Corex Drills New Discovery at Santana
08 Dicembre 2010 - 1:00PM
Marketwired
Corex Gold Corp. (TSX VENTURE: CGE)(the "Company"), is pleased to
announce that a step-out reverse circulation drill hole has
discovered a significant new mineralized zone on Corex's 100% owned
Santana property in Sonora State, Mexico.
Discovery Hole at Ubaldo Zone:
-- S10-078R returned 54.9 m of 0.87 g/t Au, 21.8 g/t Ag, and 0.51% Cu
including 21.1 m of 1.73 g/t Au, 28.7 g/t Ag, and 0.48% Cu that ended in
mineralization.
Craig Schneider, President and CEO of Corex stated: "This new
discovery at Santana lends further evidence to our theory of a
large porphyry driving this mineralized system from depth. This
discovery hole was collared 700 m away from our Benjamin Zone which
also had significant intercepts of Au, Ag and Cu. This new zone
coupled, with the adjacent oxide-sulphide gold bearing zones at
Nicho & Nicho North, greatly expands the scope and scale of the
resource potential at Santana."
Ubaldo Zone
The Ubaldo zone is located 700 meters southwest of the Nicho
Zone and 700 meters southeast of the Benjamin Zone, which now
expands our mineralized area to 3 x 2 km in total size. Drill-hole
targeting was based on favorable alteration coupled with a large
elongated chargeability high, some 500 meters in a northeast
direction by 100 meters in a northwest direction at 150 m in depth.
The core at the northeast end may orient perpendicular northwest
following a fault. This Nicho Fault is also coincident with
magnetic and resistivity lows. S10-078R hole ended in a mineralized
feldspar porphyry dyke at 200 m below the surface and is open at
depth and along strike.
As a result of this most recent successful hole a diamond drill
rig has been specifically allocated to the Ubaldo Zone to drill off
its size potential. This follow up program will commence in January
2011.
Table of Results: Ubaldo Zone
Grade (gpt)
-------------
Hole # From (m) To(m) Interval (m) Au Ag % Cu
---------------------------------------------------------------------
S10-078R 195.1 249.9 54.9 0.87 21.8 0.51
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Incl. 201.2 222.5 21.3 1.73 28.7 0.48
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Incl. 237.7 246.9 9.2 0.7 46.9 1.19
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-- Reported intervals must be at least 1.5 meters wide; drill hole
intercepts are reported at a 0.2 g/t Au cutoff or a 0.4 g/t Au cutoff
including up to 6.2 m and 3.1 m of internal waste. Corex utilizes a
comprehensive QA/QC program consisting of blanks, drill rig sample
duplicates and reference samples to insure best practices are
followed and the data collected is of the highest quality. All
samples were prepared to normal industry standards and assayed for
gold by Fire assay with AA finish by Acme Industrial Company (ISO
9001:2008 registered quality system).
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Please click the following link for a map detailing new
zone:
http://www.corexgold.com/i/pdf/ubaldo.pdf
Drilling Update
Corex is completing the 2010 diamond drill program and is
currently awaiting 2500 m of assays that has been sent to Acme Labs
for processing. The 2011 drill program is being planned that will
include 20,000 m of diamond drilling on the Nicho, Nicho North,
Benjamin and Ubaldo Zones.
Bruno Barde P. Geo., manages Corex's exploration and development
programs and is the Qualified Person as defined by National
Instrument 43-101. He supervised the preparation of the technical
information in this release.
ON BEHALF OF THE BOARD
Craig D. Schneider. President & CEO
Cautionary Statement
The foregoing information may contain forward-looking statements
relating to the future performance of Corex Gold Corporation.
Forward-looking statements, specifically those concerned with
future performance are subject to certain risks and uncertainties,
and actual results may differ materially. These risks and
uncertainties are detailed from time to time in Corex Gold
Corporation's filings with the appropriate securities
commissions.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Corex Gold Corporation Craig Schneider President &
CEO 604.683.2505 Corex Gold Corporation Chris Bogart VP Corporate
Development 604.683.2505 604.683.2506 (FAX) info@corexgold.com
www.corexgold.com
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