Corex Gold Corporation

TSX VENTURE : CGE


Corex Gold Corporation

March 24, 2011 06:00 ET

Corex Drills 161.5 m of 1.04 g/t Au Including 53.4 m of 1.67 g/t Au and 24.1 m of 3.38 g/t Au at Santana Property, Sonora State, Mexico

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 24, 2011) - Corex Gold Corp. (the "Company") (TSX VENTURE:CGE) is pleased to report continued exploration success achieved through the 20,000 meter 2011 drill program on its Santana Property, Sonora State, Mexico. Step out and down dip holes were collared in the Nicho Zone. These new holes have encountered significant mineralization, including 161.5 m of 1.04 g/t Au including 53.4 m of 1.67 g/t Au and 24.1m of 3.38 g/t Au from hole S11-101D.

Some Drill Highlights Include:

  • S11-101D 161.5 m of 1.04 g/t Au, including 53.4 m of 1.67 g/t Au including 24.1 m of 3.38 g/t Au.
  • S11-099D 170.8 m of 0.51 g/t Au, including 9.7 m of 1.36 g/t Au and 25.3 m 0.89 g/t Au.
  • S11-102D 26.7 m of 1.46 g/t Au, 14.4 m of 1.07 g/t Au including 7.0 m of 2.01 g/t Au and 56.4 m of 0.84 g/t Au including 9.3 m of 2.39 g/t Au.

Nicho Zone Drill Results:

Mr. Craig Schneider, President & CEO of Corex Gold, states, "We are very pleased with the initial results from our 2011 drill program. These are the best results the company has drilled to date on the Santana Property, in both grade and thickness. The holes confirm a higher grade component to a very robust mineralized system. Holes S11-099D, S11-100 D, and S11-101 D, on section 101375 NW, are of particular importance as they have confirmed the occurrence of high grade shoots at the intersection of the northeast and northwest structures. It is important to note that the Nicho Zone is only one of numerous drill targets on the property that are open along strike and at depth."

Drilling at Nicho continues to define higher gold grades within the large bulk tonnage gold target. The mineralization starts from the surface and extends from the Nicho topographical high to below the NE bearing Nicho ridge. The significance of these most recent results is the high-grade portion of the mineralized zone which is structurally controlled and at least 200 m x 200 m x 50 m. Surrounding this high-grade core is a mineralized zone, which is defined by the distribution of tectonic breccias, and is 400 m x 400 m x 200 m.

Current Drilling/Pending Drill Holes:

Drilling is ongoing at the Nicho Zone and once complete will continue in the Ubaldo zone to follow up on the new discovery hole which returned 54.9 m at 0.87 g/t Au and 21.8 g/t Ag. (News Release dated December 08, 2010). After the Ubaldo Zone drilling is complete the rig will then be moved to South-East of the Nicho Zone (La Micha) where some blue sky targets identified via 3D IP will be tested. This step out drilling is designed to test the periphery of the know zones to date.

Corex anticipates a steady stream of drilling news and exploration results over the upcoming months from its on-going 20,000 m Diamond Drill Program.

Nicho Zone Drill Highlights:

  From To Interval Grade (gpt)
Hole #  (m) (m) (m) Au Ag
S10-094D 29.2 69.7 40.5 0.55 3.69
S10-095D 124.4 186.6 62.2 0.61 2.83
Including 168.5 186.6 18.1 0.93 1.09
S10-096D 81.3 131.2 49.9 0.52 3.27
S10-097D 209.8 214.4 4.6 1.69 1.04
S10-097D 231.7 241.4 9.8 2.13 0.83
S11-098D 57.1 98.7 41.6 0.46 1.65
S11-098D 105.6 112.8 7.3 2.05 3.09
Including 105.6 111.3 5.8 2.51 0.89
S11-099D 42.0 70.7 28.7 0.78 2.11
Including 56.6 63.1 6.5 1.99 3.27
S11-099D 84.1 254.9 170.8 0.51 1.32
Including 90.8 100.5 9.7 1.36 3.27
Including 116.5 141.8 25.3 0.89 2.71
Including 180.5 190.2 9.7 0.76 1.07
Including 217.5 236.9 19.4 0.47 0.44
S11-100D 240.2 243.3 3.1 0.5 0.54
S11-101D 63.5 225.0 161.5 1.04 1.73
S11-101D 169.6 222.9 53.4 1.67 2.78
Including 193.8 217.8 24.1 3.38 1.48
S11-102D 45.5 72.1 26.7 1.46 3.98
S11-102D 89.6 103.4 13.9 0.52 4.09
S11-102D 109.9 124.2 14.4 1.07 3.17
Including 109.9 116.9 7.0 2.01 3.3
S11-102D 132.0 188.4 56.4 0.84 3.05
Including 132.0 141.3 9.3 2.39 1.34

*Reported intervals must be at least 1.5 meters wide; drill hole intercepts are reported at a 0.1 g/t Au cutoff or a 0.4 g/t Au cutoff. Intervals contain no more than nine low-grade to barren samples between mineralized samples containing over 0.1 g/t Au or intervals contain no more than two low-grade to barren samples between mineralized samples containing over 0.4 g/t Au.
Corex utilizes a comprehensive QA/QC program consisting of blanks, drill rig sample duplicates and reference samples to ensure best practices are followed and the data collected is of the highest quality. All samples were prepared to normal industry standards and assayed for gold by Fire assay with AA finish by Acme Industrial Company (ISO 9001:2008 registered quality system). Intercepts are close to true thickness.

Please click the following link for a map and section 101375 NW for the Nicho Zone: http://www.corexgold.com/i/pdf/NichoOverview.pdf

The table with the drill hole locations, dips, lengths and .2 g/t Au comp. will also be updated on website shortly.

Bruno Barde P. Geo., manages Corex's exploration and development programs and is the Qualified Person as defined by National Instrument 43-101. He supervised the preparation of the technical information in this release.

About Corex Gold Corp.

Corex Gold Corp. is a Canadian resource company focused on the acquisition, exploration, and development of precious metal deposits in Mexico. Corex is currently developing its flagship property, the Santana Project, which is a new gold discovery in Sonora, Mexico. In addition, Goldcorp Inc. has implemented an on-going exploration program on Corex's 100% owned Zuloaga property in Zacatecas, Mexico.

ON BEHALF OF THE BOARD

Craig D. Schneider, President & CEO

Cautionary Statement

The foregoing information may contain forward-looking statements relating to the future performance of Corex Gold Corp., in particular the potential for the Santana property to host a large-tonnage gold-silver-copper porphyry system. Forward-looking statements, specifically those concerned with future performance are subject to certain risks and uncertainties, and actual results may differ materially. These risks and uncertainties are detailed from time to time in Corex Gold Corp.'s filings with the appropriate securities commissions.

Neither the 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.

Contact Information

  • Corex Gold Corporation
    Craig Schneider
    President & CEO
    604.683.2505
    or
    Corex Gold Corporation
    Chris Bogart
    VP Corporate Development
    604.683.2505
    604.683.506 (FAX)
    info@corexgold.com
    www.corexgold.com