VANCOUVER, June 20, 2016 /CNW/ - Orex Minerals Inc. – (TSX-V: REX) ("Orex"), is pleased to announce that project partner Fresnillo PLC (LSE: FRES) ("Fresnillo"), will be conducting a Phase-V diamond drilling program of approximately 5,000 metres in 11 holes on the Coneto Gold-Silver Project in Durango, Mexico.
The Coneto Project is a joint venture, with ownership of 55:45 % between Fresnillo and Orex. The mineral concessions of both parties in the Coneto Mining District have recently been combined (subject to final registration before the Public Registry of Mexico, which is expected to be obtained in the next few weeks) into a company named "Exploraciones y Desarrollos Mineros Coneto S.A.P.I." in order to advance the project. A Technical Committee, with membership from both companies, guides the exploration programs.
The main objective of the new program will be to extend the diamond drilling coverage adjacent to gold-silver intercepts in the Zona Norte (La Bufa and Santo Niño veins), Zona Oeste (Loma Verde vein), Zona Centro (Descubridora vein) and Zona Sur (Durazno, Impulsora and Promontorio veins).
For the Loma Verde vein, the furthest north previous hole was BCO-66, which yielded 4.85 metres (true thickness 3.45 metres) grading 3.22 Au g/t and 238 Ag g/t for a silver-equivalent grade of 432 g/t, (see Orex news release 10 August 2015). New drilling in this zone will be located in step-outs further to the north and at depth from hole BCO-66.
Orex's President, Gary Cope says, "We anticipate the new diamond drilling phase will commence in the third quarter 2016. Congratulations to both teams on the successful combination of our portions of the Coneto Mining District. We look forward to continued excellent teamwork on the exploration program."
Coneto Mining District – Durango, Mexico
The historic Coneto Mining District is situated in the heart of the "Mexican Silver Trend", on the Mesa Central, stretching from Guanajuato in the southeast, through to the states of Zacatecas and Durango. 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 silver and gold mineralization at Coneto is of intermediate sulphidation style epithermal veins hosted in Tertiary andesites and rhyolites.
Orex and Fresnillo hold, through Exploraciones y Desarrollos Mineros Coneto S.A.P.I., an extensive contiguous land package of mineral concessions in the Coneto Mining District, which collectively total approx. 17,600 hectares and cover multiple mineralized epithermal quartz veins. In the first four phases, Orex and Fresnillo drilled 93 holes totaling 33,400 metres.
Ben Whiting, P.Geo., is a Qualified Person as defined in NI 43-101 and takes responsibility for the technical disclosure contained within this news release.
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 Silver-Gold Project in Durango, Mexico, as a joint venture with Fresnillo PLC, The Sandra Escobar Silver Project, also in Durango, Mexico, under option from Canasil Resources Inc., and the Jumping Josephine Gold Project in British Columbia, Canada.
ON BEHALF OF THE BOARD OF DIRECTORS
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 and Orex undertakes no obligation to update such statements, except as required by law.
Neither 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.
SOURCE Orex Minerals Inc.
For further information: please contact Orex Minerals Inc. at (604) 687-8566 x227, email [email protected] or visit our website at www.orexminerals.com