Vancouver, British Columbia - TheNewswire - July 29, 2020 - Xander Resources Inc. (TSXV:XND) (FSE:1XI) (the "Company") is pleased to announce the advancement of its 100 Percent owned Blue Ribbon Property ("the Property") in the Fenelon area. The Property is located about 11km south-west of the Wallbridge Mining Fenelon Gold Project. The Property borders Probe Metals, Midland Exploration and Great Thunder Gold.
Planning is now underway to advance the initial exploration program into the area of the Remick trench Gold showing and to undertake a more thorough program of exposing and expanding the trench and surrounding area. Permits are being applied for through the Quebec MRNF.
Xander is confident that the old trench, described by government geologists Jerome Remick, who first described the Gold showing as a shear zone with ankerite-quartz (refer to Xander press release July 8, 2020) and later by Sylvain Lacroix who recovered a value of 8.5 g/t Au (refer to Xander press release July 8, 2020), has been located.
The area of the Blue Ribbon Fenelon property of Xander Resources was increased in June 2020, to include the Collines Gaudet (Gaudet Hills, pronounced Gow-det). In addition to prospecting the Gaudet Hills, several helicopter-supported sorties were made into the area, that included the Remick Gold showing, which is located northeast of the Gaudet Hills and not far west of the Harricana River.
Rodney Ireland, CEO states," This is a very exciting time for Xander Resources to be advancing its Gold exploration target in the Wallbridge Mining Fenelon Camp and acknowledges the exceptional work of its crew in Fenelon. The Gold reference is very significant in that it is on surface and places Xander Resources with Drill ready targets."
The Company also announces that, subject to the approval of the TSX Venture Exchange (the "Exchange"), it proposes to issue up to 822,222 units (the "Units") at a price of $0.225 per Unit for aggregate gross proceeds of $185,000 through a non-brokered private placement (the "Private Placement").
Each Unit will consist of one common share (a "Share") and one non-transferable common share purchase warrant (the "Warrants") with each Warrant exercisable for two (2) years from the date of closing at an exercise price of $0.26 per Warrant.
About Xander Resources:
Xander Resources is a junior exploration firm focused on developing accretive Gold properties within Canada. The company currently has a focus on projects located within the Province of Quebec.
Terrence Coyle, M.Sc., P. Geo. (OGQ #2079), an Independent Qualified Person ("QP") as such term is defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects, has reviewed and approved the geological information reported in this news release.
The QP has not completed sufficient work to verify the historic information on the Properties, particularly in regards to historical exploration, neighbouring companies, and government geological work. The information provides an indication of the exploration potential of the Xander property, but may not be representative of expected results.
ON BEHALF OF THE BOARD OF DIRECTORS
Neither 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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