Orex Minerals Inc.
Canadian-based Orex Minerals Inc. (TSX-V: REX) has the business acumen, financial literacy & hands-on geological expertise required to move projects forward to the next level. Moreover, Orex's management team has proven their ability to discover and develop quality exploration projects that maximize shareholder value---the same team is widely recognized for the identification of La Preciosa Silver-Gold Deposit in Durango, Mexico for Orko Silver Corp.
Orex currently has two very distinctive precious metals plays in its portfolio: Coneto Silver-Gold Project (Durango, Mexico) and Barsele Gold Project (Sweden). Each project has impressive merits of its own; packaged together, the chance of Orex making the next big resource discovery increases dramatically.
Mexico – Coneto Silver-Gold Project
Orex’s Coneto Silver-Gold Project is located in the region around the village of Coneto de Comonfort, approx. 100 km north of the city of Durango, Mexico. The property is set in the Mesa Central, on the eastern flank of the Sierra Madre Occidental Mountains. The Coneto Mining District is in the heart of the “Mexican Silver Trend” – stretching from Guanajuato in the southeast, through to the states of Zacatecas and Durango – and hosts some of the world's largest silver deposits, including Fresnillo, Guanajuato, La Pitarrilla, La Preciosa, Real de Angeles, and Zacatecas mining camps.
In February 2012, Orex signed an Association Agreement with Fresnillo PLC to explore the Coneto Silver-Gold Project. Orex and Fresnillo PLC hold extensive contiguous mineral concessions in the Coneto Mining District, which collectively total approx. 17,600 ha and cover more than 40 known mineralized epithermal quartz veins. Fresnillo PLC plans to spend up to US $6,000,000 on the Coneto property in the next 3 years in order to earn 55% ownership, and has the right to earn 70% ownership by advancing Coneto to the pre-feasibility stage, or by spending an additional US $21,000,000.
A joint technical committee, including Orex and Fresnillo PLC representation, who manages exploration recently granted approval for a $2.5 Million Exploration Budget for this season (100% funded by Fresnillo PLC), which includes a 12,000-metre, Phase-II Diamond Drill Program at Coneto that commenced in late August. Drill results will be forthcoming this fall.
Exploration objectives for Orex’s Coneto Silver-Gold Project include a target deposit size of more than 100 million oz of silver equivalent (similar to their sister project, Orko Silver Corp's La Preciosa Silver-Gold Deposit). Orex has 100% ownership of 15,700 ha of mineral concessions at Coneto.
Sweden – Barsele Gold Project
Orex’s advanced-stage Barsele Gold Project is located approx. 600 km due north of Stockholm & 40 km southeast of Storuman, a small town situated in Västerbottens Län, which is a regional district of Northern Sweden. The property is set in the midst of the Fennoscandian shield. Host rocks are a part of the prolific Proterozoic “Skellefte Trend”, where it meets the ‘Gold Line’ of Sweden. Major gold deposits, including Bjorkdal (Elgin Mining), Faboliden (Lappland Gold) and Svartliden (Dragon Mining) are located near the Barsele property.
On February 28, 2011, Orex identified a NI 43-101 Compliant Resource Estimate for Barsele (using 0.6 g/t Au cut-off):
- 382,000 oz Au Indicated @ 1.2 g/t Au (9.97 million tonnes grading 1.19 g/t Au)
- 648,000 oz Au Inferred @ 1.0 g/t Au (21.04 million tonnes grading 0.96 g/t Au)
Results from this past spring and summer’s Phase-I Diamond Drill Program will be included in an updated NI 43-101 Resource Estimate, which Orex anticipates in early to mid-2013.
Orex believes there is excellent upside potential and inherent value at Barsele, and will spend at least $5,000,000 in the next 5 years to continue surface exploration and surveying on the property. Upcoming plans include a Phase-II Diamond Drill Program to test new anomalous areas (prospecting, mapping, sampling & geophysics) and bulk sampling of the Central Zone.
Exploration objectives for Orex’s Barsele Gold Project include the discovery and definition of a target deposit of 1.5 – 2.0 million oz of gold. Orex has 100% ownership 32,709 ha of mineral concessions at Barsele.
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