The newly restructured
Exploration activities and administration will be completed under the authority of a newly registered, local company, incorporated for the purpose of this Joint Venture. Ownership and funding of the joint venture company will be set at 60% Pan American Silver, and 40% Orex Minerals. Orex will act as operator for the exploration work, with regular oversight by committee comprising representatives of both parties.
In anticipation of signing of the formal joint venture agreement between the JV partners, renewed contact with local stakeholders and an on-site review of the proposed surface program is expected to commence this month. The initial program is designed to expand upon surface work completed by Orex between 2015 and early 2017. Completion of mapping and surface geochemistry across the consolidated project area are considered important steps in the process of identification and prioritization of targets for drill testing.
During the period between signing the Letter Agreement and the date of this release, Orex has maintained regular communication with local stakeholders, and has honoured in-place land access and rental agreements. Compilation of existing data has begun, with a small crew comprising two local geologists is expected to arrive on site within the next two weeks.
Orex's President,
Sandra is situated north of the town of
The Project covers 6,760 hectares of contiguous mineral concessions and includes multiple mineralized epithermal quartz veins, disseminated horizons and breccia structures. These mineralized features form a high-level silver-gold-base metals system, hosted in andesitic and rhyolitic rocks, centered on a large rhyolite dome complex in the north and silver-bearing systems in smaller rhyolite dome complexes to the southeast. Intense alteration zones and fluid flooding in permeable formations indicates the presence of bulk tonnage targets. Excellent infrastructure exists in the Sandra area, including paved road access, electrical power, water and manpower from nearby communities.
ABOUT OREX MINERALS INC.
Orex is a Canadian-based junior exploration company comprised of highly qualified mining professionals. Orex has several current projects: the
ON BEHALF OF THE BOARD OF DIRECTORS
Gary Cope
President
This News Release may contain forward-looking statements including, but not limited to, statements with respect to the initial program and budget for the Project and the formation of a joint venture company to hold the Project properties. 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 Orex undertakes no obligation to update such statements, except as required by law.
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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