Strong results from Orex Exploration’s (OX-V) drilling in Nova Scotia helped secure the Rouyn- Noranda, Que.-based junior some market momentum.
Assay results revealed five new zones 150 metres above the historic Boston-Richardson zone at its wholly-owned Goldboro gold project, about 185 km northeast of Halifax, on the eastern coast of Nova Scotia.
The company has now identified 15 gold zones over a 575-metre strike length and to a depth of 250 metres. Before the results came in, it had identified 10 gold zones over 225 metres.
The most recent assays come from Orex’s second-phase diamond- drilling program. In total, the company drilled 12,170 metres in 44 holes last year.
Highlights include: 3.35 grams gold per tonne over 10.5 metres in hole 17; 2.72 grams gold over 19.5 metres in hole 21; 9.54 grams gold over 3.5 metres in hole 22; and 13.09 grams gold over 1.25 metres in hole 23.
Visible gold was observed in six of the seven drill holes.
The company says the new gold zones in the East Goldbrook area show gold linked to quartz veins, stringers and stockworks.
Orex shares recently traded at 7¢ in a 12-month range of 5-15¢.
For 2009, Orex plans to drill 80 holes into the 2.5-km length of the Boston-Richardson antiform structure.
A new resource estimate will be completed after all results from last year’s drilling are in, expected by the end of the first quarter.
Orex is also in the midst of a nonbrokered private placement of up to 16.6 million non-flow-through units at 6¢ per unit for gross proceeds of roughly $1 million.
Each unit is made up of one common share and one purchase warrant with a strike price of 10¢ for three years after closing.
The company plans to use the proceeds for exploration and development, and for working capital.
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