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OREX
EXPLORATION INC. (TSX VENTURE:OX - News; FRANKFURT:O5D - News) would like to provide
shareholders with some results from a field exploration program that was
recently conducted on the Company's wholly-owned western portions of the
Stillwater and Goldenville trends located
approximately 10 to 20 km west of the Goldboro Gold
Property. The Stillwater and Goldenville Anticlines
both contain Goldboro-type gold targets, as
identified in the regional compilation-synthesis as previously reported (see
the June 10, 2010 news release).
This
grass-roots exploration program consisted of mapping, prospecting and
sampling (outcrop, float and soil). Highlights to date include a quartz vein
outcrop sample, which assayed 12.665 g/t gold from the northern limb of the
historic east-west trending Goldenville Anticline.
More recently, 600 metres southeast of the
anomalous sample, a four-metre wide quartz vein was
noted in an old, previously unreported pit. This location approximates the
assumed location of the anticlinal axis.
Approximately five kilometres to the north, along
the Stillwater east-west trend, a quartz float sample assayed 0.121 g/t gold
in a area having historical anomalous gold in rock and spruce bark samples.
Orex
field crews are currently conducting follow-up grass-roots exploration in
these areas, as well as others to better define the targets identified in the
regional compilation-synthesis.
"The
12.665 g/t quartz vein outcrop result is very encouraging, as there has been
very little previous exploration work in this area," said Mark Billings,
President and CEO of Orex Exploration. "We
have had the crews in the field for several weeks now and look forward to
seeing the fruits of the follow-up work in these two key areas of
interest."
The
Stillwater Trend is reported to be the faulted extension of the
Boston-Richardson Anticlinal Structure
("BRAS"). Orex currently owns the mineral
rights along 12 kilometres of this trend, as well
as along approximately 13 kilometres of the
historic Goldenville Anticline.
The
Company would like to point out that this exploration work presently being
carried out by Orex is outside of the area of
influence that the Company has with Osisko Mining
Corporation, as per the Joint Venture and Option Agreement between the two
parties. Orex is committed to working with its
partner on the Goldboro Gold Property. At the same
time, Orex hopes to identify other targets outside
of this area of influence that may be the subject of larger drilling
campaigns in the future.
Rock
and soil samples collected during the recent field program were delivered by Orex consultants to the Minerals Engineering Centre
("MEC") at Dalhousie University in Halifax, Nova Scotia, where
analysis was carried out. Each sample submitted to MEC was subjected to
multiple stages of jaw crushing until grains were less than 4.0 mm.
Analytical splits of 200 grams were obtained by riffle splitting and then
pulverized with a ring and puck pulverizer to a
grain size of less than 0.15 mm. A 30-gram split of this fraction was
collected and analyzed by Fire Assay, lead collection and Atomic Adsorption
Spectrometry (AAS) finish.
The
bulk of the soil and rock samples collected from the current program have been
submitted to MEC for analysis. Results are pending.
Option
on Goldboro Gold Property Granted to Osisko Mining Corporation
In
order to acquire a 50% undivided interest in the Goldboro
Gold Property on or before September 29, 2013 (the Initial Option), Osisko Mining Corporation shall incur exploration and
development expenditures in the amount of at least $1,500,000 on or before
September 29, 2010; in the aggregate amount of at least $3,500,000 on or
before September 29, 2011; and in the aggregate amount of at least $8,000,000
over the following two years, that is, on or before September 29, 2013. Osisko Mining Corporation may, at its sole discretion,
accelerate and apply exploration and development expenditures to future
years' expenditures and, accordingly, the Initial Option may be exercised
sooner. Osisko Mining Corporation shall solely fund
a prefeasibility study to earn an aggregate 60% interest (that is, an
additional 10% interest) in the Property on or before September 29, 2015 (the
Additional Option).
Osisko
Mining Corporation and Orex Exploration are pleased
to report that Osisko Mining Corporation has spent
more than the $1,500,000 required in exploration and development expenditures
in the first year of the Initial Option.
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 and O5D on the
Frankfurt Stock Exchange. The Company holds a 100% interest in the Goldboro Gold Project in Nova Scotia.
The
technical information contained in this news release has been prepared by
Bruce Mitchell, P.Geo, Technical
Advisor to Orex and a Qualified Person under
National Instrument 43-101 regulations.
Neither
the 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 news release. The
statements made in this news release that are not historical facts are
"forward-looking statements
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