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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| TSXV:OX | TSX Venture | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0 | - |
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OREX EXPLORATION INC. (TSX VENTURE:OX) (FRANKFURT:O5D)
-- At a 2.0 g/t gold grade cut-off, the new estimate reflects:
-- 465,000 ounces of gold in Measured and Indicated resource categories
-- 421,100 ounces of gold in Inferred resource category
-- Project advances toward Preliminary Economic Assessment
OREX EXPLORATION INC. (the "Company") is pleased to announce a new mineral
resource estimate for its 100% owned Goldboro Project in Nova Scotia. The new
mineral resource estimate was prepared by Mercator Geological Services Limited
("Mercator") of Dartmouth, Nova Scotia in accordance with Canadian Securities
Administrators National Instrument 43- 101 ("NI 43-101") and is based on
Canadian Institute of Mining, Metallurgy & Petroleum ("CIM") standards. It has
an effective date of February 11, 2013.
Highlights of the 2013 Mineral Resource Estimate
At the 2.0 g/t gold grade resource cut-off, the new estimate reflects:
-- Measured resources totaling 171,000 tonnes grading 5.39 g/t gold (29,600
contained gold ounces);
-- Indicated resources totaling 2,418,000 tonnes grading 5.60 g/t gold
(435,300 contained gold ounces);
-- Inferred resources totaling 2,543,000 tonnes grading 5.15 g/t gold
(421,100 contained gold ounces);
-- Combined, the Measured and Indicated categories total 2,589,000 tonnes
grading 5.59 g/t gold (465,000 contained gold ounces); and
-- A 32% increase in combined Measured and Indicated categories gold ounces
and a 20% increase in Inferred category gold ounces relative to the
previous NI 43-101-compliant estimate disclosed in 2009.
Mark Billings, President and CEO of Orex, commented, "Orex is very pleased with
the new mineral resource estimate, which was focused on definition of higher
grade gold domains within the Goldboro deposit. With the addition of assay
results for the 69 drill holes completed since the last resource estimate in
2009, the mineral resource base has increased at each of the stated cut-off
levels."
Goldboro Gold Project Mineral Resource Statement - Effective February 11, 2013
----------------------------------------------------------------------------
Gold Cut-off Resource
g/t Category Boston Richardson Zone West Goldbrook Zone
----------------------------------------------------------------------------
Tonnes(i) Au g/t Tonnes(i) Au g/t
----------------------------------------------------------------------------
Measured 227,000 4.43
---------------------------------------------------------------
1.50 Indicated 2,067,000 4.37 708,000 4.14
---------------------------------------------------------------
Subtotal 2,294,000 4.38 708,000 4.14
---------------------------------------------------------------
Inferred 1,461,000 3.9 519,000 3.50
----------------------------------------------------------------------------
Measured 171,000 5.39
---------------------------------------------------------------
2.00 Indicated 1,472,000 5.44 473,000 5.34
---------------------------------------------------------------
Subtotal 1,643,000 5.43 473,000 5.34
---------------------------------------------------------------
Inferred 953,000 5.04 345,000 4.40
----------------------------------------------------------------------------
Measured 149,000 5.83
---------------------------------------------------------------
2.50 Indicated 1,087,000 6.57 363,000 6.29
---------------------------------------------------------------
Subtotal 1,236,000 6.48 363,000 6.29
---------------------------------------------------------------
Inferred 696,000 6.09 255,000 5.17
----------------------------------------------------------------------------
Measured 149,000 5.83
---------------------------------------------------------------
3.00 Indicated 846,000 7.67 295,000 7.11
---------------------------------------------------------------
Subtotal 995,000 7.39 295,000 7.11
---------------------------------------------------------------
Inferred 558,000 6.91 196,000 5.91
----------------------------------------------------------------------------
Measured 64,000 9.24
---------------------------------------------------------------
3.50 Indicated 696,000 8.62 236,000 8.08
---------------------------------------------------------------
Subtotal 760,000 8.67 236,000 8.08
---------------------------------------------------------------
Inferred 425,000 8.06 155,000 6.62
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Gold Cut-off Resource
g/t Category East Goldbrook Zone Total Goldboro Deposit
----------------------------------------------------------------------------
Tonnes(i) Au g/t Tonnes(i) Au g/t Ounces(i)
----------------------------------------------------------------------------
Measured 227,000 4.43 32,300
---------------------------------------------------------------
1.50 Indicated 642,000 5.15 3,417,000 4.47 491,100
---------------------------------------------------------------
Subtotal 642,000 5.15 3,644,000 4.47 523,400
---------------------------------------------------------------
