VANCOUVER, Dec. 19th, 2014 /CNW/ - Orex Minerals Inc. - (TSX-V: REX) ("Orex"), has received complete results from 2014 diamond drilling on its 100% owned Jumping Josephine property, in southern British Columbia. As previously announced on November 14th 2014, Orex recently completed 8,115m in near-resource step-out and project-wide reconnaissance drilling, part of a comprehensive exploration program. Prospecting, geological mapping, and trenching were also completed during the year.
Orex's President, Gary Cope says, "This year's exploration program at JJ tested extensions of the known resource and evaluated additional mineralized structures across the property. The mineralized interval encountered at BZT showing is very encouraging."
The 2014 season saw 25 HQ and NQ diameter drill holes completed in a campaign targeting prospective areas across the Jumping Josephine property. The program was divided into two phases. Nine holes targeted extensions beneath the existing NI43-101 compliant gold resource at Jumping Josephine (JJ Main area - 9 holes for 3,903m). The second phase comprised 16 reconnaissance holes and tested five additional prospect areas (16 holes for 4,212m).
Reconnaissance drill results were anomalous in gold with best results returned by a quartz stockwork zone intersected by hole 14JD156 in the BZT prospect area. The hole returned 1m of 1.69g/t gold from 300m, 1m of 12.90g/t gold from 306m and 1m of 2.25g/t gold from 311.50m depth downhole. True widths are estimated at 82% of quoted down-hole length. A prospect location map and table summarizing the 2014 results are posted on the company's website. Orex previously reported the near-resource drilling as returning no significant results. (November 14th news release).
Jumping Josephine Gold-Silver Project, British Columbia, Canada
The Jumping Josephine Project totals approximately 11,667 hectares and is located in Southern British Columbia, 20 km west of Castlegar and 25 km north of the historic Rossland Gold Camp. The project, originally assembled in 2004 by Kootenay Silver Inc. ("Kootenay"), was optioned to Astral Mining Corp. ("Astral") in 2005. In 2013, Astral merged with Orex (news release February 3rd 2013) and in 2014 the remaining interest in Jumping Josephine was acquired from Kootenay by Orex (news release February 5th 2014).
Exploration between 2006 and 2011 included surface mapping, geochemistry, geophysics, and the completion of 140 diamond drill-holes. Work on the JJ Main showing culminated in the estimation of an NI43-101 compliant resource calculated by Apex Geoscience Ltd. ("Apex").
Apex estimates an Indicated mineral resource of 363,000 tonnes averaging 2.95 g/t Au for 34,000 oz and Inferred mineral resource of 448,000 tonnes averaging 2.08 g/t Au for 30,000 oz using a 0.5g/t cutoff grade. The effective date of the resource estimate is March 24th, 2011. The 43-101 Technical Report authored by A.J. Turner P.Geol, M. Dufresne, P.Geol and S. Nicholls, M.AIG. has been filed by Orex and is available on SEDAR and the Orex website.
All samples submitted for analysis were subject to Orex's QA/QC protocols which include industry standard sampling methods and the insertion of blanks and gold/silver standards into the sample stream. Dale Brittliffe, P.Geo. is a Qualified Person as defined in NI 43-101 and takes responsibility for the technical disclosure contained in this news release.
ABOUT OREX MINERALS INC.
Orex Minerals Inc. (TSX-V: REX) is a Canadian-based junior exploration company comprised of highly qualified mining professionals. The Company has several current projects: the Barsele Gold Project in Sweden, the Los Crestones Gold-Silver Project in Sinaloa, Mexico, the Jumping Josephine Gold-Silver Project in British Columbia, and the Coneto Gold-Silver Project in Durango, Mexico, which is currently under option to Fresnillo plc.
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, email [email protected] or visit our website at www.orexminerals.com