IP Survey Significantly Expands Potential of Santana Project
May 20 2011 - 9:06AM
Marketwired
Corex Gold Corp. (the "Company") (TSX VENTURE: CGE) is pleased to
announce that it has received positive results from the most recent
deep 3D IP survey conducted by SJ Geophysics Ltd. on its 100% owned
Santana Property in Sonora State, Mexico. This latest survey was
configured with wider line spacing and dipole lengths in order to
increase the depth of investigation. It included 13 E-W lines, each
3,200m in length and spaced 200m apart. These parameters
effectively increased the depth of investigation to 400 - 500m.
Highlights:
-- Identified new exploration targets
-- Confirmed & expanded several know mineralized trends
-- Shown continuity at depth between previous drilled zones
-- Evidence that Santana is part of a large emerging porphyry district
Overview of 3D IP Survey:
The new zones confirmed and identified by the deep IP survey
are: Benjamin North-East, Benjamin South-West, Benjamin North,
Nicho South-East.
Benjamin North-East: A small chargeability anomaly detected on
the 2010 IP survey, some 400 meters northeast of the Benjamin zone
was confirmed by the 2011 survey. The zone appears to be a
northeasterly elongated and nearly horizontal layer, buried
approximately 150m below the surface. This zone is bounded to the
north by the NE trending Benjamin Fault zone and to the east and
west by NW striking faults, interpreted from the resistivity and
magnetic data.
Benjamin South-West: A small chargeability anomaly detected on
the 2010 IP survey, some 300 meters south-west of the Benjamin zone
was confirmed by the 2011 survey. The combined data reveals a small
plug like body buried 150 meters below the surface. This anomaly
exhibits similar characteristics to those observed at Benjamin.
Benjamin North: Indications of a northwesterly dipping
chargeability layer, extending from just below the Benjamin Zone to
the northwest were evident in the 2010 survey. The 2011 survey has
confirmed this response and shows it to be associated with a large,
deep body.
Nicho South-East: This area includes three sub zones:
Divisadero, Santa Lucia and El Nicho. The 2010 survey mapped
localized high chargeability zones across the area that seemed to
be connected depth. The 2011 survey confirmed this hypothesis,
suggesting the bottom of the chargeability zone mostly extends to
about 180m depth. It also detected a deep, easterly plunging high
chargeability root beneath the Nicho South-East zone at the western
edge of the area.
Structures:
The 2011 survey confirmed the patterns of northeast and
northwest trending structures (faults) revealed by the 2010 survey.
It also shows the dominance of several NE striking structures at
depths of 300 - 500m. One of these interpreted fault zones appears
to connect the Ubaldo zone (to the southwest) to the Nicho and
Marmero zones to the northeast.
This deeper survey confirms the presence of a large, deeply
buried body located along the eastern and northeastern edges of the
study area. This body is outlined by elevated chargeability and
magnetic susceptibility values. Corex believes this represents a
large buried intrusion.
The geophysical surveys and drilling to date indentified
intrusive bodies associated with volcanic domes which define a
seven kilometer corridor in the Northeast direction and a four
kilometer corridor in the Northwest direction (see attached map and
section). In conclusion, there is evidence that the Santana Project
is part of large Porphyry Belt.
Please click on link below for map & section:
http://www.corexgold.com/i/pdf/NR-29.pdf.
Bruno Barde, P. Geo., manages Corex's exploration and
development programs and is the Qualified Person as defined by
National Instrument 43-101. He supervised the preparation of the
technical information in this release.
About Corex Gold Corp.
Corex Gold Corp. is a Canadian resource company focused on the
acquisition, exploration and development of precious metal deposits
in Mexico. Corex is currently developing its flagship property, the
Santana Project, which is a new gold discovery in Sonora State,
Mexico. In addition, Goldcorp Inc. has implemented an on-going
exploration program on Corex's 100% owned Zuloaga property in
Zacatecas State, Mexico.
ON BEHALF OF THE BOARD
Craig D. Schneider, President & CEO
Cautionary Statement:
The foregoing information may contain forward-looking statements
relating to the future performance of Corex Gold Corp.
Forward-looking statements, specifically those concerned with
future performance are subject to certain risks and uncertainties,
and actual results may differ materially. These risks and
uncertainties are detailed from time to time in Corex Gold Corp.'s
filings with the appropriate securities commissions.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Corex Gold Corp. Craig Schneider President & CEO
604.683.2505 Corex Gold Corp. Chris Bogart VP Corporate Development
604.683.2505 604.683-2506 (FAX) info@corexgold.com
www.corexgold.com