VANCOUVER, BC, Oct. 19, 2020 /CNW/ - Orex Minerals Inc. –
(TSX-V: REX) (OTCQB: ORMNF) ("Orex") is pleased to announce
preparations for first phase exploration work on the newly
restructured Sandra Project, a silver-gold exploration project
located in Durango State, Mexico
(the "Project"). The project is to be operated as a
Joint Venture formed between Orex, through its' subsidiary OVI
Exploration S.A. de C.V., and a subsidiary of Pan American Silver
Corp. ("Pan American"). The terms of the Joint Venture
arrangement, expected to be signed this month, are based upon a
Letter Agreement signed on March
26th, 2020.
The newly restructured Sandra Project will represent
consolidation of two groups of adjacent mineral claims situated
over a prospective region of west-central Durango State,
Mexico. The first group of claims
total 6,123 hectares formerly under option by Orex. This
group contains several mineralized showings and hosts the Boleras
silver deposit, an inferred-category silver mineral resource
estimated and reported in accordance with National instrument
43-101 during 2016, (see Orex news release December 5th, 2016). The second group
of claims, held by Pan American, totals 635 hectares and is
situated largely internal to the first group. The Pan
American claim package is centered upon a conspicuous rusty-red
hill known to host gold, silver and copper occurrences in several
showings.
Exploration activities and administration will be completed
under the authority of a newly registered, local company,
incorporated for the purpose of this Joint Venture. Ownership and
funding of the joint venture company will be set at 60% Pan
American Silver, and 40% Orex Minerals. Orex will act as
operator for the exploration work, with regular oversight by
committee comprising representatives of both parties.
In anticipation of signing of the formal joint venture agreement
between the JV partners, renewed contact with local stakeholders
and an on-site review of the proposed surface program is expected
to commence this month. The initial program is designed to
expand upon surface work completed by Orex between 2015 and early
2017. Completion of mapping and surface geochemistry across
the consolidated project area are considered important steps in the
process of identification and prioritization of targets for drill
testing.
During the period between signing the Letter Agreement and the
date of this release, Orex has maintained regular communication
with local stakeholders, and has honoured in-place land access and
rental agreements. Compilation of existing data has begun,
with a small crew comprising two local geologists is expected to
arrive on site within the next two weeks.
Orex's President, Gary Cope said
"The two claim packages comprising the Sandra project would be
best explored as a single property. We are extremely happy to
be working with the Pan American Silver team and are very pleased
with the faith they have shown in our group by entrusting us with
day-to-day operation of the exploration effort".
Sandra Silver-Gold Project, Durango, Mexico
Sandra is situated north of the town of Tepehuanes, Durango, in the heart of the
"Mexican Silver Trend", midway between the mining districts of
Tovar and Guanacevi and is 75 km
west of SSR Mining's La Pitarrilla deposit.
This prolific trend hosts some of the world's largest silver camps and deposits,
including Fresnillo, Guanajuato, La Pitarrilla, La Preciosa, Real
de Angeles and Zacatecas.
Mineralization hosted on adjacent and/or nearby
properties is not necessarily indicative of mineralization hosted
on the Sandra Property.
The Project covers 6,760 hectares of contiguous mineral
concessions and includes multiple
mineralized epithermal quartz veins, disseminated
horizons and breccia structures. These mineralized features form a
high-level silver-gold-base metals system, hosted in andesitic and
rhyolitic rocks, centered on a large rhyolite dome complex in the
north and silver-bearing systems in smaller rhyolite dome complexes
to the southeast. Intense alteration zones and fluid flooding in
permeable formations indicates the presence of bulk tonnage
targets. Excellent infrastructure exists in the Sandra area,
including paved road access, electrical power, water and manpower
from nearby communities.
Ben Whiting, P.Geo., and Dale
Brittliffe, P.Geo., are Qualified Persons as defined in NI 43-101
and take responsibility for the technical disclosure contained
within this news release.
ABOUT OREX MINERALS INC.
Orex is a Canadian-based junior exploration company comprised of
highly qualified mining professionals. Orex has several current
projects: the Coneto Gold-Silver Project in Durango, Mexico, a joint venture with
Fresnillo PLC, the Jumping Josephine Gold-Silver Project in
British Columbia, Canada, and the
joint venture with Pan American on the Sandra Silver-Gold Project
described above.
ON BEHALF OF THE BOARD OF DIRECTORS
Gary Cope
President
This News Release may contain forward-looking statements
including, but not limited to, statements with respect to the
initial program and budget for the Project and the formation of a
joint venture company to hold the Project properties.
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.
For additional information on risks and uncertainties, see
the Company's most recently filed annual management discussion and
analysis ("MD&A"), which is available on SEDAR at www.sedar.com
and on the Company's website at www.orexminerals.com. The risk
factors identified in the MD&A are not intended to represent a
complete list of factors that could affect the Company.
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.
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content:http://www.prnewswire.com/news-releases/orex-set-to-begin-exploration-on-sandra-silver-gold-project-301154735.html
SOURCE Orex Minerals Inc.