Corex Gold Corporation
TSX VENTURE : CGE

Corex Gold Corporation

May 17, 2010 10:20 ET

Corex Discovers Copper-Gold-Silver Mineralization 22.6m of 1.54% Cu, 0.49 g/t Au and 8.50 g/t Ag

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 17, 2010) - Corex Gold Corp. (TSX VENTURE:CGE) (the "Company"), is pleased to announce results for drill holes S10-042D and S10-043D that have intersected a significantly mineralized copper-gold-silver system in the Benjamin zone at the Company's Santana Property, Sonora, Mexico. Hole S10-042D from 3.3 m to 110.9 m intersected mineralization averaging 0.43% Cu, 0.21 g/t Au and 4.89 g/t Ag including 22.6 m of 1.49% Cu, 0.49 g/t Au, 8.5 g/t Ag and 14.7 m of 1.33% Cu, 0.37 g/t Au and 10.97 g/t Ag.

Craig Schneider, President and CEO of Corex states, "This discovery in the Benjamin Zone is particularly relevant because it confirms the potential to host a large tonnage copper-gold-silver porphyry system. This discovery at Benjamin coupled with the adjacent oxide and sulphide gold bearing zones, expands the resource and exploration potential of this rapidly evolving district".

The project's position within a known porphyry-bearing belt, lends support to the hypothesis that the mineralization discovered at Santana may be peripheral to and genetically related to an unexposed porphyry system.

Benjamin Zone

The drill holes to date tested a 1000m x 1000m gold soil anomaly coincident with ground magnetic and IP anomalies. Mineralization at Benjamin occurs along a NE striking fault and fractured zone. Twelve holes drilled by Corex from 2008 to 2010 tested a 200m length of this zone and yielded numerous mineralized intercepts (see composite list on our web site). These holes occur in proximity of an important north-west trending fault, the Nicho Fault, which passes along the east side of Benjamin. The fault appears to be right lateral and could possibly be a feeder for the mineralization as this mineralization occurs on both sides of the fault. The fault is associated with magnetic lows, resistivity lows and is bounded to the west and east by chargeability highs. The Nicho fault is also located in close proximity and to the west of the Nicho Zone.

*The mineralized intercepts of these two holes are as follows:

  Sect. From To Interval Grade (gpt) %
Hole #   (m) (m) (m) Au Ag Cu
S10-042D 200700NE 3.3 110.9 107.7 0.21 4.89 0.43
Include   44.2 66.8 22.6 0.49 8.51 1.54
    164.3 179.0 14.7 0.37 10.97 1.33
    187.2 193.1 6.0 0.58 0.65 0.03
S10-043D 200700NE 1.6 207.7 206.1 0.24 3.84 0.32
Include   1.6 18.6 17.1 0.97 11.46 0.05
    155.0 169.9 14.9 0.54 4.37 0.65

*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 0.3 g/t Au cutoff including up to 6.2 m of internal waste. Corex utilizes a comprehensive QA/QC program consisting of blanks, drill rig sample duplicates and reference samples to insure 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 detailing the drill hole location and highlights:
 http://www.corexgold.com/i/pdf/Santana-2010-Drill-Overview.pdf 

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.

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
    (604) 683-2506 (FAX)
    or
    Corex Gold Corporation
    Chris Bogart
    VP Corporate Development
    (604) 683-2505
    (604) 683-2506 (FAX)
    info@corexgold.com
    www.corexgold.com