Orex Commences Drilling on the Jumping Josephine Gold-Silver Project
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jul 23, 2014) - Orex Minerals Inc. - (TSX VENTURE:REX) ("Orex"), has commenced a 5,000 metre HQ diamond drilling on its 100% owned Jumping Josephine property, in southern British Columbia.
The program will be completed in two phases, the first designed to test down-dip and down-plunge extensions of JJ Main mineralized zone which has an existing NI 43-101 compliant gold resource. First phase holes are planned to intercept the mineralized structure approximately 100 metre down-dip from the deepest hits to date on five sections spaced 80 metres apart for a total along-strike coverage of 320 metres. Orex aims to increase the resource at JJ Main and believes that positive results from the current diamond drilling could be combined with previous drill data to update the existing resource estimate. The second phase of work will test several advanced showings on prospective but as yet undrilled locations across the Jumping Josephine property. Mineralized showings such as Hillside, JJ West and Bonanza Creek are at an early stage but are hosted by lithology similar to JJ Main and warrant drill testing.
Orex's President, Gary Cope says, "Orex is now actively exploring three projects. Drilling is underway at Coneto, in Durango, Mexico and deep penetrating IP has been completed and results are expected shortly at Los Crestones in Sinaloa, Mexico. The commencement of drilling at Jumping Josephine is very exciting, and represents an achievement for Orex, actively working to advance another quality project."
Jumping Josephine Gold-Silver Project, British Columbia, Canada
The Jumping Josephine Project totals approximately 11,667 hectares and is located in Southern British Columbia, 20 km west of Castlegar and 25 km north of the historic Rossland Gold Camp. The project, originally assembled in 2004 by Kootenay Silver Inc. ("Kootenay"), was optioned to Astral Mining Corp. ("Astral") in 2005. In 2013, Astral merged with Orex (news release February 3rd 2013) and in 2014 the remaining interest in Jumping Josephine was acquired from Kootenay by Orex (news release February 5th 2014).
Mineralization is characterized by native gold and sulphides in lode style quartz veins and silicified brittle shear zones, which are hosted within quartz monzonite and granodiorite. Exploration between 2006 and 2011 included surface mapping, geochemistry, geophysics, and the completion of 140 diamond drill-holes. Work on the JJ Main showing culminated in the estimation of an NI 43-101 compliant resource calculated by Apex Geoscience Ltd. ("Apex").
Apex estimates an Indicated mineral resource of 363,000 tonnes averaging 2.95 g/t Au for 34,000 oz and an Inferred mineral resource of 448,000 tonnes averaging 2.08 g/t Au for 30,000 oz. The effective date of the resource estimate is March 24, 2011. The Technical Report authored by A.J. Turner P.Geol, M. Dufresne, P.Geol and S. Nicholls, M.AIG. has been filed by Orex and is available on SEDAR and the Orex website.
Ben Whiting, P.Geo, and Dale Brittliffe, P.Geo. are 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. (TSX VENTURE:REX) is a Canadian-based junior exploration company comprised of highly qualified mining professionals. The Company has several current projects: the Barsele Gold Project in Sweden, the Los Crestones Gold-Silver Project in Sinaloa, Mexico, the Jumping Josephine Gold-Silver Project in British Columbia, and the Coneto Gold-Silver Project in Durango, Mexico, which is currently under option to Fresnillo Plc
ON BEHALF OF THE BOARD OF DIRECTORS
Gary Cope, President
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 and Orex undertakes no obligation to update such statements, except as required by law.
Neither 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.