Orex Exploration Announces Additional Drilling Results Including 4.07 g/t Au Over 35.5 Meters
11 Mai 2010 - 5:12PM
Marketwired Canada
OREX EXPLORATION INC. (TSX VENTURE:OX)(FRANKFURT:O5D)("Orex" or the "Company")
is pleased to provide shareholders with additional results from 11 holes of the
4,728 metres / 18 holes Phase 2F diamond drilling campaign (the "Campaign") at
the Company's wholly-owned Goldboro Gold Property in Nova Scotia. The current
drill holes will replace a number of incomplete and/or non-compliant historic
drill results with compliant assay data primarily in the deeper portions of the
Ramp Area and extending westward towards West Goldbrook.
In the last Mineral Resource Estimates (MRE) compliant with the NI-43-101
Technical Report dated August 4, 2009, the results of some historic drill holes
were assumed at 0 g/t Gold; the 18 holes of the Phase 2F were drilled in order
to replace some of those historic drill results by assay results which are in
conformity with the QAQC Sampling and Analytical Protocols actually in
application - Refer to the section "the Goldboro Gold Property" hereunder and to
the NI 43-101 Technical Report posted on Sedar at www.sedar.com.
Highlights from these 11 additional drill holes(i) of the Campaign are presented
in the following table:
------------------------------------------------------------
HOLE # FROM (m) TO (m) CORE GOLD
LENGTH(m) GRADE(g/t)
------------------------------------------------------------
OSK-10-02 233.70 300.00 66.30 1.17
including 234.50 235.00 0.50 35.60(ii)
including 267.50 268.00 0.50 46.40(ii)
------------------------------------------------------------
OSK-10-10 162.00 205.00 43.00 0.51
245.50 248.00 2.50 3.90
------------------------------------------------------------
OSK-10-12 130.00 153.90 23.90 0.43
229.00 240.55 11.55 0.92
------------------------------------------------------------
OSK-10-13 202.00 220.50 18.50 0.86
including 202.00 202.50 0.50 16.10(ii)
248.50 267.00 18.50 0.45
including 259.50 260.00 0.50 6.19(ii)
------------------------------------------------------------
OSK-10-14 146.00 160.00 14.00 1.86
including 148.00 152.00 4.00 10.75
------------------------------------------------------------
OSK-10-16 136.50 172.00 35.50 4.07
including 144.50 155.00 10.50 12.97
including 146.00 146.50 0.50 237.00(ii)
229.00 242.50 13.50 0.90
------------------------------------------------------------
OSK-10-19 173.00 215.20 42.20 1.97
including 198.10 198.60 0.50 27.90(ii)
229.50 252.50 23.00 0.65
including 246.00 247.00 1.00 6.70
------------------------------------------------------------
OSK-10-21 57.00 70.50 13.50 4.76
including 70.00 70.50 0.50 117.50(ii)
152.00 165.00 13.00 0.45
178.50 236.00 57.50 0.63
including 209.00 210.00 1.00 15.75
------------------------------------------------------------
OSK-10-23 140.00 159.00 19.00 0.53
207.00 213.70 6.70 13.40
including 207.00 208.50 1.50 55.70
------------------------------------------------------------
OSK-10-24 90.00 150.00 60.00 0.48
including 115.30 116.00 0.70 19.10
------------------------------------------------------------
OSK-10-25 36.00 83.00 47.00 0.42
235.00 238.00 3.00 6.68
including 235.00 236.00 1.00 19.10
------------------------------------------------------------
Notes: (i) Assay results from drill holes OSK-10-01, 03, 05, 07 and 08 were
previously issued on April 29, 2010; (ii) Metallic Screen Assay / Visible Gold
The reported intersections in the table above represent weighted average
intervals of no less than 10 meters (for bulk mining scenarios) of individual
assays grading above a 0.35 g/t cut-off. In some instances weighted intervals of
less than 10 meters are reported to highlight significantly higher grade
intersections (i.e. 6.7 meters of 13.40 g/t - OSK-10-23).
Mark Billings, President and CEO of Orex, commented, "As anticipated, these
additional results from the infill drilling continue to show significant zones
of low-grade gold in areas which were previously assumed to be barren.
Management of Orex believes that these results will help us to improve the gold
resources at Goldboro when we update our Mineral Resource Estimates with this
new information."
The drill holes were angled from each side (ie., north and south) of the
approximately 100 metre wide deformation zone centred on the hinge of the
Boston-Richardson Anticline Structure (the "BRAS"). Each drill hole was
terminated near the BRAS hinge to prevent down-dip drilling on the opposing
limb, thus each hole penetrated only 50% of the total width of the deformation
zone (ie., one limb of the BRAS).
Gold in the Ramp Area is linked to shears (such as the "123", "456" and "78"
Zones) combining quartz veins, veinlets and stockworks, and highly altered host
rocks. These high grade zones host millimetre to centimetre sized gold nuggets
in both the quartz veins and host rocks. Assays vary from higher gold grades (in
excess of 10 g/t, commonly in the hundreds of g/t) when nuggets are encountered
to lower grades (under 2 g/t) when host rocks are altered with silica, chlorite
and sulphides. Correlation of the higher grade individual mineralized shear
zones is still pending.
QA/QC Sampling and Analytical Protocols
Please refer to the Company's news release dated April 29, 2010 detailing QA/QC
sampling and analytical protocols.
After review of initial assay results and reconciliation with the logged zones
of mineralization, specific samples will be identified for re-assaying by the
Total Metallic Screen method while other samples will have a second pulp
prepared from the coarse reject and re-assayed by the AAS Method. Multiple assay
determinations provide a more accurate determination of gold content in the
samples.
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).
Option on Goldboro Gold Property Granted to Osisko Mining Corporation
In order to acquire a 50% undivided interest in the Goldboro Gold Property on or
before September 29, 2013 (the Initial Option), Osisko shall incur exploration
and development expenditures in the amount of at least $1,500,000 on or before
September 29, 2010; in the aggregate amount of at least $3,500,000 on or before
September 29, 2011; and in the aggregate amount of at least $8,000,000 over the
following two years, that is, on or before September 29, 2013. Osisko may, at
its sole discretion, accelerate and apply exploration and development
expenditures to future years' expenditures and, accordingly, the Initial Option
may be exercised sooner. Osisko shall solely fund a prefeasibility study to earn
an aggregate 60% interest (that is, an additional 10% interest) in the Property
on or before September 29, 2015 (the Additional Option).
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's 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 Mr. Jean Lafleur, M.Sc., P. Geo.
(Laval, Quebec), Manager - Goldboro Project for Osisko Mining Corporation. Both
individuals are Qualified Persons under National Instrument 43-101 regulations.
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