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Vancouver, B.C. - Orex Minerals Inc. - (REX: TSX-V) is pleased to report on results from diamond drilling at the Coneto Gold-Silver Project in Durango State, Mexico. Two sectors of the property, Loma Verde and Impulsora, contain holes with high values for gold and silver.
In the Loma Verde sector, hole CC-10-20 yielded a true thickness of 3.12 metres grading gold 0.982 g/t and silver 291.6 g/t for a silver-equivalent of 350.5 g/t, or a gold-equivalent of 5.824 g/t. This included 2.25 metres grading gold 1.140 g/t and silver 368.8 g/t for a silver-equivalent of 437.2 g/t, or a gold-equivalent of 7.286 g/t.
This represents a "new discovery" area, as Loma Verde is a part of the Coneto property without extensive historic mine production. Six of the seven holes in Loma Verde hit encouraging grades and widths.
Elsewhere on the Coneto property, hole CC-10-12, the furthest south hole in the Impulsora sector, yielded a true thickness of 13.63 metres grading gold 0.941 g/t and silver 48.1 g/t for a silver-equivalent of 104.5 g/t, or a gold-equivalent of 1.742 g/t. This included 4.60 metres grading gold 1.596 g/t and silver 114.7 g/t for a silver-equivalent of 210.5 g/t, or a gold-equivalent of 3.508 g/t. Surface mapping at Impulsora reveal that the structure extends for over a kilometre further to the southeast.
Gary Cope, President of Orex, says; "The Loma Verde and Impulsora sectors both exhibit strong structures with good gold and silver grades. The results definitely warrant additional exploration. This is an excellent start to the evaluation of the large Coneto mineral concessions, which have now been expanded to cover over 16,000 hectares."
The Phase-I diamond drilling program, consisting of 5,000 metres of HQ core in 21 holes, was designed for reconnaissance testing in several areas of the project. All of these targets have surface values for gold and silver as previously reported. There are over 40 mineralized veins within the Coneto Project area. Drilling was carried out at Loma Verde, Durazno, Promontorio, Impulsora, Estrella-Calaveras, and Sauce-Palma.
Results for the first 9 holes were announced in a news release dated 5 July 2010. The following are highlights from holes 10 to 21.
| Vein |
From
(m) |
To
(m) |
Core
Length |
True
Width |
Au
(g/t) |
Ag
(g/t) |
Ag-Eq
(g/t) |
Au-Eq
(g/t) |
| CC-10-10 |
|
|
|
|
|
|
|
|
| Durazno |
188.50 |
194.70 |
6.20 |
5.08 |
0.305 |
10.8 |
29.1 |
0.484 |
| Includes |
188.50 |
192.50 |
4.00 |
3.28 |
0.362 |
14.3 |
36.0 |
0.600 |
| Includes |
188.50 |
189.60 |
1.10 |
0.90 |
0.640 |
17.0 |
55.4 |
0.923 |
| CC-10-11 |
|
|
|
|
|
|
|
|
| Impulsora 1 |
93.00 |
99.00 |
6.00 |
5.44 |
0.470 |
33.0 |
61.2 |
1.020 |
| Includes |
93.00 |
94.70 |
1.70 |
1.54 |
0.658 |
74.0 |
113.5 |
1.892 |
| Includes |
93.70 |
94.70 |
1.00 |
0.91 |
0.851 |
102.0 |
153.1 |
2.551 |
| Impulsora 2 |
113.40 |
119.70 |
6.30 |
5.71 |
0.559 |
11.1 |
47.0 |
0.784 |
| Includes |
117.40 |
119.70 |
2.30 |
2.08 |
1.145 |
8.9 |
77.6 |
1.294 |
| Includes |
118.60 |
119.70 |
1.10 |
1.00 |
2.205 |
11.0 |
143.3 |
2.388 |
| CC-10-12 |
|
|
|
|
|
|
|
|
| Impulsora 1 |
101.10 |
105.00 |
3.90 |
3.66 |
0.635 |
17.4 |
55.5 |
0.925 |
| Includes |
102.60 |
104.10 |
1.50 |
1.41 |
1.111 |
19.0 |
85.7 |
1.428 |
| Impulsora 2 |
109.40 |
123.90 |
14.50 |
13.63 |
0.941 |
48.1 |
104.5 |
1.742 |
| Includes |
116.00 |
120.90 |
4.90 |
4.60 |
1.596 |
114.7 |
210.5 |
3.508 |
| Includes |
120.00 |
120.90 |
0.90 |
0.85 |
0.514 |
509.0 |
539.8 |
8.997 |
| CC-10-13 |
|
|
|
|
|
|
|
|
| Impulsora 1 |
64.20 |
70.20 |
6.00 |
5.64 |
0.208 |
13.9 |
26.4 |
0.441 |
| Includes |
66.00 |
66.80 |
0.80 |
0.75 |
0.147 |
30.0 |
38.8 |
0.641 |
| Impulsora 2 |
