ExGen: DOK Drilling Confirms Mineralization In Line With Golden Triangle Porphyry Copper-Gold Deposits

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VANCOUVER, British Columbia, Dec. 13, 2023 (GLOBE NEWSWIRE) — ExGen Sources Inc. (TSX.V: EXG; OTC: BXXRF) (“ExGen”, the “Firm”) is happy to offer an replace on its DOK mission in northern British Columbia which is presently underneath choice to Mountain Boy Minerals Ltd. Below the phrases of the choice Mountain Boy could purchase a 60% curiosity within the DOK claims by paying $230,000 and issuing 1,500,000 shares to ExGen and by spending $2,500,000 on the DOK claims by January 2026.

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Jason Riley, CEO of ExGen commented: “We’re more than happy with the confirmed discovery of a mineralized porphyry that carries important grades of copper and gold. The multi-kilometer footprint of the DOK system augers nicely for extra important discoveries. ExGen is eagerly awaiting the assay outcomes for the remaining three drill holes accomplished this 12 months.”

In a information launch dated December 12, 2023, Mountain Boy reported assays from the primary gap of the inaugural drill program on the flagship Telegraph Undertaking within the prolific Golden Triangle. Mountain Boy famous that the grade and thickness on this gap are corresponding to these present in energetic mines within the province. The discharge recorded the next:

“Gap DK2023-01 intersected 107 metres of 0.38% CuEq (see Desk 1 for particulars). One other 6-meter interval carries 1.07% CuEq. These intersections are inside 436 metres of mineralization averaging 0.21% CuEq. Gap 1 is on the margin of a outstanding IP chargeability zone that seems to be dipping away from the drill gap hint as detailed and illustrated in Determine 1.

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The Telegraph mission is in the identical area as 4 world class deposits: adjoining to Schaft Creek (Teck), 40 km north of Galore (Teck/Newmont) and inside 110 kms of Saddle North (Newmont) and the Pink Chris Mine (Newmont). Work in 2023 was centered on the Dok Development, one in all a number of copper-gold mineralized areas on the 344 sq. kilometre property. 4 holes had been drilled in 2023, for a complete of two,142 metres. The holes had been drilled on three separate targets alongside 3.3 kilometres of the Dok Development (See Determine 2).

Gap 3, collared 700 meters to the southeast of Gap 1, seems to be in the identical goal zone. Gap 2 and Gap 4 examined two separate targets. Outcomes for these three holes are pending.

Lawrence Roulston, CEO, acknowledged: “Even at this early stage of exploration, we now have confirmed a mineralized porphyry that carries important grades of copper and gold. These preliminary grades, and the size of the mineralized footprint, present sturdy encouragement that Telegraph has potential according to the opposite porphyry deposits within the space. We could nicely look again on this gap because the “discovery gap” of a brand new mine.”

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John Ryan, a member of MTB’s Technical Advisory Board, commented: “Having labored in a number of BC porphyry mines and after main exploration packages on quite a few porphyry programs, I contemplate these outcomes to be extraordinarily encouraging. The grade and width of the intercepts in DK-2023-01 is corresponding to drill holes from energetic BC Alkalic Porphyry mines and is a good indication that the Dok system has appreciable potential inside its multi-kilometer footprint. The truth that this was the primary gap by the MTB Metals staff speaks to the success of the staff’s systematic strategy.”

Desk 1 – Assay outcomes for drill gap DOK2023-01

The copper equal calculation makes use of the usual equation and relies on present spot metallic costs of copper at US$3.76 per pound, gold at US$2,038 per ounce, silver at US$23.79 per ounce, and molybdenum at $25 per pound. Recoveries are set at 100% for all metals for functions of the copper equal calculation as no metallurgical take a look at knowledge is obtainable. Cu Eq is used for illustrative functions solely and doesn’t indicate that the metals are economically recoverable.

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Determine 1 – Cartoon Cross Part via drill holes DK-2023-001 (proper) and DK-2014-001 (left) and chargeability. The merged knowledge is from 3 packages, carried out in 2012, 2022 and October of 2023. It has not been leveled by a geophysicist and is for illustrative functions solely.

