whiting - orex

Ben Whiting, Orex VP Exploration

Error: A previous version of this article incorrectly stated the grade of silver as 659 g/t. It should have read 359 g/t.

An interesting hit: Yesterday Orex Minerals (REX-V) said it intercepted 61 metres @ 359 g/t Ag, essentially starting from surface, and up to 3 metres at 2,271 g/t Ag on the Sandra Escobar property in Mexico. It’s the first hole on a target and property on option from Canasil Resources (CLZ-V).

There weren’t a lot of details on the target released by Orex, so I talked to Bahman Yamini, Canasil President and CEO, to grasp potential size, among other details.

In short, it sounds like a decent-sized target, albeit very early stage.

At surface from sampling, Yamini puts dimensions of the silver mineralized zone at 150-metres wide and 750-metres along strike, with grades varying widely.

Some fortuitous sampling here: Yamini notes they knew the very narrow veinlets in stockwork graded high, up to 1-kg silver a tonne, or so. They wanted to test the host to rule it out, however.

Or in as it were.

The rock didn’t look like much, Yamini says. But, as it turns out, it ran some between 50-200 g/t Ag.

Hence the Orex option (earning to 65%) which covers Canasil costs for now.

Other targets? The mineralization comes a volcanic dome and collapse breccia. The current drilling is on the northern part of the dome. Yamini says there’s some decent anomalies to the southwest as well. Potential for more discoveries.

Of course, for now, eyes will fall on coming drillholes beyond Orex’s first hit.

Have to watch this one closely.

Orex plans 2,000 metres drilling.

Cash:
Canasil: $600k (Sept. 2015)
Orex: $4.5m (April 2015)

Marketcap
Canasil: $11m
Orex: $29m