Orex Reports Remaining Phase I Drill Results for Central Zone at Barsele
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 07/19/12 -- Orex Minerals Inc. (TSX VENTURE: REX) ("Orex") is pleased to announce the results from diamond drill Hole 3 Extension, Hole 9, Hole 10, Hole 11 and Hole 12 within the Central Zone of our Barsele Project. The Barsele Gold Project is located approx. 600 km due north of Stockholm, and 40 km southeast of Storuman, a small town situated in Vasterbottens Lan, which is a regional district of Northern Sweden.
Table 1 - Drill Intercepts Holes 11CNT003 Extension, 12CNT009, 12CNT010,
12CNT011, 12CNT012
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Core Results
From To Length FA (Au-AA26)
Hole (m) (m) (m) (g/t)
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11CNT003 Ext 102.40 438.05 335.65 0.60
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includes 333.30 387.60 54.30 1.17
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12CNT009 154.45 471.70 317.25 0.49
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Includes 154.45 207.35 52.90 1.12
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Includes 361.15 471.70 110.55 0.60
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12CNT010 50.90 55.50 4.60 1.53
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150.10 153.10 3.00 0.97
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170.10 174.10 4.00 0.80
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185.10 200.10 15.00 0.67
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281.30 286.30 5.00 1.20
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12CNT011 120.80 139.40 18.60 0.59
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199.10 231.00 31.90 0.52
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311.90 316.90 5.00 1.42
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345.80 394.80 49.00 0.51
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456.35 470.60 14.25 0.94
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12CNT012 55.40 73.75 18.35 0.59
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89.20 104.20 15.00 0.72
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156.20 168.20 12.00 0.59
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310.85 395.95 85.10 0.52
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Includes 310.85 341.89 31.04 1.15
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557.80 574.90 17.10 0.94
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According to Orex's President, Gary Cope, "The drilling program in the Barsele Central Zone has expanded and deepened the core mineralized envelope. Drill Hole 10 and Hole 12 in this news release lie near the southeastern and northwestern limits of the Central Zone, and mark the start of the transition to the Skirasen and Avan Zones respectively. The final depth and lateral limits of the Central Zone mineralization are yet to be established and there are many more target areas to be explored. Our future plans are to complete a Preliminary Economic Analysis on the Central Zone, in combination with continued exploration and definition drilling on our gold & precious/base metal targets within our extensive land package."
The successful completion of the Phase I Drilling Program within the Central Zone is marked by 12 drill holes reported to date. An additional four drill holes have been completed within the Avan Zone, with results to be reported within the next few weeks. A drill hole plan can be located on Orex's website using the following link: www.orexminerals.com/s/Barsele.asp
ALS Minerals Lab (Sweden & Canada) have carried out Fire Assay (FA) techniques for Hole 3 Extension, Hole 9, Hole 10, Hole 11 and Hole 12 with the following results:
Hole 11CNT003 Extension was drilled on Cross Section 6625N (please see Figure 1). Each section represents a best-fit 50 m thick compilation of all existing geological, drill and projected resource data. Hole 11CNT003 bottomed in mineralization. Subsequently a decision was made to re-enter and extend this drill hole. An additional 97.9 m was drilled, taking the ultimate depth to 474.4 m. In Hole 3, the longer mineralized intercept is now from 102.4 m to 438.05 m for a length of 335.65 m grading 0.60 g/t Au. This includes 330.30 m to 387.60 m, for a length of 54.3 m grading 1.17 g/t Au. The relationship between drilled thickness and approximate true thickness is illustrated in the following figures.
Hole 12CNT011 was also drilled on Cross Section 6625N (please see Figure 1). Hole 11 yielded five discrete intercepts with gold mineralization, including 18.6 m grading 0.59 g/t Au (120.80 - 139.40m), 31.9 m grading 0.52 g/t Au (199.10 - 231.00m), 5.0 m grading 1.42 g/t Au (311.90 - 316.90m), 49.0 m grading 0.51 g/t Au (345.80 - 394.80m), and 14.25 m grading 0.94 g/t Au (456.35 - 470.60m).
Hole 12CNT009 was drilled on Cross Section 6575N (please see Figure 2). Hole 9 yielded a total length of 317.25 m grading 0.49 g/t Au, starting 155 m vertically below surface. Higher-grade intervals are present in Hole 9, including 52.9 m grading 1.12 g/t Au and 110.55 m grading 0.60 g/t Au.
Hole 12CNT010 was drilled on Cross Section 6425N. (please see Figure 3). This hole tested the southeastern limit of the Central Zone. Hole 10 yielded five separate intervals with gold mineralization, including 4.6 m grading 1.53 g/t Au (50.90 - 55.5m), 3.0 m grading 0.97 g/t Au, (150.10 - 153.10m), 4.0 m grading 0.80 g/t Au (170.10 - 174.10m), 15.0 m grading 0.67 g/t Au (185.10 - 200.10m), and 5.0 m grading 1.20 g/t Au (281.30 - 286.30m).
Hole 12CNT012 was collared on Cross Section 6775N and terminated on Section 6725N (please see Figure 4). This hole tested the northwestern limit of mineralization in the Central Zone. Hole 12 yielded five separate intervals with gold mineralization including 18.35 m grading 0.59 g/t Au (55.40 - 73.75m), 15.0 m grading 0.72 g/t Au (89.20 - 104.20m), 12.0 m grading 0.59 g/t Au (156.20 - 168.20m), 85.10 m grading 0.52 g/t Au (310.85 - 395.95m), including 31.04 m grading 1.15 g/t Au (310.85 - 341.89m), and 17.10 m grading 0.94 g/t Au (557.80 - 574.90m).
To view Figures 1, 2, 3 and 4 please click on the following link: http://media3.marketwire.com/docs/REX0719.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, 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.
Drill Hole Information (Corrected From Survey)
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Hole No. Easting Northing Depth Azi Dip
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11CNT001 1580858.42 7216039.97 292.30 215.03 -49.44
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11CNT002 1580858.89 7216040.66 370.60 216.91 -63.18
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11CNT003 1580623.24 7215897.90 376.50 48.86 -53.74
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11CNT003 Ext As Above As Above 474.40 As Above As Above
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11CNT004 1580649.10 7215853.07 412.00 51.57 -48.31
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11CNT005 1580762.48 7216109.16 424.80 221.13 -59.19
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12CNT006 1580684.00 7216139.80 426.40 213.83 -57.08
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12CNT007 1580811.71 7216098.24 379.80 212.56 -45.43
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12CNT008 1580942.10 7216080.81 379.35 225.39 -43.98
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12CNT009 1580874.03 7216097.54 472.90 213.98 -64.51
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12CNT010 1580999.42 7216014.82 357.80 220.44 -50.76
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12CNT011 1580576.03 7215857.01 493.60 45.01 -53.21
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12CNT012 1580439.32 7215853.26 577.85 48.68 -54.60
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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.
Gary Cope
President
(604) 684-4691
(604) 687-6365 (FAX)
info@orexminerals.com
www.orexminerals.com
