Orex samples 17.6 g/t Au over 1.0 m at ConetoOrex samples 17.6 g/t Au over 1.0 m at Coneto
2010-01-11 10:19 ET - News Release
Mr. Gary Cope reports
OREX EXPANDS MINERAL CONCESSIONS AT CONETO PROJECT; REQUEST FOR PROPOSALS ISSUED FOR DIAMOND DRILLING
Orex Minerals Inc. is releasing a second progress report on the geological program at the Coneto silver-gold mining camp in Durango state, Mexico.
In December, 2009, Orex applied for and was awarded an increase in the size of the mineral concession holdings in the Coneto camp, bringing the total holdings to 15,906 hectares. The addition of the Lomas 3 mineral concession adds 12,610 hectares and spans over 16 kilometres of strike length of the main mineralized corridor.
In addition, the surface geological and geochemical mapping, and sampling program have continued to yield high-grade gold and silver results on multiple veins. A request for proposal has been issued to several diamond drilling companies for a phase I drilling program planned for 5,000 metres.
Gary Cope, president of Orex, says: "We are very pleased with the surface results to date for gold and silver. These results demonstrate strong mineralization in many veins at Coneto. We anticipate awarding a diamond drilling contract in February."
In order to better define drilling targets, the southeastern and central regions of the property have undergone extensive surface examination. This testing clearly illustrates parallel mineralized structures carrying gold and silver, as well as other pathfinder elements.
As of mid-December, regional geology mapping at 1:10,000 scale covered about 35 square kilometres and detailed structural geology mapping at 1:500 scale covered 15 square kilometres. Forty-nine line-kilometres of geochemical sampling, both for soil and rock channel/chip/grab, total 1,794 samples. An initial update of results was published in Stockwatch Nov. 17, 2009. The highlights in the table are in addition to those previously released.
Key highlights include channel samples on the Sauce, Palma and Pobre Sur veins in the central region of the camp, plus favourable signs of mineralization from prospecting related grab samples in the Loma Verde area on the west region of the camp.
Sauce vein sample 4946 yielded true width of 1.0 metre grading gold 17.60 grams per tonne and silver 222.0 g/t for a silver-equivalent of 1,278 g/t and sample 4948 yielded 2.0 m grading gold 7.75 g/t and silver 242.0 g/t for a silver-equivalent of 707.0 g/t.
Palma vein sample 5152 yielded 1.2 m grading gold 6.08 g/t and silver 497.0 g/t for a silver-equivalent of 861.8 g/t and sample 5098 yielded 1.6 m grading gold 2.49 g/t and silver 564.0 g/t for a silver-equivalent of 713.4 g/t.
On a projection of the Pobre vein, herein named Pobre Sur, sample 487 yielded 1.0 m grading gold 12.50 g/t and silver 78.0 g/t for a silver-equivalent of 828.0 g/t. Grab samples from old rock piles in the Loma Verde area include sample 5819 which yielded gold 15.90 g/t and silver 1,750.0 g/t for a silver-equivalent of 2,704 g/t, and sample 5811 which yielded gold 2.60 g/t and silver 830.0 g/t for a silver-equivalent of 986.0 g/t.
