Orex Minerals to Acquire 100% of the Valenciana Project

Orex Minerals announced that it has entered into an option agreement with Exploraciones El Cairo for the full acquisition of the Valenciana gold-silver Project in Zacatecas. The company expects to further unlock the potential of Valenciana as previous studies show promising results.

The Valenciana property contains high-grade epithermal gold and silver veins, accompanied by lead and zinc base metals, situated in Cretaceous sedimentary units and Tertiary rhyolitic and monzonitic intrusive rocks. The project is located on the Mesa Central within Mexico's prolific “Silver Trend,” showing significant potential. “The current period presents opportunities in the Mexican Mining Industry. Hence, we are focusing on less-explored prospects within major mineral belts, and the Valenciana Mining District aligns with that strategy. This marks a favorable chance to recommence exploration at Valenciana,” said Ben Whiting, President and CEO, Orex Minerals.

The Valenciana property covers 277.18ha of mining concessions, with a focal zone extending approximately 2.7km along the main east-southeast Valenciana vein system. Evidence of early production is evident from the presence of old shafts and adits, although historical production documentation is lacking.

In 1996, Pan American Silver and La Cuesta International Inc. undertook an exploration program on the Valenciana property, involving the drilling of 10 diamond holes. Notable findings include hole V002, with a length of 2.19m and 2.50g/t grades of gold, 115 g/t of silver, 0.5% lead, and 1.4% zinc. Hole V003 yielded 1.87m, with 1.05 g/t grades of gold, silver of 739 g/t, lead of 1.10%, and zinc of 2.71%. Hole V012 revealed a more extensive zone, spanning 22.25m with 0.94 g/t grades of gold, 99 g/t of silver, 0.93% of lead, and 0.94% of zinc. Despite predating the implementation of National Instrument 43-101, these drill holes offer valuable insights for potential future exploration initiatives.

In 2003, Silver Standard Resources Inc. conducted drilling activities using nine shallow reverse circulation drill holes. The company also has data from surface litho-geochemical sampling, airborne magnetic prospecting, radiometric geophysical prospecting, and limited ground induced polarization. “There is a cornucopia of mineral wealth in Mexico. It is not always easy to find the best locations, but the country has certainly a great geological potential, with major opportunities for discoveries,” said Ben Whiting at Mexico Mining Forum 2022.