Oremex Gold Acquires Cerro del Oro Gold Project
24 February 2012 - 2:18AM
Marketwired Canada
Oremex Gold Inc. ("Oremex Gold" or the "Company") (TSX
VENTURE:OAU)(FRANKFURT:OM8) is pleased to announce that its wholly-owned Mexican
Subsidiary, Minera Tres Diamantes, S. de R.L. de C.V., has acquired the Cerro
del Oro (Gold Hill) project which comprises two concessions totaling 78.9
hectares in the Melchor Ocampo gold mining district, Zacatecas state, Mexico
(Map 1). Terms of the acquisition are provided below. The acquisition remains
subject to approval by the TSX Venture Exchange.
Cerro del Oro is characterized by widespread gold-dominant polymetallic
mineralization related to intrusive rocks in a variety of settings. The Company
is conducting a detailed surface sampling and geological mapping program and is
planning a ground geophysical program in the near future to refine drill targets
for a Phase I drilling program. Additional analytical results from the ongoing
work are expected shortly.
Melchor Ocampo District:
For over twenty years, gold, silver and base metal mineralization has been
recognized in skarns, veins, chimneys, mantos, disseminations and irregular
bodies within the Melchor Ocampo district. There are over 50 historical mines
within the 40 square kilometer district.
Cerro del Oro is located 22 km north of Goldcorp Inc.'s world-class Penasquito,
gold-silver-lead- zinc mine (P&P Reserves greater than 18 million oz. gold and 1
billion oz. silver)(1) at the northern end of the Zacatecas "Zona Dorada"
(Golden Zone). It also includes Goldcorp Inc.'s, Camino Rojo project (M&I
Resources of 3.44 million oz. gold)(1), the producing Tayahua mine of Minera
Frisco, S.A.B. de C.V., which has a significant expansion program underway, and
the Concepcion del Oro mining district where significant exploration and
development continues (Map 1).
Cerro del Oro Project:
The Cerro del Oro property hosts numerous historical pits, trenches, underground
workings; no information exists on specific developments or metal production
(Map 2). Small miners, drawn by very high-grade mineralization, have been
working the property in recent decades. The Cerro del Oro concessions are
underlain primarily by a mixed intrusive/skarn domain and an area of Mesozoic
sediments along the western margin of a large intrusive complex. The mixed
intrusive/skarn domain is significantly mineralized with gold-silver, +/-base
metals. Preliminary results suggest that marbleized limestone within the
sedimentary sequence are favorable hosts for gold mineralization.
A total of 147 samples rock samples have been collected on the property to date
by the Company, including surface rock chip and panel samples and historical
mine dump grab samples. Most samples reported herein are from a 450m by 300m
area underlain by the intrusive/skarn domain in the central portion of the
property. From this sample set, 48 contained greater than 0.5 g/t gold and 30
contained greater than 1 g/t gold. Gold ranged from 0.01 to 6.77 g/t averaging
0.70 g/t, silver ranged from 2 to 74.8 g/t averaging 8.1 g/t, copper ranged from
detection to 1.74% averaging 0.17% and zinc ranged from detection to 11.4%
averaging 0.37%. A table of results highlights is provided below:
Rock Sample Highlights from Cerro del Oro
----------------------------------------------------------------------------
Width Au Ag Cu Zn Pb
Sample No. (m) (g/t) (g/t) (%) (%) (%) Area/Zone Description
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Skarn w/garnets,
minor silica vlts.
CG 014 0.70 1.57 10.0 0.02 0.00 0.01 South mod. oxidation(feox)
----------------------------------------------------------------------------
7.00 X Skarn w/wollastonite
CG 021 1.00 1.57 2.0 0.02 0.02 0.00 South + abundant Py cast
----------------------------------------------------------------------------
Skarn w/garnets + qtz
2.00 X vtls less than 0.10
CG 026 2.00 2.16 7.0 0.14 0.52 0.02 South m.
----------------------------------------------------------------------------
Diorite, partly
0.40 X bleach with qsp
CG 031 0.40 2.13 3.0 0.14 0.02 0.00 Central alteration
----------------------------------------------------------------------------
Shear zone at skarn
0.50 X zone with mod.
CG 033 0.40 2.07 9.0 0.19 0.03 0.00 Central oxidation
----------------------------------------------------------------------------
Hornfels with
CG 038 0.03 1.43 2.0 0.24 0.01 0.00 South granular silica vein
----------------------------------------------------------------------------
Shear zone at skarn
zone with mod.
CG 042 0.25 4.74 3.0 0.02 0.03 0.03 South oxidation
----------------------------------------------------------------------------
Diorite, partly
bleach with sheeted
milky-drusy qtz.
CG 051 0.60 1.69 2.0 0.03 0.01 0.00 North vlts.
----------------------------------------------------------------------------
Shear zone at skarn,
w/mod.
silicification-
MTDCO-001 1.70 6.77 48.2 1.21 11.40 0.00 Central oxidation
----------------------------------------------------------------------------
Garnet belt w/py cast
infill by hem.