Determine 2 – Drill Gap Places together with 2014 and 2023 collars.

Telegraph Undertaking Drilling Abstract
Two diamond drill holes had been accomplished within the neighborhood of the Dok Zone. Gap DK-2023-01 ended at 484 metres depth and Gap DK-2023-03 ended at 572 metres depth. The holes are 700 metres aside and outline a single goal. Each holes focused an Induced Polarization (“IP”) chargeability anomaly which underlies coincident high-grade floor mineralization and elevated copper in soils, inside a pronounced magnetic anomaly.

Gap DK-2023-01 examined a excessive IP chargeability anomaly underlying an outcrop that hosted a hydrothermal breccia with chalcopyrite, secondary biotite, and potassium feldspar. Inside the space of the drill gap there’s a magnetic excessive and magnetite ‘M’ veins had been noticed in outcrop. The outlet encountered porphyritic diorite, nested intrusions together with phaneritic monzonite, quartz monzonite and megacrystic monzonites, and Stuhini volcanic host rocks. The information means that the porphyritic monzonite intersected round 100 meters depth carries considerably extra mineralization than the opposite intrusions, as seen within the strip log (Determine 3). That data gives a priceless focusing on software. From a depth of 15 to 51 meters copper and gold mineralization happens as a black supergene mineral (chalcocite or tenorite) on fractures and rimming chalcopyrite. Beneath 51 metres mineralization happens inside stockwork veins, breccia matrix, disseminations, broad wisps and bands.

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Gap DOK2023-03 equally focused a excessive IP chargeability anomaly, beneath an outcrop which returned high-grade seize samples together with 3.22% copper with 4.62 g/t gold. The outlet encountered Stuhini sediments, a submit mineral dyke and sections of potassium feldspar and secondary biotite and potassium feldspar mini dykes. Assay outcomes for Gap DOK2023-03 are anticipated within the new 12 months.

Further drilling will probably be required to outline the geometry of the hydrothermal system and to vector in the direction of areas of elevated mineralization. Each holes had been drilled on the margins of excessive IP chargeability anomalies; these geophysical options have offered a priceless vector in the direction of mineralization.

Determine 3 DK-2023-001 strip log exhibiting lithology, alteration, and assays.

Determine 4 is a plan view of the chargeability merged and interpolated from the 2014, 2022 and 2023 IP surveys. DOK2023-01 is on the northwest finish of the chargeability zone. The determine demonstrates the dimensions of untested potential floor and the inducement for additional drilling.

Determine 4

– Plan view of chargeability merged from the 2014, 2022 and October 2023 IP surveys. The merged knowledge has not been leveled by a geophysicist and is for illustrative functions solely.

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The opposite two holes on this program had been accomplished within the neighborhood of the Pink Creek Zone, positioned 2.5 km southeast of the Dok Zone. These holes examined two distinct goal areas which had been recognized by excessive IP chargeability, magnetic anomalies, alteration and copper and gold values at floor. They’re the primary holes on this space. Assays are anticipated within the new 12 months collar data listed in Desk 2.

Desk 2 – Drill Collar Places

Easting and Northing are UTM co-ordinates (NAD 83, zone 9N). Azimuth is with respect to true north.

Soil Geochemistry and IP Geophysics
As a result of usefulness of soil geochemistry and IP geophysics for focusing on drill holes, further soil samples had been collected over the Dok development and an 3D IP survey was carried out between the 2 IP geophysical grids that had been carried out in 2012 and 2022, respectively. A complete of 703 soil samples had been collected over the summer season discipline program. The IP survey was carried out in October and consisted of 16 line-kilometres of 3D IP carried out by Dias Geophysics. Preliminary outcomes present a broad chargeability excessive function occurring to the southeast of the Dok exhibiting and Holes 1 and three. A number of anomalies had been recognized that will probably be followed-up initially with prospecting and mapping subsequent exploration season.

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Property Geology and Mineralization
The geological setting of the Telegraph property is much like 4 world-class porphyry copper-gold deposits in the identical area, all of that are being superior by main mining corporations. MTB assembled a 344 sq. kilometer land bundle starting in 2021 and is now exploring this space for the primary time on a consolidated foundation.

