Orex Hits 290 Metres Grading 1.01 g/t Gold at Barsele
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/14/12 -- Orex Minerals Inc. (TSX VENTURE: REX) ('Orex') is pleased to announce the results from the second deep diamond drill hole within the Central Zone of our Barsele Gold Project in Sweden. The goal of the Phase-I drilling has been to confirm historic results in the Central Zone of the project, to deepen and widen the mineralized intercepts, plus 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 with the following results:
Hole 11CNT002 was drilled on the same cross-section (6575N) and passes below the previously released hole 11CNT001 (news release February 22, 2012). Hole 11CNT002 yielded a total length of 290.75 metres grading 1.01 g/t gold by FMS and 0.92 g/t gold by FA, starting 20 metres vertically below surface.
Higher grade intervals are present in hole 11CNT002, including 68.00 metres grading 1.21 g/t gold by FMS and 1.14 g/t gold by FA from 67.60 m to 135.60 m, plus 69.10 metres grading 2.06 g/t gold by FMS and 1.81 g/t gold by FA.
Table 1 - Drill Hole Intercepts for Hole 11CNT002
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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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11CNT002 29.65 320.40 290.75 1.01 0.92
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Includes 67.60 135.60 68.00 1.21 1.14
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Includes 165.30 234.40 69.10 2.06 1.81
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Includes 191.30 234.40 43.10 2.54 2.19
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ALS Minerals has performed the analytical procedures in Sweden and Canada.
Orex plans to retain the services of the consulting firm AMEC Americas Limited ('AMEC') to provide an independent technical review of the Barsele Gold Project leading to a Preliminary Economic Assessment. It is expected that AMEC's involvement will commence in June 2012.
As of the date of this News Release, the 11th drill hole of this campaign is nearing completion in
the Central Zone. The Company also 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.
To view 'Figure 1 Cross Section 6575N', please click the following link: http://media3.marketwire.com/docs/0314rex_fig1.pdf.
Gary Cope, President of Orex, says, 'We are very happy with the assay results and long intercepts from the first two holes at Barsele. These extend deeper than the historic drilling on the property. We are also looking forward to the consulting firm AMEC becoming involved in the evaluation of this project.'
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 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.
Ben Whiting, P.Geo., Chief Geologist 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 systemic 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.
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
info@orexminerals.com
www.orexminerals.com
