House & Home
House and Home
House and Home 
Tue, July 6, 2010
Progress Report on Orex's Drilling Program at the Coneto Gold-Silver Project
VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 6, 2010) - Orex Minerals Inc. (TSX VENTURE:REX) presents a progress report on the Phase-I diamond drilling program at the Coneto gold-silver project in Durango State, Mexico.
The first phase of diamond drilling, consisting of 5,000 metres in 21 drill holes, is 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 is being carried out at Loma Verde, Durazno, Promontorio, Impulsora, Estrella-Calaveras, and Sauce-Palma. Results for the first half of the drill holes are now available.
Gary Cope, President of Orex, says; "The Loma Verde area has given us the most encouraging results to date. There are also additional areas of the Coneto Project which will warrant further examination."
In the Loma Verde area, hole CC-10-01 yielded a true thickness of 7.21 metres grading gold 0.471 g/t and silver 165.2 g/t for a silver-equivalent of 193.4 g/t. This included 3.03 metres grading gold 0.447 g/t and silver 265.0 g/t for a silver-equivalent of 291.8 g/t. Hole CC-10-02 yielded 1.89 metres grading gold 0.184 g/t and silver 117.8 g/t for a silver-equivalent of 128.8 g/t. Hole CC-10-03 yielded 3.03 metres grading gold 0.583 g/t and silver 125.1 g/t for a silver-equivalent of 160.1 g/t.
In the Durazno area, a strong, vuggy quartz vein structure is present, but the shallow testing results suggest that the silver values may have been flushed from this part of the system. Hole CC-10-06 yielded a true thickness of 11.00 metres grading gold 0.289 g/t and silver 7.0 g/t for a silver-equivalent of 24.3 g/t. Textures suggest we may be quite high in the system and deeper drilling is needed. Hole CC-10-05 has a hanging-wall intercept which yielded 1.21 metres grading gold 0.225 g/t and silver 120.0 g/t for a silver-equivalent of 133.5 g/t.
In the Promontorio area, the style of mineralization is different from the veins further north. A broad stockwork low-grade gold zone is present at Promontorio. Hole CC-10-07 yielded a true thickness of 28.88 metres grading gold 0.234 g/t and silver 9.1 g/t for a gold-equivalent of 0.386 g/t. In addition, hole CC-10-09 cut a deeper vein which yielded 0.52 metres grading gold 0.757 g/t and silver 554.0 g/t for a silver-equivalent of 599.4 g/t.
| Vein | From | To | Core Length | True Width | Au (g/t) | Ag (g/t) | Ag-Eq (g/t) | Au-Eq (g/t) |
| CC-10-01 | ||||||||
| Unnamed | 176.30 | 177.80 | 1.50 | 1.23 | 0.764 | 97.0 | 142.8 | 2.381 |
| Loma Verde | 184.10 | 192.90 | 8.80 | 7.21 | 0.471 | 165.2 | 193.4 | 3.224 |
| Includes | 188.70 | 192.40 | 3.70 | 3.03 | 0.447 | 265.0 | 291.8 | 4.864 |
| Includes | 192.00 | 192.40 | 0.40 | 0.33 | 0.903 | 772.0 | 826.2 | 13.770 |
| CC-10-02 | ||||||||
| Loma Verde | 299.20 | 302.50 | 3.30 | 1.89 | 0.184 | 117.8 | 128.8 | 2.147 |
| Includes | 299.20 | 301.00 | 1.80 | 1.03 | 0.185 | 173.4 | 184.6 | 3.075 |
| Includes | 299.70 | 301.00 | 1.30 | 0.75 | 0.237 | 219.0 | 233.2 | 3.887 |
