The Estimate contains an Inferred Resource of 286,000
The mineral resource estimate was prepared by Fresnillo and audited by
The mineral resource estimate is based on a database of 106 diamond drill holes, totaling 38,515 metres, drilled between 2010 and 2017, considering gold and silver recovery results from the 2021 metallurgical testing program (news release:
Mineral Resource Statement*, | |||||||
Category | Quantity | Grade | Contained Metal | ||||
Tonnes (000s) | Gold (g/t) | Silver (g/t) | Au-Eq (g/t) | Gold Oz (000s) | Silver Oz (000s) | Au-Eq Oz (000s) | |
Inferred Mineral Resources | |||||||
264 | 2.44 | 85 | 3.34 | 21 | 717 | 28 | |
Santo Niño | 901 | 1.10 | 163 | 3.17 | 32 | 4,718 | 92 |
1,920 | 1.32 | 165 | 3.58 | 81 | 10,148 | 220 | |
Descubridora | 280 | 0.91 | 141 | 2.69 | 8 | 1,266 | 24 |
Promontorio | 690 | 2.31 | 50 | 3.13 | 51 | 1,108 | 69 |
Impulsora | 1,270 | 2.28 | 28 | 2.57 | 93 | 1,154 | 105 |
Total Inferred | 5,325 | 1.67 | 112 | 3.15 | 286 | 19,111 | 538 |
* Mineral resources are not mineral reserves and have not demonstrated economic viability. All figures are rounded to reflect the relative accuracy of the estimate. Composites have been capped where appropriate. Mineral Resources are reported at a cut-off mineral value of |
A detailed Technical Report will be filed with SEDAR and posted on the
Reporting Details:
- The Independent and Qualified Persons for the Mineral Resource Estimate, as defined by NI 43-101, are
David Machuca , PhD, PEng.,Steven Mancell , MSc, PGeo., andAlfonso Soto , CPG, on behalf ofSRK Consulting (Canada) Inc. - The Effective Date of the Mineral Resource Estimate is
August 30, 2021 . - A site visit was performed by
Alfonso Soto , CPG, onJuly 13-14, 2021 . - The results are presented undiluted and are considered to have reasonable prospects of eventual economic extraction by underground mining methods.
- The estimate encompasses six discrete gold and silver bearing zones, each defined by individual wireframes, and are named from north to south
La Bufa , Santo Niño,Loma Verde , Descubridora, Promontorio and Impulsora. The geological solids interpretation utilized Leapfrog Geo® Version 6.0.5. - High-grade capping, supported by statistical analysis, was carried out on assay data composited to 1.5 metre lengths for each separate zone. High-grade capping was performed on 2.5% of the gold composites and 2.9% of the silver composites.
- Grade interpolation was performed by Inverse Distance Squared (ID2) on three passes from drill hole intersections falling within the mineralized zones in four separate block models oriented to parallel the major structural trends of the zones. Block dimensions were developed for parent cells of 24 m by 6 m by 12 m, with sub-cells of 1 m by 1 m by 1 m minimum size. Relative volume differences of less than 2% were obtained between the mineralization wireframes and the sub-cell models contained within them. Leapfrog Edge® Version 4.0 was used to prepare assay data for grades estimation, construction of the block models, estimation of metal grades and tabulation of the mineral resource.
- Density values are based on the testing of 19,047 specific gravity measurements, 434 of which are located within the mineralized zones, and were also assigned to the block models by ID2.
- The Mineral Resource Estimate is categorized as "Inferred". Drillhole spacing averages approximately 150 metres. A maximum of 12 neighbouring composites were used for the estimation of each block, with no more than 2 composites belonging to the same drillhole.
- Rather than using a cut-off grade, a cut-off mineral value of
US$74.30 per tonne was applied, which is based on the mining and processing costs of similar deposits mined by underground methods inMexico . The cut-off mineral value for the mineral resources estimates is based on a gold price ofUS$1,500 per troy ounce, a silver price ofUS$21.50 per troy ounce and per-vein gold and silver recoveries according to the most recent metallurgical test results ranging from 66% to 98% for gold and 69% to 90% for silver. - Metallurgical recoveries applied by zone were as follows: La Bufa Au 98.5% Ag 72.9%; Santo Niño Au 95.0% Ag 83.9%;
Loma Verde Au 94.3% Ag 90.0%; Descubridora Au 86.2% Ag 75.9%; Promontorio Au 66.1% Ag 75.9%; and Impulsora Au 95.8% Ag 69.0%. - The numbers for metric tonnes were rounded to the nearest thousand, following the recommendations in NI 43-101 and any discrepancies in the totals are due to rounding effects. The metal contents are presented in troy ounces (tonnes x grade / 31.10348).
SRK Consulting (Canada) Inc. is not aware of any known environmental, permitting, legal, title-related, taxation, socio-political, or marketing issues, or any other relevant issue not reported in the Technical Report, that could materially affect the Mineral Resource Estimate.
Coneto is situated around the town of
The Project consists of approximately 4,997 hectares (11,860 acres) of contiguous mineral concessions and covers over 40 discrete mineralized low to intermediate-sulphidation epithermal quartz veins. Excellent infrastructure exists in the Coneto area, including paved road access, electrical power, water and manpower from nearby communities.
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ON BEHALF OF THE BOARD OF DIRECTORS
President and CEO
FORWARD LOOKING STATEMENTS
This News Release may contain forward-looking statements including, but not limited to, statements with respect to the planned program and budget for the Project. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements and
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.sedar.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.
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