The Estimate contains an Inferred Resource of
286,000 Oz Gold and 19,111,000 Oz Silver for a Gold-Equivalent
of 538,000 Ounces
VANCOUVER, BC, Oct. 27, 2021 /CNW/ - Orex Minerals
Inc. (TSXV: REX) (OTCQB: ORMNF)
("Orex") is pleased to announce that the joint venture
company, Exploraciones y Desarrollos Mineros Coneto, SAPI de CV,
55% Fresnillo plc (LON: FRES) –
45% Orex, has received results of the first independent mineral
resource estimate for the Coneto Gold-Silver Project in
Durango, Mexico.
The mineral resource estimate was prepared by Fresnillo and audited by SRK Consulting
(Canada) Inc. to conform with
generally accepted CIM Estimation of Mineral Resources and Mineral
Reserves Best Practices Guidelines (November
2019) and are reported in accordance with the Canadian
Securities Administrators' National Instrument 43-101 and Form
43-101F1.
The mineral resource estimate is based on a database of 106
diamond drill holes, totaling 38,515 metres, drilled between 2010
and 2017, considering gold and silver recovery results from the
2021 metallurgical testing program (news release: 8 August 2021). Six separate zones on the
Property were included in the mineral resource estimate.
Mineral Resource
Statement*, Coneto Gold-Silver Project, Durango,
Mexico
SRK Consulting
(Canada) Inc., August 30, 2021
|
Category
|
Quantity
|
Grade
|
Contained
Metal
|
|
Tonnes
(000s)
|
Gold
(g/t)
|
Silver
(g/t)
|
Au-Eq
(g/t)
|
Gold
Oz
(000s)
|
Silver
Oz
(000s)
|
Au-Eq
Oz
(000s)
|
Inferred Mineral
Resources
|
La Bufa
|
264
|
2.44
|
85
|
3.34
|
21
|
717
|
28
|
Santo Niño
|
901
|
1.10
|
163
|
3.17
|
32
|
4,718
|
92
|
Loma Verde
|
1,920
|
1.32
|
165
|
3.58
|
81
|
10,148
|
220
|
Descubridora
|
280
|
0.91
|
141
|
2.69
|
8
|
1,266
|
24
|
Promontorio
|
690
|
2.31
|
50
|
3.13
|
51
|
1,108
|
69
|
Impulsora
|
1,270
|
2.28
|
28
|
2.57
|
93
|
1,154
|
105
|
Total
Inferred
|
5,325
|
1.67
|
112
|
3.15
|
286
|
19,111
|
538
|
* Mineral resources
are not mineral reserves and have not demonstrated economic
viability. All figures are rounded to reflect the relative accuracy
of the estimate. Composites have been capped where appropriate.
Mineral Resources are reported at a cut-off mineral value of
US$74.30 per tonne. In-situ mineral values and gold equivalent
grades are based on prices of US$1,500 per troy ounce of gold and
US$21.50 per troy ounce of silver and metal recoveries specific to
each vein ranging from 66% to 98% for gold and 69% to 90% for
silver.
|
Orex's President & CEO, Ben
Whiting, said; "It is always an exciting milestone in the
advancement of a project to announce the maiden mineral resource
estimate. We are very pleased that this first estimate of the
Coneto Project exceeds half a million ounces of
gold-equivalent."
A detailed Technical Report will be filed with SEDAR and posted
on the Orex website for public access within 45 days of this news
release.
Reporting Details:
- The Independent and Qualified Persons for the Mineral Resource
Estimate, as defined by NI 43-101, are David Machuca, PhD, PEng., Steven Mancell, MSc, PGeo., and Alfonso Soto, CPG, on behalf of SRK Consulting
(Canada) Inc.
- The Effective Date of the Mineral Resource Estimate is
August 30, 2021.
- A site visit was performed by Alfonso
Soto, CPG, on July 13-14,
2021.
- The results are presented undiluted and are considered to have
reasonable prospects of eventual economic extraction by underground
mining methods.
