VANCOUVER, March 26, 2020
/CNW/ - Orex Minerals Inc. – (TSX-V: REX – OTCQB:
ORMNF) ("Orex") is pleased to announce that it has
entered into an agreement to form a Joint Venture with Pan American
Silver Corp. – (TSX: PAAS – NASDAQ: PAAS), through its
subsidiary Plata Panamericana S.A. de C.V. ("Pan American"),
to further explore and develop the Sandra Project, formerly the
Sandra-Escobar Project, in Durango,
Mexico (the "Project"). Terms of the Joint
Venture arrangement are based on a Letter Agreement signed in July
of 2019, (see Orex News Release July
8th, 2019).
The Sandra Project is a consolidation of two groups of claims,
each controlled by the two participant parties. Orex and Pan
American will own a 40% and 60% interest, respectively, in a new
joint venture company that will be formed for the Project. Each of
Pan American and Orex will be obligated to make contributions to
the joint venture company in proportion to their respective
ownership interests and Orex will be the initial operator of the
Project, subject to the terms and conditions of the shareholders
agreement between the parties. Orex intends to finalize an
initial program and budget with Pan American and commence work on
the Project as soon as possible.
Orex's President, Gary Cope said
"We are very pleased that we have finalized this new
joint venture arrangement, which allows Orex and Pan American to
continue the advancement of the Sandra-Escobar project, previously
initiated in our joint venture with Canasil Resources
Inc.".
Sandra Escobar Silver-Gold Project,
Durango, Mexico
Sandra Escobar is situated north
of the town of Tepehuanes,
Durango, in the heart of the "Mexican Silver Trend", midway
between the mining districts of Tovar and Guanacevi and is 75 km west of Silver
Standard's La Pitarrilla. This prolific trend hosts some of the
world's largest silver camps and deposits, including Fresnillo, Guanajuato, La Pitarrilla, La Preciosa, Real
de Angeles and Zacatecas.
Mineralization hosted on adjacent and/or nearby properties is not
necessarily indicative of mineralization hosted on the JV's
property.
The Project consists of the Sandra Property of 6,335 hectares
and Escobar Property of 635 hectares of mineral concessions and
covers 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 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-Escobar area, including paved road access, electrical power,
water and manpower from nearby communities.
Ben Whiting, P.Geo., and Dale
Brittliffe, P.Geo., are Qualified Persons as defined in NI 43-101
and take responsibility for the technical disclosure contained
within this news release.
ABOUT OREX MINERALS INC.
Orex is a Canadian-based junior exploration company comprised of
highly qualified mining professionals. Orex has several current
projects: the Coneto Gold-Silver Project in Durango, Mexico, a joint venture with
Fresnillo PLC, the Jumping Josephine Gold-Silver Project in
British Columbia, Canada, and the
joint venture with Pan American with respect to the Project.
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.
Neither 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.
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SOURCE Orex Minerals Inc.