76.00 |
81.70 |
5.70 |
5.61 |
0.589 |
40.4 |
76.2 |
1.271 |
| Includes |
78.80 |
80.80 |
2.00 |
1.97 |
1.308 |
102.6 |
181.1 |
3.018 |
| Includes |
78.80 |
79.60 |
0.80 |
0.79 |
2.542 |
213.0 |
365.5 |
6.092 |
| CC-10-14 |
|
|
|
|
|
|
|
|
| Impulsora 1 |
96.20 |
98.00 |
1.80 |
1.38 |
0.458 |
53.0 |
80.5 |
1.341 |
| Impulsora 2 |
116.10 |
128.00 |
11.90 |
9.12 |
0.371 |
11.8 |
34.1 |
0.568 |
| Includes |
119.10 |
126.50 |
7.40 |
5.67 |
0.456 |
15.2 |
42.5 |
0.708 |
| Includes |
125.40 |
126.50 |
1.10 |
0.84 |
1.191 |
15.0 |
86.5 |
1.441 |
| Unnamed |
143.20 |
144.70 |
1.50 |
1.15 |
0.931 |
55.0 |
110.9 |
1.848 |
| CC-10-15 |
|
|
|
|
|
|
|
|
| Estrella |
1.00 |
2.00 |
1.00 |
0.94 |
0.140 |
24.0 |
32.4 |
0.540 |
| Calaveras |
59.60 |
64.00 |
4.40 |
4.13 |
0.102 |
7.5 |
13.6 |
0.227 |
| CC-10-16 |
|
|
|
|
|
|
|
|
| Calaveras |
55.80 |
57.70 |
1.90 |
1.79 |
0.337 |
15.7 |
35.9 |
0.598 |
| CC-10-17 |
|
|
|
|
|
|
|
|
| Pobre |
3.50 |
4.00 |
0.50 |
0.48 |
0.183 |
80.0 |
91.0 |
1.516 |
| Sauce |
180.50 |
181.40 |
0.90 |
0.78 |
0.208 |
54.0 |
66.5 |
1.108 |
| CC-10-18 |
|
|
|
|
|
|
|
|
| Unnamed |
28.70 |
30.00 |
1.30 |
1.13 |
1.894 |
1.0 |
114.6 |
1.911 |
| Loma Verde |
136.40 |
141.20 |
4.80 |
4.16 |
1.577 |
48.8 |
143.4 |
2.390 |
| Includes |
136.40 |
140.30 |
3.90 |
3.38 |
1.836 |
55.0 |
165.2 |
2.753 |
| Includes |
138.50 |
140.30 |
1.80 |
1.56 |
3.440 |
49.0 |
255.4 |
4.256 |
| CC-10-19 |
|
|
|
|
|
|
|
|
| Loma Verde |
104.90 |
107.10 |
2.20 |
1.91 |
0.318 |
21.0 |
40.0 |
0.667 |
| Includes |
104.90 |
106.00 |
1.10 |
0.95 |
0.558 |
28.9 |
64.2 |
1.070 |
| Includes |
105.30 |
106.00 |
0.70 |
0.60 |
0.759 |
42.0 |
87.5 |
1.459 |
| CC-10-20 |
|
|
|
|
|
|
|
|
| Loma Verde |
144.50 |
148.10 |
3.60 |
3.12 |
0.982 |
291.6 |
350.5 |
5.842 |
| Includes |
145.00 |
147.60 |
2.60 |
2.25 |
1.140 |
368.8 |
437.2 |
7.286 |
| Includes |
146.00 |
147.00 |
1.00 |
0.87 |
0.968 |
584.0 |
642.1 |
10.701 |
| CC-10-21 |
|
|
|
|
|
|
|
|
| Loma Verde |
121.90 |
128.70 |
6.80 |
5.89 |
0.853 |
118.3 |
169.5 |
2.824 |
| Includes |
124.40 |
128.70 |
4.30 |
3.72 |
0.885 |
167.8 |
220.9 |
3.862 |
| Includes |
125.70 |
126.60 |
0.90 |
0.78 |
1.994 |
243.0 |
362.6 |
6.044 |
A fall exploration program is being designed to examine additional surface targets on the Coneto property, to be followed by a Phase-II diamond drilling campaign.
On July 9, 2010, Orex was notified that its application was successful and the company has been granted an additional mineral concession on the east side of the Coneto mining district. The addition of the "Lomas 4" concession brings the total land holdings of Orex to 16,346 hectares (40,392 acres).
A table of drilling intercept results can be found on the Orex website at the following address: www.orexminerals.com
To date, over 2,000 drill core samples have been delivered to SGS Mineral Services. SGS is a certified commercial laboratory in Durango, Mexico, performing the analytical testing by fire assay with atomic absorption finish, and multi-element 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.
Ben Whiting, P.Geo., is the Qualified Person as defined in NI43-101 and takes responsibility for the technical disclosure in this news release.
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 average gold:silver price ratio over 10 years on the London Metal Exchange. 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.
About Orex Minerals Inc.
Orex Minerals Inc. is a junior mineral exploration company comprised of highly qualified mining professionals with a focus on the exploration of prospective gold and gold-silver properties in Mexico.
ON BEHALF OF THE BOARD OF DIRECTORS
Gary Cope
President
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