- The estimate encompasses six discrete gold and silver bearing
zones, each defined by individual wireframes, and are named from
north to south La Bufa, Santo
Niño, Loma Verde, Descubridora,
Promontorio and Impulsora. The geological solids interpretation
utilized Leapfrog Geo® Version 6.0.5.
- High-grade capping, supported by statistical analysis, was
carried out on assay data composited to 1.5 metre lengths for each
separate zone. High-grade capping was performed on 2.5% of the gold
composites and 2.9% of the silver composites.
- Grade interpolation was performed by Inverse Distance Squared
(ID2) on three passes from drill hole intersections
falling within the mineralized zones in four separate block models
oriented to parallel the major structural trends of the zones.
Block dimensions were developed for parent cells of 24 m by 6 m by
12 m, with sub-cells of 1 m by 1 m by
1 m minimum size. Relative volume
differences of less than 2% were obtained between the
mineralization wireframes and the sub-cell models contained within
them. Leapfrog Edge® Version 4.0 was used to prepare assay
data for grades estimation, construction of the block models,
estimation of metal grades and tabulation of the mineral
resource.
- Density values are based on the testing of 19,047 specific
gravity measurements, 434 of which are located within the
mineralized zones, and were also assigned to the block models by
ID2.
- The Mineral Resource Estimate is categorized as "Inferred".
Drillhole spacing averages approximately 150 metres. A maximum of
12 neighbouring composites were used for the estimation of each
block, with no more than 2 composites belonging to the same
drillhole.
- Rather than using a cut-off grade, a cut-off mineral value of
US$74.30 per tonne was applied, which
is based on the mining and processing costs of similar deposits
mined by underground methods in Mexico. The cut-off mineral value for the
mineral resources estimates is based on a gold price of
US$1,500 per troy ounce, a silver
price of US$21.50 per troy ounce and
per-vein gold and silver recoveries according to the most recent
metallurgical test results ranging from 66% to 98% for gold and 69%
to 90% for silver.
- Metallurgical recoveries applied by zone were as follows: La
Bufa Au 98.5% Ag 72.9%; Santo Niño Au 95.0% Ag 83.9%; Loma Verde Au 94.3% Ag 90.0%; Descubridora Au
86.2% Ag 75.9%; Promontorio Au 66.1% Ag 75.9%; and Impulsora Au
95.8% Ag 69.0%.
- The numbers for metric tonnes were rounded to the nearest
thousand, following the recommendations in NI 43-101 and any
discrepancies in the totals are due to rounding effects. The metal
contents are presented in troy ounces (tonnes x grade /
31.10348).
- SRK Consulting (Canada) Inc.
is not aware of any known environmental, permitting, legal,
title-related, taxation, socio-political, or marketing issues, or
any other relevant issue not reported in the Technical Report, that
could materially affect the Mineral Resource Estimate.
Coneto Silver-Gold Project, Durango, Mexico
Coneto is situated around the town of Coneto de Comonfort, Durango, in the heart of
the "Mexican Silver Trend". It is approximately 100 km north of the
City of Durango and 25 km west of Argonaut's El Castillo Gold Mine.
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. (Note: Mineralization hosted on
adjacent and/or nearby properties may not necessarily be indicative
of mineralization hosted on the JV's property.)
The Project consists of approximately 4,997 hectares (11,860
acres) of contiguous mineral concessions and covers over 40
discrete mineralized low to intermediate-sulphidation epithermal
quartz veins. Excellent infrastructure exists in the Coneto 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 in
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 Silver-Gold Project with
Pan American Silver Corp. and the Coneto Gold-Silver Project with
Fresnillo PLC. The third project is the Jumping Josephine Gold
Project in British Columbia,
Canada. Orex is managed by the experienced Belcarra Group
Management Ltd. (the "Belcarra Group"), comprised of highly
qualified mining professionals.
ON BEHALF OF THE BOARD OF DIRECTORS
Ben 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
planned 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.