Deep Sulphide Mineralization At Empire

VANCOUVER - ExGen Resources Inc. reported on Phoenix Copper Ltd.’s exploration and development activities at the Empire Mine Project in Idaho. ExGen owns 20% and Phoenix owns 80% of Konnex Resources, Inc., which holds the leases and claims to the Empire Mine Project. Activities intercepted sulphide-rich mineralization below the Empire copper oxide open pit deposit in the Deep Sulphide core drilling program.

The First drill hole completed of the 4,500-meter 2021 Deep Sulphide drilling program, which is expected to comprise approximately 20 holes. Hole KXD21-02 intercepted 12.6 meters of sulphide-rich mineralization below the Empire copper oxide open pit deposit with concentrations of up to 25% sulphide minerals from a depth of 173 meters over 7.9 meters, increased concentrations of up to 75% sulphide minerals from a depth of 181 meters over 4.7 meters, and mineralization comprises copper bearing sulphide mineralization, including chalcopyrite, chalcocite and bornite, as well as other metallic sulphides, including galena, argentiferous galena, sphalerite and molybdenite visually identified. Further drilling is required to define true thickness. Drilling intercept has been located below and east of historic 1100-level underground workings. Samples currently being logged and prepared for shipping to ALS Laboratories.

Geologists have visually identified a mix of sulphides that include, but are not limited to, chalcopyrite, chalcocite, galena, argentiferous galena, bornite, sphalerite, and molybdenite in hole number KXD21-02 at concentrations up to 25% sulphide minerals from a depth of 173 meters over 7.9 meters. The mineralization then becomes more intense at 181 meters over a 4.7 meter interval and increases to approximately 75% total sulphides. This 12.6 meter intercept sits just below and to the east of the historical 1100-level underground workings. The true thickness of the intercept has not been defined by the single drillhole but will become more defined with additional drilling.

Jason Riley, CEO, said, “We are eagerly awaiting the assay results for this deep sulphide hole and subsequent drilling as Phoenix progresses with their exploration program through the rest of this year. The exceptional results from the first drill hole, suggests potentially elevated grades of copper, as well as the presence of gold, silver, zinc, lead and perhaps molybdenum by-products. It reinforces our geological model that the deeper levels of the Empire mineralization could represent a major system, which we are only just beginning to evaluate and understand.”