Overprinted by
MTDCO-002 1.90 3.91 47.4 1.21 2.90 0.00 Central sacaroid silica
----------------------------------------------------------------------------
MTDCO-003 1.80 1.33 8.0 0.29 0.92 0.00 Central Same as above
----------------------------------------------------------------------------
Intercalation
silica/garnet belts
w/sulph. boxworks
MTDCO-004 1.80 1.81 12.3 0.44 2.74 0.00 Central part. filled by Feox
----------------------------------------------------------------------------
Skarn with crackle bx
feox+malaq at
voids,mod.
MTDCO-006 1.60 6.06 40.3 1.37 6.50 0.01 Central silicification
----------------------------------------------------------------------------
Skarn zone(red
garnets), incip.
crackle bx., feox
staining at garnets
MTDCO-007 1.40 1.41 18.5 0.29 4.53 0.01 Central crystals
----------------------------------------------------------------------------
Intercalation of
garnets + siderite,
w/abundant sulph
MTDCO-009 1.60 1.65 9.0 0.02 0.10 0.06 Central boxworks w/hem.
----------------------------------------------------------------------------
Bx zone, asembled by
flat frag. welded by
hematite + siderite +
MTDCO-010 1.40 3.40 31.3 0.03 0.10 0.28 Central jarosite
----------------------------------------------------------------------------
MTDCO-011 1.30 2.59 26.3 0.04 0.03 0.59 Central Same as above
----------------------------------------------------------------------------
Crackle bx, abundant
gypsum vlts,
overprinted by iron
MTDCO-012 1.80 2.14 36.4 0.04 0.07 0.17 Central oxides
----------------------------------------------------------------------------
Garnet at sediments,
w/sulphides boxworks
MTDCO-016 1.70 4.70 48.2 1.74 1.16 0.01 Central infilled by hematite
----------------------------------------------------------------------------
Intercalation of
garnets+silica belts
+ sulph. boxworks &
MTDCO-020 1.40 2.84 11.0 0.76 0.02 0.00 Central malaquite patches
----------------------------------------------------------------------------
Intercalation of
garnet & lt green
silica belts with
MTDCO-022 1.00 1.45 8.0 0.30 0.03 0.00 Central malaquite staining
----------------------------------------------------------------------------
----------------------------------------------------------------------------
The analyses reported herein was performed by SGS Mexico SA de CV, in Durango,
Mexico, an internationally recognized analytical services provider. The Company
followed industry standard procedures for the work carried out on the Cerro del
Oro project. Internal laboratory QA/QC procedures were followed for the samples
reported herein. Oremex Gold detected no significant QA/QC issues during review
of the data. The technical information contained in this release has been
prepared by Bill Feyerabend, CPG, a Qualified Person, and has been reviewed by
Dr. David A. Terry, P.Geo., President and C.E.O of the Company and a Qualified
Person as defined in National Instrument 43-101.
Agreement Terms:
The Company's wholly-owned Mexican subsidiary, Minera Tres Diamantes, S. de R.L.
de C.V., acquired a 100% interest in the Cerro del Oro concessions through an
assignment agreement with Minera Mantos, S. de R.L. de C.V. ("Minera Mantos"), a
wholly-owned subsidiary of Oremex Silver Inc. ("Oremex Silver"), in exchange for
the cash payment of US $108,100 and a 1.5 % NSR in favour of Minera Mantos on
future production from the project.
Relationship between Oremex Gold Inc. and Oremex Silver Inc.
Approximately 40% of the issued and outstanding share capital of Oremex Gold is
currently held by Oremex Silver, which was acquired during the spin-out of gold
assets owned by Oremex Silver to Oremex Gold in 2011. In addition, certain
directors and officers of Oremex Gold are also directors and officers of Oremex
Silver. Due to the relationship between Oremex Gold and Oremex Silver, the
transaction is a related party transaction within the meaning of applicable
securities laws and a non-arm's length transaction within the meaning of the
policies of the TSX Venture Exchange.
About Oremex Gold Inc.
Oremex Gold Inc. (TSX VENTURE:OAU)(FRANKFURT:OM8) is a Canadian gold exploration
and development company holding a portfolio of gold projects in the prolific
mining regions of Mexico with its main projects of focus being Santa Catarina in
the prolific Sierra Rosario gold belt, San Lucas in the Durango State and now
Cerro del Oro in Zacatecas State.
ON BEHALF OF THE BOARD
Dr. David A. Terry, P.Geo., President & CEO
To view "Map 1: Location of Cerro del Oro Project," please visit the following
link: http://media3.marketwire.com/docs/oremex_gold_feb23_map01.pdf
To view "Map 2: Cerro Del Oro Concessions," please visit the following link:
http://media3.marketwire.com/docs/oremex_gold_feb23_map02.pdf
Forward Looking Information
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 Gold's 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 Gold, 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 Gold filings at www.sedar.com and other unforeseen
events or circumstances. Other than as required by law, Oremex Gold does not
intend, and undertakes no obligation, to update any forward looking information
to reflect, among other things, new information or future events.
(1)Source: Goldcorp Inc.'s website, www.goldcorp.com, as of January 4, 2012.
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