Xplore Announces Airborne Survey of Surge Lithium Property
Xplore Announces Airborne Survey of Surge
Lithium Property
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% Li
2
0 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:
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS
THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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.
###
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/118586