VANCOUVER, Jan. 30 /CNW/ - Dorex Minerals Inc. is please to announce the
signing of an Option Agreement with Mineria Coyote Ltda., a Chilean
Exploration company, to acquire a 100% interest in the Carmelita Property,
located in Chile.
The property is subject to a 2% Net Smelter Royalty, from the current
owner, whereby Dorex, has the option to earn an undivided 100% interest by
paying a total of $440,000 in cash and by issuing 500,000 common shares of the
Company over a 24 month period. 1% of the Net Smelter Royalty may be bought by
the Company at the price of $1,000,000 within five years from the date of a
production decision being made by Dorex Minerals Inc.
The Carmelita Property is a 2,400 hectare property that lies within the
Coastal Belt of the Andean Cordillera of Chile. The land package is located
approximately 55 kilometers northeast of the city of La Serena and is
approximately 20 kilometers east of the Pan American Highway. The property has
not been subjected to any modern systematic exploration programs and is in a
geological environment that is somewhat similar to that of the prolific copper
producing regions to the north at Candelaria Manto Verde.
Copper +/- gold mineralization is present in a number of locations and is
most evident in a well altered porphyritic andesite unit that has the
potential to host significant copper +/- gold mineralization in a
porphyry-type or an IOCG-type environment or, in the least, host higher grade
copper mineralization confined to fault-related shear zones.
Additional exploration would have to be done to assess the potential for
IOCG targets on the property, but there is evidence of zones of hydrothermal
alteration with associated magnetite mineralization that has been reported
from previous work.
A Phase 1 exploration program is recommended to assess the potential of
mineralization on the property. This program would be a grass roots program
focusing on target generation throughout the entire 2,400 hectare property.
Geological mapping and prospecting would be the main focus of this program
while at the same time a wide-spaced soil sampling program and ground magnetic
geophysical survey should also be undertaken to further assess the property.
This Phase 1 program is estimated to cost approximately $100,000 and should
take two months to complete
ON BEHALF OF THE BOARD
DOREX MINERALS INC.
TSX Venture Exchange has not reviewed and does not accept responsibility
for the adequacy or accuracy of the contents of this News Release. This
release has been prepared by management and no regulatory authority has
approved or disapproved the information contained herein.
For further information:
For further information: Suite 300, 905 West Pender Street, Vancouver,
BC, V6C 1L6, Telephone: (604) 688-1160, Fax: (604) 677-2315