Orex Minerals Inc.
Orex Minerals Inc. Orex Minerals Inc.
Orex Minerals Inc. News


RSS RSS Feed
Orex Minerals Inc. Orex Minerals Inc.
Orex Minerals Inc.
 
09-Aug-10

Orex Extends Gold and Silver in the Loma Verde Sector of the Coneto Project: Mineral Concessions Expanded to over 16,000 Hectares

Vancouver, B.C. - Orex Minerals Inc. - (REX: TSX-V) is pleased to report on results from diamond drilling at the Coneto Gold-Silver Project in Durango State, Mexico. Two sectors of the property, Loma Verde and Impulsora, contain holes with high values for gold and silver.

In the Loma Verde sector, hole CC-10-20 yielded a true thickness of 3.12 metres grading gold 0.982 g/t and silver 291.6 g/t for a silver-equivalent of 350.5 g/t, or a gold-equivalent of 5.824 g/t. This included 2.25 metres grading gold 1.140 g/t and silver 368.8 g/t for a silver-equivalent of 437.2 g/t, or a gold-equivalent of 7.286 g/t.

This represents a "new discovery" area, as Loma Verde is a part of the Coneto property without extensive historic mine production. Six of the seven holes in Loma Verde hit encouraging grades and widths.

Elsewhere on the Coneto property, hole CC-10-12, the furthest south hole in the Impulsora sector, yielded a true thickness of 13.63 metres grading gold 0.941 g/t and silver 48.1 g/t for a silver-equivalent of 104.5 g/t, or a gold-equivalent of 1.742 g/t. This included 4.60 metres grading gold 1.596 g/t and silver 114.7 g/t for a silver-equivalent of 210.5 g/t, or a gold-equivalent of 3.508 g/t. Surface mapping at Impulsora reveal that the structure extends for over a kilometre further to the southeast.

Gary Cope, President of Orex, says; "The Loma Verde and Impulsora sectors both exhibit strong structures with good gold and silver grades. The results definitely warrant additional exploration. This is an excellent start to the evaluation of the large Coneto mineral concessions, which have now been expanded to cover over 16,000 hectares."

The Phase-I diamond drilling program, consisting of 5,000 metres of HQ core in 21 holes, was designed for reconnaissance testing in several areas of the project. All of these targets have surface values for gold and silver as previously reported. There are over 40 mineralized veins within the Coneto Project area. Drilling was carried out at Loma Verde, Durazno, Promontorio, Impulsora, Estrella-Calaveras, and Sauce-Palma.

Results for the first 9 holes were announced in a news release dated 5 July 2010. The following are highlights from holes 10 to 21.