ROCK SAMPLING HIGHLIGHTS -- NOV. 1 TO DEC. 15, 2009 Sample Rock Sample True Au Ag AgEqSector No. type type width (m) (g/t) (g/t) (g/t)Impulsora Sur 366 VEIN Channel 1.1 0.65 67.0 105.8Impulsora 408 BRXX Channel 1.0 1.51 73.0 163.6Impulsora 410 VEIN Channel 1.8 3.39 143.0 346.4Promentorio 422 STWK Channel 1.6 2.29 7.0 144.4Promentorio 424 STWK Channel 3.3 3.63 4.0 221.8Promentorio 429 VEIN Channel 1.0 1.70 139.0 241.0Pobre Sur 487 VEIN Channel 1.0 12.50 78.0 828.0Pobre Sur 488 VEIN Channel 0.6 4.32 42.0 301.2Pobre Sur 489 VEIN Channel 0.5 2.65 15.0 174.0Pobre Sur 490 VEIN Channel 1.0 1.44 68.0 154.4Consuelo 494 VEIN Grab n/a 1.19 720.0 791.4Consuelo 495 VEIN Grab n/a 1.97 530.0 648.2Durazno 4691 VEIN Channel 2.0 1.27 193.0 269.2Durazno 4692 VEIN Channel 2.0 2.59 191.0 346.4Estrella 4868 STWK Channel 1.5 1.10 36.0 102.0Estrella 4873 VEIN Channel 0.8 1.08 21.0 85.8Estrella 4874 ANVT Channel 2.0 1.62 43.0 140.2Estrella 4875 BRXX Channel 0.7 1.02 90.0 151.2Tres Amigos 4905 ANVT Channel 2.0 3.91 129.0 363.6Tres Amigos 4909 BRXX Channel 0.5 1.48 102.0 190.8Tres Amigos 4922 BRXX Channel 0.5 0.54 108.0 140.1Sauce 4945 STWK Channel 1.5 0.37 107.0 128.9Sauce 4946 VEIN Channel 1.0 17.60 222.0 1278.0Sauce 4948 VEIN Channel 2.0 7.75 242.0 707.0Pobre 4957 ANVT Channel 1.0 0.64 70.0 108.2Pobre 4962 ANVT Channel 1.1 0.91 92.0 146.5Sauce 4969 STWK Channel 1.2 1.33 143.0 222.8Sauce 5009 ANVT Channel 1.5 4.78 128.0 414.8Sauce 5010 VEIN Channel 2.0 4.15 87.0 336.0Sauce 5086 VEIN Channel 2.0 0.27 131.0 147.3Palma 5092 VEIN Channel 1.1 2.09 117.0 242.4Palma 5093 ANVT Channel 1.7 2.16 12.0 141.6Palma 5094 ANVT Channel 2.0 1.38 7.0 89.8Palma 5096 ANVT Channel 2.0 3.41 66.0 270.6Palma 5097 VEIN Channel 2.3 2.34 97.0 237.4Palma 5098 VEIN Channel 1.6 2.49 564.0 713.4Sauce 5132 ANVT Channel 1.9 0.27 129.0 145.0Sauce 5142 VEIN Channel 2.0 6.34 137.0 517.4Sauce 5143 VEIN Channel 2.0 0.73 67.0 111.0Palma 5152 VEIN Channel 1.2 6.08 497.0 861.8Palma 5153 ANVT Channel 1.6 1.55 50.0 143.0Loma Verde 5811 ANVT Grab n/a 2.60 830.0 986.0Loma Verde 5819 VEIN Grab n/a 15.90 1750.0 2704.0ANVT equals andesite with quartz veinletsBRXX equals brecciaSTWK equals stockworkVEIN equals quartz veinVNBX equals vein brecciasVNST equals vein stockwork
Maps of the geochemical program can be found on the Orex website.
The first and second interim reports cover 428 B-horizon soil, 657 rock channel, 656 rock chip and nine rock grab totalling 1,794 samples, ranging from trace to 17.60 g/t for gold and trace to 1,750 g/t for silver. SGS Mineral Services, a certified commercial laboratory in Durango, Mexico, performed the analytical testing by fire assay with atomic absorption finish and multielement inductively coupled plasma analyses. A QA/QC program is in place for sample collection through to laboratory analysis. Host rock is primarily andesite of the Triassic Lower volcanic group.
Located in the Mesa Central on the eastern flank of the Sierra Madre Occidental Mountains, Coneto is centrally positioned in the Mexican silver trend. This silver trend, stretching from Guanajuato in the southeast, through the states of Zacatecas and Durango, hosts some of the world's largest silver deposits, including the Real de Angeles, Zacatecas, Fresnillo, La Preciosa and La Pitarrilla mining camps.
Over 40 epithermal silver-gold vein structures have been identified at Coneto. The initial Orex program consists of detailed structural geology mapping and geochemical sampling in the central, west and southeast areas. This program is designed to guide a diamond drilling program.
We seek Safe Harbor.