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Orex Reports 10 Metres Grading 300 g/t Silver in Mexico

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Orex Reports 10 Metres Grading 300 g/t Silver in Mexico


 

 

 

 

Orex Minerals Inc. (TSX VENTURE:REX) announce the results of the first six holes of the 12,000 metres Phase-II diamond drilling program on the Coneto Gold-Silver Project in Durango, Mexico. A technical committee, with representation of Orex and its project partner Fresnillo PLC (LSE:FRES) (“Fresnillo”), is managing this Phase-II program.

 

Hole BCO-02 yielded a core length of 12.55 metres (true width 10.27 metres) grading gold 3.08 g/t and silver 138 g/t, for a gold-equivalent of 5.70 g/t, or silver-equivalent of 299 g/t.

 
According to Orex’s President, Gary Cope, “These results confirm the strength of the Loma Verde Vein and agree with our earlier Phase-I drilling. Loma Verde remains partially open along strike and down dip. It is one of 10 principal structures to be tested at Coneto.”

 

Several smaller mineralized veins and breccia zones were intercepted in the hanging wall of Loma Verde, which will be studied in the next few weeks. Hole BCO-05 yielded an unnamed vein of 2.95 metres (true width 2.42 metres) grading gold 2.86 g/t and silver 9 g/t for a gold-equivalent of 3.02 g/t, or silver-equivalent of 159 g/t.

 

 

Table 1. - Vein Intercepts                                                  

----------------------------------------------------------------------------
                       From     To   Core   True     Au     Ag  Au-Eq  Ag-Eq
Vein                    (m)    (m) Length  Width  (g/t)  (g/t)  (g/t)  (g/t)
----------------------------------------------------------------------------
BCO-01                                                                      
----------------------------------------------------------------------------
Unnamed                9.25  10.05   0.80   0.67   0.14     77   1.61     85
----------------------------------------------------------------------------
  Includes             9.25   9.55   0.30   0.25   0.12     99   2.01    106
----------------------------------------------------------------------------
Loma Verde           402.35 411.55   9.20   7.68   0.14     17   0.46     24
----------------------------------------------------------------------------
  Includes           402.35 403.70   1.35   1.13   0.07     50   1.11     53
----------------------------------------------------------------------------
  Includes           410.70 411.55   0.85   0.71   0.49     73   1.89     99
----------------------------------------------------------------------------

----------------------------------------------------------------------------
BCO-02                                                                      
----------------------------------------------------------------------------
Loma Verde           268.45 281.00  12.55  10.27   3.08    138   5.70    299
----------------------------------------------------------------------------
  Includes           269.95 278.00   8.05   6.59   4.22    168   7.42    390
----------------------------------------------------------------------------
  Includes           269.95 274.80   4.85   3.97   4.84    222   9.06    476
----------------------------------------------------------------------------

----------------------------------------------------------------------------
BCO-03                                                                      
----------------------------------------------------------------------------
Unnamed               15.75  17.15   1.40   1.18   0.11    278   5.41    284
----------------------------------------------------------------------------
Unnamed               21.40  28.65   7.25   6.13   0.29     27   0.80     42
----------------------------------------------------------------------------
  Includes            26.20  28.65   2.45   2.07   0.51     38   1.23     64
----------------------------------------------------------------------------
  Includes            27.60  28.65   1.05   0.89   1.08     35   1.74     91
----------------------------------------------------------------------------
Unnamed              230.10 230.50   0.40   0.34   0.49     75   1.92    101
----------------------------------------------------------------------------
Loma Verde           241.00 247.25   6.25   5.29   0.70      5   0.79     42
----------------------------------------------------------------------------
  Includes           242.00 245.40   3.40   2.88   1.00      5   1.09     57
----------------------------------------------------------------------------
  Includes           244.05 244.60   0.55   0.47   1.44      5   1.52     80
----------------------------------------------------------------------------

----------------------------------------------------------------------------
BCO-04                                                                      
----------------------------------------------------------------------------
Loma Verde           283.40 289.75   6.35   5.39   0.26    103   2.23    117
----------------------------------------------------------------------------
  Includes           283.85 286.75   2.90   2.46   0.39    134   2.94    154
----------------------------------------------------------------------------
  Includes           283.85 284.60   0.75   0.64   0.29    290   5.81    305
----------------------------------------------------------------------------

