Orex Completes Airborne Geophysical Survey and Prepares for a TITAN 24 Deep Penetration Geophysical Survey at Los Crestones
May 5, 2014 (Source: Marketwired) — Orex Minerals Inc. (TSX VENTURE:REX) (“Orex”) is pleased to announce completion of an airborne geophysical survey at its Los Crestones precious metal project, Sinaloa, Mexico. The 4,168 hectare helicopter-borne radiometric and magnetic survey was flown at 50m line spacing by MPX Geoservices Ltd. Data are being processed and results are expected in the coming weeks. In addition, Orex has signed a contract with Quantec Geoscience Ltd (“Quantec”) to undertake an 18 line-kilometre TITAN 24 DCIP (Direct Current resistivity and Induced Polarization chargeability) ground geophysical survey.
The proposed survey comprises 5 lines, each 3.6km long and 400m apart and will be the first ground geophysical survey to be conducted at Los Crestones. During the work Quantec will also collect MT (Magnetotelluric resistivity) data on the central grid line. Scheduled to commence mid-May, the survey is centred over mineralized structures previously tested by shallow diamond drilling in 2011. Orex expects the results to augment existing geophysical, geochemical and geological datasets and intends to use the results to identify additional areas for drill testing later in 2014. Surveying and clearing of grid lines is currently underway.
According to Orex’s President, Gary Cope, “The known mineralized structures may be only a portion of the bigger picture at Los Crestones. Utilization of airborne and deep penetrating surface geophysics at this stage of exploration will allow our geological team to refine drill targets for testing in the latter half of 2014.”
The property was drilled previously by Astral Mining Corporation (“Astral”) now merged with Orex (news release February 12th, 2013). In late 2011 Astral completed 2,618m of HQ and NQ diameter core drilling in 18 holes. Drilling tested three mineralized structures which outcrop at surface. Significant intercepts were identified in many of the holes and may be viewed at www.orexminerals.com/s/Drilling-LosCrestones.asp. Reported results included a best intercept of 5m averaging 39.1 g/t Au, 93.3 g/t Ag and 2.13% Cu from 55m depth in HQ drillhole 11LD011. True width of this interval from the Bohemia structure is approximately 3.53m.
Diamond drill core is stored on site and has been reviewed by Orex staff. Previously unanalyzed portions of the core were run by Orex during 2013 with positive results (see news release January 15th 2014).
LOS CRESTONES GOLD-SILVER-COPPER PROJECT SINALOA, MEXICO
The Los Crestones project totals 4,168 hectares and is prospective for economic gold, silver and copper mineralization. Mineralization includes north-south oriented structural zones hosting quartz veins, quartz stockworks and breccia fill possibly related to a deeper porphyry and/or diatreme system. Three main structural zones were targeted in the first phases of work. Corona, Bohemia and Indio are elongate structures recognized on surface as erosion-resistant silicified ribs or “crestons”. The airborne and ground geophysical programs commissioned by Orex are designed to complement ongoing geological mapping and geochemical sampling. Orex intends to develop drill targets over the summer; diamond drilling is scheduled for late 2014.
Dale Brittliffe, 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 Minerals Inc. (TSX VENTURE: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-Copper Project in Sinaloa, Mexico and the Jumping Josephine Gold-Silver Project in British Columbia, plus the Coneto Gold-Silver Project in Durango, Mexico, which is currently under option to Fresnillo PLC.
ON BEHALF OF THE BOARD OF DIRECTORS
Gary Cope, President
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.