With silver attracting increased investor attention, more and more exploration companies are flocking to Mexico, one of the most prospective parts of the world for the valued metal.
Among the companies active there is Oremex Resources (ORM-V), a recently formed junior that holds rights to acquire six properties, including the Tejamen project in Durango state.
Late last year, the company launched a 117-hole drill program to test the size and potential of Tejamen, and to date, 11 reverse-circulation holes totalling about 2,000 metres have been completed on the Cerro Prieto zone. Also, access roads and drill pads are in place for drilling at the nearby Los Mantos zone.
The Tejamen project saw limited production in the 1970s and was previously tested by 40 diamond-drill and RC holes totalling 8,092 metres. This work revealed the presence of a large silver-gold-bearing system with high-grade feeder zones.
Oremex is currently trying to upgrade the existing inferred resource, estimated by a previous operator at 8.4 million tonnes grading 89 grams silver and 0.2 gram gold per tonne (though the company says the reliability of this historic estimate may be in doubt until its own drilling is completed).
Oremex raised $2.5 million during its initial public offering last fall. Mining engineer Dale Scholz presides over the company, and the board consists of Ross Glanville, Henry Scholz, James Yates and Anthony Harvey.
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