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April 4, 2022, 8:40 a.m. EDT

EXLA Resources Inc. Acquires Strategic Position in Carlin Trend

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Las Vegas, Nevada, Apr 04, 2022 (Newsfile Corp via COMTEX) -- Las Vegas, Nevada--(Newsfile Corp. - April 4, 2022) - EXLA RESOURCES, INC. ( OTC Pink: EXLA ) (the "Company or EXLA") has reached an agreement to acquire a 100% interest in the Rimrock Gold Project, located within the Ivanhoe Mining District of Nevada (Figure 1).

  • EXLA to acquire 100% of drill ready Rimrock Gold Project

  • Rimrock strategically located on both the Midas Epithermal Trend and the Carlin Trend

  • Five high-priority gold drill targets already defined at Rimrock

  • EXLA to commence a strategic review of all data ahead of a maiden exploration program.

Chris Lotito, CEO of EXLA Resources stated: "We have been working tirelessly on this transformational acquisition for some time and we thank shareholders for their patience. The acquisition gives us a strategic position in a well-established mining jurisdiction with excellent mining infrastructure. The project is drill ready with a number of high-priority targets and we look forward to updating shareholders as we advance the project."

Location of the RimRock Gold Project

To view an enhanced version of this graphic, please visit:
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About the Rimrock Gold Project

The Rimrock Gold Project comprises 133 unpatented lode claims that cover an area of 2,722.56 acres. The Property is proximal to two of Hecla Mining Company's gold-silver mines that are currently on Care and Maintenance but are being further explored by drilling.

The Hollister Mine lies contiguously bounding the Rimrock claims to the south, and had an originally estimated 2 million ounces of high-grade gold-silver. Hecla's Midas Mine is located 14 km to the northwest of Rimrock, and it contained an estimated 3 million ounces of high-grade gold and 25 million ounces of high-grade silver. Hecla recently made a discovery of high-grade gold-silver mineralization at its Green Racer Property, which lies between Midas and Rimrock; on which Hecla has been busy drilling.

The Property also is located just 16 km northwest of the giant Goldstrike-Meikle Mining Complex owned and operated by Nevada Gold Mines LLC.

Figure 2: Proximity of the RimRock Project to other gold deposits

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The strategic location of the project along the Midas Epithermal Trend near-surface and also directly on the Carlin Trend, near the surface and also at depth, gives the project a high level of prospectivity. The multi-target nature of the property means EXLA can target:

  • low-sulfidation, high-grade gold-silver deposits that tend to be fault bounded and located in the upper 1,000m of geological sequences of Tertiary volcanic rocks and in Paleozoic Upper Plate quartzites and sandy to limy argillites.

  • Carlin-style gold-(silver) mineralization, which tends to form below the contact of Lower Plate mudstones and underlying Paleozoic carbonate rocks. Carlin-style mineralization also is found in a sandy part of the Upper Plate sequence at Goldstrike and near Rimrock known as the Bazza Sandstones.

The previous operator of the project has already defined five high-priority targets (Figure 3):

  • Dilation Target

  • Ivanhoe Creek Target

  • Eastern Target

  • Shaft Zone Mineralization

  • Columbus Breccia Target

Figure 3: Exploration Targets

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Exploration Targets

Dilation Target

The Dilation Target contains a 4 km long NNE-trending, locally mineralized, fault system (IC Fault) that occurs in the western part of the Rimrock Property.

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