Orex Field Exploration Shows Encouraging Preliminary Results
30 Noviembre 2010 - 10:23AM
Marketwired
OREX EXPLORATION INC. (TSX VENTURE: OX) (FRANKFURT: O5D) would like
to provide shareholders with some results from a field exploration
program that was recently conducted on the Company's wholly-owned
western portions of the Stillwater and Goldenville trends located
approximately 10 to 20 km west of the Goldboro Gold Property. The
Stillwater and Goldenville Anticlines both contain Goldboro-type
gold targets, as identified in the regional compilation-synthesis
as previously reported (see the June 10, 2010 news release).
This grass-roots exploration program consisted of mapping,
prospecting and sampling (outcrop, float and soil). Highlights to
date include a quartz vein outcrop sample, which assayed 12.665 g/t
gold from the northern limb of the historic east-west trending
Goldenville Anticline. More recently, 600 metres southeast of the
anomalous sample, a four-metre wide quartz vein was noted in an
old, previously unreported pit. This location approximates the
assumed location of the anticlinal axis. Approximately five
kilometres to the north, along the Stillwater east-west trend, a
quartz float sample assayed 0.121 g/t gold in a area having
historical anomalous gold in rock and spruce bark samples.
Orex field crews are currently conducting follow-up grass-roots
exploration in these areas, as well as others to better define the
targets identified in the regional compilation-synthesis.
"The 12.665 g/t quartz vein outcrop result is very encouraging,
as there has been very little previous exploration work in this
area," said Mark Billings, President and CEO of Orex Exploration.
"We have had the crews in the field for several weeks now and look
forward to seeing the fruits of the follow-up work in these two key
areas of interest."
The Stillwater Trend is reported to be the faulted extension of
the Boston-Richardson Anticlinal Structure ("BRAS"). Orex currently
owns the mineral rights along 12 kilometres of this trend, as well
as along approximately 13 kilometres of the historic Goldenville
Anticline.
The Company would like to point out that this exploration work
presently being carried out by Orex is outside of the area of
influence that the Company has with Osisko Mining Corporation, as
per the Joint Venture and Option Agreement between the two parties.
Orex is committed to working with its partner on the Goldboro Gold
Property. At the same time, Orex hopes to identify other targets
outside of this area of influence that may be the subject of larger
drilling campaigns in the future.
Rock and soil samples collected during the recent field program
were delivered by Orex consultants to the Minerals Engineering
Centre ("MEC") at Dalhousie University in Halifax, Nova Scotia,
where analysis was carried out. Each sample submitted to MEC was
subjected to multiple stages of jaw crushing until grains were less
than 4.0 mm. Analytical splits of 200 grams were obtained by riffle
splitting and then pulverized with a ring and puck pulverizer to a
grain size of less than 0.15 mm. A 30-gram split of this fraction
was collected and analyzed by Fire Assay, lead collection and
Atomic Adsorption Spectrometry (AAS) finish.
The bulk of the soil and rock samples collected from the current
program have been submitted to MEC for analysis. Results are
pending.
Option on Goldboro Gold Property Granted to Osisko Mining
Corporation
In order to acquire a 50% undivided interest in the Goldboro
Gold Property on or before September 29, 2013 (the Initial Option),
Osisko Mining Corporation shall incur exploration and development
expenditures in the amount of at least $1,500,000 on or before
September 29, 2010; in the aggregate amount of at least $3,500,000
on or before September 29, 2011; and in the aggregate amount of at
least $8,000,000 over the following two years, that is, on or
before September 29, 2013. Osisko Mining Corporation may, at its
sole discretion, accelerate and apply exploration and development
expenditures to future years' expenditures and, accordingly, the
Initial Option may be exercised sooner. Osisko Mining Corporation
shall solely fund a prefeasibility study to earn an aggregate 60%
interest (that is, an additional 10% interest) in the Property on
or before September 29, 2015 (the Additional Option).
Osisko Mining Corporation and Orex Exploration are pleased to
report that Osisko Mining Corporation has spent more than the
$1,500,000 required in exploration and development expenditures in
the first year of the Initial Option.
About Orex Exploration Inc.
Orex Exploration Inc. is a Canadian-based junior resource and
exploration company trading under the symbol OX on the TSX Venture
Exchange and O5D on the Frankfurt Stock Exchange. The Company holds
a 100% interest in the Goldboro Gold Project in Nova Scotia.
The technical information contained in this news release has
been prepared by Bruce Mitchell, P.Geo, Technical Advisor to Orex
and a Qualified Person under National Instrument 43-101
regulations.
Neither the 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 news release. The statements made in this news
release that are not historical facts are "forward-looking
statements" and readers are cautioned that any such statements are
not guarantees of future performance, and that actual developments
or results, may vary materially from those in these
"forward-looking" statements.
Contacts: Orex Exploration Inc. Mark Billings President &
CEO 514-296-1641 mark@atwaterfin.com www.orexexploration.ca
Frontline Communications Leo Karabelas 905-553-7992
www.frontlineir.com
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