Inferred 1,649,000 4.54 3,629,000 4.13 481,900
----------------------------------------------------------------------------
Measured 171,000 5.39 29,600
---------------------------------------------------------------
2.00 Indicated 473,000 6.37 2,418,000 5.60 435,300
---------------------------------------------------------------
Subtotal 473,000 6.37 2,589,000 5.59 465,000
---------------------------------------------------------------
Inferred 1,245,000 5.45 2,543,000 5.15 421,100
----------------------------------------------------------------------------
Measured 149,000 5.83 27,900
---------------------------------------------------------------
2.50 Indicated 366,000 7.58 1,816,000 6.72 392,400
---------------------------------------------------------------
Subtotal 366,000 7.58 1,965,000 6.65 420,300
---------------------------------------------------------------
Inferred 963,000 6.39 1,914,000 6.12 376,600
----------------------------------------------------------------------------
Measured 149,000 5.83 27,900
---------------------------------------------------------------
3.00 Indicated 295,000 8.73 1,436,000 7.77 358,700
---------------------------------------------------------------
Subtotal 295,000 8.73 1,585,000 7.59 386,700
---------------------------------------------------------------
Inferred 783,000 7.23 1,537,000 6.95 343,400
----------------------------------------------------------------------------
Measured 64,000 9.24 19,000
---------------------------------------------------------------
3.50 Indicated 234,000 10.19 1,166,000 8.83 331,000
---------------------------------------------------------------
Subtotal 234,000 10.19 1,230,000 8.85 350,000
---------------------------------------------------------------
Inferred 648,000 8.06 1,228,000 7.88 311,100
----------------------------------------------------------------------------
1. Tonnages have been rounded to the nearest 1,000 tonnes; average grades
and contained ounces may not sum due to rounding.
2. The resource statement gold cut-off grade is 2.0 g/t and is highlighted
in the tabulation above.
3. The 2.0 g/t gold resource statement cutoff grade reflects a reasonable
expectation of economic development by underground mining methods based
on a three year trailing average gold price of US $1492.
4. Contributing 1.0 metre assay composite populations were capped at gold
grades of 80g/t or 120g/t and separately interpolated.
5. A specific gravity factor of 2.7g/cm3was applied to all blocks.
6. Mineral resources that are not mineral reserves do not have demonstrated
economic viability. The estimate of mineral resources may be materially
affected by environmental permitting, legal, title, taxation,
sociopolitical, marketing, or other relevant issues.
Details of Mineral Resource Estimate
Gold mineralization at Goldboro occurs in a tightly folded sequence of
Cambro-Ordovician greywacke and slate of the Goldenville Formation. Quartz vein
systems associated with the hinge zone of the moderately east-plunging Upper
Seal Harbour Anticline are the most important hosts for gold in this district,
but gold values are also present in slate units adjacent to vein contacts.
Mineral resources reported above occur in three spatially contiguous zones along
the Upper Seal Harbour anticline. These comprise the total "Goldboro Deposit"
and consist of the Boston Richardson Zone, the East Goldbrook Zone and the West
Goldbrook Zone. Each zone is characterized by stacked, gold-bearing
quartz-veined stratigraphic intervals that can be correlated both along strike
and down dip.
The Mercator mineral resource estimate is tabulated above and defined at a gold
cutoff grade of 2.0 g/t. This cutoff provides definition of mineral resources
considered to have a reasonable expectation of economic development using
underground mining methods. Sensitivity to gold cut-off grade is presented above
through comparative tabulations at cut-off values of 1.5 g/t, 2.5 g/t, 3.0 g/t
and 3.5 g/t. Distribution of resources between the three zones of the deposit is
also shown above in the resource statement.
Mark Billings added, "Orex is also very satisfied with the geological model put
together by Mercator, which was mandated by the Company and created
independently from previous geological models. This model will form the
foundation of future assessments and planning at Goldboro."
"In the opinion of the management of Orex, the resource figures presented above
reflect quality gold ounces that have potential for economic development. The
Company will take the necessary and prudent steps to advance Goldboro through
further detailed assessments required to determine viability of commercial
production. One of these next steps will be a bulk sample at Goldboro, which
will help the Company assess resource model grades. Potential targets for a bulk
sample are currently being discussed with Mercator. In addition, the Company
will consider undertaking a Preliminary Economic Assessment ("PEA") for the
Goldboro Project, with the current resource estimate forming the foundation of
such an analysis. Orex is also identifying other steps that can be taken to
facilitate assessment of the project's future production potential."
