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| Open | 0.0150 |
| Bid | 0.0100 x 0 |
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| Day's Range | 0.0150 - 0.0150 |
| 52 Week Range | 0.0100 - 0.0200 |
| Volume | 10,500 |
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| Market Cap | 5.264M |
| Beta (5Y Monthly) | 1.74 |
| PE Ratio (TTM) | ∞ |
| EPS (TTM) | 0.0000 |
| Earnings Date | N/A |
| Forward Dividend & Yield | N/A (N/A) |
| Ex-Dividend Date | N/A |
| 1y Target Est | N/A |
- GlobeNewswire
ExGen Announces Empire Mine Gold Recoveries Exceed 97% Using Environmentally Friendly Reagent
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATESVANCOUVER, British Columbia, Sept. 10, 2020 (GLOBE NEWSWIRE) -- ExGen Resources Inc. (TSX.V: EXG; OTC: BXXRF) (“ExGen”, the “Company”) is pleased to report positive metallurgical test results by AuRIC Metalurgical Labs, LLC for Phoenix Copper Ltd.’s (“Phoenix”) Empire Mine Project in Idaho, USA. ExGen owns 20% and Phoenix owns 80% of Konnex Resources, Inc. (“Konnex”), which holds the leases and claims to the Empire Mine Project. ExGen further has a 2.5% NSR royalty on the Empire Mine Project and owns 1,330,000 common shares of Phoenix.Highlights * Precious metals tests performed on samples from the Empire open pit deposit using non-toxic ammonium thiosulfate (“ATS”) reagent resulted in high gold recoveries of 97.8% and 97.7%, and silver recoveries of 69.8% and 78.2%, respectively * ATS reagent consumption comparable to sodium cyanide in back-to-back bench scale tests * This development will have a positive impact on the permitting timeline for possible gold production at Empire as there is no longer be the requirement to permit a cyanide operation * Pilot scale test plant now being prepared at AuRIC’s laboratory in Salt Lake City before commencing small scale pilot testing at the Empire Mine MIne siteJason Riley, CEO of ExGen commented: “We are pleased to see the excellent recoveries of gold from the cyanide alternative ATS reagent. Should further testing confirm the recoveries at a larger scale, we are hopeful this could have a positive impact on the permitting timeline for potential gold and silver production at Empire.”Empire Mine – Gold and Silver Metallurgical RecoveryAs part of the Company’s ongoing Empire Mine work programme, samples amounting to 400 pounds were collected from outcrops near the location of channel samples analysed in 2018. The head-grade of the 400-pound sample assayed at 12.8 g/ton gold. The sample was submitted to AuRIC Metallurgical Laboratories in Salt Lake City, Utah for cyanide-alternative laboratory and bench scale agitated-tank leach testing.AuRIC performed 4 laboratory scale amenability tests and 2 bench scale extraction tests using sodium cyanide lixiviant, and 4 laboratory scale amenability tests and 2 bench scale extraction tests using the non-toxic ammonium thiosulfate lixiviant (ATS), on splits from the primary sample. The results of this test work indicate that ATS works equally as well as sodium cyanide on both the laboratory scale samples (30g to 250g) and the bench scale samples (3,000g). Gold recovery using ATS on the 2 bench samples resulted in 97.8% and 97.7%, and silver recovery was 69.8% and 78.2% after 6 hours of leaching. ATS reagent consumption for both tests was 4.32% and 4.42%, respectively. Tables 1 and 2 show the results of ATS 6-hour leach testing.By comparison, the sodium cyanide gold recoveries on splits of the same sample were 97.8% and 97.7%, and silver recoveries of 68.1% and 65.5% following 6 hours of leach time. The sodium cyanide reagent consumption for both tests was 6.00%. A detailed laboratory report titled “Laboratory and Bench Scale Metallurgical Extraction Tests Performed Using Sodium Cyanide and Ammonium Thiosulfate Leaches on a Composite Sample of Magnetite Ore from the Empire Mine, Custer CO, ID” can be viewed on the Company’s website at www.phoenixcopperlimited.com/reports.Table 1 - 3,000-gram Bench Scale Test Results using Ammonium Thiosulfate – Run 1 Test 4894C Time (h)Free ATS (g/L)ATS Cons. %pHSolution Volume (mL)Au (g/ton) 12.78Ag (g/ton) 13.43 g/ton% Recg/ton% Rec 014.82-10.204,5000.000 0.0000.0 114.382.9710.204,50010.57582.75.62541.9 214.303.5110.184,50011.82092.56.17346.0 314.224.0510.144,50012.22595.78.88866.2 414.204.1810.144,50012.48097.79.11367.9 514.184.3210.114,50012.45097.49.36669.7 614.184.3210.064,50012.49597.89.37469.8 Table 2 - 3,000-gram Bench Scale Test Results using Ammonium Thiosulfate – Run 2 Test 4899C Time (h)Free ATS (g/L)ATS Cons. %pHSolution Volume (mL)Au (g/ton) 12.78Ag (g/ton) 13.43 g/ton% Recg/ton% Rec 029.64-10.204,5000.000 0.0000.0 129.002.1610.204,50010.65083.36.23646.4 228.852.6710.204,50011.92593.38.54363.6 328.653.3410.184,50012.27096.010.19375.9 428.473.9510.184,50012.48097.710.35877.1 528.374.2810.194,50012.49297.710.50078.2 628.334.4210.184,50012.48397.710.50078.2 Qualified Person The scientific and technical data contained in this news release was prepared and reviewed by Kieran Downes, P.Geo., an independent qualified person to the Company. Mr. Downes is responsible for ensuring that the geologic information provided in this news release is accurate and acts as a qualified person pursuant to National Instrument 43-101 – Standards of Disclosure for Mineral Projects.ABOUT EXGEN RESOURCES INC.ExGen, formerly Boxxer Gold Corp, is a project accelerator that seeks to fund exploration and development of our projects through joint ventures and partnership agreements. This approach significantly reduces the technical and financial risks for ExGen, while maintaining the upside exposure to new discoveries and potential cash flow. The company intends to build a diverse portfolio of projects across exploration stages and various commodity groups. ExGen currently has 6 projects in Canada and the US.For more information on ExGen please contact ExGen Resources Inc.Jason Tong Chief Financial Officer Email: jason@catapultgroup.ca 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.Forward-Looking Information: This news release contains certain forward-looking information. