Orex Minerals Inc. (CVE:REX) shares rose on Monday after the company said that at a base-case cut-off of 45 grams per tonne silver, the inferred resource estimate for Boleras silver deposit on the Sandra Escobar project yields 9.8mln tonnes grading 106 grams per tonne silver for a total of 33.3mln ounces of silver.
It is Orex’s first resource estimate release for the Boleras silver deposit on the Sandra Escobar project in Durango, Mexico, prepared by the consulting firm Mining Plus. The Sandra Escobar project is being advanced by Orex under an option agreement with Canasil Resources Inc.
“A first resource estimate is a major step in an exploration project. We have achieved this benchmark in less than a year from the start of diamond drilling, and we believe that this initial resource is the first of many to come,” said Orex’s president, Gary Cope.
Orex shares were last seen up 1.7% at C$0.59 on Monday.
Story by ProactiveInvestors