Orex Exploration Inc.: Drilling to Resume at Goldboro
23 Décembre 2009 - 9:48PM
Marketwired
OREX EXPLORATION INC.(TSX VENTURE: OX)( FRANKFURT: O5D) is pleased
to provide shareholders and stakeholders with the following update
on the drill program at the Company's wholly-owned Goldboro Gold
Property. Osisko Mining Corporation will initiate a diamond drill
program in January as per the Option and Joint Venture Agreement
signed between the parties in November of this year.
Goldboro Work Program - Osisko Mining Corporation
Osisko Mining Corporation has advised Orex that it is finalizing
plans for the Phases 2D, 2E and 2F drill campaigns. Contractors and
consultants have been hired, and the drill sites will be prepared
for a January start-up. Osisko will complete the 8,750 m / 35 holes
in the Phases 2D and 2E drilling along the remaining 1.7 km segment
of the Boston Richardson Deformation Zone from West Goldbrook to
Dolliver Mountain. In addition, Osisko will complete a 3,500 m
in-fill drilling program (Phase 2F) to confirm gold grades in areas
where incomplete sampling of 97 historic drill holes currently
produces 0 g/t gold grades in the 2009 Mineral Resources
Estimates.
Osisko is budgeting $2.8 million for this drilling campaign
(Phases 2D to 2F); this budget also includes funds for a regional
and Goldboro compilation, as well as a Goldboro reconnaissance
program slated for the summer of 2010. This surpasses the minimum
threshold of development and exploration expenditures of $1.5
million to be incurred by Osisko before September 29, 2010, as per
the Option Agreement.
Claim Staking
Orex has also staked 6,005 claims surrounding the Property,
totalling 96,080 hectares, or 960.8 km2. The staking covers
prospective ground of the gold-bearing Meguma Group along the
Property trend and adjacent sub-parallel trends. A major
compilation-synthesis is underway on the new claims covering the
historical data from the region to uncover additional gold
belts.
Mark Billings, President and CEO of Orex, commented, "Over the
past several weeks, the Orex and Osisko teams have been diligently
preparing for the start-up of this drilling campaign. The Orex team
is excited about the commitment of Osisko to complete the Phase 2D
and 2E drilling, which will put the entire 2.5 km strike-length of
the Goldboro Property into a 43-101 context. If successful, the
Phase 2F in-fill drilling will help validate our theory that
Goldboro hosts larger structural domains of gold mineralization. We
at Orex are also eager to analyze in more detail the area
surrounding Goldboro, with the aim of identifying targets that
merit further exploration."
The Goldboro Gold Property
The current Mineral Resource Estimates ("MRE") for Goldboro at a
cut-off gold grade of 1.5 g/t are 2.711 million tonnes grading 4.56
g/t gold, totalling 397,200 gold ounces in the Measured+Indicated
Resources categories, with an additional 3.438 million tonnes
grading 3.67 g/t gold totalling 405,926 gold ounces in the Inferred
Resource category. Assuming a lower 0.5 g/t cut-off, the
Measured+Indicated Resources are 7.933 million tonnes grading 2.13
g/t gold totalling 542,000 gold ounces, with additional Inferred
Resources of 10.389 million tonnes grading 1.78 g/t gold totalling
594,121 gold ounces (refer to Orex's news release dated August 4,
2009, and the NI 43-101 Technical Report posted on SEDAR at
www.sedar.com).
The MRE were modeled by extending the interpreted gold zones
825m along strike to the east and 500m to the west from the
Company's 2006 NI 43-101 mineral resources calculated to a -520m
vertical depth from surface over the same 1.5km strike length of
the Boston-Richardson Deformation Zone. It was estimated that 97%
of the MRE are located within the upper 350m from surface. The MRE
are significantly higher and of better quality in terms of grade
over the 2006 estimates and the same 0.5 g/t gold cut-off grade and
1.5km distance. At a 0.5 g/t gold cut-off, the total Measured and
Indicated resources grade 2.13 g/t gold, an 88% increase from 2006
grade estimates, with an additional Inferred resource grading 1.78
g/t gold, a 182% increase from 2006 grade estimates.
Frontline Communications
Orex Exploration is pleased to announce that it has retained
Frontline Communications as a consultant to provide strategic
marketing, corporate communications and investor relations
activities. Frontline will assist Orex in opening productive and
continuing dialogues with private investors, analysts, brokers,
money managers and other financial professionals and will generate
awareness in the investment community as exploration work advances
at Goldboro.
Under the terms of the agreement, Orex will pay Frontline $4,000
per month for a 12-month term and grant 300,000 options to
Frontline. Each option enables its holder to acquire one common
share of Orex at a price of $0.15. As per the rules of the TSX
Venture Exchange, these options vest over the course of the year,
with 25% becoming exercisable in 3, 6, 9 and 12 months from the
date of grant.
About Orex Exploration Inc.
Orex Exploration Inc. is a Canadian-based junior resource and
exploration company trading under the symbol OX on the TSX Venture
Exchange and O5D on the Frankfurt Stock Exchange. The Company holds
a 100% interest in the Goldboro Gold Project in Nova Scotia. You
are invited to browse the Company website at
www.orexexploration.ca.
The technical information contained in this news release has
been prepared by Mr. Alex Horvath, B.A.Sc., P. Eng., of A. S.
Horvath Engineering Inc. (Ottawa, Ontario), Technical Advisor to
Orex and Qualified Person under National Instrument 43-101
regulations.
Neither the 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 Exploration Inc. Mark Billings President &
CEO 514-296-1641 mark@atwaterfin.com Paradox Public Relations
1-866-460-0408 infoparadox@qc.aira.com Frontline Communications Leo
Karabelas 905-553-7992 www.frontlineir.com
Orex Exploration Inc. (TSXV:OX)
Graphique Historique de l'Action
De Avr 2024 à Mai 2024
Orex Exploration Inc. (TSXV:OX)
Graphique Historique de l'Action
De Mai 2023 à Mai 2024