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. In particular, this news release contains forward-looking information in relation to: the Empire Mine Project and the exploration and development of the Empire Mine Project; the earning of the Option by Phoenix and the potential transfer back to ExGen of the Konnex shares; the exploration and development strategy of the Empire Mine Project, including the exploration program, drilling, mine development, completion of a potential feasibility study in compliance with NI 43-101, and the timing for completion of these events; the timing for the completion of exploration drilling and the receipt of exploration information and drill assays; the potential of the underground sulphide mineralization and the potential re-opening of the 700 and 1100 level portals to assist in the analysis of the potential sulphide mineralization. The expanded 3.5 km strike length of the Empire Mine property and the potential for an enlarged scale opportunity. The potential for the RedStar Zone and the Horseshoe Block to host copper mineralisation similar to that in the Empire Block. The potential for the RedStar Zone and the Horseshoe Block to host further mineralization of a lead and silver system. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. There can be no assurance that the development of the Empire Mine Project will be completed, and if development is completed, that such development will result in a producing mine. In the forward looking information contained in this news release, ExGen has made numerous assumptions, based upon practices and methodologies which are consistent with the mineral industry. In addition, ExGen has assumed: the continued market acceptance of its joint venture partnership model; the ability of ExGen and its partners to raise future equity financing, if needed, at prices acceptable to ExGen or its partners; ExGen's current and initial understanding and analysis of the Empire Mine Project; the ability of ExGen or third parties to discover viable exploration targets and the results of exploration on the Empire Mine Project; the ability of Phoenix to explore and develop the Empire Mine Project; the cost of exploration, including sampling, drilling and assaying, on the Empire Mine Project, the costs of developing the Empire Mine Project and the costs and the ability of Phoenix to produce a feasibility study in compliance with NI 43-101; the costs and work required to re-open the 700 and 1100 level portals; and ExGen's general and administrative costs remaining sustainable. While, ExGen considers these assumptions to be reasonable, these assumptions are inherently subject to significant uncertainties and contingencies. Additionally, there are known and unknown risk factors which could cause ExGen's observations, actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. Known risk factors include, among others: there is no certainty that the Option will result in significant or successful exploration of the Empire Mine Project or development of the Empire Mine Project into a producing mine; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineralization and uncertainty as to the actual results of exploration and development or operational activities; uncertainty as to the availability and terms of future financing; uncertainty as to timely availability of permits and other governmental approvals; ExGen may not be able to comply with its ongoing obligations regarding its properties; the early stage development of ExGen and its projects, and in particular, the Empire Mine Project; general business, economic, competitive, political and social uncertainties; capital market conditions and market prices for securities, junior market securities and mining exploration company securities; commodity prices, in particular copper, gold, silver, and zinc prices; competition; changes in project parameters as plans continue to be refined; accidents and other risks inherent in the mining industry; lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting ExGen; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. A description of additional assumptions and risk factors used to develop such forward-looking information that may cause actual results to differ materially from forward-looking information can be found in ExGen's disclosure documents on the SEDAR website at www.sedar.com. Although ExGen has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. ExGen does not undertake to update any forward-looking information except in accordance with applicable securities laws.
