Orex Drills 352 Metres Grading 1.33 g/t Gold, Including 181 Metres Grading 2.24 g/t Gold at Barsele
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 04/26/12 -- Orex Minerals Inc. (TSX VENTURE: REX) ("Orex") is pleased to announce the results from the third and fourth deep diamond drill holes within the Central Zone of our Barsele Gold Project in Sweden.
Table 1 - Drill Hole Intercepts for Holes 11CNT003 and 11CNT004
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Hole From To Core Length Analytical Method (Au g/t)
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(m) (m) (m) FMS (Au-SCR24) FA (Au-AA26)
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11CNT003 102.40 376.50 274.10 0.67 0.64
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Includes 102.40 140.95 38.55 1.79 1.81
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Includes 333.30 376.50 43.20 1.34 1.19
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11CNT004 41.00 393.35 352.35 1.33 1.25
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Includes 157.05 338.10 181.05 2.24 2.09
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Includes 187.85 290.20 102.35 2.54 2.43
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Gary Cope, President of Orex, says, "We are very impressed with these assay results which indicate mineralization in the Central Zone extends wider and deeper than was previously known when we prepared our 2011 Resource Estimate. We note, with hole 4 in particular, that there are broad intervals of gold in the 2-5 g/t range that may be amenable to underground exploitation, either commensurate with or subsequent to a possible open pit mining operation."
Gary Cope continues, "Another eight holes have been drilled to date and we will be releasing assay results as they come available. Based on our recent results, we have decided to continue the drill program beyond our initial mandate. As well, in the upcoming months, we will coordinate the starting date for the preparation of a Preliminary Economic Assessment, which will be contracted to AMEC Americas Ltd. This report will help quantify the economic potential of the project, including determining the optimum mining methodology."
As of the date of this News Release, the 12th drill hole of this campaign has been completed to a precedent setting depth of 577.6 m within the Central Zone. Following re-entry and extension of hole 11CNT003, the Company plans to drill test the Avan Zone, contiguous to the northwest of the Central Zone, as well as new gold and base metal targets outlined by the recent geophysical surveys within the Project area (Drill hole details are located in Appendix 1).
The goal of the Phase-I drilling has been to confirm and expand on historic drill results in the Central Zone, as well as to deepen and widen the mineralized envelope, and finally to assess different analytical techniques, as there is often visible gold in the core. Full Metallic Screen (FMS) Assay and Fire Assay (FA) techniques have been carried out by ALS Minerals in Sweden and Canada with the following results:
Hole 11CNT004 was drilled on the cross-section 6575N. This section represents a best-fit 50 metre thick compilation of all existing geological, drill and projected resource data. This hole yielded a total length of 352.35 metres grading 1.33 g/t gold by FMS and 1.25 g/t gold by FA, starting 20 metres vertically below surface. Higher-grade intervals are present in this hole, including 181.05 metres grading 2.24 g/t gold by FMS and 2.09 g/t gold by FA. The results from this hole are expected to expand and upgrade the existing resource laterally, internally and to depth. Approximately 70% of the mineralized intercept in hole 11CNT004 was drilled outside the defined mineral resource. The relationship between drilled thickness and approximate true thickness is illustrated in the following figures.
To view Figures 1 and 2, please visit the following link: http://media3.marketwire.com/docs/rex426i.pdf.
Hole 11CNT003 was drilled on the cross-section 6625N. Again, this section represents a best-fit 50 metre thick compilation of all existing geological, drill and projected resource data. This hole yielded a total length of 274.10 metres grading 0.67 g/t gold by FMS and 0.64 g/t gold by FA, starting 60 metres vertically below surface. Higher-grade intervals are present in this hole, including 38.55 metres grading 1.79 g/t gold by FMS and 1.81 g/t gold by FA. The results from this hole are expected to expand and upgrade the existing resource both internally and to depth.
There are a variety of quantitative analytical procedures for testing gold content in rock samples. The most widely used method is a Fire Assay (FA), however, the Company has also undertaken a "Full Metallic Screen" (FMS) procedure in order to capture coarse particulate gold and to determine how much of an impact this method can have on the final gold result. To this end, (FMS) and (FA) analysis has been conducted on samples from the first four drill holes at Barsele. The difference between the faster and more economical FA versus the more time consuming and expensive FMS is that FA yielded an average of 93.6% of the value obtained from FMS.
The Barsele Project is located 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, titled "Revised NI 43-101 Technical Report, Orex Minerals Inc., Barsele Gold Project, Storuman Sweden, Prepared By G. H. Giroux, P. Eng., MASc and Vance Thornsberry C.P.G." The Central-Avan-Skirasen gold zones, at a 0.6 g/t Au cut-off, have an Indicated Resource of 9.97 million tonnes grading 1.19 g/t Au or 382,000 contained ounces of gold. Also, the report has outlined an additional Inferred Resource of 21.04 million tonnes grading 0.96 g/t Au 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 g/t Au cut-off, that has outlined an Indicated Resource of 110,000 tonnes grading 3.13 g/t Au, 30.27 g/t Ag, 0.53% Cu and 0.72% Zn. The report has also outlined an additional Inferred Resource of 310,000 tonnes grading 1.62 g/t Au, 12.69 g/t Ag, 0.26% Cu and 0.42% Zn.
Orex has also renewed the existing investor relations contract with Sigorex Management GmbH dated May 24, 2011, until February 28, 2014 and then to continue on a month by month basis thereafter.
Art Freeze, P.Geo., a Director of Orex, is a Qualified Person as defined in NI43-101 and takes responsibility for the technical disclosure in this news release. Quality assurance and quality control procedures include the systematic insertion of blanks, standards and duplicates into the drill core sample stream. Samples are placed in sealed bags and shipped directly to ALS Minerals Laboratory in Pitea, Sweden, for preparation and ultimately to ALS Minerals Laboratory in Vancouver, Canada, for gold and multi-element analyses.
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 and Orex undertakes no obligation to update such statements, except as required by law.
Appendix 1-Drill Hole Information
Barsele Drill Hole Information
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Hole No. Easting Northing Depth Azi Dip
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11CNT001 1580861 7216043 292.30 220 -50
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11CNT002 1580861 7216043 370.60 220 -65
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11CNT003 1580626 7215904 376.50 50 -55
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11CNT004 1580650 7215853 412.00 50 -55
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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