VANCOUVER, BC, March 2, 2021 /CNW/ - Orex Minerals
Inc. (TSXV: REX) (OTCQB: ORMNF) ("Orex") is pleased to
announce that it has entered into a joint venture agreement (the
"Joint Venture") with Pan American Silver Corp. (TSX: PAAS)
(NASDAQ: PAAS), through its subsidiary Plata Panamericana S.A. de
C.V. ("Pan American"), to further explore and develop the
Sandra-Escobar Project, in Durango State, Mexico (the "Project"). The intention
of the parties to form the Joint Venture was previously announced
by Orex on March 26, 2020.
The Project is a consolidation of two groups of claims, each
controlled by the two Joint Venture participants. Orex and Pan
American own a 40% and 60% interest, respectively, in Empresa
Minera Sandra-Escobar, S.A. de C.V. (the "Joint Venture
Company"), the new joint venture company formed to hold the
Project. Orex will be the initial operator of the Project.
Under the terms of the Joint Venture, Pan American and Orex are
obligated to make contributions to the Joint Venture Company in
proportion to their respective ownership interests, subject to the
terms and conditions of the joint venture agreement. Orex intends
to finalize an initial program and budget with Pan American and
commence work on the Project as soon as possible.
Orex's President and CEO, Ben
Whiting, said; "This is an excellent opportunity to
consolidate the majority of the mineral district. There are
multiple precious metal targets, as well as the existing Boleras
Silver Deposit. We at Orex look forward to working with Pan
American to advance the Sandra-Escobar Project."
Sandra-Escobar Silver-Gold Project, Durango, Mexico
Sandra-Escobar 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 Inc.'s La Pitarrilla. 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 JV's
property.
The Project consists of the Sandra Property of 6,335 hectares
and Escobar Property of 635 hectares of mineral concessions and
covers 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 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 Minerals Inc. is a mineral exploration company focused on
precious and base metals exploration in Mexico and Canada. Orex has several current projects: Two
projects are located in Durango State, Mexico, the Sandra-Escobar Silver-Gold Project
with Pan American Silver Corp. and the Coneto Silver-Gold Project
with Fresnillo PLC. The third project is the Jumping Josephine Gold
Project in British Columbia,
Canada. Orex is under the management provided by the
experienced Belcarra Group Management Ltd. (the "Belcarra
Group"). The Belcarra Group is comprised of highly qualified
mining professionals.
ON BEHALF OF THE BOARD OF DIRECTORS
B. H. Whiting. P.Geo.
President and CEO
FORWARD LOOKING STATEMENTS
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. 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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SOURCE Orex Minerals Inc.