- GlobeNewswire
ExGen Announces Updated 43-101 Resource at Empire
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES VANCOUVER, British Columbia, Aug. 31, 2020 (GLOBE NEWSWIRE) -- ExGen Resources Inc. (TSX.V: EXG; OTC: BXXRF) (“ExGen”, the “Company”) is pleased to provide an update in respect of Phoenix Copper Ltd.’s (“Phoenix”) exploration and development activities at the Empire Mine Project in Idaho, USA. Further to previous ExGen news 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 further has a 2.5% NSR royalty on the Empire Mine Project and owns 1,330,000 common shares of Phoenix. ExGen is pleased to report data from updated NI 43-10 resource estimate for the Empire Mine Project, in Custer County, Idaho, USA (the “Empire Mine”) prepared by Hard Rock Consulting, LLC (“HRC”).The results of the Empire Mine work programme, to date, were published throughout the period 2017 to present, and can be found in the Company’s news releases filed on SEDAR (www.sedar.com). Highlights * New NI 43-101 resource reported at the Empire Mine oxide open pit based on future recovery of copper, zinc, gold and silver increases Measured & Indicated resources increased by 27% * Measured & Indicated open pit resource using a combined metal cut-off grade of 0.36% copper equivalent, compared with the previously reported May 2019 resource using a copper-only cut-off of 0.184%, has increased as follows:MetalMeasured & Indicated resource May 2020May 2019Increase Copper (tonnes)81,94873,87211% Zinc (tonnes)37,65029,81326% Silver (ounces)6,824,4606,038,00013% Gold (ounces)217,500139,00056% Measured & Indicated Tonnes19,302,00015,169,00027% Jason Riley, CEO of ExGen commented: “I am pleased to see the large increase in the polymetallic resource at Empire. Our M+I tonnes increased by 27%, with the gold M+I seeing the largest increase at 56%. Of note, our inferred resource tonnes also increased by an impressive 147%.”Empire Mine - 2020 Resource UpdateIn May 2019 an NI 43-101 resource on the oxide copper deposit at Empire was generated for a heap leach SX/EW open pit to recover copper. This heap leach operation would not recover gold and silver unless a separate heap leach precious metals operation was built on completion of the copper leaching operation. With an agitation leach plant to recover copper and zinc followed by a gold/silver Merrill Crowe recovery circuit as an alternative to the heap leach operation it was decided to evaluate the resources based on the recovery of copper, zinc, gold and silver. With the gold price performance since the 2019 resource calculation this has been an increasingly attractive alternative to the heap leach option.Based on the examination of the distribution of gold, silver, and zinc values, and independent of copper values, from the assays used in the May 2019 Empire oxide resource, HRC estimated this updated NI 43-101 resource using the value of all gold, silver, copper and zinc in the deposit using a combined metal cut-off grade of 0.36% copper equivalent. The Measured & Indicated Empire Mine open pit resource based on a combined metal cut-off grade of 0.36% copper equivalent, compared with the May 2019 resource at a copper-only cut-off of 0.184%, is tabulated as follows:Mineral Resource Statement for Empire Mine, after Hard Rock Consulting May 2020 CLASSTonnesCu Equiv %Average GradeMetal Content CuZnAgAuCuZnAgAuCu Equiv %%g/tg/ttonnestonnesozsozsTonnes Measured6,389,0000.820.460.2211.80.31529,13414,1842,423,81064,70352,408 Indicated12,913,0000.790.410.1810.60.36852,81423,5024,400,649152,797102,094 M+I 19,302,000 0.800.420.2011.00.351 81,948 37,685 6,824,460 217,500 154,502 Inferred 10,544,000 0.810.460.127.90.368 47,975 12,864 2,678,035 124,749 85,043 *Notes: Mineral resources that are not mineral reserves do not have demonstrated economic viability. Inferred mineral resources are that part of the mineral resource for which quantity and grade or quality are estimated on the basis of limited geologic evidence and sampling, which is sufficient to imply but not verify grade or quality continuity. Inferred mineral resources may not be converted to mineral reserves. It is reasonably expected, though not guaranteed, that the majority of Inferred mineral resources could be upgraded to Indicated mineral resources with continued exploration. Mineral resources are reported at a 0.36% CuEq cutoff. The CuEq is calculated based on the following assumptions: a long-term copper price of US$3.30/lb; gold price of US$1,650/oz; silver price of US$19.25/oz; zinc price of $1.21/lb; assumed combined operating ore costs of US$19.25/t (process, general and administrative and mining taxes); refining costs of $0.10/lb of CuEq; metallurgical recoveries of 85% for copper, 85% for gold; 65% for silver and 60% for zinc and a 2.5% royalty. These Mineral Resource are considered to be amenable to open-pit mining and are constrained by a conceptual Lersch Grossman pit shell generated on the same costs, metal prices and recoveries used in the above CuEq calculation and an average mining cost of $1.80/t and variable pit slope angles that ranged from 45–52o Rounding may result in apparent differences between when summing tons, grade and contained metal content. Tonnage and copper and zinc grade measurements