Oremex Resources Inc. (TSX VENTURE:ORM - News;
OTCQX:ORXRF)(FRANKFURT:OSI
- News) is pleased to
announce that recent exploration work at its wholly owned El Sol silver
project has expanded the potential for silver mineralization. El Sol is
located approximately 1km northwest of the Cerro Las Minitas
mine, close to the town of Guadalupe Victoria, in Durango State, Mexico. The
El Sol project is immediately north of Southern Silver's Cerro Las Minitas project, which is focused on substantial silver
plus base metal mineralization in skarns and
carbonate replacement deposits (CRD).
A strong magnetic anomaly has been
identified near the western edge of the El Sol concession, clearly indicating
the potential for a buried intrusive, based on a published Mexican government
geophysical survey. The adjacent Cerro Las Minitas
project is also associated with a strong magnetic signature known to be
related to a mineralizing intrusive body. A large area of skarn
mineralization in limestone underlies the western half of the El Sol
concession and is believed to be spatially related to the hypothesized buried
mineralizing intrusive. The bulk of the rest of the El Sol concession is
underlain by limestone. Fracture controlled silver plus base metal
mineralization has been noted both in the skarn and
limestone on the El Sol concession. The geological conditions imply potential
for skarn and CRD mineralization at El Sol. Silver
plus base metal mineralization in the area is associated with high sulfide
concentrations and should be readily detected by IP-type geophysical survey
methods. The upcoming program will follow-up on earlier surface grab sampling
that yielded mineralization of 140 g/t Ag, 5.4% Pb+Zn
and 0.22 g/t Au (please see press release dated October 14th, 2010). More
detailed geological mapping combined with a geophysical survey is planned to
identify drill targets.
"The El Sol projects represents an
excellent opportunity for Oremex to continue its
focus of building a portfolio of prospective silver projects with the
potential for complementing the company's existing 50,000,000 ounce
(22,600,000 Tonnes @ 69.8 g/t Ag) Resource at Tejamen" stated Michael Smith, President and CEO of Oremex. "To follow up the mineralization identified
at El Sol, an IP geophysical program is planned to identify drill targets. We
expect to see increased activities in all areas of exploration within the
company during 2011".
About Oremex:
Oremex is a Canadian-based exploration company
with a focus on the acquisition and development of mineral properties in
Mexico. The Company's Tejamen project has an
inferred mineral resource of 50.8 million ounces of silver in a total of 22.6
million tonnes grading a silver-equivalent of 69.8
grams per tonne (Wardrop
Engineering Report NI 43-101 compliant April 2006). Snowden Mining Industry
Consultants completed a Preliminary Assessment Study (NI 43-101 compliant
October 2006) demonstrating that the project can support a 10,000 tonne per day open pit, heap leach mining operation.
National Instrument 43-101 requires the
following statement: that the preliminary assessment is preliminary in
nature, that it includes inferred mineral resources that are considered too
speculative geologically to have the economic considerations applied to them
that would enable them to be categorized as mineral reserves, and there is no
certainty that the preliminary assessment will be realized.
Forward-Looking Statements: The above
contains forward-looking statements that are subject to a number of known and
unknown risks, uncertainties and other factors that may cause actual results
to differ materially from those anticipated in our forward-looking
statements. Factors that could cause such differences include: changes in
world commodity markets, equity markets, costs and supply of materials
relevant to the mining industry, change in government and changes to
regulations affecting the mining industry. Forward-looking statements in this
release include statements regarding future exploration programs, operation
plans, geological interpretations, mineral tenure issues and mineral recovery
processes. Although we believe the expectations reflected in our
forward-looking statements are reasonable, results may vary, and we cannot
guarantee future results, levels of activity, performance or achievements.
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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