Oremex Silver Reports 5.5 Meters of 212.26 g/t Silver from Underground Drilling at Chalchihuites
01/16/2012
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TORONTO, ONTARIO--(Marketwire - Jan. 16, 2012) - Oremex Silver Inc. ("Oremex" or the "Company") (TSX VENTURE:OAG)(OTCQX:ORAGF)(FRANKFURT:OSI) is pleased to report the results from the first three holes of the underground drill program at the Chalchihuites silver project held by its wholly-owned Mexican subsidiary Minera Mantos S. de R.L. de C.V.
The first three underground drill holes fan out from the face of the Tepozan adit to test the northwest striking and steeply southwesterly dipping La Purisima structure. Multiple mineralized structures were found in every hole.
"The assay results from the first three holes confirm the presence of high grade mineralization that was previously sampled. We are very pleased with these results as they clearly add to our understanding of the mineralization at Chalchihuites and demonstrate additional potential. More drilling is being planned to follow the strike and dip extent of the La Purisima structure in addition to drilling of other structures and skarn/ replacement mineralization. While additional underground drill results from the current program remain pending, we look forward to focusing on a subsequent surface drilling program to expand and further define the boundaries of mineralized zones and the resource potential at Chalchihuites" commented Michael R. Smith, President & CEO of Oremex Silver Inc.
The Chalchihuites mineralization can be traced over a WNW zone with a map area of approximately 900 meters long by 200 meters wide. Overall, the mineralization has a proven vertical extent of about 300 meters from the lowest elevations to the top of La Purisima structure.
Hole 1 was drilled to a total depth of 84.7 meters, Hole 2 to 98.2 meters and Hole 3 to 93.2 meters. The highlights of the mineralized intervals include 5.5 meters of 212.26 g/t silver containing 1.7 meters of 563 g/t silver in Hole 2. Hole 3 includes intersection of 5.4 meters of 28.56 g/t silver and 0.82 g/t gold comprising of 1.4 meters of 56.6 g/t silver and 2.54 g/t gold.
Complete results from the Hole 1, 2, 3 include:
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HOLE ID FROM TO THICKNESS GRADE g/t GRADE %
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meters meters meters Silver Gold Lead Zinc
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CHALU11-01 53.80 56.30 2.45 12.38 0.26 0.07 0.11
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CHALU11-01 61.00 62.80 1.80 7.84 0.08 0.11 0.05
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CHALU11-01 65.00 68.31 3.31 30.75 0.17 0.05 0.13
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CHALU11-02 16.00 18.00 2.00 24.20 0.09 0.09 0.03
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CHALU11-02 21.50 22.50 1.00 7.00 0.02 0.17 0.10
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CHALU11-02 22.90 23.90 1.00 11.60 0.09 0.25 0.04
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less
than
CHALU11-02 31.00 32.40 1.40 9.00 0.01 0.22 0.01
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CHALU11-02 88.20 93.70 5.50 212.26 0.18 3.85 0.03
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including 88.20 89.90 1.70 563.00 0.31 11.30 0.06
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CHALU11-03 0.00 0.40 0.40 11.40 0.02 0.03 0.04
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CHALU11-03 41.00 42.40 1.40 9.00 0.03 0.14 0.01
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CHALU11-03 65.30 66.00 0.70 16.80 0.08 0.11 0.04
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CHALU11-03 71.70 72.70 1.00 24.90 0.28 0.12 0.17
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CHALU11-03 77.20 82.60 5.40 28.56 0.82 0.14 0.17
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including 80.70 82.10 1.40 56.60 2.54 0.15 0.03
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The technical information contained in this news release has been prepared
under the supervision of William Feyerabend, Consulting Geologist (AIPG
Certified Professional Geologist #11047), who is a Qualified Person as
defined by National Instrument 43-101.
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