DOK Project Update: Porphyry Copper-Gold Mineralization Confirmed

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VANCOUVER, British Columbia, Dec. 22, 2021 (GLOBE NEWSWIRE) -- ExGen Resources Inc. (TSX.V: EXG; OTC: BXXRF) (“ExGen”, the “Company”) is pleased to provide an update in respect of the DOK property optioned by Mountain Boy Minerals Ltd. (TSX.V: MTB) (“Mountain Boy”) in May 2021. Under the terms of the option agreement Mountain Boy may earn a 60% interest in the DOK copper-gold porphyry property located approximately 40 kilometres southwest of Telegraph Creek, in northwest British Columbia, Canada. The DOK Property consists of approximately 10,669 hectares, and forms part of Mountain Boy’s Telegraph project.

The Telegraph project (24,494-hectare/244 square kilometre) is located in BC’s Golden Triangle, in the vicinity of several large porphyry deposits including Galore Creek (Teck - Newmont), Schaft Creek (Teck - Copper Fox), Big Red (Libero Copper and Gold), Saddle and Saddle North (Newmont) and the operating Red Chris copper-gold mine (Newcrest - Imperial Metals).

The following program highlights were provided by Mountain Boy:

  • Collected 69 surface rock samples

  • Collected 157 soil samples

  • Collected 80 drill core samples from DOK2014-01 for SWIR analysis by Farhad Bouzari at MDRU. The samples will be further analysed and included in the TGI-6 study by Chris Lawley at the GSC

  • The Phase I work was based out of Telegraph Creek; crew flew to site daily.

  • The Phase 2 2 work based out of Glenora; crew flew to site daily

  • Work focused initially at evaluating the 2014 drilling and on the Main Zone, followed by more reconnaissance work further afield.

Mountain Boy noted:

  • Highlights from exploration on the DOK option of the Telegraph Project include 9 high grade copper samples, all above 0.6% copper and assaying up to 17.95% copper, 199 grams per tonne silver, and 314 ppb gold, taken from the southeastern portion of the optioned ground. This area is considered a new highly prospective showing on the project. The new showing occurs immediately eastern of a known soil geochemical anomaly, referred to as the Red Creek anomaly.

  • Two samples taken from the DOK Main showing returned favourable values, the first sample assayed 0.47% copper with 634 grams per tonne silver, 247 ppb gold, 24.6% lead and 25.7% zinc. The second sample assayed 5.58% copper, 56.9 grams per tonne silver, 2.37 grams per tonne gold.

  • A single sample taken from the Red Creek Zone assayed 1.41 % coper, 156 grams per tonne silver, and 105 ppb gold.

  • A sample taken on the ridge to the southeast of the DOK Main, towards the Red Creek zone assayed 0.75% copper, 1.314 grams per tonne gold and 12.6 grams per tonne silver.

  • Sample line DOK-L1 is a contoured soil line to the southeast of the DOK Main soil grid which resulted in a copper and gold in soil anomaly that extends over 300 metres and yielded two samples highly anomalous in copper, including 1.41% and 0.14% copper.

  • Two contour soil lines (DOK-L3 and DOK-L4) were collected in the Red Creek basin, immediately east of the historic copper and gold soil geochemistry grid. These two lines extend the known anomaly 175 metres to the northeast. This extension yielded gold in soils values up to 1905 ppb and copper in soils up to 2.01%. Samples that assayed over 500 ppm copper occur over 200 metres of the contour line L3. From lines L3 and L4, 43 of 78 samples grade over 250 ppm copper. The newly discovered zone, defined by the 9 high grade copper surface samples occurs 550 metres east of the furthest east soil anomaly in the Red Creek basin.

  • These results, integrated with historic results, continue to enhance the porphyry copper-gold potential of this extensive property.

  • Work next field season will focus on testing identified targets and is also expected to generate new gold-copper targets in this large and fertile mineralized system.