Orex Signs Option Agreement to Acquire 100% of the Valenciana Gold-Silver Project in Zacatecas State, Mexico
The Valenciana Property hosts high-grade epithermal gold and silver veins, with base metals of lead and zinc, in Cretaceous sedimentary units and Tertiary rhyolitic and monzonitic intrusive rocks. It is located on the Mesa Central within the prolific "Silver Trend" of
Located north of the village of Valenciana in northern Zacatecas State, approximately 30 kilometres north of the
Hydrothermal alteration is extensive in the district due to the emplacement of the low to intermediate sulphidation vein systems, hosted mainly in the Cretaceous sedimentary units. Tertiary intrusive rocks of rhyolite and monzonite composition have been mapped on the western extent of the Valenciana Property.
The 1996 exploration program, conducted by Pan American Silver Corp. and
In 2003, Silver Standard Resources Inc. drilled a series of 9 shallow reverse-circulation holes. Surface litho-geochemical sample data, airborne magnetic and radiometric geophysical survey data and limited ground Induced-Polarization data are also available.
Select Historic Drill Intercepts – Silver Equivalent Ag-Eq = Ag + 85*Au. Base metals not included in Ag-Eq grade.
Hole |
From (m) |
To (m) |
Width (m) |
Au (g/t) |
Ag (g/t) |
Ag-Eq (g/t) |
Pb (%) |
Zn (%) |
V-002 |
282.99 |
284.90 |
1.91 |
1.37 |
322 |
438 |
0.56 |
1.45 |
V-002 |
297.43 |
299.62 |
2.19 |
2.50 |
1,115 |
1,328 |
0.50 |
1.40 |
|
|
|
|
|
|
|
|
|
V-003 |
262.10 |
263.06 |
0.96 |
2.15 |
595 |
778 |
1.63 |
3.28 |
V-003 |
275.02 |
276.89 |
1.87 |
1.05 |
739 |
828 |
1.10 |
2.71 |
|
|
|
|
|
|
|
|
|
V-011 |
129.24 |
131.74 |
2.50 |
1.75 |
188 |
337 |
0.23 |
1.32 |
V-011 |
138.40 |
141.91 |
3.51 |
0.91 |
58 |
135 |
1.03 |
2.69 |
|
|
|
|
|
|
|
|
|
V-012 |
65.93 |
78.85 |
12.92 |
1.38 |
101 |
218 |
1.20 |
1.05 |
|
|
|
|
|
|
|
|
|
V-015 |
73.00 |
74.00 |
1.00 |
0.60 |
149 |
200 |
3.91 |
2.94 |
|
|
|
|
|
|
|
|
|
V-020 |
55.00 |
63.00 |
8.00 |
1.10 |
214 |
308 |
0.60 |
0.87 |
A notarized version of the Valenciana Option Agreement was completed on
Mineral concession taxes have been paid, including the
Upon signing the option agreement: US$15,000.
6 months after signing the option agreement:
12 months after signing the option agreement: US$35,000.
18 months after signing the option agreement: US$15,000.
24 months after signing the option agreement:
30 months after signing the option agreement:
36 months after signing the option agreement:
Thereafter
An "area of influence" surrounding the original mineral concessions has been defined. A 2% production royalty ("NSR") on the original mineral concessions will be held by EEC. If new mineral concessions are established on open land within the area of influence, a 1.5% NSR will be awarded to EEC for the new concessions. If mineral concessions currently held by third party concession holders, but within the area of influence, are added to the
ON BEHALF OF THE BOARD OF DIRECTORS
President and CEO
This News Release may contain forward-looking statements including, but not limited to, the execution of and terms of a definitive agreement to acquire 100% of the Valenciana Property and future exploration of the Valenciana Property. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties including, among others: the success of evaluation plans; the success of exploration activities; mine development prospects; potential for future metals production; changes in economic parameters and assumptions; timing of receipt of exploration results; the interpretation and actual results of future exploration activities and mineralization; the results of regulatory and permitting processes; future metals price; possible variations in grade or recovery rates; failure of equipment or processes to operate as anticipated; labour disputes and other risks of the mining industry; the results of economic and technical studies; delays in obtaining governmental and local approvals or financing or in the completion of exploration; timing of assay results. Actual results may differ materially from those currently anticipated in such statements and
Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in the forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
For additional information on risks and uncertainties, see the Company's most recently filed annual management discussion and analysis ("MD&A"), which is available on SEDAR+ at www.sedarplus.com and on the Company's website at www.orexminerals.com. The risk factors identified in the MD&A are not intended to represent a complete list of factors that could affect the Company.
Neither
Follow on X (Twitter):
Follow on LinkedIn:
Follow on Facebook:
View original content:https://www.prnewswire.com/news-releases/orex-signs-option-agreement-to-acquire-100-of-the-valenciana-gold-silver-project-in-zacatecas-state-mexico-302060802.html
SOURCE