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Orex Exploration Inc. V.OX

"Orex Exploration Inc is engaged in the exploration of gold mining sites located in Nova Scotia, Canada. The Company owns goldboro project in Guysborough County, Nova Scotia."


TSXV:OX - Post by User

Bullboard Posts
Post by scottpiperon Jun 01, 2009 9:59am
278 Views
Post# 16032543

Now this is interesting

Now this is interesting

At this point (1995), Placer Dome Inc. contacted Orex and asked the permission to sample

the 4,000 tonnes stockpile, which had already been sampled by Novagold. At the same

time, they asked Orex to stop their current work until they received the results from their

sampling. They mentioned that their presence would lend a lot of credibility to the project

and that they had the expertise to solve Orex’s analytical problems. They also mentioned

that they had encountered relatively similar assay problems elsewhere and could solve

them.

It is a well known fact that that high gold grades are normally found within «veins». The

«veins» being a mixture of quartz, argillite (slate) and arsenopyrite, often contained visible

gold and some galena and are always confined to the slate beds. Three other general types

of rock formations can be found in the area of interest, bull quartz (nearly 100% quartz),

slate without quartz veinlets and greywacke (with some arsenopyrite but without quartz or

pervasive alteration). The generally accepted theory implied that the bull quartz would

occasionally contain some gold, while the other two units, slate and greywacke, are almost

always barren of gold mineralization.

In order to take their decision, Placer sampled the stockpile in a very particular way. They

wanted to know the gold content of each of the four different rock types, as described

above. So they took random samples over the whole pile and separated them by rock type.

Also, each piece of rock was inspected visually and any piece with visible gold was

eliminated from the sample. Those four samples were then sent to Placer laboratory in

Vancouver, where they prepared a two kilograms representative portion separated from

Goldboro technical report

_________________________________________________________________________________________

21

each of them. Those two kilograms portions were treated by the CIL (Carbon in Leach)

method. The results were:

? Greywacke: 1.00 g/t calculated head, 1.00 g/t assayed head;

? Slate (graphitic shale): 2.64 g/t calculated head, 2.82 g/t assayed head;

? Quartz vein: 16.18 g/t calculated head, 6.15 g/t assayed head;

? Vein: 33.62 g/t calculated head, 36.37 assayed head.

The most surprising result was the grade of 1.00 g/t in greywacke. This suggested that the

host rock was gold bearing in a very significant way. The other assays confirmed only that

the veins were extremely high grade, that there was some gold in the slate and that the bull

quartz could contain very coarse gold grain generating a strong nugget effect and good

grades occasionally. Placer immediately asked Orex to suspend all their activities and

started negotiations that ended in Placer offering to invest C$ 30,000,000 to acquire a 65%

interest in Goldboro property.

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