are in Imperial units. Gold and silver grades are reported in metric g/tonne units to remain consistent with past reporting formats.Mineral Resource Statement for Empire Mine, after Hard Rock Consulting May 2019 CLASSTonnesAverage GradeMetal Content CuZnAgAuCuZnAgAu %%g/tg/ttonnestonnesozsozs Measured6,176,0000.490.2112.20.2630,41912,8642,419,00051,000 Indicated8,993,0000.480.1912.50.3043,45316,9493,618,00088,000 M+I15,169,0000.490.2012.40.2873,87229,8136,038,000139,000 Inferred4,271,0000.440.139.80.3218,9935,4491,340,00044,000 It should be noted that HRC utilised the same assay data to tabulate the current resource estimate that was used for the May 2019 resource. The method of estimation for the resource presented above included the calculation of a copper equivalent cut-off grade of 0.36% so as not to exclude gold, silver and zinc occurring at resource grades in areas where the copper grade alone did not meet the cut-off criteria. This resource estimation did not utilise any new drilling data.The economic parameters used for this analysis are based upon estimated project operating costs scaled to reflect production rates and expected processing costs, and upon estimated copper recoveries from metallurgical tests completed to date. The CuEq is calculated based on the following assumptions: a long- term copper price of US$3.30/lb; gold price of US$1,650/oz; silver price of US$19.25/oz; zinc price of $1.21/lb; metallurgical recoveries of 85% for copper, 85% for gold; 65% for silver and 60% for zinc. The assumed processing method is a grinding mill followed by an acid tank leach with separate SX/EW circuits for recovery of copper and zinc followed by a tank leach operation for recovery of gold and silver with a Merrill Crowe plant. Table 14-8 summarizes the cost and recovery parameters used in the analysis. Blocks classified as Measured, Indicated, and Inferred were used to define the resource pit shell.The mineral resource estimate for the Empire Mine resource area is summarized in Table 1-1. The mineral resource estimate is based on all data obtained as of April 27, 2020 and has been independently verified by HRC. Mineral resources are not mineral reserves and do not have demonstrated economic viability such as diluting materials and allowances for losses that may occur when material is mined or extracted; or modifying factors including but not restricted to mining, processing, metallurgical, infrastructure, economic, marketing, legal, environmental, social and governmental factors. HRC knows of no existing environmental, permitting, legal, title, taxation, socio-economic, or other relevant factors that might materially affect the mineral resource estimate. Inferred mineral resources are that part of the mineral resource for which quantity and grade or quality are estimated on the basis of limited geologic evidence and sampling, which is sufficient to imply but not verify grade or quality continuity. Inferred mineral resources may not be converted to mineral reserves. It is reasonably expected, though not guaranteed, that the majority of Inferred mineral resources could be upgraded to Indicated mineral resources with continued exploration.The HRC report entitled “2020 Resource Updated for the Empire Mine Project” by HRC for Konnex Resources (20% ExGen US subsidiary) will be filed on SEDAR within 45 days. This report is in imperial units (1 US short ton = 2,000 lbs, 1 metric tonne = 2,204.6 lbs). HRC estimated the mineral resource for the Project based on drill hole data constrained by geologic boundaries with an Ordinary Krige algorithm. Leapfrog Geo V4.4.2 software was used to complete the resource estimate. The mineral resources for the Project have been estimated in a manner consistent with the NI 43-101 Committee of Mineral Reserves International Reporting Standards (“CRIRSCO”) of which both the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) and Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the “JORC Code”) are members.Qualified Person The scientific and technical data contained in this news release was prepared and reviewed by Kieran Downes, Ph.D., P.Geo., an independent qualified person to the Company. Mr. Downes is responsible for ensuring that the geologic information provided in this news release is accurate and acts as a qualified person pursuant to National Instrument 43-101 – Standards of Disclosure for Mineral Projects.Environmental, Social, and Corporate Governance Phoenix is committed to meeting and exceeding the environmental standards required by law as a core value of the Company. The baseline environmental data collected to date will be used for furthering the permitting process, but as importantly, will be used as the building blocks for the Company’s future Environmental, Social, and Corporate Governance (ESG) platform.ABOUT EXGEN RESOURCES INC.ExGen, formerly Boxxer Gold Corp, is a project accelerator that seeks to fund exploration and development of our projects through joint ventures and partnership agreements. This approach significantly reduces the technical and financial risks for ExGen, while maintaining the upside exposure to new discoveries and potential cash flow. The company intends to build a diverse portfolio of projects across exploration stages and various commodity groups. ExGen currently has 6 projects in Canada and the US.For more information on ExGen please contact ExGen Resources Inc.