Exploration Orex discloses results

The first results of an underground exploration program on Exploration Orex’ (ME) Goldboro property in Guysborough Cty., N.S., have been announced. The drilling program defines a mineralized block of 1.18 million tons grading 0.18 oz. gold per ton and intersected by two levels at 125 ft. and 250 ft. The program consists of 110 holes totalling 15,593 ft., and is focused on the apex of an anticline where beds of gold- bearing argillite are intersected by mineralized quartz veins. Most of the gold in the mineralized zones is free.

Orex thinks the orebody can be brought into production with an investment of $14.6 million over a 1-year period. The production cost is estimated at a maximum of $40 per ton for underground mining and as low as $10 per ton for open pit, says Vice-President Michel Roy.

Core samples are being assayed, and the “double metallics” method is used — a procedure developed in a joint effort by Lakefield Research and Centre de Recherches Minerales. It is designed to overcome assay inaccuracies caused by the “nugget effect,” a common problem associated with gold ore whereby gold particles tend to be unevenly dispersed within the ore.

Some of the better results reported from 21 of the 85 holes drilled to date are: Width Gold Hole (ft.) (oz./ton) U-06 41 0.08 U-08 68 0.12 U-12 51 0.18 U-16 51 0.06 U-19 59 0.21 U-22 98 0.17 U-32 83 0.09 U-34 26 0.14 U-36 11 0.13 U-51 45 0.20 U-56 15 0.14 U-61 70 0.08

Results from a 1989 surface drilling program along the western extension of the Goldboro orebody have also been made available. The core was kept in storage until the development of the double metallics assaying technique. The results indicate that an open pit operation is a feasible option for the Western zone, says Orex. The best intersections from eight of the surface holes are: Hole (ft.) (oz./ton) BR88-89 43 0.06 BR89-84 31 0.09 BR89-86 10 0.17 BR89-90 15 0.10 BR89-95 24 0.24 BR89-96 545 0.09 BR89-100 11 0.20 BR89-108 9 0.46

Orex will release new estimations on probable reserves when all the results from the current program have been compiled.