Orex Accelerates Phase 2 Resource Delineation Program, Adds Second Drill at Goldboro
Posted on: Thursday, 11 September 2008, 12:00 CDT
OREX EXPLORATION INC. (TSX VENTURE: OX) (FRANKFURT: O5D) is pleased to inform shareholders of the addition of a second drill on-site at the Company's wholly-owned Goldboro Gold Project ("Goldboro") in north eastern Nova Scotia.
Mark Billings, President and CEO of Orex, commented, "By securing a second drill at Goldboro, we will now be able to accelerate our drilling campaign, with the objective of providing shareholders with an updated resource estimate in the coming months. Orex will now conduct Phases 2B and 2C of its drilling program in parallel with the addition of this second drill."
The 2008 Goldboro drilling campaign
In 2008 and 2009, the Company plans to drill the Boston-Richardson Anticline Structure over its entire 2.5-km length in successive drill programs (from Phases 2A to 2E) totalling 20,925m in 79 drill holes to define the ultimate gold potential.
The work will also include updating the geological and resource model, and producing a mineral resource estimate by year-end 2008 in follow-up to the NI 43-101 Mineral Resource estimates completed in August 2006.
The Phase 2A drill program totalled 16 holes (BR08-01 to 16, inclusive, comprising 4,650m of drilling) spaced on sections approximately 25m apart over a 225m strike length extending east from the current limits of the defined NI 43-101 Mineral Resources (the "Resources") in the Goldboro Ramp Area (3,105,000 tonnes grading 2.36 g/t gold in the Measured and Indicated Resources categories).
The campaign targeted the down-plunge extensions to the "123", "4" and "56" and other zones of gold mineralization, previously identified by the Company as they plunge shallowly to the east beneath the historic Boston-Richardson Mine at vertical depths ranging from -75m and -200m.
The campaign also extended the mineralization 225m along strike between the Ramp Resources eastward towards the Boston-Richardson shaft and doubled the strike length of the gold zones. Phase 2A has been completed, with assays pending on Holes BR08-12 to 16.
The Phase 2B drill program has begun and will total 16 holes (BR08-17 to 32, inclusive, comprising 4,525m of drilling) spaced on sections approximately 50m apart over a 350m strike length extending from the historic Boston-Richardson shaft eastward towards the historic East Gold Brook shaft. Drilling will target the down-plunge hinge of the historic Boston-Richardson Belt as well as other zones above the Boston-Richardson that plunge similarly eastwards towards East Gold Brook. Historic drill intersections in this area suggest the presence of similar "Slate Belt" zones stratigraphically above the Boston-Richardson that may correlate and form continuous zones with the East Gold Brook slate belts.
With the arrival of a second drill at Goldboro, the Phase 2C drill program has also begun and will total 12 holes (BR08-33 to 44, inclusive), comprising 3,000m of drilling spaced on sections approximately 25m apart over a 150m strike length extending from the Goldboro Ramp area westward towards the historic West Gold Brook shaft.
The Phase 2C program is designed to investigate the gold potential of the deeper "5-6", "7-8" and "9-10" gold zones as they trend up-plunge just west of the ramp area. These holes will in-fill and potentially add to existing resources in the Ramp area. In addition, Phase 2C will include two step-out holes to the south intended to explore for new gold zones, as well as the possible fault displacement of the Boston-Richardson Anticlinal Structure.
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. You are invited to browse the Company's website at www.orexexploration.ca.
The information contained in this news release has been prepared by Mr. Jean Lafleur, M. Sc., P. Geo., Director and Technical Advisor at Orex. The drill campaign, core descriptions and assay sample preparations are being done under the supervision of Billy Shaw, P. Geo., of W.G. Shaw & Associates (Antigonish, Nova Scotia) and Mr. Alex Horvath, P. Eng., of A.S. Horvath Engineering Inc. (Ottawa, Ontario). All individuals are Qualified Persons under National Instrument 43-101 regulations.
The TSX Venture Exchange does not accept any responsibility for the adequacy or accuracy of this news release.
Contacts: Mark Billings President and CEO 514-296-1641 mark@atwaterfin.com Paradox Investor Relations 1-866-460-0408 infoparadox@qc.aira.com
SOURCE: Orex Exploration Inc.
Source: MARKET WIRE
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