Oremex Extends Gold Mineralization at Santa Catarina Project
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TORONTO, ONTARIO -- (Marketwire) -- 11/03/10 -- Oremex Resources Inc. (TSX VENTURE: ORM) is pleased to report results from additional channel sampling and mapping at its wholly owned Santa Catarina project in Sinaloa, Mexico.
The more expansive recent work indicates widespread gold mineralization over a much broader area than previously understood (see Press Release dated January 18, 2010). The Gold mineralization has now been identified within an area of approximately 500m by 300m of intermittently outcropping carbonate rocks; sampling indicates grades from trace levels to over 20.5 g/t (over 2.1 m of width). The mineralization found to date is restricted to carbonate rocks and occurs in silicified zones often associated with massive sulfide replacement. Five samples yielded results of over 10 g/t gold, over widths up to 4.4m. The relatively high grades encountered over a large area indicate the zone has significant potential for delineation of a resource. Previous sampling results identified in Oremex's January 18, 2010 press release indicated approximately 20m of thickness (by 30m of strike) of outcropping gold mineralization averaging approximately 3.2 g/t and 0.2% Cu; the mineralization occurs as massive sulfides replacing carbonate rocks.
'We are very encouraged by the strong results from our expanded sampling and mapping program at Santa Catarina,' stated Michael Smith, President and CEO of Oremex. 'The favourable grades and increased gold mineralization over an expanded area will lead us to conduct a geophysical survey of the property and a follow up drilling program over the next half year.'
Oremex's wholly owned Santa Catarina project is located at the north end of the Rosario Gold Trend, a well-known mining region in the state of Sinaloa, Mexico, approximately 40 km east of Mazatlan. The Santa Catarina project area has good road access and is located at the base of the western slope of the Sierra Madre mountain range.
The results completed in 2009 reported herein were carried out by SGS Labs in Durango City, Durango, Mexico an internationally-recognized analytical service provider. The work reported was completed under the supervision of Michael R. Smith, President, CEO and Director of Oremex Resources Inc., a Registered Geologist and a Qualified Person as defined in National Instrument 43-101.
About Oremex:
Oremex is a Canadian-based exploration company with a focus on the acquisition and development of mineral properties in Mexico. The Company's Tejamen project has an inferred mineral resource of 50.8 million ounces of silver in a total of 22.6 million tonnes grading a silver-equivalent of 69.8 grams per tonne (Wardrop Engineering Report NI 43-101 compliant April 2006). Snowden Mining Industry Consultants completed a Preliminary Assessment Study (NI 43-101 compliant October 2006) demonstrating that the project can support a 10,000 tonne per day open pit, heap leach mining operation.
National Instrument 43-101 requires the following statement: that the preliminary assessment is preliminary in nature, that it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary assessment will be realized.
Forward-Looking Statements: The above contains forward-looking statements that are subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in our forward-looking statements. Factors that could cause such differences include: changes in world commodity markets, equity markets, costs and supply of materials relevant to the mining industry, change in government and changes to regulations affecting the mining industry. Forward-looking statements in this release include statements regarding future exploration programs, operation plans, geological interpretations, mineral tenure issues and mineral recovery processes. Although we believe the expectations reflected in our forward-looking statements are reasonable, results may vary, and we cannot guarantee future results, levels of activity, performance or achievements.
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.
Contacts:
Oremex Resources Inc.
Michael Smith
President & CEO
(416) 309-4320
info@oremex.com