The property is in northern British Columbia, 50 km southwest of the city of Telegraph Creek, in an underexplored a part of the Stikine Terrane throughout the Golden Triangle in British Columbia. The property straddles the possible Triassic-Jurassic unconformity, often called the Pink Line. The Stikine Terrane is characterised by Late Triassic to early Jurassic volcanic-plutonic arc complexes which can be well-endowed with copper-gold-molybdenum porphyries together with the Pink Chris, Schaft Creek, Kemess, KSM and Galore Creek deposits and mines.

The Telegraph space is generally underlain by augite phyric basalt of the Stuhini Group, centered on a 6 x 3 km regional magnetic excessive, with a number of satellite tv for pc magnetic options, interpreted to be intrusions. Mineralization is related to potassic, calc-potassic, propylitic and sodic alteration of monzonites, porphyritic diorite and hydrothermal breccias. Regionally there’s intense alteration, brecciation and as much as 10% disseminated to blebby pyrite, chalcopyrite, and hint molybdenite. Secondary copper minerals together with malachite, azurite, chalcocite or tenorite coat fracture surfaces and rim chalcopyrite.

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The geology, alteration and mineralization noticed all through the property are all indicative of copper – gold ± molybdenum bearing porphyry programs. Along with the Dok Development, the property hosts a number of different goal zones together with different porphyry targets, epithermal targets, and a nickel-cobalt goal.

Lucia Theny, Vice President, Exploration acknowledged: “The Telegraph drill program was profitable for 2 causes: the empirical strategy to conducting exploration, and the experience of the professionals and technicians who carried out this technique.  The primary gap has confirmed that the Dok Development has all of the hallmarks of a Cu-Au porphyry deposit, much like others within the area. I’m very inspired by the complexity of the intrusive items and the truth that we see a particular lithology that carries important grade. It is a super start line for subsequent season, we are going to proceed to foster native relationships and I stay up for welcoming many workers again for one more season.  I’m very excited to step out from holes 1 and three as a result of I believe we may outline a major system.”

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Property Possession
The Telegraph mission is positioned throughout the conventional territory of the Tahltan First Nation. MTB has a 100% curiosity in 23,989 ha, an choice to amass a 100% curiosity in 2,972 ha and an choice to amass a 60% curiosity in 7,478 ha from ExGen Sources Inc. (Dok Possibility, which covers a portion of the Dok Development). The latest drilling was carried out on the Dok Possibility property.

QA/QC
Analytical work for samples was accomplished by ALS Canada Ltd, with pattern preparation and geochemical analyses in North Vancouver, BC. Core samples had been effective crushed earlier than a 250-gram cut up was pulverized to raised than 85% passing 75 microns. Gold was decided for core samples by the PGM-ICP24 process which includes fireplace assay preparation utilizing a 50-gram cost with an inductively coupled plasma-atomic emission spectroscopy end (“ICP-AES”). Soil samples had been dry screened at 180 microns, with evaluation carried out on the effective fraction. Gold was decided for soil samples by the Au-ICP21 technique, which includes fireplace assay preparation with a 30-gram cost {followed} by an ICP-AES end. Multi-element knowledge for 48 components was decided for all samples by the ME-MS61 process, which includes a four-acid digestion {followed} by ICP-AES and inductively coupled plasma-mass spectrometry.

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Rigorous procedures are in place concerning pattern assortment, chain of custody and knowledge entry. Licensed assay requirements, duplicate samples and blanks are routinely inserted into the pattern stream of diamond drill samples to make sure integrity of the assay course of. All diamond drill samples included on this information launch have handed the QA/QC procedures as described above. Core was sampled utilizing a diamond noticed, with half of every interval despatched to the lab for evaluation, and the opposite half retained.

Outcomes referenced on this launch signify spotlight outcomes solely. Beneath detection values for gold and copper have been encountered in drilling, rock, and soil samples in these goal areas.

