Shares in Orex Minerals Inc. (CVE:REX) spiked Tuesday, after the Vancouver-based explorer announced the results of trench channel sampling on the Coneto gold-silver project in Durango, Mexico, and the fact that the mining juniors project partner was pressing on with its second year of exploration.
Orex Minerals, which has interests in Sweden, Mexico, and Canada, added a penny to its share price on the TSX Ventures Exchange upon release of the news at noon to trade at 30 cents per share.
The sampling took place along a 380 metres strike-length of the Impulsora structure at the site. Impulsora, a northwest-southeast striking, steeply dipping epithermal vein, lies 3 km southeast of the village of Coneto and has been tested in 93 trenches.
Trench Impul-3 yielded an intercept of 1.30 metres (true thickness 1.28 metres) grading 22.10 grams of gold per tonne (g/t) and 592 g/t of silver for a measure of 32.86 gold-equivalent g/t, or 1,808 silver-equivalent g/t.
Trench Impul-48 yielded an intercept of 2.55 metres (true thickness 2.51 metres) grading 2.98 g/t of gold and 287 g/t of silver for a 8.19 g/t gold-equivalent, or 451 silver-equivalent g/t.
Our colleagues at [project partner] Fresnillo have confirmed with Orex that to date their expenditures have reached $US 3.4 million and they will be proceeding with year two of the Coneto program, said Orex’s President, Gary Cope in a company statement released with the results.
We look forward to more success on the Coneto Project.”
Orex, together with its partner Fresnillo Plc (LSE:FRES), is managing the campaign. The two parties hold contiguous mineral concessions in the mining district, which collectively total about 17,600 hectares and cover an extensive area of known mineralized epithermal quartz veins.
The project is located in the Mesa Central, on the eastern flank of the Sierra Madre Occidental Mountains.
The project lies in the historic Coneto Mining District, situated in the heart of the Mexican Silver Trend, which stretches from Guanajuato in the southeast, through to the states of Zacatecas and Durango, and hosts some of the world’s largest silver deposits, including Fresnillo, Guanajuato, La Pitarrilla, Real de Angeles, and Zacatecas mining camps.
