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 January 17, 2024, Mountain Boy reported assays from drill holes DOK2023-02 and DOK2023-03. It noted that these holes partially define an area of interest for 2024 drilling and that the step-out drilling confirms a large copper-gold porphyry system.

Highlights included: A 700-meter step out from drill hole DOK2023-01 intersects several copper-gold intervals. Drilling spans 3.3 kms of the open ended Dok Trend. 3DIP Geophysics provides guidance for next round of drilling.

DOK2023-03 targeted a moderate IP chargeability anomaly, underneath an outcrop which returned high-grade grab samples including 3.22% copper with 4.62 g/t gold. The hole was placed along the most easterly line from the 2012 IP program and the 2023 3DIP data had not been collected. Table 1 highlights the significant assays from the hole.

This hole encountered sedimentary-volcanic Stuhini host rocks, post mineral rhyolitic dykes and several variably mineralized monzonite dykes. Potassium feldspar and secondary biotite alteration is noted in several phases of the monzonite dykes. Of note are the five monzonite dykes up to 1 metre wide encountered between 230.9 and 237.7 metres.

Clots of secondary coarse biotite and potassium feldspar is clearly recognizable and assays of up to 3.14% occur within the dyke. The section hosting the dykes assayed 0.57% Cu Eq over 8.6 metres. The copper equivalent calculation utilizes the standard equation and is based on current (January 11, 2024) spot metal prices of copper at USD 3.78 per pound, gold at USD 2,032 per ounce, silver at USD 23.03 per ounce, and molybdenum at $19.50 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. DOK2023-02 tested the Red Creek zone, 3 km southeast of DOK2023-01 and was the first hole drilled in that area.

The hole encountered low grade copper and gold mineralization from surface to 500 meters and zones of up to 30% disseminated and semi-massive pyrite mineralization. DOK2023-02 is surmised to be within the peripheral zone of a magmatic hydrothermal porphyry system, based on both vertical and lateral distribution of porphyry related trace elements; significant sericite, silica, and chlorite alteration; and multi-percent pyrite. DOK2023-02 demonstrates that the magmatic hydrothermal footprint at Telegraph extends for several kilometers and that the Dok and Red Creek areas have the potential to host several porphyries.

The drill hole mainly intersected the sedimentary-volcanic host rocks and did not intersect any fertile intrusive units, which are an important contributor to increased copper values. Moving forward, MTB is working with the Mineral Deposit Research Unit at the University of British Columbia (MDRU) to characterize the many porphyritic intrusive phases encountered in drilling and on surface with the objective of identifying the more fertile phases of intrusions and develop a better understanding of the geology overall. MTB contracted Dias Geophysical to conduct a 16 line-km 3D Induced Polarization ("3DIP") ground geophysical survey which links the previously completed 2022 3DIP and the 2012 IP surveys.

The three surveys are currently being integrated. Initial interpretations show a significant northwest-southeast trending chargeability anomaly. This anomaly is interpreted to map out the extent of the Dok Ridge sulphide-bearing hydrothermal system which extends at least 5 km.

These systems host or have significant potential to host porphyry copper-gold mineralization. DK2023-01 and DK2023-03 are at the northwest end of the chargeability anomaly. The trace of the chargeability anomaly shown in Figure 2 suggests the extent of untested prospective ground.

Initial 2024 plans include further soil sampling along the north facing slope of Dok Ridge where several large IP chargeability anomalies occur, in particular those that overly mapped structures. Additional future work would include drilling of selected targets.