Vale Drills 49 m of 1.50% Cu, 0.37 g/t Au and 97.49 g/t Ag on First Drill Hole of Corex's Santana Project
December 12 2013 - 7:00AM
Marketwired
Vale Drills 49 m of 1.50% Cu, 0.37 g/t Au and 97.49 g/t Ag on First
Drill Hole of Corex's Santana Project
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec 12, 2013) -
Corex Gold Corp. ("Corex" or the "Company") (TSX:CGE) is pleased to
announce results from drill hole SNT-DH0001 provided by its joint
venture partner Vale Exploraciones Mexico S.A. de C.V. ("Vale"), a
wholly-owned subsidiary of Vale S.A. (please refer to NR 02-13 and
to NR 05-13). This first hole of a 4000 m first phase drill program
has intersected a significantly mineralized copper-gold-silver
system in the Benjamin zone at the Company's Santana Property,
Sonora, Mexico. Hole SNT-DH0001 from 173 m to 222 m intersected
mineralization averaging 1.50% Cu, 0.37 g/t Au and 97.49 g/t
Ag.
The mineralized highlights of drill hole SNT-DH0001 at Benjamin
are as follows:
Hole # |
Northing/Easting |
From (m) |
To (m) |
Interval (m) |
% |
Grade (gpt) |
Cu |
Au |
Ag |
SNT-DH0001 |
3139167/674149 |
173 |
222 |
49 |
1.50 |
0.37 |
97.49 |
* Vale 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 analyzed at ALS Chemex Labs Inc. |
Drill Hole Geological Summary:
• SNT-DH0001: collared at the top of a hill, the hole was
targeted to investigate a deep chargeability anomaly.. The drill
hole had a - 80 degree dip was completed to 600.30 m in length.
Volcanic rocks are intruded by fine-grained monzodiorite and
medium/coarse-grained monzodiorite. There are two main zones of
jig-saw type breccia with a quartz-tourmaline-pyrite matrix. From
176 to 253 m, the breccia contains important amounts of
tetrahedrite and chalcocite mineralization, whereas from 412 m to
the bottom of hole, the breccia contains predominantly pyrite -
approximately 12 to 20%. A leached zone is observed until about 120
m, almost completely leached until 40 m and with some zones of
chalcocite down to the bottom of the hole. In the following 80 m
pyrite and chalcocite replacing chalcopyrite is observed. An
enrichment of chalcocite (~ 3%) is found between 172 and 183 m,
within the first intercepted brecciated zone. Tetrahedrite is noted
in the interval from 183 to 235 m. Veinlets with trace chalcopyrite
are found between 503 and 543 m. Alteration in the drill hole is
dominantly chloritic with sericitic alteration and weak-to-moderate
silicification associated with the breccia. The breccia zones
intersected are believed to occur as subvertical pipe-like
bodies.
Craig Schneider, President and CEO of Corex states, "This drill
hole in the Benjamin Zone is particularly relevant because it
confirms the potential to host a large tonnage copper-gold-silver
porphyry system. This first drill hole at Benjamin coupled with the
adjacent oxide and sulphide gold bearing zones from past drill
programs, 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. Further drill holes of this first phase
program will be released upon receipt of information by Vale
S.A.
Vale Exploraciones Mexico S.A. de C.V. ("Vale"), a wholly-owned
subsidiary of Vale S.A. manages the exploration program on the
Santana Property, J. Greg Dawson, MSc, P.Geo is a Qualified Person
as defined by National Instrument 43-101 and has reviewed the
preparation of the technical information in this release.
About Vale S.A.
Vale is one of the largest metals and mining company in the
world and the largest in the Americas based on market
capitalization. It is the world's largest producer of iron ore and
iron ore pellets and the world's second largest producer of nickel.
Vale also produces manganese ore, ferroalloys, coal, copper,
platinum group metals, gold, silver, cobalt and potash, phosphates
and other fertilizer nutrients. To support Vale's growth strategy,
the company is actively engaged in mineral exploration efforts in
several countries around the globe. Vale operates large logistics
systems in Brazil and other regions of the world, including
railroads, maritime terminals and ports, which are integrated with
its mining operations. In addition, Vale has a portfolio of
maritime freight assets to transport iron ore. Directly and through
affiliates and joint ventures, Vale also has investments in energy
and steel businesses.
About Corex Gold Corp
Corex Gold Corp is a Canadian resource company focused on the
acquisition, exploration, and development of precious/base metal
deposits in Mexico including its 100% owned flagship property, the
Santana Project, which is in Sonora State, Mexico. In addition,
Goldcorp Inc. has implemented an on-going exploration program on
Corex's 100% owned Zuloaga property in Zacatecas State, Mexico.
ON BEHALF OF THE BOARD
Craig D. Schneider, President & CEO
Cautionary Statement:
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." The foregoing information may contain
forward-looking statements relating to the future performance of
Corex Gold Corp. 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.
Corex Gold CorporationCraig SchneiderPresident &
CEO604.683.2505604.683.2506info@corexgold.comwww.corexgold.com
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