The technical disclosure on this launch has been learn and authorised by Andrew Wilkins, B.Sc., P.Geo., a professional particular person as outlined in Nationwide Instrument 43-101.”

QUALIFIED PERSON
Kieran Downes, Ph.D., P. Geo., a Certified Individual as outlined by Nationwide Instrument 43-101, has reviewed and verified the technical data offered on this launch.

ABOUT EXGEN RESOURCES INC.
ExGen, previously Boxxer Gold Corp, is a mission accelerator that seeks to fund exploration and growth of our initiatives via joint ventures and partnership agreements. This strategy considerably reduces the technical and monetary dangers for ExGen, whereas sustaining the upside publicity to new discoveries and potential money move. The corporate intends to construct a various portfolio of initiatives throughout exploration phases and varied commodity teams. ExGen presently has 5 initiatives in Canada and the US.

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For extra data on ExGen please contact ExGen Sources Inc.

Jason Tong
Chief Monetary Officer
E-mail: jason@catapultgroup.ca
Telephone: 604-889-7827

Neither the TSX Enterprise Change nor its Regulation Companies Supplier (as that time period is outlined within the insurance policies of the TSX Enterprise Change) accepts accountability for the adequacy or accuracy of this launch.

Ahead-Trying Info: This information launch could include sure forward-looking data. All statements included herein, apart from statements of historic truth, are forward-looking data and such data includes varied dangers and uncertainties. Particularly, this information launch accommodates forward-looking data concerning: the observations made on drill core from the diamond drilling program and the proposed drilling and exploration program on the DOK claims and bigger Telegraph Undertaking. There may be no assurance that such forward-looking data will show to be correct, and precise outcomes and future occasions may differ materially from these anticipated in such forward-looking data. This forward-looking data displays ExGen’s present beliefs and relies on data presently out there to ExGen and on assumptions ExGen believes are affordable. Recognized danger components embody, amongst others: the likelihood that the analytical outcomes from the core sampling doesn’t return important grades of copper; uncertainties regarding interpretation of drill outcomes and the geology; continuity and grade of mineralization, any subsequent exploration and/or drilling packages on the DOK mission could also be delayed or not accomplished in any respect; the exploration and drilling program could not intersect any mineralization or mineralization as favorable as advised by the present and historic exploration; ExGen could not have the ability to adjust to its ongoing obligations concerning the DOK Property; fluctuations in copper and gold costs and demand; forex alternate charges; circumstances within the monetary markets and the general economic system could proceed to deteriorate; uncertainties regarding interpretation of the earlier exploration outcomes, the necessity to acquire further financing and uncertainty of assembly anticipated program milestones; uncertainty as to well timed availability of permits and different governmental approvals. Ahead-looking data is topic to identified and unknown dangers, uncertainties and different components which will trigger the precise outcomes, ranges of exercise, efficiency or achievements of ExGen to be materially totally different from these expressed or implied by such forward-looking data. Such dangers and different components could embody, however are usually not restricted to: the early stage growth of ExGen and its initiatives, and specifically, the early stage of the DOK Undertaking; basic enterprise, financial, aggressive, political and social uncertainties; capital market circumstances and market costs for securities, junior market securities and mining exploration firm securities; commodity costs, specifically copper, gold, silver, and zinc costs; competitors; modifications in mission parameters as plans proceed to be refined; accidents and different dangers inherent within the mining business; lack of insurance coverage; delay or failure to obtain board or regulatory approvals; modifications in laws, together with environmental laws, affecting ExGen; conclusions of financial evaluations; and lack of certified, expert labour or lack of key people. An outline of further assumptions and danger components used to develop such forward-looking data which will trigger precise outcomes to vary materially from forward-looking data may be present in ExGen’s disclosure paperwork on the SEDAR web site at www.sedar.com. Though ExGen has tried to establish essential components that might trigger precise outcomes to vary materially from these contained in forward-looking data, there could also be different components that trigger outcomes to not be as anticipated, estimated or supposed. Accordingly, readers mustn’t place undue reliance on forward-looking data. ExGen doesn’t undertake to replace any forward-looking data besides in accordance with relevant securities legal guidelines.

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