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Orex Reports New Estimate in Nova Scotia; Average Grade of More Than 5 g/t

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Orex Reports New Estimate in Nova Scotia; Average Grade of More Than 5 g/t

 

 

 

 

—  At a 2.0 g/t gold grade cut-off, the new estimate reflects:

—  465,000 ounces of gold in Measured and Indicated resource categories

—  421,100 ounces of gold in Inferred resource category

—  Project advances toward Preliminary Economic Assessment

 

 

 

 

OREX EXPLORATION INC. announce a new mineral resource estimate for its 100% owned Goldboro Project in Nova Scotia. The new mineral resource estimate was prepared by Mercator Geological Services Limited (“Mercator”) of Dartmouth, Nova Scotia in accordance with Canadian Securities Administrators National Instrument 43- 101 (“NI 43-101”) and is based on Canadian Institute of Mining, Metallurgy & Petroleum (“CIM”) standards. It has an effective date of February 11, 2013.

 

 
Highlights of the 2013 Mineral Resource Estimate

 

 

At the 2.0 g/t gold grade resource cut-off, the new estimate reflects:

 

 

 

 

—  Measured resources totaling 171,000 tonnes grading 5.39 g/t gold (29,600

contained gold ounces);

—  Indicated resources totaling 2,418,000 tonnes grading 5.60 g/t gold

(435,300 contained gold ounces);

—  Inferred resources totaling 2,543,000 tonnes grading 5.15 g/t gold

(421,100 contained gold ounces);

—  Combined, the Measured and Indicated categories total 2,589,000 tonnes

grading 5.59 g/t gold (465,000 contained gold ounces); and

—  A 32% increase in combined Measured and Indicated categories gold ounces

and a 20% increase in Inferred category gold ounces relative to the

previous NI 43-101-compliant estimate disclosed in 2009.

 
 

 

Mark Billings, President and CEO of Orex, commented, “Orex is very pleased with the new mineral resource estimate, which was focused on definition of higher grade gold domains within the Goldboro deposit. With the addition of assay results for the 69 drill holes completed since the last resource estimate in 2009, the mineral resource base has increased at each of the stated cut-off levels.”

 

Posted February 12, 2013

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