ROUYN-NORANDA, QUEBEC--(Marketwired - March 1, 2017) - Orex Exploration Inc. (TSX VENTURE:OX) ("Orex" or the "Company") announces an update to the resource estimate contained in the Company's technical report titled "Preliminary Economic Assessment on the Goldboro Property" with an effective date of April 22, 2014, prepared by MineTech International Limited of Halifax, Nova Scotia (the "Technical Report"). The Technical Report incorporates the NI 43-101 Goldboro resource estimate published by Mercator Geological Services Limited of Dartmouth, Nova Scotia in 2013 (the "2013 Resource Estimate").
In February, 2017, Company management reviewed the previously filed resource estimate, as presented in the Technical Report. During the course of management's review, it was observed that the procedure used in calculating the 2013 Resource Estimate did not provide full dilution in certain non-continuously sampled drill core intervals as part of the compositing process.
As a consequence, the Company requested that Mercator Geological Services Limited re-calculate the Resource Estimate, including any necessary revisions to correct the above-noted exclusion. The table included below provides a summary of the newly revised Resource Estimate ("Revised Estimate") and reflects a 6.4% reduction in the total deposit gold content in comparison to the 2013 Resource Estimate. This 56,300 oz. reduction in the global contained gold, from 886,600 oz. (2013) to 830,300 oz. (2017), is comprised predominantly (86.2%) of Inferred category resources.
The Revised Estimate contains a Measured Resource of 171,000 tonnes grading 5.39 grams per tonne ("g/t") gold (29,600 oz.), an Indicated Resource of 2,385,000 tonnes grading 5.58 g/t gold (427,800 oz.) and an Inferred Resource of 2,669,000 tonnes grading 4.35 g/t gold (372,900 oz.) at a 2.00 g/t cut-off. Any additional information regarding the Revised Estimate will be available upon the filing of a revised Technical Report.
Table 1: 2017 Revised Resource Estimate
|Revised Goldboro Mineral Resource Statement - Effective February 28, 2017
||Total Goldboro Deposit
|Measured and Indicated
- This revised resource estimate was prepared in accordance with National Instrument 43-101 and the CIM Standards.
- Tonnages have been rounded to the nearest 1,000 tonnes; average grades and contained ounces may not sum due to rounding,
- The 2.0 g/t gold resource statement threshold grade reflects a reasonable expectation of economic development by underground mining methods.
- Contributing 1.0 metre assay composite populations were capped at gold grades of 80g/t or 120g/t and separately interpolated.
- A specific gravity factor of 2.7g/cm3 was applied to all blocks.
- Mineral resources that are not mineral reserves do not have demonstrated economic viability. This estimate of mineral resources may be materially affected by environmental permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues.
The Company's Board of Directors believes the Revised Estimate does not represent a material change in the Goldboro project or the Company, nor will it cause the Company to change its development strategy or timetable.
"While the downward revision in Goldboro's global Resource Estimate is not material in size or effect, we are releasing this information to ensure complete transparency and to inform our shareholders of the cause and impact of the revision. Additionally, we will continue to develop the Goldboro project in a prudent manner, so as to best serve the long-term interests of our shareholders." said Mr. Jonathan Fitzgerald, Orex's Chairman and CEO.
Michael Cullen, P. Geo., of Mercator Geological Services Limited, is the Qualified Person within the meaning of NI 43-101 who supervised preparation of, and is responsible for, the technical information pertaining to mineral resource estimations referred to in this press release. He has reviewed and approved the mineral resource estimate technical information in this press release. Quality Control, Quality Assurance and resource estimation details pertaining to the 2013 Resource Estimate are contained in the Technical Report previously filed by Orex on SEDAR.
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The statements made in this news release that are not historical facts are "forward-looking statements" and readers are cautioned that any such statements are not guarantees of future performance, and that actual developments or results, may vary materially from those in these "forward-looking" statements.