Orex Exploration Inc.: 2010 Drilling Campaign Starts at Goldboro Gold Project, Nova Scotia
27 Janeiro 2010 - 3:49PM
Marketwired
OREX EXPLORATION INC. (TSX VENTURE: OX)(FRANKFURT: O5D) is pleased
to announce the start of the 2010 exploration campaign at the
Company's wholly-owned Goldboro Gold Property, where Osisko Mining
Corporation has begun the winter 2010 diamond drilling program.
Osisko has advised Orex of the start of the 2010 drilling with
the first of a three-part campaign. The 6,375 m / 25 holes Phase 2F
drilling began last week with two drills, and this campaign is set
to replace incomplete and/or non-compliant historic drill results
with compliant data primarily in the Ramp Area and extending
westward towards West Goldbrook. The historic drill results include
drill holes that were not sampled in their entirety and others
sampled on long intervals. While assay results are accurate for the
sampling of longer intervals, the sampling may not have been
representative.
Two other campaigns are planned to follow totalling 8,750 m in
49 holes. The Phase 2D and 2E drilling will continue westward along
the remaining 1.7 km segment of the Boston Richardson Deformation
Zone from the Ramp through West Goldbrook to Dolliver Mountain.
Osisko is budgeting $2.8 million for the Phases 2D, 2E and 2F
drilling and a regional compilation and Goldboro reconnaissance
program.
Mark Billings, President and CEO of Orex, commented, "I am
pleased that Osisko has begun the final stages of our Phase 2
drilling campaign. Once all Phases are completed, we will have
43-101-compliant data for the entire 2.5 km strike length of our
Goldboro Property. The Phase 2F results will provide useful
validation data and an enhanced interpretation of the gold
mineralization at Goldboro. We at Orex look forward to working with
our partner Osisko in advancing the development of this
Property."
The Goldboro Gold Property
The current Mineral Resource Estimates ("MRE") for Goldboro at a
cut-off gold grade of 1.5 g/t are 2.711 million tonnes grading 4.56
g/t gold, totalling 397,200 gold ounces in the Measured+Indicated
Resources categories, with an additional 3.438 million tonnes
grading 3.67 g/t gold totalling 405,926 gold ounces in the Inferred
Resource category. Assuming a lower 0.5 g/t cut-off, the
Measured+Indicated Resources are 7.933 million tonnes grading 2.13
g/t gold totalling 542,000 gold ounces, with additional Inferred
Resources of 10.389 million tonnes grading 1.78 g/t gold totalling
594,121 gold ounces (refer to Orex's news release dated August 4,
2009, and the NI 43-101 Technical Report posted on SEDAR at
www.sedar.com).
The MRE were modeled by extending the interpreted gold zones
825m along strike to the east and 500m to the west from the
Company's 2006 NI 43-101 mineral resources calculated to a -520m
vertical depth from surface over the same 1.5km strike length of
the Boston-Richardson Deformation Zone. It was estimated that 97%
of the MRE are located within the upper 350m from surface. The MRE
are significantly higher and of better quality in terms of grade
over the 2006 estimates and the same 0.5 g/t gold cut-off grade and
1.5km distance. At a 0.5 g/t gold cut-off, the total Measured and
Indicated resources grade 2.13 g/t gold, an 88% increase from 2006
grade estimates, with an additional Inferred resource grading 1.78
g/t gold, a 182% increase from 2006 grade estimates.
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 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 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 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).
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. You
are invited to browse the Company website at
www.orexexploration.ca.
The technical information contained in this news release has
been prepared by Mr. Alex Horvath, B.A.Sc., P. Eng., of A. S.
Horvath Engineering Inc. (Ottawa, Ontario), Technical Advisor to
Orex and 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 release.
Contacts: Orex Exploration Inc. Mark Billings President &
CEO 514-296-1641 mark@atwaterfin.com Paradox Public Relations
1-866-460-0408 infoparadox@qc.aira.com Frontline Communications Leo
Karabelas 905-553-7992 www.frontlineir.com
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