Business
Oremex Operations Update
Oremex Operations Update.
About this update from Monarca Minerals Inc.
[{"type":"text","content":"\n\n\n\nVANCOUVER, Jan. 30 /CNW/ - Oremex Resources Inc. (TSX-V: ORM) (the\n\"Company\"), announces that it will commence drilling on its San Lucas Property\n80 km north of Durango in the State of Durango, Mexico. The Company has\nmobilized its recently purchased drill rig to the property and engaged Tiger\nDrilling (\"Tiger\") to operate and maintain the drill rig. A director of the\nCompany is the majority shareholder of Tiger. In addition, the Company has\nsecured a second drill rig.\n\n\nAt the San Lucas Property, a 19-hole drill program completed in 2005\noutlined a high grade silver-gold mineralized system with lead and zinc in\nvolcanic rocks over a two-kilometre strike length. Preliminary surface mapping\nand sampling have traced the zone for an additional two kilometres along\nstrike from the original drilling. Highlights of the 2005 drill program\nincluded intercepts of 9.26 grams per tonne (\"gpt\") of gold and 233 gpt silver\nover 4 metres in Hole 3 and 203 gpt silver over 6 metres in Hole 4. Mapping\nand sampling have also identified a separate mineralized structure. A\n5,000- metre program of drilling will test extensions of mineralization along\nstrike and below previously drilled mineralization at the property.\n\n\nThe Company also reported that drilling has been delayed on the Tejamen\nSilver Property pending renewal of a surface access permit from the local\nvillage authority. The Company has been engaged in communication with the\nvillage authority and anticipates that approval will be granted next month.\n\n\nAn independent resource study (NI 43-101 compliant, as reported in the\nApril 11, 2006 news release) has concluded that the Tejamen Silver Property\ncontains a silver-equivalent resource of 50.8 million ounces in a total of\n22.6 million tonnes, grading a silver-equivalent of 69.8 grams per tonne\n(2.04 ounces per ton).\n\n\nThe TSX Venture Exchange has not reviewed and does not accept\n\n\nresponsibility for the adequacy and accuracy of this release.\n\n\nNational Instrument 43-101 requires the following statement: that the\npreliminary assessment is preliminary in nature, that it includes inferred\nmineral resources that are considered too speculative geologically to have the\neconomic considerations applied to them that would enable them to be\ncategorized as mineral reserves, and there is no certain...