Orex Announces 43% Increase in Indicated Mineral Resources
Orex Announces 43% Increase in Indicated Mineral Resources to 547,000 Gold Ounces at its Barsele Gold Project, Sweden, Inferred Mineral Resources Updated to 627,000 Gold Ounces
Vancouver, B.C. – Orex Minerals Inc. – (REX: TSX-V) (“Orex”) is pleased to report that an updated independently verified mineral resource estimate has been completed on the Barsele Gold Project near Storuman, in northern Sweden. The study incorporates all drilling to date including the 16 diamond drill holes completed in early 2012. The updated resource estimate on the Central-Avan-Skiråsen gold zones, at a 0.6 g/t cut-off, has outlined an Indicated Resource of 14.1 million tonnes grading 1.21 gold grams per tonne (g/t) or 547,000 contained ounces of gold. In addition, the study has estimated additional Inferred Resources of 20.2 million tonnes grading 0.97 gold grams per tonne (g/t) or 627,000 contained ounces of gold. This represents a 43% increase in the Indicated Resources and a slight 3% decrease in the Inferred Resources from the previous Feb. 11, 2011 resource estimate using the same cut-off grade. The grade of the Indicated and Inferred resources increased slightly in this new estimate.
Gary Cope, President of Orex, says; “We are very pleased with the significant increase in the Indicated Resource at the Central-Avan-Skiråsen gold zones, which changed from 382,000 ounces to 547,000 ounces in this updated 43-101 resource estimate. Based on the substantial impact our recent 6,200 meter drilling campaign had on the resource estimate, in 2013, we are planning an aggressive exploration program, which will entail geophysics, diamond drilling, bulk sampling and conceptual open pit and underground studies, along with ongoing environmental studies.
Orex’s technical team feels there is still a good chance to expand the known dimensions of the deposits outlined to date. The principal drilled zones at the Central-Avan-Skiråsen gold deposits, and the Norra VMS deposit, have been converted to Exploitation Concessions.