Oremex Silver identifies new, high grade, gold-silver zones at San Lucas Project
- Recent outcrop sampling identified two parallel, high grade, gold-silver zones with over 270 meters of strike length
- Highest grade channel sample was 1.4 meters of 110 g/t gold and 168 g/t silver
- 80% of channel samples show grades over 0.50 g/t gold
- Re-logging of previously-drilled nearby holes is in progress to assist in planning a drill program to test the new zones
TORONTO, June 14, 2012 /CNW/ - Oremex Silver Inc. ("Oremex" or the "Company") (TSX Venture: OAG) (OTCQX: ORAGF) (Frankfurt: OSI) is pleased to report positive results from a recently completed surface outcrop sampling program in the El Doctor zone of the wholly-owned San Lucas silver project. The El Doctor zone had not been previously sampled at the surface. In 2007, the Company completed drilling nearby that is being re-examined for a better understanding of the potential of the previously unrecognized gold-silver mineralization and to plan a drilling program.
"We are pleased to be advancing the San Lucas project with sample results that demonstrate previously unrecognized high grade gold-silver mineralization," said Michael R. Smith, President and CEO.
The El Doctor zone is located in the middle portion of the precious metal-mineralized San Lucas trend. Approximately a dozen old surface and underground workings are in the immediate area, including two shafts. The mineralization occurs with elevated levels of lead and zinc mineralization. Two parallel gold-silver mineralized shear zones are evident over a strike length of over 270 meters. The mineralized shear zones are approximately 70 meters apart and strike northeasterly, as is typical of the San Lucas trend. The mineralized shear zones range from 5 meters to 10 meters in width where exposed on surface. Base metal sulphides and iron oxides associated with quartz-sericite alteration characterize the mineralized zones which are hosted by volcanic rocks.
A total of 90 channel samples were collected (Map 1). The gold grades range from 0.02 g/t to 110 g/t, averaging 4.4 g/t. The average gold grade of the 89 samples exclusive of the high grade 110 g/t sample is 3.2 g/t. 72 of 90 samples contained gold grades over 0.50 g/t. The silver grades range from trace to 168 g/t, averaging 53.2 g/t. The average silver grade of the 89 samples excluding the high grade 168 g/t sample is 51.9 g/t.
Highlights of the program include:
The sampling reported herein was done in May 2012. Analyses reported herein were performed by SGS Mexico SA de CV, in Durango, Mexico, an internationally recognized analytical services provider. The Company followed industry standard procedures for the work carried out on the San Lucas project. For this work a total of 4 standards were inserted into the sample sequence and laboratory QA/QC procedures were followed. Oremex detected no significant QA/QC issues during review of the data. The technical information contained in this release has been prepared by Mr. Michael R. Smith, R.G. (Arizona, # 35031), President and CEO of the Company and a Qualified Person as defined in National Instrument 43-101.
About Oremex Silver Inc.
Oremex Silver Inc. is a Canadian company focusing on the exploration and development of silver projects along the highly productive mineralized belt in Mexico. The Company has a portfolio of silver projects including a mineral resource of 50.8 million ounces of silver at its Tejamen deposit. The Company's projects are located in mining-friendly jurisdictions and the Management Team has successful track record of mine building in Mexico.
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