(TheNewswire)
Vancouver, BC - TheNewswire - February 27,2023 - EGR Exploration Ltd. (TSXV:EGR) (" EGR " or the " Company ") is pleased toannounce that it has acquired an additional 50 claims in Detour LakeArea increasing the Company's land holdings to 40,255 ha. The Companywould also like to provide a Detour West property exploration planupdate.
Property Acquisition
The 50 claims acquired are located within EGR's Detour West property,which consolidates the entire area ( see Fig.1 ). EGR’s interpretation of the existing magneticsdata over the newly acquired claims shows the potential forsegments of the Sunday Lake Deformation Zone [SDLZ], MassicotteDeformation Zone [MDZ], and secondary splays from them, to extend ontothe property.
(Fig 1. Indicative location of thenew claims and interpreted deformation zones)
Under the terms of the acquisition agreement, EGR paid the Vendor$2,450 in cash and granted a 1.25% Net Smelter Return (NSR) under theterms of a Royalty Agreement. The Royalty Agreement also contains a provision that allows for a reducti on of the Royalty Interestto 0.75% by making a payment of $250,000 to the Vendor at any timebefore the property reaches commercial production.
Exploration Plan - Detour West Exploration Plan - DetourWest
The geological team has spent the last two monthsconsolidating and compiling data regarding the Detour West propertyand defining work programs for 2023 and 2024.
Spring/Summer 2023
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Flying high-resolution airborne magnetics this springto cover the entire eastern two-thirds of the property, filling inareas not covered by prior smaller, targeted airborne magneticssurveys ( See Fig.2 ). The new data will be used to refine targetsfor EGR's current and future drill plans.
Summer 2023
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A field program will be implemented to follow up on aprevious Lidar survey, investigate outcrops identified from thesurvey, and plan access and drill pad locations for drilling.
Fall 2023 - Winter 2024
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Completion of permitting.
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EGR will initiate a till sampling program inmid-December 2023 and is expected to continue through the winter. Thegoal will be to test for gold in glacial till and identify potentialgold grain dispersion trains emanating from gold mineralizationassociated with the extensions of known deformation zones.
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Drilling will also sample bedrock along the zones tohelp build a more detailed lithological map for the property, which islargely covered by glacial till. Specific targets will be identifiedupon receipt and interpretation of the airborne magnetics data;however, preliminary plans are for 75 RC holes on 750-metre-spacedfences, and each fence will consist of 350-metre hole spacing.
All this information can be found in the corporatepresentation on the EGR website www.egrexploration.com .
(Fig 2. Current Combined AirborneMagnetics)
Daniel Rodriguez, CEO and Director of EGR, noted,"The acquisition of the 50 claims solidifies our land position inthe Detour Lake area. We control 100% of the exploration potential onour property. The creation of the exploration plan excites me for whatis to come. We have created a plan that gives us the best chance toexplore and test the potential extensions of the Sunday LakeDeformation Zone, which is the same structure that hosts the DetourLake Mine. I look forward to working with my team and communicatingwith shareholders as we move through this process. "
The technical information contained in this newsrelease has been approved by Brian Atkinson, P.Geo. who is a QualifiedPerson as defined in National Instrument 43-101, Standards ofDisclosure for Mineral Projects.
About EGR Exploration Ltd.
EGR Exploration Ltd. is exploring for gold in theDetour-Fenelon Gold Trend, approximately 300 kilometers north ofTimmins, Ontario. EGR's 40,255 hectare Detour West gold project iscontiguous to Agnico Eagle's property which contains the Detour LakeGold Mine and is approximately 20 kilometers from the mine, which isalso hosted in the Abitibi Greenstone Belt. EGR is targeting golddeposits associated with the potential extensions of theDetour-Fenelon trend structures onto the Detour West property.
For further informationcontact:
Daniel Rodriguez
CEO & Director
Phone: (604) 353-4080
Email: drodriguez@egrexploration.com
Forward ? Looking Statement (Safe HarborStatement): This press release contains forward-looking statementswithin the meaning of applicable securities laws. The use of any ofthe words "anticipate", "plan","continue", "expect", "estimate","objective", "may", "will","project", "should", "predict","potential" and similar expressions are intended to identifyforward-looking statements. In particular, this press release containsforward-looking statements concerning the Company's exploration plans.Although the Company believes that the expectations and assumptions onwhich the forward-looking statements are based are reasonable, unduereliance should not be placed on the forward-looking statementsbecause the Company cannot give any assurance that they will provecorrect. Since forward-looking statements address future events andconditions, they involve inherent assumptions, risks anduncertainties. Actual results could differ materially from thosecurrently anticipated due to a number of assumptions, factors andrisks. These assumptions and risks include, but are not limited to,assumptions and risks associated with conditions in the equityfinancing markets, and assumptions and risks regarding receipt ofregulatory and shareholder approvals. Management has provided theabove summary of risks and assumptions related to forward-lookingstatements in this press release in order to provide readers with amore comprehensive perspective on the Company's future operations. TheCompany's actual results, performance or achievement could differmaterially from those expressed in, or implied by, theseforward-looking statements and, accordingly, no assurance can be giventhat any of the events anticipated by the forward-looking statementswill transpire or occur, or if any of them do so, what benefits theCompany will derive from them. These forward-looking statements aremade as of the date of this press release, and, other than as requiredby applicable securities laws, the Company disclaims any intent orobligation to update publicly any forward-looking statements, whetheras a result of new information, future events or results or otherwise.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.
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