Orex/Canasil drills 61 metres of 359 g/t silver

Orex Minerals Inc. [REX-TSXV; O5D] and Canasil Resources Inc. [CLZ-TSXV] have reported assay results for the first hole of the 2015/2016 diamond drilling program on the Sandra Escobar Project in Durango, Mexico have been received. Orex can earn a 65% interest from Canasil.

Hole SA-15-001 has yielded a 61-metre core length (43.1 m true thickness) intercept grading 359 g/t silver, starting from surface. Within this is a subinterval of 18 metres (12.7 m true thickness) grading 748 g/t silver.

Orex President Gary Cope said, “This excellent high-grade and thick drilling result is the first hole in the southeastern region of the Sandra Escobar project. Silver mineralization starts from surface in this hole. While it is still early in the program, silver has been detected in outcrops over a strike length of 700 metres.”

HOLE SA-15-001 DRILL HOLE INTERCEPTS

Hole           From (m)     To (m) Core length (m) True thickness (m)     Ag (g/t)

SA-15-001        1.00   –   62.00           61.00               43.13                   359

Includes             6.00   –   24.00           18.00               12.73                   748

Includes           14.00   –   23.00            9.00                 6.36             1,204

Includes           20.00   –   23.00             3.00               2.12               2,271

Silver mineralization is hosted on the north side of a rhyolite volcanic dome. An altered and highly permeable volcaniclastic unit contains disseminations of silver-bearing minerals and broadly spaced stockwork veinlets. The current working model has a porphyritic rhyolite unit as an impermeable cap, which may have focused mineralizing fluids into the host permeable volcaniclastic unit.

Sandra Escobar is situated north of the town of Tepehuanes, Durango, in the heart of the Mexican silver trend, midway between the mining districts of Tovar and Guanacevi and is 75 km west of Silver Standard’s La Pitarrilla. This prolific trend hosts some of the world’s largest silver camps and deposits, including Fresnillo, Guanajuato, La Pitarrilla, La Preciosa, Real de Angeles and Zacatecas.

The project consists of 6,976 hectares of mineral concessions and covers multiple mineralized epithermal quartz veins and breccia structures. These veins form a high-level silver-gold-base metals system, hosted in andesitic and rhyolitic rocks, centered on a large rhyolite dome complex in the north and silver systems in smaller rhyolite dome complexes to the southeast. Intense alteration zones and fluid flooding in permeable formations may also indicate the presence of bulk-tonnage targets. Excellent infrastructure exists in the Sandra Escobar area, including paved road access, electrical power, water and manpower from nearby communities.

Drilling operations at the Sandra Escobar Project in Durango State, Mexico. Source: Canasil Resources Inc.

Drilling operations at the Sandra Escobar Project in Durango State, Mexico. Source: Canasil Resources Inc.

Filed in: Resources, Silver

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