Strong results from Orex Exploration’s (OX-V) drilling in Nova Scotia helped secure the Rouyn-Noranda, Québec- based junior a strong end to the week.
In Toronto on Jan. 30 the company’s shares were up 2¢, or 33% to 8¢ on 761,000 shares traded.
Assay results added up to five new zones 150 metres above the historic Boston-Richardson Zone at its wholly owned Goldboro gold project in northeastern 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 the Phase 2 of its diamond drilling program. In total, Orex drilled 12,173 metres in 44 drill holes in 2008.
Highlights include:
Hole BR-08-17 — 3.35 grams gold over 10.50 metres.
Hole BR-08-21 — 2.72 grams gold over 19.5 metres
Hole BR-08-22 — 9.54 grams gold over 3.50 metres
Hole BR-08-23 — 13.09 grams gold over 1.25 metres.
Visible gold was observed in 6 of the 7 drill holes.
The company says the new gold zones in the East Goldbrook area show gold linked to quartz veins, stringers and stockworks.
For 2009, Orex plans to continue to drill the Boston-Richardson antiform structure over its entire 2.5 km length with 80 drill holes.
A new resource estimate after all drill results are in by the end of the first quarter.
Orex is also in the midst of a non-brokered 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.
It plans to use the proceeds for exploration and development, and for working capital purposes.
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