In addition to further drilling to extend and upgrade existing mineral
resources, Mercator has recommended that bulk sampling target studies be
completed in the near term so that associated environmental, engineering and
permitting activities can be initiated as soon as possible. Mercator has also
recommended further assessment of near surface open pit potential using pit
optimization methodology and completion of a PEA.
The following table outlines the increase in gold ounces over the previous NI
43-101-compliant mineral resource estimate that was disclosed by the Company in
its news release dated August 4, 2009:
2013 Mineral Resource 2009 Mineral Resource
1.5 g/t cut-off Estimate Estimate
----------------------------------------------------------------------------
Category Tonnes Au g/t Au oz Tonnes Au g/t Au oz
----------------------------------------------------------------------------
Measured 227,000 4.43 32,300 270,000 4.99 43,300
----------------------------------------------------------------------------
Indicated 3,417,000 4.47 491,100 2,441,000 4.51 353,900
----------------------------------------------------------------------------
Subtotal 3,644,000 4.47 523,400 2,711,000 4.56 397,200
----------------------------------------------------------------------------
Inferred 3,629,000 4.13 481,900 3,438,000 3.67 405,926
----------------------------------------------------------------------------
At a 1.5 g/t gold grade resource cut-off, this reflects a 32% increase in
combined Measured and Indicated categories gold ounces and a 19% increase in
Inferred category gold ounces relative to the previous estimate disclosed in
2009. This largely reflects the influence of 69 surface diamond drill holes
completed subsequent to the 2009 estimate.
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. The Company
holds a 100% interest in the Goldboro Gold Project in Nova Scotia.
Mineral Resource Estimate Methodology
The mineral resource estimate by Mercator is based on validated results of 272
surface drill holes, including 69 completed since the previous resource estimate
(please refer to Orex's news release of August 4, 2009), and 119 underground
drill holes, for a total of 66,743 metres of diamond drilling.
The drilling-defined deposit was divided into three spatial domains for modeling
purposes, these being the Boston Richardson Zone, the West Goldbrook Zone and
the East Goldbrook Zone. Modeling was performed using Gemcom Surpac(R) 6.3.1
modeling software with gold grades estimated for Inferred and Indicated category
resources using inverse distance squared (ID2) interpolation methodology and
capped, 1.0 metre down hole assay composites. Ellipsoid ranges were developed
through assessment of assay composite variography and a series of ellipsoid
orientations were applied to accommodate opposing limbs of the anticline. Block
grades for all resources were based on capped, contributing 1 metre down-hole
assay composites constrained to a minimum of 1 and a maximum of 9, with no more
than 3 composites allowed from a single drill hole. Block size was 5m (x) by 5m
(y) by 5m (z) with two units of standard sub-blocking allowed. Assay composites
capped at 120g/t were interpolated in a restricted first pass (55m major axis
range) and composites capped at 80g/t were interpolated in the second pass (110m
major axis range). A specific gravity of 2.70 g/cm3 was applied to all resource
blocks. Grade within a "Metallurgical Bulk Composite" solid was interpolated
using Nearest Neighbour methodology and capped metallurgical testing results
from 23 HQ-size surface drill holes completed in 2005.
Measured resources are defined as all interpolated blocks within the
Metallurgical Bulk Composite solid. Indicated resources are defined as all other
interpolated blocks with at least 7 contributing assay composites having a
maximum average distance of 50 metres from the block centroid. Inferred
resources are defined as all remaining interpolated blocks that occur within the
various wire framed belt model solids. All blocks intersecting underground
development and stoping solid models were removed from the estimate.
Technical information pertaining to the mineral resource estimate contained in
this news release was prepared by Michael Cullen, P.Geo., of Mercator Geological
Services Limited, who is an independent Qualified Person as defined under
National Instrument 43-101.
The statements made in this news release that are not historical facts are
`forward-looking statements, and readers are cautioned that any such statements
are not guarantees of future performance and that actual developments or results
may vary materially from those in these "forward- looking" statements.
FOR FURTHER INFORMATION PLEASE CONTACT:
Orex Exploration Inc.
Mark Billings
President and CEO
(514) 296-1641
mark@marengomgt.com
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