Orex Minerals Inc.: Third Drilling Rig Added to the Coneto Gold-Silver Project in Durango, Mexico
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/25/13 -- Orex Minerals Inc. (TSX VENTURE: REX) ("Orex") is pleased to announce that a third diamond drilling rig has been added to 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. In addition, the results of the third batch of assays from the 12,000 metres Phase-II diamond drilling program are now available.
Reconnaissance drilling to date on the Coneto Project has yielded intercepts in six mineralized structures, including Loma Verde, Impulsora, La Bufa, Santo Nino, Sauces and Descubridora, identifying them as targets for delineation drilling.
Hole BCO-17 in the Descubridora vein yielded an intercept of core length of 6.45 metres (true width 4.84 metres) grading gold 0.71 g/t and silver 153 g/t, for a gold-equivalent of 3.49 g/t, or silver-equivalent of 192 g/t.
Hole BCO-28 in the Impulsora vein yielded an intercept of core length of 7.60 metres (true width 4.56 metres) grading gold 2.04 g/t and silver 12.3 g/t, for a gold-equivalent of 2.27 g/t, or silver-equivalent of 125 g/t.
According to Orex's President, Gary Cope, "We are very encouraged by the number of structures being identified in the reconnaissance drilling for additional follow-up. Coneto is indeed a very large mining district, with multiple targets."
Table 1. - Key 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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VGUA-15
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Guadalupana 160.70 169.15 8.45 5.97 0.13 24 0.57 31
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Includes 163.45 164.45 1.00 0.71 0.72 119 2.88 157
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Unnamed 207.90 211.00 3.10 2.17 0.28 9 0.44 24
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Includes 207.90 208.30 0.40 0.30 0.20 61 1.31 72
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Includes 210.70 211.00 0.30 0.22 1.27 3 1.32 73
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VSAU-16
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Descubridora 153.75 170.05 16.30 11.52 0.24 27 0.73 40
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Includes 161.15 164.35 3.20 2.26 0.32 74 1.67 92
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Includes 161.15 162.45 1.30 0.92 0.40 118 2.55 140
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VSAU-17
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Descubridora 156.90 163.35 6.45 4.84 0.71 153 3.49 192
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Includes 158.45 159.65 1.20 0.90 1.53 631 13.00 715
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Includes 158.45 159.15 0.70 0.52 1.81 936 18.83 1,036
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VSAU-18A
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Sauces 164.85 172.80 7.95 5.68 0.32 64 1.48 82
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Includes 164.85 168.70 3.85 2.75 0.44 99 2.26 124
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Includes 164.85 165.45 0.60 0.43 0.57 323 6.44 354
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BCO-21
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Impulsora 283.90 292.95 9.05 6.79 1.52 10 1.71 94
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Includes 286.85 292.95 6.10 4.58 2.03 12 2.25 124
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Includes 289.50 292.10 2.60 1.95 2.81 15 3.09 170
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BCO-23
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Impulsora 76.05 87.60 11.55 8.66 0.76 5 0.85 47
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Includes 83.15 87.60 4.45 3.34 0.90 6 1.00 55
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Includes 86.50 87.60 1.10 0.83 1.09 7 1.22 67
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La Isla 256.40 257.65 1.25 0.88 3.70 6 3.81 210
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BCO-26
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Promontorio 85.20 93.00 7.80 5.85 0.43 11 0.64 35
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Includes 91.25 93.00 1.75 1.31 1.27 38 1.96 108
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Includes 91.90 92.50 0.60 0.45 1.72 69 2.96 163
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Unnamed 268.15 268.75 0.60 0.45 2.15 34 2.77 152
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Unnamed 281.05 283.85 2.80 2.10 0.80 34 1.41 77
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Includes 282.75 283.85 1.10 0.83 1.20 55 2.20 121
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Impulsora 337.70 362.10 24.40 18.30 0.54 5 0.63 35
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Includes 351.15 362.10 10.95 8.21 0.81 3 0.86 47
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Includes 354.45 356.25 1.80 1.35 1.90 5 1.98 109
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BCO-28
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Unnamed 120.90 129.20 8.30 4.98 0.42 10 0.61 33
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Includes 122.90 126.20 3.30 1.98 0.55 11 0.75 42
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Includes 122.90 123.90 1.00 0.60 1.00 18 1.33 73
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Impulsora 137.00 144.60 7.60 4.56 2.04 12 2.27 125
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Includes 139.35 144.60 5.25 3.15 2.86 13 3.09 170
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Includes 139.35 141.80 2.45 1.47 5.07 18 5.39 296
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BCO-29
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Unnamed 67.70 68.60 0.90 0.64 0.14 73 1.48 81
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Unnamed 80.10 92.80 12.70 8.98 0.58 6 0.68 37
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Includes 86.10 92.80 6.70 4.74 0.68 5 0.77 42
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Includes 86.10 86.85 0.75 0.53 2.48 15 2.75 151
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Unnamed 128.10 134.60 6.50 4.60 0.17 25 0.63 34
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Includes 128.10 130.95 2.85 2.01 0.18 54 1.16 64
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Includes 130.65 130.95 0.30 0.21 0.50 278 5.55 306
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Silver-equivalent for the purposes of this news release is defined as silver grade plus 55 times gold grade. Gold-equivalent is defined as gold grade, plus silver divided by 55. The 55:1 ratio is based on the spot prices of silver $28.90/ounce and gold $1596/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, Real de Angeles, and Zacatecas mining camps.
Orex and Fresnillo hold extensive contiguous mineral concessions in the Coneto Mining District, which collectively total approximately 17,600 hectares and cover an extensive area of 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 twelve holes of the current drilling program of Coneto, were reported in news releases on November 7, 2012 and January 7, 2013, following the successful Phase-I drilling program (see news releases: July 6, 2010 and August 9, 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 several current projects: its flagship property, the Barsele Gold Project in Sweden, the Los Crestones Gold-Silver Project in Sinaloa, Mexico, and the Coneto Gold-Silver Project in Durango, Mexico, which is 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
(604) 687-6365 (FAX)
info@orexminerals.com
www.orexminerals.com
