lithium, throughout northern Ontario."
Surge Property
Surge is located 12 kms east of the Root Lake pegmatite group which includes the McCombe lithium deposit, (historic mineral resource of 2.3 million tons @ 1.3% Li20 as per Mulligan R., Geological Survey of Canada, 1965 (Ref. Figure 2.0). The Root Lake pegmatite group lies within the Pakwash - Lake St. Joseph ("PLSJ") rare element pegmatite trend, a 20 km wide, +100 km long trend containing multiple peraluminous (Al-rich) granitic intrusions, rare earth pegmatites and lithium bearing pegmatites, including the Allison Lake batholith, a large, tadpole shaped, peraluminous granitic intrusive described by the Ontario Geological Survey ("OGS") in OFR 6099 (2003) as "the largest known fertile peraluminous granite mass in northwestern Ontario" (Ref. Figure 1.0). The southeast trending tail of the Allison Lake batholith trends into the PLSJ and a series of peraluminous granitic intrusions, including the one dominating the center of the Surge claims, outcrop along this E-W trend.
Figure 1.0 - Allison Lake Batholith - Regional Geology
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/7519/118586_6cd0c951b48e6b17_002full.jpg
About Xplore Resources (TSXV: XPLR)
Xplore Resources is a Toronto based mining exploration company listed on the TSX Venture Exchange under symbol XPLR and is focused on the acquisition and development of mineral projects in the Americas. The Company is led by a highly experienced management team and is comprised of industry experts with executive and senior management experience in geology, banking, private equity, investor relations and law.
Qualified Persons
Mr. Wes Hanson, P. Geo., President & CEO of Xplore and registered in the Province of Ontario is the "Qualified Person" under National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and is responsible for the technical contents of this news release and has approved the disclosure of the technical information contained herein.
ON BEHALF OF THE BOARD
"Wesley C. Hanson"
President & CEO
For further information, please contact:
Phone: +1 647-362-9675
Email: info@xploreresources.com
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ANY SECURITIES REFERRED TO HEREIN WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE "1933 ACT"), AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO A U.S. PERSON IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE 1933 ACT.
Notice on forward-looking statements:
Information set forth in this news release contains forward-looking statements. These statements reflect management's current estimates, beliefs, intentions and expectations; they are not guarantees of future performance. Xplore cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, many of which are beyond Xplore's control. Such factors include, among other things: risks and uncertainties relating to Xplore's ability to complete the proposed Transaction; and other risks and uncertainties, including those to be described in the Filing Statement to be filed by Xplore on SEDAR.com. Accordingly, actual, and future events, conditions and results may differ materially from the estimates, beliefs, intentions, and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, Xplore undertakes no obligation to publicly update or revise forward-looking information.
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