Vein From
(m)
To
(m)
Core
Length
True
Width
Au
(g/t)
Ag
(g/t)
Ag-Eq
(g/t)
Au-Eq
(g/t)
CC-10-10                
Durazno 188.50 194.70 6.20 5.08 0.305 10.8 29.1 0.484
  Includes 188.50 192.50 4.00 3.28 0.362 14.3 36.0 0.600
  Includes 188.50 189.60 1.10 0.90 0.640 17.0 55.4 0.923
CC-10-11                
Impulsora 1 93.00 99.00 6.00 5.44 0.470 33.0 61.2 1.020
  Includes 93.00 94.70 1.70 1.54 0.658 74.0 113.5 1.892
  Includes 93.70 94.70 1.00 0.91 0.851 102.0 153.1 2.551
Impulsora 2 113.40 119.70 6.30 5.71 0.559 11.1 47.0 0.784
  Includes 117.40 119.70 2.30 2.08 1.145 8.9 77.6 1.294
  Includes 118.60 119.70 1.10 1.00 2.205 11.0 143.3 2.388
CC-10-12                
Impulsora 1 101.10 105.00 3.90 3.66 0.635 17.4 55.5 0.925
  Includes 102.60 104.10 1.50 1.41 1.111 19.0 85.7 1.428
Impulsora 2 109.40 123.90 14.50 13.63 0.941 48.1 104.5 1.742
  Includes 116.00 120.90 4.90 4.60 1.596 114.7 210.5 3.508
  Includes 120.00 120.90 0.90 0.85 0.514 509.0 539.8 8.997
CC-10-13                
Impulsora 1 64.20 70.20 6.00 5.64 0.208 13.9 26.4 0.441
  Includes 66.00 66.80 0.80 0.75 0.147 30.0 38.8 0.641
Impulsora 2 76.00 81.70 5.70 5.61 0.589 40.4 76.2 1.271
  Includes 78.80 80.80 2.00 1.97 1.308 102.6 181.1 3.018
  Includes 78.80 79.60 0.80 0.79 2.542 213.0 365.5 6.092
CC-10-14                
Impulsora 1 96.20 98.00 1.80 1.38 0.458 53.0 80.5 1.341
Impulsora 2 116.10 128.00 11.90 9.12 0.371 11.8 34.1 0.568
  Includes 119.10 126.50 7.40 5.67 0.456 15.2 42.5 0.708
  Includes 125.40 126.50 1.10 0.84 1.191 15.0 86.5 1.441
Unnamed 143.20 144.70 1.50 1.15 0.931 55.0 110.9 1.848
CC-10-15                
Estrella 1.00 2.00 1.00 0.94 0.140 24.0 32.4 0.540
Calaveras 59.60 64.00 4.40 4.13 0.102 7.5 13.6 0.227
CC-10-16                
Calaveras 55.80 57.70 1.90 1.79 0.337 15.7 35.9 0.598
CC-10-17                
Pobre 3.50 4.00 0.50 0.48 0.183 80.0 91.0 1.516
Sauce 180.50 181.40 0.90 0.78 0.208 54.0 66.5 1.108
CC-10-18                
Unnamed 28.70 30.00 1.30 1.13 1.894 1.0 114.6 1.911
Loma Verde 136.40 141.20 4.80 4.16 1.577 48.8 143.4 2.390
  Includes 136.40 140.30 3.90 3.38 1.836 55.0 165.2 2.753
  Includes 138.50 140.30 1.80 1.56 3.440 49.0 255.4 4.256
CC-10-19                
Loma Verde 104.90 107.10 2.20 1.91 0.318 21.0 40.0 0.667
  Includes 104.90 106.00 1.10 0.95 0.558 28.9 64.2 1.070
  Includes 105.30 106.00 0.70 0.60 0.759 42.0 87.5 1.459
CC-10-20                
Loma Verde 144.50 148.10 3.60 3.12 0.982 291.6 350.5 5.842
  Includes 145.00 147.60 2.60 2.25 1.140 368.8 437.2 7.286
  Includes 146.00 147.00 1.00 0.87 0.968 584.0 642.1 10.701
CC-10-21                
Loma Verde 121.90 128.70 6.80 5.89 0.853 118.3 169.5 2.824
  Includes 124.40 128.70 4.30 3.72 0.885 167.8 220.9 3.862
  Includes 125.70 126.60 0.90 0.78 1.994 243.0 362.6 6.044


A fall exploration program is being designed to examine additional surface targets on the Coneto property, to be followed by a Phase-II diamond drilling campaign.

On July 9, 2010, Orex was notified that its application was successful and the company has been granted an additional mineral concession on the east side of the Coneto mining district. The addition of the "Lomas 4" concession brings the total land holdings of Orex to 16,346 hectares (40,392 acres).

A table of drilling intercept results can be found on the Orex website at the following address: www.orexminerals.com

To date, over 2,000 drill core samples have been delivered to SGS Mineral Services. SGS is a certified commercial laboratory in Durango, Mexico, performing the analytical testing by fire assay with atomic absorption finish, and multi-element inductively coupled plasma analyses. A QA/QC program is in place for sample collection through to laboratory analysis. Host rock is primarily andesite of the Triassic Lower Volcanic Group.

Located in the Mesa Central on the eastern flank of the Sierra Madre Occidental Mountains, Coneto is centrally positioned in the "Mexican Silver Trend". This silver trend, stretching from Guanajuato in the southeast, through the states of Zacatecas and Durango, hosts some of the World's largest silver deposits, including the Real de Angeles, Zacatecas, Fresnillo, La Preciosa, and La Pitarrilla mining camps.
Ben Whiting, P.Geo., is the Qualified Person as defined in NI43-101 and takes responsibility for the technical disclosure in this news release.
Silver-equivalent for the purposes of this news release is defined as silver grade plus 60 times gold grade. Gold-equivalent is defined as gold grade, plus silver divided by 60. The 60:1 ratio is based on the average gold:silver price ratio over 10 years on the London Metal Exchange. 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.

About Orex Minerals Inc.

Orex Minerals Inc. is a junior mineral exploration company comprised of highly qualified mining professionals with a focus on the exploration of prospective gold and gold-silver properties in Mexico.



ON BEHALF OF THE BOARD OF DIRECTORS

Gary Cope
President

For further information, contact Orex Minerals Inc. at (604) 687-6310,
email info@orexminerals.com or visit our website at www.orexminerals.com




This News Release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Orex relies upon litigation protection for forward-looking statements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
 
 

You can view the Next News item: Mon Sep 13, 2010, Orex Announces Proposed Share Consolidation

You can view the Previous News item: Tue Jul 6, 2010, Progress Report on Orex's Drilling Program at the Coneto Gold-Silver Project

You can return to the main News page, or press the Back button on your browser.

Orex Minerals Inc.