May 21, 2021
Orex Minerals Inc. (TSXV:REX, BUY (S), David A. Talbot) has initiated work which will lead to a resource estimation at its 45%-owned Coneto Ag-Au JV with Fresnillo PLC (LON:FRES, Not Rated) in Durango, Mexico. Fresnillo has already spent over US$6M on the ground to earn its 55% interest to date. The database for Coneto includes 106 diamond drill holes for 38,516m on 12 vein targets. In addition, a separate metallurgical study will be performed on each of the mineralized lodes. The project consists of ~5,000 ha of contiguous mineral concessions that host multiple mineralized low to intermediate-sulphidation epithermal quartz veins. Both oxide and sulphide gold and silver mineralization were identified, and notable results include: 1) 105 g/t AgEq over 14.5m (Impulsora), 2) 299 g/t AgEq over 12.55m (Loma Verde), 3) 840 g/t AgEq over 3.3m (Santo Nino), and 4) 2,100 g/t AgEq over 1.05m (including 35.5 g/t Au at Duranzo-A). The Coneto camp has over 450 years of mining history but is underexplored by modern exploration methods. Coneto is one of Orex’s two JVs located along the gold-silver trend in Durango State, host to some of the world’s largest silver deposits. It also owns 100% interest in the Jumping Josephine Au project in BC; this would be the last of its three projects to receive a resource estimate and would help investors attribute further value to the company. Read more
