Orex Minerals Inc. (TSX-V: REX) (OTCQB: ORMNF) is pleased to announce that “Exploraciones y Desarrollos Mineros Coneto, SAPI de CV”, a joint venture company held by Fresnillo plc (LON: FRES) for 61.21% and Orex for 38.79%, has completed the Phase-VI diamond drilling program of 2,000.8 metres in 8 holes on the Coneto Gold-Silver Project in Durango, Mexico.

The Loma Verde target area was the focus for Phase-VI drilling. Results include hole BCO-85 yielding a core length of 15.00 m (true thickness 11.50 m) grading Au 0.75 g/t and Ag 174 g/t for a gold-equivalent of 3.02 g/t, plus hole BCO-89 yielding a core length of 4.50 m (true thickness 3.90 m) grading Au 1.70 g/t and Ag 180 g/t for a gold-equivalent of 4.05 g/t.

John Eren, President and CEO states, “The Loma Verde vein was intercepted in every hole in this phase of the program, thus confirming the strong continuity over 1.2 kms strike length. There is also further depth potential with the down-dip of the mineralized shoots. This is a true gold-silver project, as each precious metal accounts for roughly half the contained value.”

For the purposes of gold and silver equivalent values, the long-term metal prices of gold $1,750/oz and silver $23/oz were applied. Gold to silver price ratios vary over time. Base metals value are scattered and non-economic, max. isolated values of 0.2% Pb, 0.4% Zn.

To date, the Coneto Project has had five previous phases of diamond drilling from 2010 to 2017, totaling 106 drill holes for 38,515.67 metres. This drilling formed the basis of an independent mineral resource estimate announced in a news release dated October 27, 2021. The new drilling brings the total to 114 drill holes for 40,516.47 metres.

The 2021 Inferred Mineral Resources stands at 5,325,000 tonnes, grading 1.67 g/t gold and 112 g/t silver for a gold-equivalent grade of 3.15 g/t. Contained metal totals 286,000 oz gold and 19,111,000 oz silver, for a gold-equivalent of 538,000 oz. (The full technical report was filed on SEDAR+, www.sedarplus.com, and is also available on the Orex website, www.orexminerals.com).

Coneto Silver-Gold Project, Durango, Mexico

Coneto is situated around the town of Coneto de Comonfort, Durango, in north-central Mexico. It is approximately 100 km north of the City of Durango and 25 km west of Argonaut’s El Castillo Gold Mine. This prolific trend hosts some of the world’s largest silver camps and deposits, including Fresnillo, Guanajuato, La Pitarrilla, La Preciosa, Real de Angeles and Zacatecas. (Note: Mineralization hosted on adjacent and/or nearby properties may not necessarily be indicative of mineralization hosted on the JV’s property.)

The Project consists of approximately 4,997 hectares (11,860 acres) of contiguous mineral concessions and covers over 40 discrete mineralized low to intermediate-sulphidation epithermal quartz veins. Excellent infrastructure exists in the Coneto area, including paved road access, electrical power, water and manpower from nearby communities.

Ben Whiting, P.Geo., is a Qualified Persons as defined in NI 43-101 and take responsibility for the technical disclosure contained in this news release.

ABOUT OREX MINERALS INC.

Orex Minerals Inc. is a mineral exploration company focused on precious and base metals exploration in Mexico and Canada. Orex has several current projects: Two projects are located in Durango State, Mexico, the Sandra Silver-Gold Project with Pan American Silver Corp. and the Coneto Gold-Silver Project with Fresnillo PLC. A third project is the Jumping Josephine Gold Project in British Columbia, Canada. Orex is managed by an experienced group of highly qualified mining professionals.