At a 1.5 g/t gold grade resource cut-off, this reflects a 32% increase in combined Measured and Indicated categories gold ounces and a 19% increase in Inferred category gold ounces relative to the previous estimate disclosed in 2009. This largely reflects the influence of 69 surface diamond drill holes completed subsequent to the 2009 estimate.
About Orex Exploration Inc.
Orex Exploration Inc. is a Canadian-based junior resource and exploration company trading under the symbol OX on the TSX Venture Exchange. The Company holds a 100% interest in the Goldboro Gold Project in Nova Scotia.
Mineral Resource Estimate Methodology
The mineral resource estimate by Mercator is based on validated results of 272 surface drill holes, including 69 completed since the previous resource estimate (please refer to Orex's news release of August 4, 2009), and 119 underground drill holes, for a total of 66,743 metres of diamond drilling.
The drilling-defined deposit was divided into three spatial domains for modeling purposes, these being the Boston Richardson Zone, the West Goldbrook Zone and the East Goldbrook Zone. Modeling was performed using Gemcom Surpac® 6.3.1 modeling software with gold grades estimated for Inferred and Indicated category resources using inverse distance squared (ID2) interpolation methodology and capped, 1.0 metre down hole assay composites. Ellipsoid ranges were developed through assessment of assay composite variography and a series of ellipsoid orientations were applied to accommodate opposing limbs of the anticline. Block grades for all resources were based on capped, contributing 1 metre down-hole assay composites constrained to a minimum of 1 and a maximum of 9, with no more than 3 composites allowed from a single drill hole. Block size was 5m (x) by 5m (y) by 5m (z) with two units of standard sub-blocking allowed. Assay composites capped at 120g/t were interpolated in a restricted first pass (55m major axis range) and composites capped at 80g/t were interpolated in the second pass (110m major axis range). A specific gravity of 2.70 g/cm3 was applied to all resource blocks. Grade within a "Metallurgical Bulk Composite" solid was interpolated using Nearest Neighbour methodology and capped metallurgical testing results from 23 HQ-size surface drill holes completed in 2005.
Measured resources are defined as all interpolated blocks within the Metallurgical Bulk Composite solid. Indicated resources are defined as all other interpolated blocks with at least 7 contributing assay composites having a maximum average distance of 50 metres from the block centroid. Inferred resources are defined as all remaining interpolated blocks that occur within the various wire framed belt model solids. All blocks intersecting underground development and stoping solid models were removed from the estimate.
Technical information pertaining to the mineral resource estimate contained in this news release was prepared by Michael Cullen, P.Geo., of Mercator Geological Services Limited, who is an independent Qualified Person as defined under National Instrument 43-101.
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.
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 news release.
Orex Exploration Inc.
President and CEO
Most Popular Stories
- 15 Myths That Could Ruin Your Hispanic Ad Campaign
- General Motors Names Mary Barra as First Female CEO
- AIG to Create 230 Jobs in Charlotte
- Bitcoin Clones Lurch Onto Financial Scene
- Russia Says Nyet to Canada North Pole Claim
- Scripps Shares Rise on Reported Bid Talks
- Budget Deal Sets Off Grumbles in Both Houses
- Bipartisan Negotiators Reach Modest Budget Agreement
- Californians Want to Legalize Marijuana
- Health Care Signups Picked up Pace in November