Similar to the October 7th and November 18th 2014 news releases of the first and second batches, this third issuance represents ten more exploration diamond drill holes, widely spaced, on multiple targets.
Notable intercepts include BCO-60 on the southeastern projection of the Promontorio vein, yielding 20.13 m (true thickness) grading gold 1.23 g/t and silver 25 g/t for a gold-equivalent of 1.64 g/t, or a silver-equivalent of 99 g/t. It includes 5.59 m grading gold 2.82 g/t and silver 66 g/t for a gold-equivalent of 3.93 g/t, or a silver-equivalent of 236 g/t. This hole was drilled on the same section, about 100 metres beneath the previously reported hole BCO-40, and 180 metres beneath the crest of Promontorio Ridge.
On the northernmost known extension of the Loma Verde vein, hole BCO-55 yielded 4.20 m grading gold 0.93 g/t and silver 145 g/t for a gold-equivalent of 3.35 g/t, or a silver-equivalent of 201 g/t. This includes 1.60 m grading gold 1.96 g/t and silver 290 g/t for a gold-equivalent of 6.79 g/t, or a silver-equivalent of 407 g/t. This hole extends the mineralized intercepts at the Loma Verde vein to over a 1.0 km strike length.
Orex's President, Gary Cope says, "These latest drill results are very encouraging and have extended the favourable targets at both Loma Verde and Promontorio. We are planning an initial resource estimate for the first quarter of 2015."
Phase-III Batch-3 Drilling Highlights
|(no significant intercepts)|
Multiple veins have been mentioned in Coneto Project news releases. The Santo Niño, Bufa and Bufa-Alta are steeply dipping, sub parallel epithermal veins in the La Bufa Zone, 3.0 km northwest of the village of Coneto de Comonfort. Reliz is a mineralized dyke in the La Bufa Zone. Loma Verde and Gambusino are epithermal veins 1.0 km to the west of the village. Impulsora, Descubridora, Indio, Intermedia, La Isla, Nogales, Palma, Santa Teresa and Sauce are steep epithermal veins extending for over 6.0 km southeast of the village. Promontorio is a quartz-hematite stockwork and veining structure 4.0 kilometres to the southeast of the village. VTA are andesite breccia and veinlets zones in unnamed structures.
Silver-equivalent for the purposes of this news release is defined as silver grade plus 60 times gold grade. Gold-equivalent is defined as gold grade, plus silver divided by 60. The 60:1 ratio is based on the mid-term spot price projections of silver $20/ounce and gold $1200/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", on the Mesa Central, stretching from Guanajuato in the southeast, through to the states of Zacatecas and Durango. This prolific trend hosts some of the world's largest silver camps and deposits, including Fresnillo, Guanajuato, La Pitarrilla, La Preciosa, Real de Angeles, and Zacatecas.
Orex and Fresnillo hold extensive contiguous mineral concessions in the Coneto Mining District, which collectively total approx. 17,600 hectares and cover multiple mineralized epithermal quartz veins. In the first two phases, Orex and Fresnillo drilled 51 holes totaling 17,000 metres. The Phase-III drilling program is planned for 10,800 metres.
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.
ABOUT OREX MINERALS INC.
Orex Minerals Inc. (TSX-V: REX) is a Canadian-based junior exploration company comprised of highly qualified mining professionals. The Company has several current projects: the Barsele Gold Project in Sweden, the Los Crestones Gold-Silver-Copper Project in Sinaloa, Mexico, the Jumping Josephine Gold-Silver Project in British Columbia, and the Coneto Gold-Silver Project in Durango, Mexico, which is currently under option to Fresnillo plc.
ON BEHALF OF THE BOARD OF DIRECTORS
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.