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Empire Mine Open Pit Status Update: Exploratory Drilling Hits Further High Grade Mineralization


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NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

VANCOUVER, British Columbia, Dec. 16, 2021 (GLOBE NEWSWIRE) — ExGen Resources Inc. (TSX.V: EXG; OTC: BXXRF) (“ExGen”, the “Company”) is happy to offer an replace in respect of Phoenix Copper Ltd.’s (“Phoenix”) exploration and growth actions on the Empire Mine Project in Idaho, USA. Further to earlier ExGen information 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 additionally owns 1,330,000 frequent shares of Phoenix.

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ExGen is happy to report that Phoenix, (the operator of the Empire Mine Project), has offered analytical outcomes from three exploration holes drilled on the Empire Mine in Idaho, USA (‘Empire’), and offered a standing replace on the Empire Mine open pit mission.

The following program highlights have been offered by Phoenix:

  • Three exploratory drill holes into an space of the Empire Mine open pit not beforehand drilled all encountered additional oxide mineralisation, together with:
    • 18.3 metres (‘m’) of 0.61% copper, and 12.8 grammes/tonne (‘g/t’) silver from floor together with 4.6 m of 0.86% copper, 15.5 g/t silver, and 1.02% zinc from 9.1 m  
  • The Empire Mine Oxide Open Pit feasibility research stays in progress and on schedule for completion in early Q2 2022 and can embody an replace of the sources;
  • The Empire Mine Oxide Open Pit working plan was offered to the neighborhood of Mackay, Idaho throughout a Town Hall assembly on 1 December 2021.

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Phoenix famous:

  • Receipt of analyses from Empire step-out drill holes KX21-01 to KX21-03, and from three condemnation drill holes. These drill holes have been accomplished utilizing a reverse-circulation drill rig that was accessible for a brief interval whereas the core drilling rig was busy finishing an oriented coring program for the feasibility-level slope stability research.
  • The three (3) exploratory holes have been drilled on the south finish of the Empire oxide copper deposit in an space that had no earlier drilling however floor indications suggesting it to be potential.
  • Copper, silver, and zinc mineralization was intercepted in all three of the holes KX21-01 – KX21-03 (Table 1, beneath), together with grades in extra of the common grade used within the preliminary financial mannequin.
  • KX21-02 was of serious curiosity, with a median oxide copper grade of 0.61% from the floor down 18.3 m, and together with 4.6 m of 0.86% copper. This mineralized zone seems contiguous with the principle Empire Oxide orebody however has not but been included within the useful resource.
  • KX21-01 encountered a shorter interval of 1.5 m of zinc mineralization grading 1.56% at 47.2 m depth, and KX21-03 encountered a 1.5 m interval of 1.46% copper at a depth of 29.0 m.
  • Phoenix is assessing the ends in gentle of extra drilling sooner or later, in addition to inclusion within the subsequent useful resource replace in early Q2 2022.
  • Analytical information from the condemnation drilling was as anticipated with no vital mineralized intercepts.
  • The 2021 geotechnical oriented core drilling program was additionally profitable in offering information for slope stability calculations for use within the feasibility research.
  • Phoenix confirmed that the feasibility research for the Empire open pit mission stays on observe for completion in early Q2 2022.
  • Phoenix held its first Town Hall neighborhood assembly in Mackay on 1 December, as a part of its ESG and Sustainability Program’s neighborhood liaison course of. More than 135 residents attended the assembly, whereby the Phoenix group offered an outline of the proposed working plan after which fielded questions and feedback from the attendees. The questions and feedback from the neighborhood included, however weren’t restricted to, transportation and provide routes, mine staffing and employees housing, and financial neighborhood advantages. The data gathered will likely be invaluable sooner or later working design.

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Table 1 – Empire Drilling Results December 2021

Drill Hole Intersection Metres g/tonne % % % Mo W Number From To Interval* Au Ag Cu Pb Zn ppm ppm KX21-01 30.5 35.1 4.6 0 9.4 0.43 0.04 0.18 55 40 KX21-01 47.2 50.3 3 0 12.4 0.54 0.02 1.56 253 10 KX21-01 105.2 109.7 4.6 0 3 0.44 0.01 0.39 49 30 KX21-02 0 18.3 18.3 0 12.8 0.61 0.02 0.4 92.3 153.3 together with 9.1 13.7 4.6 0 15.5 0.86 0.01 1.02 132 150 KX21-03 29 30.5 1.5 0 12.9 1.46 0.08 0.3 229 60 KX21-03 100.6 102.1 1.5 0 2.6 0.01 0.01 1.34 62 50   *Downhole width                  

Jason Riley, CEO of ExGen commented: “We are encouraged to see continued positive drilling from these step out holes from the pit. We are eagerly awaiting the feasibility study in Q2 of next year as that should be a transformative milestone for the project.”

