Corex Gold Corporation
TSX VENTURE : CGE

Corex Gold Corporation

December 01, 2010 10:35 ET

Corex Drills 65.5 m of 0.82 g/t Au (incl. 38.1 m of 1.19 g/t Au) & Confirms Extension of Nicho North Zone

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 1, 2010) - Corex Gold Corp. (the "Company") (TSX VENTURE:CGE) is pleased to announce positive drill results from Corex's Santana property in Sonora, Mexico. Down dip holes were collared in the Nicho North Zone and have encountered significant mineralization as highlighted by hole S10-081R which returned 65.5 m of 0.82 g/t Au including 38.1 m of 1.19 g/t Au.

Drill Highlights Include:

  • S10-081R- 65.5 m of 0.82 g/t Au (incl. 38.1 m of 1.19 g/t Au)
  • S10-082R- 74.7 m of 0.78 g/t Au (incl. 29.0 m of 1.32 g/t Au & 13.7 of 1.0 g/t Au)

Nicho North Target

The significance of these most recent holes is that they were collared approximately 500 m from S10-083D- 87 m of 1.04 g/t Au (incl. 28.6m of 2.16 g/t Au), (News Release No. 20 dated November 25, 2010) from the Nicho Zone. S10-081R and S10-082R were, 50 m down dip holes extending the Nicho North Zone further to the west. The Gold mineralization is in this area is associated with alteration assemblages that are characterized by pervasive and structurally controlled iron oxides, quartz vein stockwork, clay and sericite–illite alteration, at the contact with the Quartz Monzodiorite, located on the footwall of the mineralized structure.

S10-85R tested the north-western extension of the Nicho North zone at the contact with the Quartz Monzodiorite along a northeasterly structure.

Targets are located within an area measuring 1400 meters x 600 meters as defined by favorable alteration and associated gold anomalies.

Findings from these most recent drill results confirm the Nicho North Target is open down dip and along strike to the northwest and southeast, and the gold mineralization is associated with a brecciated structural zone, associated with quartz and pyrite stockwork.

A follow up drill program is planned in the early part of 2011 to further extend this target area and build out the significant potential of the Nicho North Zone.

Table of Results: Nicho North Zone

    From To Interval Grade (gpt) %
Hole # Section (m) (m) (m) Au Ag Cu
S10-081R 101900NE 57.9 123.4 65.5 0.82 1.67 NSV
  Incl.   57.9 96.0 38.1 1.19 2.42 NSV
S10-081R   102.1 103.6 1.5 0.45 0.7 NSV
S10-081R   109.7 114.3 4.6 0.52 0.97 NSV
S10-082R 101850NE 27.4 102.1 74.7 0.78 1.35 NSV
  Incl.   27.4 56.4 29 1.32 2.17 NSV
S10-082R   71.6 85.3 13.7 1.0 1.67 NSV
S10-082R   100.6 102.1 1.5 0.46 0.7 NSV
S10-085R 101900NW 25.9 45.7 19.8 0.22 2.81 NSV
  Incl.   41.2 42.7 1.5 0.71 2.7 NSV
S10-085R   56.4 131.1 74.7 0.36 5.35 0.34
  Incl.   64.0 82.3 18.3 0.58 8.33 1.01
  Incl.   89.9 94.5 4.6 0.84 13.8 NSV
  Incl.   103.6 109.7 6.1 0.39 3.92 0.17
  Incl.   115.8 123.4 7.6 0.38 6.05 0.29

*Reported intervals must be at least 1.5 meters wide; drill hole intercepts are reported at a 0.2 g/t Au cutoff or a 0.4 g/t Au cutoff including up to 6.2 m and 3.1 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).

Please click the following link for a map detailing the drill hole location and a typical section. http://www.corexgold.com/i/pdf/Nichonorth.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

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
    604.683.2506 (FAX)
    info@corexgold.com
    www.corexgold.com