Similar to the October 7th 2014 news release of the first batch, which were drilled 3 km northwest of the village of Coneto de Comonfort, this second batch consists of a dozen exploration diamond drill holes, widely spaced, on multiple targets approximately 1 to 4 km to the southeast of the village.
Notable intercepts include BCO-40 on the Promontorio vein, yielding 3.90 m (true thickness) grading gold 1.85 g/t and silver 70 g/t for a gold-equivalent of 3.02 g/t, or a silver-equivalent of 181 g/t. Five holes were drilled on the Impulsora vein over a 1.9 km strike length. Hole BCO-42 on this structure yielded 3.09 m grading gold 0.99 g/t and silver 70 g/t for a gold-equivalent of 2.14 g/t, or a silver-equivalent of 129 g/t. Five holes were drilled on the Descubridora vein over a 600 metres strike-length. Hole BCO-47 on this structure yielded 4.50 m grading gold 0.79 g/t and silver 56 g/t for a gold-equivalent of 1.72 g/t, or a silver-equivalent of 103 g/t.
Orex’s President, Gary Cope says, "As mentioned last month, the Santo Niño, La Bufa, Loma Verde and Impulsora veins all look very prospective for gold and silver. These drill results add the Promontorio and Descubridora veins to that list."
The Santo Niño, Bufa and Bufa-Alta are steeply dipping, sub parallel epithermal veins in the La Bufa Zone, 3 km northwest of the village of Coneto de Comonfort. Impulsora, Descubridora, Intermedia, Nogales, Palma, Santa Teresa and Sauce are similar type steep veins extending for over 6 km southeast of the village. Promontorio is a quartz-hematite stockwork and veining structure 4 kilometres to the southeast of the village. BxA are andesite breccia zones with veinlets in unnamed structures.
Silver-equivalent for the purposes of this news release is defined as silver grade plus 60 times gold grade. Gold-equivalent is defined as gold grade, plus silver divided by 60. The 60:1 ratio is based on the mid-term spot price projections of silver $20/ounce and gold $1200/ounce. Metallurgical recoveries and net smelter returns are assumed to be 100% for the equivalent values. Base metal values are not included in the equivalent values.
Coneto Mining District – Durango, Mexico
The historic Coneto Mining District is situated in the heart of the "Mexican Silver Trend", on the Mesa Central, stretching from Guanajuato in the southeast, through to the states of Zacatecas and Durango. 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.
Orex and Fresnillo hold extensive contiguous mineral concessions in the Coneto Mining District, which collectively total approx. 17,600 hectares and cover multiple mineralized epithermal quartz veins. In the first two phases, Orex and Fresnillo drilled 51 holes totaling 17,000 metres. The Phase-III drilling program is planned for 10,800 metres.
