- 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.
Cautionary Note Regarding Forward-Looking Statements
Certain statements contained in this news release may constitute forward-looking information, (collectively "forward-looking information") within the meaning of Canadian securities laws. Forward-looking information may relate to this news release and other matters identified in Oremex Silvers' public filings, anticipated events or results and can be identified by terminology such as "may", "will", "could", "should", "expect", "plan", "anticipate", "believe", "intend", "estimate", "projects", "predict", "potential", "continue" or other similar expressions concerning matters that are not historical facts and include, but are not limited in any manner to, those with respect to capital and operating expenditures, economic conditions, availability of sufficient financing, receipt of approvals, satisfaction of closing conditions and any and all other timing, development, operational, financial, economic, legal, regulatory and/or political factors that may influence future events or conditions. Such forward-looking statements are based on a number of material factors and assumptions, including, but not limited in any manner, those disclosed in any other public filings of Oremex Silver, and include the ultimate availability and final receipt of required approvals, sufficient working capital for development and operations, access to adequate services and supplies, availability of markets for products, commodity prices, foreign currency exchange rates, interest rates, access to capital markets and other sources of financing and associated cost of funds, availability of a qualified work force, availability of manufacturing equipment, no material changes to the tax and regulatory regime and the ultimate ability to execute its business plan on economically favourable terms. While we consider these assumptions to be reasonable based on information currently available to us, they may prove to be incorrect. Actual results may vary from such forward-looking information for a variety of reasons, including but not limited to risks and uncertainties disclosed in other Oremex Silver filings at www.sedar.com and other unforeseen events or circumstances. Other than as required by law, Oremex Silver does not intend, and undertakes no obligation, to update any forward looking information to reflect, among other things, new information or future events.
Neither the TSX Venture nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture) accepts responsibility for the adequacy or accuracy of this release.
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