| CC-10-03 | ||||||||
| Loma Verde | 259.30 | 263.00 | 3.70 | 3.03 | 0.583 | 125.1 | 160.1 | 2.668 |
| Includes | 259.30 | 260.30 | 1.00 | 0.82 | 0.513 | 345.0 | 375.8 | 6.263 |
| CC-10-04 | ||||||||
| Durazno | 206.50 | 208.90 | 2.40 | 2.26 | 0.864 | 29.8 | 81.6 | 1.361 |
| Includes | 207.40 | 208.10 | 0.70 | 0.66 | 1.000 | 28.0 | 88.0 | 1.467 |
| CC-10-05 | ||||||||
| Unnamed | 35.10 | 36.50 | 1.40 | 1.21 | 0.225 | 120.0 | 133.5 | 2.225 |
| Durazno | 80.70 | 84.20 | 3.50 | 3.03 | 0.788 | 23.5 | 70.7 | 1.180 |
| Includes | 81.30 | 82.30 | 1.00 | 0.87 | 1.511 | 22.0 | 112.7 | 1.878 |
| CC-10-06 | ||||||||
| Unnamed | 14.30 | 17.10 | 2.80 | 2.42 | 0.598 | 76.2 | 112.1 | 1.868 |
| Includes | 15.30 | 16.30 | 1.00 | 0.87 | 0.283 | 158.0 | 175.0 | 2.916 |
| Durazno | 164.00 | 167.00 | 3.00 | 2.60 | 0.705 | 11.0 | 53.3 | 0.888 |
| Includes | 166.00 | 167.00 | 1.00 | 0.87 | 1.274 | 13.0 | 89.4 | 1.491 |
| CC-10-07 | ||||||||
| Promontorio | 145.40 | 183.10 | 37.70 | 28.88 | 0.234 | 9.1 | 23.1 | 0.386 |
| Includes | 154.60 | 155.60 | 1.00 | 0.77 | 0.461 | 46.0 | 73.7 | 1.228 |
| Unnamed | 222.00 | 227.60 | 5.60 | 4.85 | 0.317 | 7.0 | 26.0 | 0.434 |
| Includes | 224.60 | 225.00 | 0.40 | 0.35 | 0.970 | 11.0 | 69.2 | 1.153 |
| CC-10-08 | ||||||||
| Promontorio | 141.50 | 156.00 | 14.50 | 12.56 | 0.103 | 9.3 | 15.5 | 0.256 |
| Includes | 143.40 | 144.20 | 0.80 | 0.69 | 0.139 | 30.0 | 38.3 | 0.639 |
| Unnamed | 192.50 | 195.10 | 2.60 | 2.25 | 0.999 | 35.6 | 95.5 | 1.592 |
| Includes | 194.00 | 195.10 | 1.10 | 0.95 | 1.903 | 69.1 | 183.3 | 3.055 |
| Includes | 194.60 | 195.10 | 0.50 | 0.43 | 3.485 | 122.0 | 331.1 | 5.518 |
| Unnamed | 425.00 | 429.00 | 4.00 | 3.46 | 0.628 | 37.8 | 75.4 | 1.258 |
| Includes | 428.00 | 429.00 | 1.00 | 0.87 | 1.018 | 33.0 | 94.1 | 1.658 |
| CC-10-09 | ||||||||
| Promon. 1 | 30.30 | 56.80 | 26.50 | 22.95 | 0.271 | 2.5 | 18.8 | 0.314 |
| Includes | 42.30 | 43.80 | 1.50 | 1.30 | 2.747 | 1.0 | 165.8 | 2.764 |
| Promon. 2 | 68.70 | 85.80 | 17.10 | 14.81 | 0.146 | 7.9 | 16.7 | 0.278 |
| Includes | 82.30 | 84.40 | 2.10 | 1.82 | 0.182 | 22.0 | 32.9 | 0.549 |
| Unnamed | 167.80 | 168.40 | 0.60 | 0.52 | 0.757 | 554.0 | 599.4 | 9.990 |
| Unnamed | 261.50 | 261.90 | 0.40 | 0.35 | 1.328 | 28.0 | 108.7 | 1.811 |
| Unnamed | 342.80 | 362.40 | 3.20 | 2.77 | 0.661 | 12.7 | 52.3 | 0.872 |
| Includes | 342.80 | 344.10 | 1.30 | 1.13 | 0.911 | 26.0 | 80.7 | 1.344 |
Further drilling is underway at Impulsora, Estrella-Calaveras and Sauce-Palma and the results are to be announced at the completion of Phase-I.
A table of drilling intercept results can be found on the Orex website at the following address: [ www.orexminerals.com ].
To date, over 1,200 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 NI 43-101 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
This News Release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Orex relies upon litigation protection for forward-looking statements.
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.