VANCOUVER, Dec. 5, 2016 /CNW/ - Orex Minerals Inc. – (TSX-V: REX) ("Orex"), has filed with the System for Electronic Document Analysis and Retrieval ("SEDAR") a Technical Report in accordance with the rules of National Instrument 43-101 for the first Inferred Resource estimate of the Sandra Escobar Project in Durango, Mexico. This project is being advanced by Orex under an option agreement with Canasil Resources Inc. – (TSX.V: CLZ) ("Canasil").
Collins, J.M., Fowler, A. and Butler, S., 2016, "Sandra Escobar Project Technical Report, Boleras Mineral Resource Estimate, December 2016." Mining Plus Canada Consulting Ltd. on behalf of Orex Minerals Inc. and Canasil Resources Inc., 93 p. (effective date: 25 October 2016).
Orex's President, Gary Cope says, "A first Resource Estimate is a major step in an exploration project and we are pleased to provide the technical information. Our exploration program continues on the Sandra Escobar Project."
Orex has drilled 8,372 metres in 62 diamond drill holes in the southeastern region of the project. The first 59 diamond drill holes formed the basis for an initial resource estimate on the "Boleras Silver Deposit." At a "Base Case" of 45 g/t Ag cut-off, the Inferred Resource Estimate yielded 9.8 million tonnes grading 106 g/t Ag for a total of 33.3 million ounces of silver (See Orex news release of 31 October 2016).
Mining Plus is a mining engineering consultancy, established in 2006, consisting of skilled experts specializing in mining engineering, geoscience and mining operation management
Access to the Technical Report can be obtained either from the Orex Minerals Inc. website at www.orexminerals.com, or on SEDAR website at www.sedar.ca.
Sandra Escobar Silver-Gold Project, Durango, Mexico
Sandra Escobar is situated north of the town of Tepehuanes, Durango, in the heart of the "Mexican Silver Trend", midway between the mining districts of Tovar and Guanacevi and is 75 km west of Silver Standard's La Pitarrilla. This prolific trend hosts some of the world's largest silver camps and deposits, including Fresnillo, Guanajuato, La Pitarrilla, La Preciosa, Real de Angeles and Zacatecas.
The project consists of 6,333 hectares of mineral concessions and covers multiple mineralized epithermal quartz veins and breccia structures. These veins form a high level silver-gold-base metals system, hosted in andesitic and rhyolitic rocks, centered on a large rhyolite dome complex in the north and silver systems in smaller rhyolite dome complexes to the southeast. All within a large caldera complex. Intense alteration zones and fluid flooding in permeable formations indicates the presence of bulk tonnage targets. Excellent infrastructure exists in the Sandra Escobar area, including paved road access, electrical power, water and manpower from nearby communities.
The technical disclosures contained in this news release have been approved by Dale Brittliffe, P.Geo., and Ben Whiting, P.Geo., both being "Qualified Persons" as defined in NI 43-101 on behalf of Orex.
ABOUT OREX MINERALS INC.
Orex is a Canadian-based junior exploration company comprised of highly qualified mining professionals. Orex has several current projects: the Coneto Gold-Silver Project in Durango, Mexico, a joint venture with Fresnillo PLC, the Jumping Josephine Gold-Silver Project in British Columbia, Canada, plus this newest Sandra Escobar Silver Project in Durango, Mexico, with Canasil Resources Inc.
ON BEHALF OF THE BOARD OF DIRECTORS
Certain statements in this news release constitute "forward-looking statements" or "forward-looking information" with the meaning of applicable securities laws, 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 and the filing of a NI 43-101-compliant technical report within 45 days.
Such statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Orex, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or forward-looking information. Such statements can be identified by the use of words such as "may", "would", "could", "will", "intend", "expect", "believe", "plan", "anticipate", "estimate", "scheduled", "forecast", "predict" and other similar terminology. These statements reflect Orex's current expectations regarding future events, performance and results and speak only as of the date of this news release and Orex undertakes no obligation to update such statements, except as required by law.
All such forward-looking statements and information are based on certain assumptions and analyses made by Orex's management in light of their experience and perception of historical trends, current conditions and expected future developments, as well as other factors management believes are appropriate in the circumstances. These statements, however, are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements or information, including, but not limited to unexpected changes in laws, rules or regulations, or their enforcement; the failure of parties to contracts to perform as agreed; social or labor unrest; changes in commodity prices; unexpected failure or inadequacy of infrastructure and the failure of exploration programs or other studies to deliver anticipated results or results that would justify and support continued studies, development or operations. Readers are cautioned not to place undue reliance on forward-looking statements or information.
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SOURCE Orex Minerals Inc.
For further information: Please contact Orex Minerals Inc. at (604) 687-8566 x227, email email@example.com or visit our website at www.orexminerals.com