VANCOUVER, Sept. 10, 2018 /CNW/ - Orex Minerals Inc. -- (TSXV: REX -- OTCQX: ORMNF) ("Orex"), is pleased to announce that fieldwork has commenced on the San Luis del Cordero Project in Durango, Mexico. This project is a skarn and epithermal vein hosted silver-copper-zinc district, located 155 kilometres northeast of the City of Durango in the Mesa Central of northcentral Mexico.
Orex has an option to acquire 100% interest in the project from Exploraciones del Altiplano S.A. de C.V. ("Altiplano"), as outlined in a news release dated 26 January 2018. Environmental impact reports and biological survey assessment have been submitted to the Mexican federal agency SAMARNAT.
Orex's President, Gary Cope says, "We look forward to the start of a new exploration program on this promising silver-copper-zinc project in the prolific Silver Trend of Mexico."
The Cordero project has undergone several phases of exploration, with multiple targets yet to be explored. Mineral concessions cover 2,825 hectares and include the full extent of the known mineralization. Old mine workings and mineralized showings wrap around a Tertiary quartz-feldspar-porphyry intrusive. Jurassic and Cretaceous country rock formations include limestone and calcareous sandstone and shale units. Diamond drilling of 62 holes from the period 2000 to 2016 total approximately 16,400 metres.
There is a Technical Report on a Mineral Resource Estimate for the project, compliant with NI43-101 and dated 2014, containing an Indicated Resource of 662,600 tonnes grading Ag 121 g/t, Cu 0.78 % and Zn 1.06 %, for a silver-equivalent of 240 g/t and 5.1 million ounces silver-equivalent. In addition, there is an Inferred Resource of 2,785,300 tonnes grading Ag 144.4 g/t, Cu 0.75 % and Zn 1.45 %, for a silver-equivalent of 273 g/t and 24.4 million ounces silver-equivalent.
For the purposes of silver-equivalent in the 2014 report, metal prices of Ag=$19/oz, Cu=$3.00/lb and Zn=$0.90/lb were applied. This resource estimate was performed using a cut-off of 85 g/t silver equivalent. The technical report was written by T.W. Hodson, P.Geo., an independent Qualified Person, and has an effective date of 1 October 2014.
Orex considers the 2014 resource estimate as a "Historical Resource Estimate" performed by previous operators. There has been drilling since that date, and as such this resource estimate should not be relied upon as current. However, it is useful as an exploration guide for future programs.
Geological comparisons have been drawn between the San Luis del Cordero skarn and vein hosted mineralization and the mineralization styles at Cerro de las Minitas of Southern Silver Exploration Corp in Durango State and the San Martin – Sabinas mining district of Industrias Peñoles in Zacatecas State. Both of these mining districts are also on the Mesa Central.
Technical Information and Qualified Person
Ben Whiting, P.Geo., Vice President of Exploration for Orex Minerals Inc., is a Qualified Person as defined in NI 43-101 and takes responsibility for the technical disclosure contained within this news release.
As a part of ongoing community relations, surface access agreements have been signed with the Ejido of San Luis del Cordero, as well as individual ranch owners. Orex has also provided for the construction of public toilet facilities near the Plaza des Armas (central square) of the town of San Luis del Cordero.
Granting of Options
Orex announces that it has granted 500,000 incentive stock options to consultants to purchase an aggregate of up to 500,000 common shares in the capital of Orex. The incentive stock options have an exercise price of $0.10 per share, expire five years from the date of grant and vest immediately. As a result of this option grant, Orex has stock options outstanding that are exercisable for up to 10,430,000 common shares, representing 9.2% of the current issued and outstanding share capital.
ABOUT OREX MINERALS INC.
Orex Minerals Inc. is a mineral exploration company focused on precious and base metals exploration in Mexico and Canada. Orex has several current projects: Three projects are located in Durango State, Mexico, including the Coneto Silver-Gold Project as a joint venture with Fresnillo PLC, the Sandra Escobar Silver Project as a joint venture with Pan American Silver Corp. and Canasil Resources Inc., and the San Luis del Cordero Silver-Copper-Zinc Project. The Company's fourth project is the Jumping Josephine Gold Project in British Columbia, Canada. Orex is under the management provided by the experienced Belcarra Group Management Ltd. ("Belcarra Group"). The Belcarra Group is comprised of highly qualified mining and financial professionals.
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.
Note: Mineral Resources are not Mineral Reserves and thus have not demonstrated economic viability.
For additional information on risks and uncertainties, see the Company's most recently filed annual management discussion and analysis ("MD&A"), which is available on SEDAR at www.sedar.com and on the Company's website at www.orexminerals.com. The risk factors identified in the MD&A are not intended to represent a complete list of factors that could affect the Company.
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