Drilling Program to Start in May for Over 10,000 Metres on the Coneto Gold-Silver Project in Mexico
Vancouver, BC – Orex Minerals Inc. – (TSX-V: REX) (“Orex”), is pleased to announce that the 2014 diamond drilling program will begin in May on the Coneto Gold-Silver Project in Durango State, Mexico. The program will consist of approximately 10,800 metres in 28 holes, located in five areas on the Coneto property. A technical committee, with representation of both Orex and its project partner Fresnillo plc (LSE:FRES) (“Fresnillo”), is planning the Coneto exploration program, with Fresnillo as the operator.
According to Orex’s President, Gary Cope, “Following the results of the first two drilling phases, this new drilling program will expand our understanding and lead to the discovery of new gold and silver mineralization at Coneto. We look forward to continuing success on the Coneto Project.”
Previously announced Phase-I and Phase-II drilling programs consisted of 17,000 metres in 52 drill holes. This new Phase-III drilling program has been planned for 28 diamond drill holes in five areas, including La Bufa–Santo Niño–Reliz, La Palma, Descubridora–El Indio, Loma Verde and Impulsora–Promontorio. The two objectives of this program are to continue to test mineralization along the known veins, and to test, with deeper holes, the unconformity contact between the Tertiary andesitic volcanics and the underlying Cretaceous sedimentary rocks.
Exploration programs have also begun on Orex’s Los Crestones Gold-Copper-Silver Project in Sinaloa State, Mexico. Orex has commissioned MPX Geoservices Ltd. to complete a helicopter-borne geophysical survey over Los Crestones. The proposed airborne magnetic and radiometric survey totals 993 line-km and will test the entire 4,168 hectare property at 50m line spacing. The survey is scheduled to be flown in mid-April.
Orex has decided to terminate the option agreement on the Persistence Copper-Gold Property in northwestern British Columbia, Canada, and have notified the vendor Cazador Resources Ltd.
CONETO MINING DISTRICT – DURANGO, MEXICO
The historic Coneto Mining District is situated in the heart of the “Mexican Silver Trend”, stretching from Guanajuato in the southeast, through to the states of Zacatecas and Durango. The trend hosts some of the world’s largest silver deposits, including Fresnillo, Guanajuato, La Pitarrilla, Real de Angeles, and Zacatecas mining camps. The project is located in the Mesa Central, on the eastern flank of the Sierra Madre Occidental Mountains.
Orex and Fresnillo hold contiguous mineral concessions in the Coneto Mining District, which collectively total approximately 17,600 hectares and cover an extensive area of known mineralized epithermal quartz veins.
LOS CRESTONES GOLD-COPPER-SILVER PROJECT – SINALOA, MEXICO
Orex Minerals Inc. owns 100% of Los Crestones Project, a gold, copper and silver property in the “Gold-Silver Trend” on the western slope of the Sierra Madre Occidental mountains, northern Sinaloa, Mexico. It is east of El Gallo, north of Tameapa and southeast of San Jose de Gracias. The current interpretation of mineralization is that of north-south oriented structural zones hosting quartz veins, quartz stockworks and breccia fill, associated with dykes and porphyry-style mineralization. Three structural zones, Corona, Bohemia and Indio, are elongate structures recognized on surface as erosion-resistant silicified ribs or “crestons”. In addition several other sub-parallel structures are known on the property.
The 4,168 hectares property is currently undergoing geological and geochemical mapping and sampling, which will be followed by a geophysical program and a Phase-II diamond drilling program. Results of the Phase-I diamond drilling program at Los Crestones were summarized in a news release on 15 January, 2014.
Ben Whiting, P.Geo., is a Qualified Person as defined in NI 43-101 and takes responsibility for the technical disclosure contained within this news release.
ABOUT OREX MINERALS INC.
Orex Minerals Inc. (TSX-V: REX) is a Canadian-based junior exploration company comprised of highly qualified mining professionals. The Company has several current projects: the Barsele Gold Project in Sweden, the Los Crestones Gold-Silver Project in Sinaloa, Mexico, the Jumping Josephine Gold-Silver Project in British Columbia, and the Coneto Gold-Silver Project in Durango, Mexico, which is currently under option to Fresnillo plc.
ON BEHALF OF THE BOARD OF DIRECTORS
For further information, please contact Orex Minerals Inc. at (604) 687-8566 x227, email email@example.com or visit our website at www.orexminerals.com
Lot of refs on Russian/banking./gold
Below are March sales of U.S. Mint bullion coins by product type. For comparative purposes, included are sales totals from prior 2014 months and from a year ago.
United States Mint Bullion Coin Sales (# of coins)
March 2013 January 2014 February 2014 March 2014 YTD Sales
$100 American Eagle Platinum Coins (1 oz) N/A N/A N/A 10,000 10,000
$50 American Eagle Gold Coins (1 oz) 54,000 62,500 22,000 16,000 100,500
$25 American Eagle Gold Coins (1/2 oz) 4,000 12,000 3,000 2,000 17,000
$10 American Eagle Gold Coins (1/4 oz) 10,000 28,000 10,000 4,000 42,000
$5 American Eagle Gold Coins (1/10 oz) 35,000 160,000 50,000 30,000 240,000
$50 American Buffalo Gold Coins (1 oz) 11,000 41,500 12,000 12,000 65,500
ATB Silver Coins (5 oz) 19,800 0 0 12,400 12,400
American Silver Eagle Coins (1 oz) 3,356,500 4,755,000 3,750,000 5,354,000 13,879,000
The IMF is leaning very hard on several countries trying to get them to sell gold.
Leaning hardest, perhaps ,on those with most gold, e.g. Pakistan. Out of the blue Pakistan made this announcement yesterday:
Pakistan has refused to sell gold worth $2.7 billion, citing national security reasons, as the International Monetary Fund (IMF) pushes Islamabad to convert the precious metal into cash to build foreign currency reserves.
The report, prepared by IMF’s staff led by its Washington-based Mission Chief to Islamabad Jeffrey Franks, also spills the beans on the ‘$1.5 billion gift’ to Pakistan by ‘Saudi Arabia’ – the name Prime Minister Nawaz Sharif’s government has so far refused to officially share with parliament.
According to the report, the State Bank of Pakistan (SBP) holds over 2 million troy ounces of monetary gold, having $2.7 billion value at market rate. It is not counted in gross international reserves as it is not deemed to be liquid by the SBP, says the IMF.
The IMF and Pakistan authorities discussed what steps would be needed to make gold more liquid, the report adds. “However, the (Pakistani) authorities stressed that they have no plans to sell gold and preferred existing arrangements for gold holdings for national security reasons.”
The IMF is pushing Pakistan to sell gold holdings at a time when other countries are buying the commodity as a strategic reserve. The IMF had even sold its surplus gold to India a couple of years ago.
“For national security reasons”! Doesn’t that say it all, Professor!
New Rickards interview: