Xander Resources Expands Val-d'or East Senneville Properties
Xander Resources Expands Val-d'or East Senneville
Properties
Vancouver, British Columbia--(Newsfile Corp. - June 2, 2020) - Xander Resources Inc. (TSXV: XND) ("Xander" or the
Company") is pleased to announce the acquisition of the Senneville West Property (the Property). The Property is contiguous
with its Senneville Group of Claims South Property that is North of and contiguous to Probe Metals Val-d'Or East Project,
located 20 km North East of Val-d'Or, Quebec (
Xander May 28, 2020 release
). The Senneville West claim comprises 80 claims
which extend from the Eastern arbitrary boundary of Hwy 397, to the northwest for 10km.
The Abitibi Greenstone Belt is renowned for its many gold occurrences and gold mines. In any direction from the Senneville
Property, both historic and newly recognized occurrences abound. The same Archean greenstones which underlie the Senneville
Group of Claims are cut off at the western end of the Senneville West claim group by the La Corne Batholith. However, they
extend in a sinuous, eastward band almost to the Grenville Front and are endowed all along that trend with gold showings and
old mines.
The Garden Island sediments underlie the southern extremity of the property. These sediments are predominantly sandstone,
siltstone and mudstone, and minor conglomerate. The greater part of the property overlies the Lanaudiere Formation which,
within the limits of the property, is comprised of mafic flows and volcanoclastic, and lesser komatiites, gabbros and ultra-mafic
sills. All of these units trend to the west- northwest and dip steeply to the north. Numerous west-northwest trending, dextral and
reverse dextral faults are present and often coincide with the contacts between sub-units.
Image 1
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Between the years 2006 and 2009, an area roughly corresponding to the present property mainly east of the highway 397, was
the focus of a number of airborne and ground geophysical surveys, limited trenching and mapping programs, with the principal
target being massive sulphides. There are clusters of airborne anomalies and isolated airborne anomalies which were
investigated with only one drill hole or were not drilled at all, due to limited budgets. In most cases the drilling explained the
causes of the anomalies, being graphite or pyrite/pyrrhotite intervals with anomalous base metal values. However, according to
J. Stephens, (GM
64915, p. 35) only
20%
of the property had
been investigated up to mid-2009, and opportunities remain for
the discovery of a range of deposits including PGMs in the ultramafic bodies, molybdenum
and rhenium
in pegmatites, and base
metals and gold associated with the untested airborne anomalies and structurally controlled gold.
Whereas past exploration highlighted the search for massive sulphides, the search for gold will be the main priority for Xander.
The ongoing discovery of platinum group metals on the Fiedmont property just to the north of the Senneville Groups of claims
increases the potential of the property for PGMs and gold.
On May 18, 2020, the Company entered into an option with a purchase letter agreement whereby the Company was granted the
exclusive option to purchase 100% interest in the 80 mineral claims (the "
Val-d'Or Senneville West Property
") located in Val-
d'Or, Quebec. Pursuant to the Letter Agreement and subject to the approval of the TSX Venture Exchange (the "
Exchange
"),
the Company will grant a 2% net smelter royalty and the Company will remunerate as follows:
i
.
510,000 common shares (the "
Shares
") of the Company on or before the closing date (the "
Closing Date
"), anticipated
to be June 15, 2020;
ii
.
$9,600 payable on or before the Closing Date;
iii
.
$8,000 payable within 90 days of the Closing Date;
iv
.
660,000 Shares to be issued on the date that is 1.5 years from the Closing Date;
v
.
$24,000 payable on or before the date that is 1.5 years from the Closing Date;
vi
.
340,000 Shares to be issued on or before the date that is 2.5 years from the Closing Date; and
vii
.
$48,000 payable on or before the date that is 2.5 years after the Closing Date.
Xander Resources CEO, Rodney Ireland, states that, "I am pleased to be expanding our presence in the historical Val-d'Or area.
This gives XND a strategic footprint to launch a 2020 exploration campaign by adding to our land package contiguous to our
Senneville Group of Claims South Property where two of three holes intersected
9.79 g/t Au over 1.0 m
(SV-12-01) and
11.03
g/t Au/1m and 1.38 g/t Au /1m
(SV-12-03). With so many discoveries over the Val-d'Or storied history, new discoveries are still
happening within the Val-d'Or area including Probe Metals recent discovery.
Terrence Coyle, P.Geo. (OGQ #2079), an Independent Qualified Person ("
QP
") as such term is defined by National Instrument
43-101 -
Standards of Disclosure for Mineral Projects
, has reviewed and approved the geological information reported in this
news release.
Note: Stephens J., 2009, GM 64915-WINTER DRILLING REPORT AND PROPOSED EXPLORATION FOR 2009, p.35.
The QP has not completed sufficient work to verify the historic information on the Properties, particularly in regards to historical
exploration, neighbouring companies, and government geological work. The information provides an indication of the exploration
potential of the Xander property, but may not be representative of expected results.
ON BEHALF OF THE BOARD OF DIRECTORS
Rodney Ireland, CEO
Tel: (226) 257-8994
Email:
Website:
www.xanderresources.ca
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
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