Orex Completes First Phase Ground Geophysical Surveys Over the Barsele Gold Project, Sweden
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 09/20/11 -- Orex Minerals Inc. (TSX VENTURE: REX) ('Orex') is pleased to announce that Finland-based Suomen Malmi Oy (SMOY) and LeBel Geophysics are involved with ground follow-up surveys resultant from the 2,500 line kilometres of airborne geophysical surveying completed in July 2011 at our Barsele Gold Project in Sweden.
The majority of the new anomalous targets lie outside of the known mineralized zones. Follow-up of the gold and VMS targets by way of geological examination, and ground magnetic and induced polarization (IP) and electromagnetic (EM) surveying is underway.
Initially 12 gold targets and 25 VMS targets were outlined as warranting follow-up. SMOY is carrying out the IP surveying, toward detection of the disseminated-style of mineralization associated with the Central, Avan and Skriasen Zones at Barsele, wherein, gold mineralization is associated with non-magnetic dioritic intrusive rocks, indicated by magnetic lows. A minimum of 50 line kilometres is in process.
To date, 9 VMS targets have been surveyed by LeBel Geophysics, utilizing a very low frequency (VLF) EM method, which has proved efficient and successful in characterizing the airborne EM VMS targets. Preliminary analysis of the VLF-EM surveying to date suggests an extension of the Norra base/precious metal deposit and shows other VMS targets with favourable geophysical signatures with respect to VMS-style mineralization. Examination of government archives revealed a historic high-grade float boulder discovered within the property grading 30 g/t gold and 5% zinc, which is believed to be associated with one of the anomalies located up-ice within the claims.
Gary Cope, President of Orex, says, 'We are looking forward to finalizing the initial phase of ground geophysics with plans to commence diamond drilling on our priority targets, presently scheduled to begin during the month of October.'
The Barsele Project is located some 40 kilometres southeast of the town of Storuman in Vasterbottens Lan, a regional district of northern Sweden approximately 600 km due north of Stockholm. On February 28, 2011, Orex released a NI 43-101 compliant resource estimate for Barsele, with 382,000 ounces Indicated @ 1.2 g/t Au and 648,000 ounces Inferred @ 1.0 g/t Au, using a 0.6 g/t Au cutoff.
On the Coneto project in Central Durango State Mexico, Orex is negotiating the final details on a Joint Venture with Fresnillo PLC.
Art Freeze, P.Geo., a director of Orex, is a Qualified Person as defined in NI 43-101 and takes responsibility for the technical disclosure in this news release.
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 Sweden and Mexico.
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. Orex relies upon litigation protection for forward-looking statements.
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:
Orex Minerals Inc.
Gary Cope
President
(604) 687-6310
(604) 687-6365 (FAX)
info@orexminerals.com
www.orexminerals.com