Exroy seeks funds to explore Ungava claims won in court

A recent decision by the Quebec Court of Appeal has granted Toronto-based junior Exroy Resources (CDN) full title to 48 claims in the Ungava nickel copper belt in northern Quebec. This decision will allow the company to proceed with further exploration and development on its Expo-Ungava property, 10 miles southwest of the Raglan nickel deposit currently being developed by Falconbridge.

Exroy has also been granted an exploration permit covering about 48,000 acres surrounding and along strike from its other holdings.

During the 1960s, three mineralized zones — the Main or Expo zone, Cominga zone and the Mesa-Mesamax zone — were discovered on the Expo-Ungava property. The Expo zone is the largest occurrence on the property and hosts preliminary reserves of about 6.3 million tons grading 0.86% nickel and 1.01% copper to a depth of 300 ft. Mineralization consists of disseminated pyrrhotite, chalcopyrite and pentlandite in a serpentinite intrusive. The mineralized zone is 2,900 ft. long, 450 ft. wide and 150 ft. thick. The mineralization appears amenable to open pit mining.

Limited assaying of float concentrates from this zone has also yielded platinum group metal values up to 0.15 oz. platinum per ton and 0.75 oz. palladium.

The Cominga zone is two miles southwest along strike from the Expo zone. Drill results from this zone have yielded values of up to 0.8% nickel and 0.98% copper over 22 ft.

The Mesa-Mesamax zone is eight miles northeast of the Expo zone and has returned drill intersections of up to 0.72% nickel and 1.36% copper over 24 ft.

Exroy hopes to secure financing to carry out exploration and development on the property within the next few months.