Multiple Structures Yield High Grade Gold-Silver in Step Out Drilling on the Coneto Project, Durango, Mexico

VANCOUVER, Aug. 10, 2015 /CNW/ - Orex Minerals Inc. – (TSX-V: REX) ("Orex"), in conjunction with their project partner Fresnillo Plc (LSE: FRES) ("Fresnillo"), have completed a Phase-IV exploration diamond drilling program, consisting of 4,656 metres in 11 holes on the Coneto Gold-Silver Project in Durango, Mexico. The program was designed to test multiple structures in approximately 100 to 200 metres step-outs. Highlights include mineralized intercepts in Loma Verde, Durazno, Durazno Alta, La Bufa Alta, Santo Niño, and Promontorio.

On Loma Verde, two holes were drilled 150 metres north of the northernmost previous drilling and have extended the zone. The deeper of the two holes, BCO-66, intersected 4.85 metres (true thickness 3.45 m) grading Au 3.22 g/t and Ag 238.4 g/t for a silver-equivalent of 431.6 g/t, or a gold-equivalent of 7.19 g/t.

In the Durazno-Impulsora area, the interpretation is that the Durazno Zone has been down-drop faulted with respect to the Impulsora Zone. To test this, a deep hole was drilled to intersect Durazno 370 metres below surface. Hole BCO-68 first intersected a hanging-wall vein, Durazno Alta, for 1.05 metres (true thickness 0.86 m) grading Au 34.50 g/t and Ag 29.7 g/t for a silver-equivalent of 2,099.7 g/t, or a gold-equivalent of 35.00 g/t. The main Durazno structure yielded a 8.34 metres (true thickness 6.92 m) grading Au 1.71 g/t and Ag 2.9 g/t for a silver-equivalent of 105.4 g/t, or a gold-equivalent of 1.76 g/t. Within this intercept is 1.45 metres (true thickness 1.19 m) grading Au 5.03 g/t and Ag 6.3 g/t for a silver-equivalent of 308.3 g/t, or a gold-equivalent of 5.14 g/t.

In the Bufa-Santo Niño area, sub-parallel north striking, steeply dipping veins are present. Hole BCO-62 yielded a deep Santo Niño intercept of 2.65 metres (true thickness 2.17 m) grading Au 1.08 g/t and Ag 137.9 g/t for a silver-equivalent of 202.7 g/t, or a gold-equivalent of 3.38 g/t. Hole BCO-63 yielded a La Bufa Alta intercept of 2.70 metres (true thickness 1.74 m) grading Au 0.95 g/t and Ag 200.9 g/t for a silver-equivalent of 257.7 g/t, or a gold-equivalent of 4.29 g/t.

In the Promontorio area, a broad zone of quartz-hematite stockwork veinlets is present. Hole BCO-72 was drilled to intercept Promontorio 250 metres below surface and 120 metres below previously reported BCO-60. Hole BCO-72 yielded an intercept of 19.00 metres (true thickness 15.56 m) grading Au 0.77 g/t and Ag 10.1 g/t for a silver-equivalent of 56.4 g/t, or a gold-equivalent of 0.94 g/t. Within this intercept is 5.55 metres (true thickness 4.55 m) grading Au 2.00 g/t and Ag 27.4 g/t for a silver-equivalent of 144.7 g/t, or a gold-equivalent of 2.41 g/t.

Orex's President, Gary Cope says, "The Coneto Project continues to yield high grade gold and silver results on many structures. Loma Verde has been extended to the north and is still open. Gold values in Durazno Alta, at over 34 g/t Au, are the highest we have seen to date. The next step planned will be an initial resource estimate, which will encompass several veins."

Diamond Drilling Intercepts

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 mid-term spot price projections of silver $18.33/ounce and gold $1,100/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.

The first three phases of drilling, totaling 28,742 metres in 82 holes, targeted multiple mineralized structures throughout the Coneto Mining District. This fourth phase brings the total drilling to date to 33,400 metres in 93 diamond drill holes.

Santo Niño, La Bufa, Loma Verde, Durazno and Impulsora are steeply dipping, sub-parallel epithermal quartz veins. Promontorio is a quartz-hematite stockwork zone, with veining. These structures are hosted in Tertiary andesites of the Lower Volcanic Sequence, exposed in a window below the Upper Volcanic Sequence rhyolites. Veins are in a northwest oriented corridor extending for over 17 kilometres.

The diamond drilling was contracted to Kluane Drilling Ltd. ("KDL"), an experienced international diamond drilling company, with a regional service and supply office in Durango. KDL utilizes modularized mobile drilling equipment, in order to keep to a minimum the social and environmental impact.

Coneto Mining District – Durango, Mexico

The historic Coneto Mining District is situated in the heart of the "Mexican Silver Trend", on the Mesa Central, stretching from Guanajuato in the southeast, through to the states of Zacatecas and Durango. 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.

Orex and Fresnillo hold extensive contiguous mineral concessions in the Coneto Mining District, which collectively total approximately 17,600 hectares and cover multiple mineralized epithermal quartz veins.

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

ABOUT OREX MINERALS INC. 

Orex Minerals Inc. (TSX-V: REX) is a Canadian-based junior exploration company comprised of highly qualified international mining professionals. The Company has several projects including the Los Crestones Gold-Silver-Copper Project in Sinaloa, Mexico, the Jumping Josephine Gold-Silver Project in British Columbia, the Barsele Gold Project in Sweden (under option in a joint-venture with Agnico Eagle Mines Ltd.) and the Coneto Gold-Silver Project in Durango, Mexico (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.

SOURCE Orex Minerals Inc.