Orex Minerals Inc. Provides Update on Drilling at Barsele Gold Project, Northern Sweden
04.01.2012 | Marketwire
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/04/12 -- Orex Minerals Inc. (TSX VENTURE: REX) ('Orex') announces that Protek Norr AB of Skelleftea Sweden has returned after the winter holidays to continue the 5000-meter diamond drill program at our Barsele Gold Project (the 'Project') that was previously announced on November 9, 2011. In this first phase of drilling, 12 to 15 holes have been planned, with a completion date estimated to be mid March, 2012. The initial goal of this drilling program is infill and expansion of the known gold resource in the Central and Avan areas of the Project. The fifth drill hole of this campaign is nearing completion. It is also planned to drill test new gold and base metal targets outlined by the recent geophysical surveys within the Project.Gary Cope, President of Orex, says, 'We are eagerly anticipating the first assay results from the drilling program and look forward to adding a second drill in the future.'
The Barsele Project is located approximately 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 NI43-101 compliant resource estimate report for Barsele. The Central-Avan-Skirasen gold zones, at a 0.6 grams per tonne (g/t) cut-off, have an Indicated Resource of 9.97 million tonnes grading 1.19 gold g/t or 382,000 contained ounces of gold. In addition, the report has estimated an additional Inferred Resource of 21.04 million tonnes grading 0.96 gold g/t or 648,000 contained ounces of gold. In addition, an estimate has also been prepared at the Norra volcanogenic massive sulphide (VMS) deposit, at a 0.6 gold grams per tonne (g/t) cut-off, that has outlined an Indicated Resource of 110,000 tonnes grading 3.13 gold g/t, 30.27 silver g/t, 0.53% copper and 0.72% zinc. The report has also estimated additional Inferred Resources of 310,000 tonnes grading 1.62 gold g/t, 12.69 silver g/t, 0.26% copper and 0.42% zinc.
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