Oremex Silver Reports 5.5 Meters of 212.26 g/t Silver from Underground Drilling at Chalchihuites
January 16 2012 - 7:30AM
Marketwired
Oremex Silver Inc. ("Oremex" or the "Company") (TSX
VENTURE:OAG)(OTCQX:ORAGF)(FRANKFURT:OSI) is pleased to report the
results from the first three holes of the underground drill program
at the Chalchihuites silver project held by its wholly-owned
Mexican subsidiary Minera Mantos S. de R.L. de C.V.
The first three underground drill holes fan out from the face of
the Tepozan adit to test the northwest striking and steeply
southwesterly dipping La Purisima structure. Multiple mineralized
structures were found in every hole.
"The assay results from the first three holes confirm the
presence of high grade mineralization that was previously sampled.
We are very pleased with these results as they clearly add to our
understanding of the mineralization at Chalchihuites and
demonstrate additional potential. More drilling is being planned to
follow the strike and dip extent of the La Purisima structure in
addition to drilling of other structures and skarn/ replacement
mineralization. While additional underground drill results from the
current program remain pending, we look forward to focusing on a
subsequent surface drilling program to expand and further define
the boundaries of mineralized zones and the resource potential at
Chalchihuites" commented Michael R. Smith, President & CEO of
Oremex Silver Inc.
The Chalchihuites mineralization can be traced over a WNW zone
with a map area of approximately 900 meters long by 200 meters
wide. Overall, the mineralization has a proven vertical extent of
about 300 meters from the lowest elevations to the top of La
Purisima structure.
Hole 1 was drilled to a total depth of 84.7 meters, Hole 2 to
98.2 meters and Hole 3 to 93.2 meters. The highlights of the
mineralized intervals include 5.5 meters of 212.26 g/t silver
containing 1.7 meters of 563 g/t silver in Hole 2. Hole 3 includes
intersection of 5.4 meters of 28.56 g/t silver and 0.82 g/t gold
comprising of 1.4 meters of 56.6 g/t silver and 2.54 g/t gold.
Complete results from the Hole 1, 2, 3 include:
----------------------------------------------------------------------------
HOLE ID FROM TO THICKNESS GRADE g/t GRADE %
-----------------------------------
-----------------------------------
meters meters meters Silver Gold Lead Zinc
----------------------------------------------------------------------------
----------------------------------------------------------------------------
CHALU11-01 53.80 56.30 2.45 12.38 0.26 0.07 0.11
-------------------------------------------------------------
CHALU11-01 61.00 62.80 1.80 7.84 0.08 0.11 0.05
-------------------------------------------------------------
CHALU11-01 65.00 68.31 3.31 30.75 0.17 0.05 0.13
----------------------------------------------------------------------------
----------------------------------------------------------------------------
CHALU11-02 16.00 18.00 2.00 24.20 0.09 0.09 0.03
-------------------------------------------------------------
CHALU11-02 21.50 22.50 1.00 7.00 0.02 0.17 0.10
-------------------------------------------------------------
CHALU11-02 22.90 23.90 1.00 11.60 0.09 0.25 0.04
-------------------------------------------------------------
less
than
CHALU11-02 31.00 32.40 1.40 9.00 0.01 0.22 0.01
-------------------------------------------------------------
CHALU11-02 88.20 93.70 5.50 212.26 0.18 3.85 0.03
-------------------------------------------------------------
including 88.20 89.90 1.70 563.00 0.31 11.30 0.06
----------------------------------------------------------------------------
----------------------------------------------------------------------------
CHALU11-03 0.00 0.40 0.40 11.40 0.02 0.03 0.04
-------------------------------------------------------------
CHALU11-03 41.00 42.40 1.40 9.00 0.03 0.14 0.01
-------------------------------------------------------------
CHALU11-03 65.30 66.00 0.70 16.80 0.08 0.11 0.04
-------------------------------------------------------------
CHALU11-03 71.70 72.70 1.00 24.90 0.28 0.12 0.17
-------------------------------------------------------------
CHALU11-03 77.20 82.60 5.40 28.56 0.82 0.14 0.17
-------------------------------------------------------------
including 80.70 82.10 1.40 56.60 2.54 0.15 0.03
----------------------------------------------------------------------------
----------------------------------------------------------------------------
The technical information contained in this news release has been prepared
under the supervision of William Feyerabend, Consulting Geologist (AIPG
Certified Professional Geologist #11047), who is a Qualified Person as
defined by National Instrument 43-101.
About Oremex Silver Inc.
Oremex Silver Inc. is a Canadian company focusing on the
exploration and development of silver projects along the highly
productive mineralized belt in Mexico. The Company has a portfolio
of silver Projects including a mineral resource of 50.8 million
ounces of silver at its Tejamen deposit. The Company's projects are
located in mining-friendly jurisdictions and the management team
has successful track record of mine building in Mexico.
Cautionary Note Regarding Forward-Looking Statements
Certain statements contained in this news release may constitute
forward-looking information, (collectively "forward-looking
information") within the meaning of Canadian securities laws.
Forward-looking information may relate to this news release and
other matters identified in Oremex' public filings, anticipated
events or results and can be identified by terminology such as
"may", "will", "could", "should", "expect", "plan", "anticipate",
"believe", "intend", "estimate", "projects", "predict",
"potential", "continue" or other similar expressions concerning
matters that are not historical facts and include, but are not
limited in any manner to, those with respect to capital and
operating expenditures, economic conditions, availability of
sufficient financing, receipt of approvals, satisfaction of closing
conditions and any and all other timing, development, operational,
financial, economic, legal, regulatory and/or political factors
that may influence future events or conditions. Such
forward-looking statements are based on a number of material
factors and assumptions, including, but not limited in any manner,
those disclosed in any other public filings of Oremex, and include
the ultimate availability and final receipt of required approvals,
sufficient working capital for development and operations, access
to adequate services and supplies, availability of markets for
products, commodity prices, foreign currency exchange rates,
interest rates, access to capital markets and other sources of
financing and associated cost of funds, availability of a qualified
work force, availability of manufacturing equipment, no material
changes to the tax and regulatory regime and the ultimate ability
execute its business plan on economically favourable terms. While
we consider these assumptions to be reasonable based on information
currently available to us, they may prove to be incorrect. Actual
results may vary from such forward-looking information for a
variety of reasons, including but not limited to risks and
uncertainties disclosed in other Oremex filings at www.sedar.com
and other unforeseen events or circumstances. Other than as
required by law, Oremex does not intend, and undertakes no
obligation, to update any forward looking information to reflect,
among other things, new information or future events.
Neither the TSX Venture nor its Regulation Service Provider (as
that term is defined in the policies of the TSX Venture) accepts
responsibility for the adequacy or accuracy of this release.
Contacts: Oremex Silver Inc. Christian Scovenna +1
416.309.4321info@oremexsilver.com
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