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.Forward-Looking Information: This news release contains certain forward-looking information. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. In particular, this news release contains forward-looking information in relation to: the Empire Mine Project and the exploration and development of the Empire Mine Project; the earning of the Option by Phoenix and the potential transfer back to ExGen of the Konnex shares; the exploration and development strategy of the Empire Mine Project, including the exploration program, drilling, mine development, completion of a potential feasibility study in compliance with NI 43-101, and the timing for completion of these events; the timing for the completion of exploration drilling and the receipt of exploration information and drill assays; the potential of the underground sulphide mineralization and the potential re-opening of the 700 and 1100 level portals to assist in the analysis of the potential sulphide mineralization. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. There can be no assurance that the development of the Empire Mine Project will be completed, and if development is completed, that such development will result in a producing mine. In the forward looking information contained in this news release, ExGen has made numerous assumptions, based upon practices and methodologies which are consistent with the mineral industry. In addition, ExGen has assumed: the continued market acceptance of its joint venture partnership model; the ability of ExGen to raise future equity financing, if needed, at prices acceptable to ExGen; ExGen's current and initial understanding and analysis of the Empire Mine Project; the ability of ExGen or third parties to discover viable exploration targets and the results of exploration on the Empire Mine Project; the ability of Phoenix to explore and develop the Empire Mine Project; the cost of exploration, including sampling, drilling and assaying, on the Empire Mine Project, the costs of developing the Empire Mine Project and the costs and the ability of Phoenix to produce a feasibility study in compliance with NI 43-101; the costs and work required to re-open the 700 and 1100 level portals; and ExGen's general and administrative costs remaining sustainable. While, ExGen considers these assumptions to be reasonable, these assumptions are inherently subject to significant uncertainties and contingencies. Additionally, there are known and unknown risk factors which could cause ExGen's observations, actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. Known risk factors include, among others: there is no certainty that the Option will result in significant exploration of the Empire Mine Project or development of the Empire Mine Project into a producing mine; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineralization and uncertainty as to the actual results of exploration and development or operational activities; uncertainty as to the availability and terms of future financing; uncertainty as to timely availability of permits and other governmental approvals; ExGen may not be able to comply with its ongoing obligations regarding its properties; the early stage development of ExGen and its projects, and in particular, the Empire Mine Project; general business, economic, competitive, political and social uncertainties; capital market conditions and market prices for securities, junior market securities and mining exploration company securities; commodity prices, in particular copper, gold, silver, and zinc prices; competition; changes in project parameters as plans continue to be refined; accidents and other risks inherent in the mining industry; lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting ExGen; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. A description of additional assumptions and risk factors used to develop such forward-looking information that may cause actual results to differ materially from forward-looking information can be found in ExGen's disclosure documents on the SEDAR website at www.sedar.com. Although ExGen has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. ExGen does not undertake to update any forward-looking information except in accordance with applicable securities laws. CONTACT: Jason Tong Chief Financial Officer Email: jason@catapultgroup.ca
- GlobeNewswire
ExGen Provides Update on Timing of Filing of Annual Financials
According to the BC Instrument, during the period from March 23, 2020 to June 1, 2020, a person or company required to make certain filings as described in the BC Instrument has an additional 45 days from the deadline otherwise applicable under British Columbia securities laws to make the filing. Until the Corporation has filed the Documents, members of the Corporation’s management and other insiders are subject to an insider trading black-out period as per its internal Insider Trading Policy that is consistent with the principles in Section 9 of National Policy 11-207 - Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions.
