Orex Reports Phase I Drill Results for Avan Zone at Barsele
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 08/10/12 -- Orex Minerals Inc. - (TSX VENTURE: REX) ("Orex") is pleased to announce the results from diamond drill Hole 1, Hole 2, Hole 3 and Hole 4 within the Avan 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 Holes 12AVA001, 12AVA002, 12AVA003, 12AVA004
---------------------------------------------------------------------------
Core Results
From To Length FA (Au-AA26)
Hole (m) (m) (m) (g/t)
---------------------------------------------------------------------------
---------------------------------------------------------------------------
12AVA001 75.90 91.65 15.75 0.65
---------------------------------------------------------------------------
139.35 160.75 21.40 0.75
---------------------------------------------------------------------------
191.65 201.65 10.00 0.64
---------------------------------------------------------------------------
211.70 216.70 5.00 0.50
---------------------------------------------------------------------------
241.40 245.40 4.00 0.77
---------------------------------------------------------------------------
---------------------------------------------------------------------------
12AVA002 21.85 23.15 1.30 0.91
---------------------------------------------------------------------------
117.40 124.30 6.90 0.44
---------------------------------------------------------------------------
134.40 137.90 3.50 0.51
---------------------------------------------------------------------------
169.50 172.50 3.00 1.73
---------------------------------------------------------------------------
195.05 198.05 3.00 0.82
---------------------------------------------------------------------------
224.15 237.40 13.25 0.70
---------------------------------------------------------------------------
---------------------------------------------------------------------------
12AVA003 31.40 39.40 8.00 0.48
---------------------------------------------------------------------------
76.50 80.00 3.50 1.24
---------------------------------------------------------------------------
123.40 124.40 1.00 0.74
---------------------------------------------------------------------------
280.30 281.30 1.00 0.89
---------------------------------------------------------------------------
---------------------------------------------------------------------------
12AVA004 107.00 118.00 11.00 0.40
---------------------------------------------------------------------------
137.00 139.00 2.00 1.45
---------------------------------------------------------------------------
153.00 163.30 10.30 0.60
---------------------------------------------------------------------------
169.30 171.30 2.00 0.92
---------------------------------------------------------------------------
The completion of the Phase I drilling campaign within the Avan Zone is marked by the four drill holes reported to date. A drill hole plan can be located on the Company's website using the following link: www.orexminerals.com/s/Barsele.asp
According to Orex's President, Gary Cope, "The drilling program in the Barsele Avan Zone is in its infancy. Our present opinion is that the mineralization occurs in a complex series of parallel to sub-parallel vertical to sub-vertical lenses. We are optimistic that there will be grade continuity along the trend of these lenses, as well as the possibility that these lenses will coalesce at depth. Much more drilling will be required at Avan. Beyond continued drilling at the Avan, Central and Skirasen Zones, our future plans are to complete a Preliminary Economic Assessment on the Central Zone, in combination with continued exploration and definition drilling on our new gold and precious/base metal targets within our extensive land package."
ALS Minerals Lab (Sweden & Canada) have carried out Fire Assay (FA) techniques for Hole 1, Hole 2, Hole 3 and Hole 4 with the following results:
Hole 12AVA001 was drilled on Cross Section 7375N (please see Figure 1). Each section represents a best-fit 50 m thick compilation of all existing geological, drill and projected resource data. Hole 1 yielded five discrete intercepts with gold mineralization, including 15.75 m grading 0.65 g/t Au (75.90 - 91.65m), 21.4 m grading 0.75 g/t Au (139.35 - 160.75m), 10.0 m grading 0.64 g/t Au (191.65 - 201.65m), 5.0 m grading 0.50 g/t Au (211.70 - 216.70m), and 4.0 m grading 0.77 g/t Au (241.40 - 245.40m). The relationship between drilled thickness and approximate true thickness is illustrated in the following figures.
Hole 12AVA002 was drilled on Cross Section 7425N (please see Figure 2). Hole 2 yielded six discrete intercepts with gold mineralization, including: 1.3 m grading 0.91 g/t Au (21.85 - 23.15m), 6.9 m grading 0.44 g/t Au (117.40 - 124.30m), 3.5 m grading 0.51 g/t Au (134.40 - 137.90m), 3.0 m grading 1.73 g/t Au (169.50 - 172.50m), and 3.0 m grading 0.82 g/t Au (195.05 - 198.05m), and 13.25 m grading 0.70 g/t Au (224.15 - 237.40m).
Hole 12AVA003 was drilled on Cross Section 7475N. (please see Figure 3). Hole 3 yielded four separate intervals with gold mineralization, including 8.0 m grading 0.48 g/t Au (31.40 - 39.40m), 3.5 m grading 1.24 g/t Au, (76.50 - 80.00m), 1.0 m grading 0.74 g/t Au (123.40 - 124.40m), 1.0 m grading 0.89 g/t Au (280.30 - 281.30m).
Hole 12AVA004 was collared on Cross Section 7575N (please see Figure 4). Hole 4 yielded four separate intervals with gold mineralization including 11.0 m grading 0.40 g/t Au (107.00 - 118.00m), 2.0 m grading 1.45 g/t Au (137.00 - 139.00m), 10.3 m grading 0.60 g/t Au (153.00 - 163.30m), and 2.0 m grading 0.92 g/t Au (169.30 - 171.30m). It is planned to extend this hole when drilling resumes.
To view Figures 1, 2, 3 and 4 please click on the following link: http://media3.marketwire.com/docs/OrexFigs1-4.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)
---------------------------------------------------------------------------
Hole No. Easting Northing Depth Azimuth Dip
---------------------------------------------------------------------------
12AVA001 1579976.69 7216299.11 316.60 220.34 -56.62
---------------------------------------------------------------------------
12AVA002 1579959.18 7216323.11 334.70 219.10 -54.05
---------------------------------------------------------------------------
12AVA003 1579932.12 7216402.30 305.00 222.50 -61.80
---------------------------------------------------------------------------
12AVA004 1579910.10 7216521.95 179.00 215.00 -60.54
---------------------------------------------------------------------------
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
