Up to 3,540 g/t Silver and 3.40 g/t Gold
TORONTO, ONTARIO -- (Marketwire) -- 03/21/11 -- Oremex Resources Inc. (TSX VENTURE: ORM)(OTCQX: ORXRF)(FRANKFURT: OSI) has received additional positive sampling results from the surface and underground exploration program at its 100%-owned Chalchihuites property in Zacatecas, Mexico. Highlights of the sampling program include grades up to 3,540 g/t silver, to 3.40 g/t gold, to 13.2% lead and to 5.4% zinc. The current sampling program is focused on identifying drill targets at Chalchihuites in order to evaluate the potential of advancing the asset and developing a resource as quickly as possible. With these positive results the company expects to be able to identify a number of prospective drill targets and looks to initiate a drill program on the property in 2011.
'We are extremely encouraged by this second set of sampling results from our Chalchihuites property' said Michael R. Smith, President and CEO of Oremex. 'These strong results from our ongoing sampling program exceeded our expectations, extend the silver-gold-lead-zinc mineralization on the property and will be used to determine the locations for a drill program which we expect to commence in 2011. The unexpectedly high gold grades and intrusive-hosted gold mineralization is an exciting expansion to the project potential. Chalchihuites is quickly becoming an increasingly valuable asset in Oremex's silver portfolio which also includes Tejamen, San Lucas and El Sol.'
Surface and Underground Sampling:
In December, 2010 and January, 2011, surface and underground sampling resulted in 227 channel samples being collected; 79 of which were from old underground mine workings. Fifteen of the samples had silver grades between 500 and 3,540 g/t; 39 had silver grades between 100 and 500 g/t. Nineteen of the samples had gold grades between 1.00 and 3.40 g/t; 18 had gold grades between 0.50 and 1.00 g/t. Lead grades ranged from nil to 13.2%, zinc grades ranged from nil to 5.41% and copper grades ranged from nil to 0.476%. All of the samples were channels over lengths ranging from 0.25 to 3.9m, oriented perpendicular to the local trend of mineralization.
The mineralization identified to date is associated with shear zones hosted in a granodiorite stock and rhyolite dikes, and in limestone adjacent to the granodiorite stock. There are two parallel silver/gold/base metal mineralized shear zone, separated by approximately 100m; the shear zones have 300m and 75m of strike length. The gold grades encountered are surprisingly high and for the 227 samples average 0.28 g/t. The mineralization is associated with variable degrees of silicification and argillization.
Ongoing and Additional Work:
Several hundred meters of old mine workings are apparent and are being cleaned out to access areas for additional sampling and mapping. The continuing sampling/mapping program will identify drill targets. A geophysical program is being contemplated to aid in identifying drill targets.
Historical Data:
Geological mapping to date on Chalchihuites by Oremex's technical team has identified intrusive-hosted, skarn and carbonate-hosted silver-gold-lead-zinc mineralization associated with a 400m by 200m granodiorite stock. The mineralization is both intrusive and carbonate hosted. Mineralization occurs up to 400m southeast and to the northwest of the intrusive, in the carbonates. Many prospect pits with mineralization are found within the intrusive and in the carbonates.
The Chalchihuites project is located 4km along strike from First Majestic Silver's Del Toro Project. Oremex's exploration to date confirms silver, lead and zinc mineralization similar in style to that described in First Majestic's Technical Report for the Del Toro Silver Mine, Zacatecas State, Mexico (October 9, 2008), by Pincock Allen & Holt. First Majestic has reported measured + indicated resources of approximately 20,943,000 of silver equivalent ounces and inferred resources of 35,970,000 ounces of silver equivalent, with approximate silver grades of 290 g/t and lead and zinc grades in the 5% range. The gold mineralization discovered by Oremex appears to be atypical for the district and is considered to have exciting by-product potential.
The Chalchihuites property is situated in the municipality of Chalchihuites in the State of Zacatecas, about 100 kilometres southeast of the city of Durango. The property is accessible year round by paved highway from Durango to the town of Chalchihuites and power is available at the site. The State of Zacatecas is a prolific silver mining area with over 1.5 billion ounces of silver produced to date.
The results reported herein were carried out by SGS Labs in Durango City, Durango, Mexico an internationally-recognized analytical service provider. The work reported was completed under the supervision of Michael R. Smith, President, CEO and Director of Oremex Resources Inc., a Registered Geologist and a Qualified Person as defined in National Instrument 43-101.
About Oremex:
Oremex is a Canadian-based exploration company with a focus on the acquisition and development of mineral properties in Mexico. The Company's Tejamen project has an inferred mineral resource of 50.8 million ounces of silver in a total of 22.6 million tonnes grading a silver-equivalent of 69.8 grams per tonne (Wardrop Engineering Report NI 43-101 compliant April 2006). Snowden Mining Industry Consultants completed a Preliminary Assessment Study (NI 43-101 compliant October 2006) demonstrating that the project can support a 10,000 tonne per day open pit, heap leach mining operation.
National Instrument 43-101 requires the following statement: that the preliminary assessment is preliminary in nature, that it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary assessment will be realized.
Forward-Looking Statements: The above contains forward-looking statements that are subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in our forward-looking statements. Factors that could cause such differences include: changes in world commodity markets, equity markets, costs and supply of materials relevant to the mining industry, change in government and changes to regulations affecting the mining industry. Forward-looking statements in this release include statements regarding future exploration programs, operation plans, geological interpretations, mineral tenure issues and mineral recovery processes. Although we believe the expectations reflected in our forward-looking statements are reasonable, results may vary, and we cannot guarantee future results, levels of activity, performance or achievements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Oremex Resources Inc.
Michael Smith
President and CEO
416.309.4320
info@oremex.com
