Oremex Receives Encouraging Sampling Results at Chalchihuites Silver Project
. Oremex Resources Inc.
(TSX VENTURE: ORM)(OTCQX: ORXRF)(FRANKFURT: OSI) has received encouraging
preliminary sampling results from an ongoing surface exploration program at its
100%-owned 48 ha Chalchihuites
property in Zacatecas, Mexico
that demonstrates silver-gold-lead-zinc mineralization is hosted in a variety
of settings by carbonate rocks peripheral to a granodiorite
intrusive body. The current exploration program of detailed geological mapping
and rock sampling should be completed during Q1 2011. The program is focused on
identifying drill targets at Chalchihuites
in order to evaluate the potential of advancing the asset and developing a
resource as quickly as possible. Additional results from the sampling program are
expected to be received shortly.
Geological mapping to date on Chalchihuites
by Oremex's technical team has identified skarn and carbonate-hosted silver-lead-zinc mineralization
associated with a 300m by 200m granodiorite stock.
The mineralization occurs mostly as carbonate replacement within 400m of the
stock and is fracture, breccia and bedding
controlled. To date a total of 38 surface rock samples
have been collected from multiple limestone-hosted mineralized zones.
Highlights from the 38 samples for which analytical results have been received
to date include silver grades up to 200 g/t and lead and zinc grades of greater
than 1% (overlimit assays are pending). High-grade
mineralization has also been discovered within the granodioritic
intrusive where a 2m chip sample of a mineralized structure contained 1,500 g/t
silver, 0.99 g/t gold and 1.6% lead.
The Chalchihuites
project is located 4km along strike from First Majestic Silver's Del
Toro Project. Oremex's exploration to date confirms
silver, lead and zinc mineralization similar in style to that described in
First Majestic's Technical Report for the Del Toro Silver Mine,
Zacatecas State, Mexico
(October 9, 2008), by Pincock
Allen & Holt. First Majestic has reported measured + indicated
resources of approximately 20,943,000 of silver equivalent ounces and inferred
resources of 35,970,000 ounces of silver equivalent, with approximate silver
grades of 290 g/t and lead and zinc grades in the 5% range.
"We look forward to receiving the complete
results from this sampling program to determine how we will move ahead with the
Chalchihuites
property" stated Michael R. Smith, President and CEO Oremex. "Chalchihuites
appears to have the potential to be a valuable component of Oremex's
silver project portfolio and is one that we are keen to advance further
exploration activity on in the current year. 2011 will see a great deal of
activity for the company as we continue to focus on advancing our portfolio of
projects and building Oremex into a premier
silver-focused precious metals company".
The Chalchihuites
property is situated in the municipality of Chalchihuites
in the State of Zacatecas,
about 100 kilometres southeast of the city of
Durango. The property is accessible year round by paved highway from Durango to
the town of Chalchihuites
and power is available at the site. The State
of Zacatecas is a prolific silver mining area with over 1.5 billion
ounces of silver produced to date.
The results reported herein were carried out by SGS
Labs in Durango City, Durango,
Mexico an internationally-recognized analytical service provider.
The work reported was completed under the supervision of Michael R.
Smith, President, CEO and Director of Oremex
Resources Inc., a Registered Geologist and a Qualified Person as defined
in National Instrument 43-101.
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.
Contacts:
Oremex Resources Inc.
Michael Smith
President and CEO
416.309.4320
info@oremex.com