Orex Drills 107.75 Metres Grading 1.02 g/t Gold, including 57.4 Metres Grading 1.38 g/t Gold at Barsele
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 05/09/12 -- Orex Minerals Inc. (TSX VENTURE: REX) ("Orex") is pleased to announce the results from diamond drill Hole 5 and Hole 6 within the Central Zone of our Barsele Project. The Barsele Gold Project is located approx. 600 km due north of Stockholm, and 40 kms southeast of Storuman, a small town situated in Vasterbottens Lan, which is a regional district of Northern Sweden.
Table 1 - Drill Intercepts for Hole 11CNT005 and Hole
12CNT006
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Core Results
From To Length g/t Au
Hole (m) (m) (m) FA (Au-AA26)
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11CNT005 171.20 424.80 253.60 0.65
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Includes 317.05 424.80 107.75 1.02
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Includes 336.95 394.35 57.40 1.38
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12CNT006 234.05 298.70 64.65 0.49
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Includes 234.05 251.70 17.65 0.97
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Includes 241.70 251.70 10.00 1.13
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President of Orex, Gary Cope, says, "We are pleased with the results of Hole 5 and Hole 6 as they further support our hypothesis that the resource in the Central Zone has great potential to be expanded both laterally and vertically. It is interesting to note that the mineralization encountered in Hole 5 is greatest at its terminal depth, grading in the 1-3 g/t range, so we will extend this hole once surface conditions have improved post spring breakup. Hole 6 has tested the northwest extension of the Central Zone and will contribute to the resource base."
Hole 12 marked the completion of our initial phase of drilling within the Central Zone. As of the date of this News Release, Hole 13 of this drill campaign has been completed to a depth of 316.6 m within the Avan Zone. A drill hole plan can be located on the Company's website using the following link: http://www.orexminerals.com/s/Barsele.asp
Gary Cope states that, "After completing another 3-4 holes within the Avan Zone, we will make a decision on where to continue our drilling campaign. We are in the enviable position of having several promising options."
Accordingly, the three most likely scenarios for Phase II drilling are:
1. Return to the Central Zone. Recent results indicate that further
drilling is definitely warranted in this area.
2. Move to the Norra massive sulphide zone. This area contains a resource,
which was included in our 2011 Resource Estimate. We believe Norra can
be expanded by drill testing along its extensions
3. Explore the numerous massive sulphide and intrusive hosted gold targets
outlined by airborne & ground-based geophysical surveys in 2011.
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 probe the peripheries of the deposit and finally to assess different analytical techniques, as there is often visible gold in the core.
For Hole 5 and Hole 6, ALS Minerals in Sweden and Canada have carried out only Fire Assay (FA) techniques with the following results:
Hole 11CNT005 was drilled on the cross-section 6675N. Each section represents a best-fit 50 m thick compilation of all existing geological, drill and projected resource data. Hole 5 yielded a total length of 253.6 m grading 0.65 g/t gold, starting 160 m vertically below surface. Higher-grade intervals are present in this hole, including 57.4 m grading 1.38 g/t gold. The results from Hole 5 are expected to expand and upgrade the existing resource, laterally, internally and to depth.
Hole 12CNT006 was drilled on the cross-section 6725N. Again, this section represents a best-fit 50 m thick compilation of all existing geological, drill and projected resource data. Hole 6 tested the extension of the known northwest limit of the Central Zone, and yielded a total length of 64.65 m grading 0.49 g/t gold, starting 210 m vertically below surface. Higher-grade intervals are present in Hole 6, including 17.65 m grading 0.97 g/t gold. The results from Hole 6 are expected to expand and upgrade the existing resource laterally, internally and to depth.
The relationship between drilled thickness and approximate true thickness is illustrated in the following figures:
To view Figures 1 and 2, click on the following link: http://media3.marketwire.com/docs/o57m.pdf
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 contained within 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. (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.
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.
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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11CNT005 1580760 7216110 424.80 220 -60
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12CNT006 1580690 7216145 426.40 220 -60
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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.
(604) 687-6310
(604) 687-6365 (FAX)
info@orexminerals.com
www.orexminerals.com