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QUALITY ASSURANCE AND QUALITY CONTROL PROTOCOLS

Rock, drill core and reverse circulation samples have been analyzed by ALS Global, Reno, an ISO/IEC 17025:2005 accredited facility. Copper, zinc, silver, lead, molybdenum, and tungsten have been decided by ICP technique. Copper, zinc, and lead >1% ICP are assayed utilizing four-acid digestion and silver >100ppm by 4 acid digestion, whereas gold was decided by a 30gm fireplace assay adopted by atomic absorption. Standards, duplicates and blanks have been inserted into the pattern stream for QA/QC functions. Blanks and duplicates have been inserted roughly each 50ft and requirements have been inserted roughly each 100ft. Core samples are noticed reduce in half and saved in a safe facility. RC chips and channel samples are saved in the identical safe facility. All samples are delivered to the laboratory below chain of custody protocol and submitted utilizing sub-form pattern numbers.

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QUALIFIED PERSON

Kieran Downes, Ph.D., P. Geo., a Qualified Person as outlined by National 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 tasks by 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 movement. The firm intends to construct a various portfolio of tasks throughout exploration levels and varied commodity teams. ExGen presently has 5 tasks in Canada and the US.

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For extra data on ExGen please contact ExGen Resources Inc.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that time period is outlined within the insurance policies of the TSX Venture Exchange) accepts accountability for the adequacy or accuracy of this launch.

Forward-Looking Information : This information launch accommodates sure forward-looking data. All statements included herein, apart from statements of historic reality, are forward-looking data and such data entails varied dangers and uncertainties. There will be no assurance that such data will show to be correct, and precise outcomes and future occasions may differ materially from these anticipated in such data. In specific, this information launch accommodates forward-looking data in relation to: the observations made on drill core from the diamond drilling program on the Empire Mine Project; the additional exploration and growth of the Empire Mine Project; the exploration and growth technique of the Empire Mine Project, together with the exploration program, drilling, mine growth, and allowing. There will be no assurance that such data will show to be correct, and precise outcomes and future occasions may differ materially from these anticipated in such data. There will be no assurance that the event of the Empire Mine Project will likely be accomplished, and if growth is accomplished, that such growth will lead to a producing mine. In the ahead wanting data contained on this information launch, ExGen has made quite a few assumptions, primarily based upon practices and methodologies that are according to the mineral trade. In addition, ExGen has assumed: the continued market acceptance of its three way partnership partnership mannequin; the flexibility of ExGen and its companions to lift future fairness financing, if wanted, at costs acceptable to ExGen or its companions; ExGen’s present and preliminary understanding and evaluation of the Empire Mine Project; the flexibility of ExGen or third events to find viable exploration targets and the outcomes of exploration on the Empire Mine Project; the flexibility of Phoenix to discover and develop the Empire Mine Project; the price of exploration, together with sampling, drilling and assaying, on the Empire Mine Project, the prices of creating the Empire Mine Project and the prices and the flexibility of Phoenix to supply a feasibility research in compliance with NI 43-101; and ExGen’s common and administrative prices remaining sustainable. While, ExGen considers these assumptions to be affordable, these assumptions are inherently topic to vital uncertainties and contingencies. Additionally, there are recognized and unknown threat components which may trigger ExGen’s observations, precise outcomes, efficiency or achievements to be materially totally different from any future outcomes, efficiency or achievements expressed or implied by the forward-looking data contained herein. Known threat components embody, amongst others: the chance that the analytical outcomes from future core sampling doesn’t return vital grades of copper, gold, silver, zinc, lead or some other molybdenum by-products; uncertainties referring to interpretation of drill outcomes and the geology; continuity and grade of mineralization; there is no such thing as a certainty that the continued work applications will lead to vital or profitable exploration of the Empire Mine Project or growth of the Empire Mine Project right into a producing mine; uncertainty as to the precise outcomes of exploration and growth or operational actions; uncertainty as to the supply and phrases of future financing; uncertainty as to well timed availability of permits and different governmental approvals; ExGen might not have the ability to adjust to its ongoing obligations concerning its properties; the early stage growth of ExGen and its tasks, and specifically, the Empire Mine Project; common enterprise, financial, aggressive, political and social uncertainties; capital market situations 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 trade; 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 extra assumptions and threat components used to develop such forward-looking data which will trigger precise outcomes to vary materially from forward-looking data will be present in ExGen’s disclosure paperwork on the SEDAR web site at www.sedar.com. Although ExGen has tried to establish essential components that would 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 ahead wanting data besides in accordance with relevant securities legal guidelines.

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