December 05, 2022

Xplore Modifies Option Terms with Abitibi Royalties on the Upper Red Lake Project

October 5, 2022
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Xplore Resources Corp. announces that Abitibi Royalties Inc.  has agreed to extend the anniversary date of the option agreement announced March 3, 2021, as modified on February 11, 2022, wherein Xplore is earning the right to earn a 100% interest in the Upper Red Lake Project, a 1,750 Ha gold project located in the Red Lake Mining division, Ontario.

In consideration for the issuance of an additional 250,000 common shares , the pending first anniversary payment of $125,000 payable in common shares of the Company based on the then 14-day VWAP price of the Company’s shares as reported by the TSX Venture Exchange, will be extended to February 04, 2023. The issuance of these shares is subject to the approval of the TSX.V.

Wes Hanson, President, and CEO of Xplore notes: “We are very pleased to announce the extension to the Upper Red Lake property option agreement with Abitibi. Our exploration work to date indicates highly anomalous gold in till results at the C1 target, a prospective 2.0-kilometre, E-W trend in the central portion of the Upper Red Lake claims that lie on strike from the recently announced, highly anomalous, surface gold results reported at Prosper Gold Corporation’s Skinner North prospect, immediately east and adjacent to the Upper Red Lake claims. We are currently planning follow up surface exploration at Upper Red Lake in the spring of 2023 to systematically map and sample the C1 trend.”

About Xplore Resources 

Xplore Resources is a Toronto based mining exploration company listed on the TSX Venture Exchange under symbol XPLR and is focused on the acquisition and development of exploration projects in the Americas. The Company is led by a highly experienced management team and is comprised of industry experts with executive and senior management experience in geology, banking, private equity, investor relations and law.

Qualified Persons

Mr. Wes Hanson, P. Geo., President & CEO of Xplore and registered in the Provinces of Ontario is the “Qualified Person” under National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) and is responsible for the technical contents of this news release and has approved the disclosure of the technical information contained herein.

ON BEHALF OF THE BOARD

“Wesley C. Hanson”
President & CEO

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James Hyland, MiningIR