Orex Reports 2.7 Metres Grading 840 g/t Silver-Equivalent in a New Target Area on the Coneto Gold-Silver Project in Durango, Mexico
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/07/13 -- Orex Minerals Inc. (TSX VENTURE: REX) ("Orex"), is pleased to announce the results of the second batch of holes from the 12,000 metres Phase-II diamond drilling program on the Coneto Gold-Silver Project in Durango, Mexico. A technical committee, with representation of Orex and its project partner Fresnillo PLC (LSE: FRES) ("Fresnillo"), is managing this Phase-II program.
Hole BCO-11 yielded a high-grade Santo Nino vein intercept of core length of 3.30 metres (true width 2.70 metres) grading gold 4.34 g/t and silver 612 g/t, for a gold-equivalent of 16.00 g/t, or silver-equivalent of 840 g/t. Within this intercept is core length 1.20 metres (true width 0.98 metres) grading gold 11.77 g/t and silver 1,655 g/t, for a gold-equivalent of 43.29 g/t, or a silver-equivalent of 2,273 g/t.
Also in BCO-11 was a La Bufa vein intercept of core length 6.40 metres (true width 5.23 metres) grading gold 2.41 g/t and silver 129 g/t, for a gold-equivalent of 4.87 g/t, or a silver-equivalent of 256 g/t. Within this intercept is core length 2.40 metres (true width 1.96 metres) grading gold 6.08 g/t and silver 187 g/t, for a gold-equivalent of 9.64 g/t, or a silver-equivalent of 506 g/t.
According to Orex's President, Gary Cope, "This is the first reconnaissance drilling in the La Bufa Zone at Coneto. This high grade drill result proves that La Bufa is a promising target area and deserves more detailed drilling."
Table 1. - Vein Intercepts
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From To Core True Au Ag Au-Eq Ag-Eq
Vein (m) (m) Length Width (g/t) (g/t) (g/t) (g/t)
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BCO-07
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Sauce 272.35 275.6 3.25 2.80 0.17 7 0.32 17
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BCO-08
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Sauce 200.20 204.70 4.50 4.23 0.37 39 1.11 58
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includes 200.20 201.30 1.10 1.03 1.16 39 1.90 100
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includes 200.90 201.30 0.40 0.38 2.03 43 2.85 149
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Unnamed 554.95 556.60 1.65 1.43 2.80 2 2.83 149
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BCO-09
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La Bufa 103.75 109.10 5.35 3.78 0.90 24 1.36 71
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includes 103.75 106.75 3.00 2.12 1.22 27 1.74 91
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includes 103.75 105.40 1.65 1.17 1.56 38 2.28 120
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Unnamed 294.20 295.35 1.15 0.81 2.81 181 6.26 329
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Santo Nino 326.95 328.90 1.95 1.60 0.30 23 0.73 39
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BCO-10
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La Bufa 159.35 160.60 1.25 0.95 0.36 13 0.60 31
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Santo Nino 367.10 368.80 1.70 1.30 0.07 2 0.10 5
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BCO-11
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VBU-A2 19.90 20.85 0.95 0.70 6.68 230 11.06 581
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includes 20.35 20.85 0.50 0.37 12.15 354 18.89 992
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La Bufa 116.35 122.75 6.40 5.23 2.41 129 4.87 256
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includes 120.35 122.75 2.40 1.96 6.08 187 9.64 506
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includes 120.35 121.00 0.65 0.53 4.83 531 14.94 785
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VLB-FW 138.45 139.75 1.30 0.90 0.47 109 2.55 134
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includes 139.50 139.75 0.25 0.17 1.59 342 8.10 425
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Santo Nino 395.40 398.70 3.30 2.70 4.34 612 16.00 840
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includes 397.50 398.70 1.20 0.98 11.77 1655 43.29 2273
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includes 397.50 397.85 0.35 0.29 38.30 4990 133.35 7001
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BCO-12
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Unnamed 107.20 108.15 0.95 0.87 2.04 144 4.78 251
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Santo Nino 114.80 116.80 2.00 1.28 0.11 182 3.59 188
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includes 115.75 116.80 1.05 0.67 0.14 216 4.26 224
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BCO-13
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Santo Nino 216.50 216.90 0.40 0.35 0.28 54 1.31 69
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Holes 7 and 8 were drilled in the Coneto "Central Zone" to target the Sauce vein. Holes 9 to 13 were drilled in the Coneto "La Bufa Zone" to target the La Bufa and the Santo Nino veins.
Silver-equivalent for the purposes of this news release is defined as silver grade plus 52.5 times gold grade. Gold-equivalent is defined as gold grade, plus silver divided by 52.5. The 52.5:1 ratio is based on the spot prices of silver $32/ounce and gold $1680/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.
Coneto Mining District - Durango, Mexico
The historic Coneto Mining District is situated in the heart of the "Mexican Silver Trend", stretching from Guanajuato in the southeast, through to the states of Zacatecas and Durango. The trend hosts some of the world's largest silver deposits, including Fresnillo, Guanajuato, La Pitarrilla, La Preciosa, Real de Angeles, and Zacatecas mining camps.
Orex and Fresnillo hold extensive contiguous mineral concessions in the Coneto Mining District, which collectively total approx. 17,600 hectares and cover more than 50 known mineralized epithermal quartz veins. The project is located in the Mesa Central, on the eastern flank of the Sierra Madre Occidental Mountains.
Ben Whiting, P.Geo, is a Qualified Person as defined in NI 43-101 and takes responsibility for the technical disclosure contained within this news release.
The drill core sampling has been conducted with a rigorous QA/QC program, incorporating analytical standards and blanks into the sample stream. Analyses were performed in the laboratories of ALS Chemex.
The first six holes of the current drilling program, all in the Loma Verde sector of Coneto, were reported in a news release on November 7th 2012 and are a line of holes drilled beneath the successful Phase-I drilling program (see news releases: July 6th 2010 and August 9th 2010). A drill hole location map will be available on the Orex Minerals Inc. website at www.orexminerals.com.
ABOUT OREX MINERALS INC.
Orex Minerals Inc. (TSX VENTURE: REX) is a Canadian-based junior exploration company comprised of highly qualified mining professionals. The Company has two current projects: its flagship property, the Barsele Gold Project located in Sweden, and the Coneto Gold-Silver Project situated in Durango, Mexico, currently 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.
Contacts:
Orex Minerals Inc.
Gary Cope
President
(604) 687-8566
info@orexminerals.com
www.orexminerals.com