----------------------------------------------------------------------------
BCO-05                                                                      
----------------------------------------------------------------------------
Unnamed               29.10  32.05   2.95   2.42   2.86      9   3.02    159
----------------------------------------------------------------------------
  Includes            29.10  31.05   1.95   1.60   4.22     13   4.46    234
----------------------------------------------------------------------------
  Includes            29.55  31.05   1.50   1.23   4.88      1   4.91    258
----------------------------------------------------------------------------
Loma Verde           226.65 230.10   3.45   2.83   0.14    124   2.50    131
----------------------------------------------------------------------------
  Includes           227.75 230.10   2.35   1.93   0.17    174   3.49    183
----------------------------------------------------------------------------
  Includes           227.75 228.80   1.05   0.86   0.23    308   6.10    320
----------------------------------------------------------------------------

----------------------------------------------------------------------------
BCO-06                                                                      
----------------------------------------------------------------------------
Loma Verde           200.90 205.15   4.25   3.20   0.42     10   0.62     32
----------------------------------------------------------------------------
  Includes           202.40 203.05   0.65   0.49   1.80     55   2.85    150
----------------------------------------------------------------------------
  Includes           202.85 203.05   0.20   0.15   3.97     84   5.57    292
----------------------------------------------------------------------------
Unnamed              345.45 349.45   4.00   2.00   0.16     52   1.15     60
----------------------------------------------------------------------------
  Includes           345.45 346.50   1.05   0.53   0.34    150   3.20    168
----------------------------------------------------------------------------
  Includes           345.45 345.75   0.30   0.15   0.55    248   5.27    277
----------------------------------------------------------------------------

 

 

Silver-equivalent for the purposes of this news release is defined as silver grade plus 52.5 times gold grade. Gold-equivalent is defined as gold grade, plus silver divided by 52.5. The 52.5:1 ratio is based on the spot prices of silver $32/ounce and gold $1680/ounce. Metallurgical recoveries and net smelter returns are assumed to be 100% for the equivalent values. Base metal values are not included in the equivalent values.

 

Coneto Mining District – Durango, Mexico

 

The historic Coneto Mining District is situated in the heart of the “Mexican Silver Trend”, stretching from Guanajuato in the southeast, through to the states of Zacatecas and Durango. The trend hosts some of the world’s largest silver deposits, including Fresnillo, Guanajuato, La Pitarrilla, La Preciosa, Real de Angeles, and Zacatecas mining camps.

 

Orex and Fresnillo hold extensive contiguous mineral concessions in the Coneto Mining District, which collectively total approx. 17,600 hectares and cover more than 50 known mineralized epithermal quartz veins. The project is located in the Mesa Central, on the eastern flank of the Sierra Madre Occidental Mountains.

 

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

 

The first six holes, all in the Loma Verde sector of Coneto, are a line of holes drilled beneath the successful Phase-I drilling program (see news releases: July 6th 2010 and August 9th 2010). A drill hole location map will be available on the Orex Minerals Inc. website at www.orexminerals.com.

 

Table 2. - Drill Hole Locations                                             

----------------------------------------------------------------------------
Hole              Northing      Easting  Elevation  Azimuth   Dip     Length
----------------------------------------------------------------------------
BCO-01        2,762,032.00   523,076.00   1,982.00      260   -45     443.77
----------------------------------------------------------------------------
BCO-02        2,762,010.00   522,970.00   1,982.00      260   -45     350.75
----------------------------------------------------------------------------
BCO-03        2,761,614.38   523,017.61        TBA      260   -45     350.00
----------------------------------------------------------------------------
BCO-04        2,761,813.00   523,016.09        TBA      260   -45     338.55
----------------------------------------------------------------------------
BCO-05        2,762,106.71   522,936.42        TBA      260   -45     320.25
----------------------------------------------------------------------------
BCO-06        2,762,350.88   522,841.70        TBA      260   -45     350.75
----------------------------------------------------------------------------
Posted November 7, 2012

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