ExGen Resources Inc. provided an update on its DOK project in northern British Columbia which is currently under option to Mountain Boy Minerals Ltd. Under the terms of the option Mountain Boy may acquire a 60% interest in the DOK claims by paying $230,000 and issuing 1,500,000 shares to ExGen and by spending $2,500,000 on the DOK claims by January 2026. In a news release dated December 12, 2023, Mountain Boy reported assays from the first hole of the inaugural drill program at the Telegraph Project in the prolific Golden Triangle. Mountain Boy noted that the grade and thickness in this hole are comparable to those found in active mines in the province.

The release recorded the following: "Hole DK2023-01 intersected 107 metres of 0.38% CuEq. Another 6-meter interval carries 1.07% CuEq. Those intersections are within 436 metres of mineralization averaging 0.21% CuEq.

Hole 1 is on the margin of a prominent IP chargeability zone that appears to be dipping away from the drill hole trace. The Telegraph project is in the same region as four world class deposits: adjacent to Schaft Creek (Teck), 40 km north of Galore (Teck/Newmont) and within 110 kms of Saddle North (Newmont) and the Red Chris Mine (Newmont). Work in 2023 was focused on the Dok Trend, one of several copper-gold mineralized areas on the 344 square kilometre property.

Four holes were drilled in 2023, for a total of 2,142 metres. The holes were drilled on three separate targets along 3.3 kilometres of the Dok Trend. Hole 3, collared 700 meters to the southeast of Hole 1, appears to be in the same target zone.

Hole 2 and Hole 4 tested two separate targets. Results for those three holes are pending. The copper equivalent calculation utilizes the standard equation and is based on current spot metal prices of copper at USD 3.76 per pound, gold at USD 2,038 per ounce, silver at USD 23.79 per ounce, and molybdenum at USD 25 per pound.

Recoveries are set at 100% for all metals for purposes of the copper equivalent calculation as no metallurgical test data is available. Cu Eq is used for illustrative purposes only and does not imply that the metals are economically recoverable. Two diamond drill holes were completed in the vicinity of the Dok Zone.

Hole DK-2023-01 ended at 484 metres depth and Hole DK-2023-03 ended at 572 metres depth. The holes are 700 metres apart and define a single target. Both holes targeted an Induced Polarization ("IP") chargeability anomaly which underlies coincident high-grade surface mineralization and elevated copper in soils, within a pronounced magnetic anomaly.

Hole DK-2023-01 tested a high IP chargeability anomaly underlying an outcrop that hosted a hydrothermal breccia with chalcopyrite, secondary biotite, and potassium feldspar. Within the area of the drill hole there is a magnetic high and magnetite `M' veins were observed in outcrop. The hole encountered porphyritic diorite, nested intrusions including phaneritic monzonite, quartz monzonite and megacrystic monzonites, and Stuhini volcanic host rocks.

The data suggests that the porphyritic monzonite intersected around 100 meters depth carries significantly more mineralization than the other intrusions, as seen in the strip log. That information provides a valuable targeting tool. From a depth of 15 to 51 meters copper and gold mineralization occurs as a black supergene mineral (chalcocite or tenorite) on fractures and rimming chalcopyrite.

Below 51 metres mineralization occurs within stockwork veins, breccia matrix, disseminations, broad wisps and bands. Hole DOK2023-03 similarly targeted a high IP chargeability anomaly, underneath an outcrop which returned high-grade grab samples including 3.22% copper with 4.62 g/t gold. The hole encountered Stuhini sediments, a post mineral dyke and sections of potassium feldspar and secondary biotite and potassium feldspar mini dykes.

Assay results for Hole DOK2023-03 are anticipated in the new year. Additional drilling will be required to define the geometry of the hydrothermal system and to vector towards areas of increased mineralization. Both holes were drilled on the margins of high IP chargeability anomalies; these geophysical features have provided a valuable vector towards mineralization.

The other two holes in this program were completed in the vicinity of the Red Creek Zone, located 2.5 km southeast of the Dok Zone. These holes tested two distinct target areas which were identified by high IP chargeability, magnetic anomalies, alteration and copper and gold values at surface. They are the first holes in this area.