Technical Report - 2009
On August 4, 2009, Orex Exploration announced its new Mineral Resource Estimates (MRE) in compliance with National Instrument 43-101. These estimates follow completion of Phases 2A, 2B and 2C of the 2008-2009 drilling campaign and cover a 1.5 km strike length from West Goldbrook to East Goldbrook.
Drilling Campaign Statistics
| Total strike length: | 1.5 km (over total 2.5 km length) |
| Total holes: | 321 |
| Historic (pre-43-101): | 254 |
| 2005 campaign (43-101 compliant): | 23 (2,355 metres) |
| 2008 - Phase 2A: | 16 (4,650 metres) |
| 2008 - Phase 2B: | 16 (4,525 metres) |
| 2008 - Phase 2C: | 12 (3,000 metres) |
| Vertical depth from surface (2008 Campaign): | 520 metres (97% of MRE are within first 350 m from surface) |
The current MRE at cut-off gold grades between 0.5 g/t and 5.0 g/t gold are outlined in the table below.
| MINERAL RESOURCE ESTIMATES - GOLDBORO GOLD PROJECT (July 29, 2009) | ||||||||||||
| MEASURED | INDICATED | TOTAL MEASURED + INDICATED |
INFERRED | |||||||||
| Cut-off | Tonnes | Grade | Ounces | Tonnes | Grade | Ounces | Tonnes | Grade | Ounces | Tonnes | Grade | Ounces |
| Grade | ('000) | (g/t) | ('000) | ('000) | (g/t) | ('000) | ('000) | (g/t) | ('000) | ('000) | (g/t) | ('000) |
| 0,50 | 519 | 3,08 | 51,4 | 7 414 | 2,06 | 491,4 | 7 933 | 2,13 | 542,8 | 10 389 | 1,78 | 594,1 |
| 1,00 | 417 | 3,67 | 49,3 | 3 923 | 3,27 | 412 | 4 340 | 3,31 | 461,3 | 5 286 | 2,81 | 478,0 |
| 1,50 | 270 | 4,99 | 43,3 | 2 441 | 4,51 | 353,9 | 2 711 | 4,56 | 397,2 | 3 438 | 3,67 | 405,9 |
| 2,00 | 197 | 6,23 | 39,5 | 1 680 | 5,77 | 311,9 | 1 877 | 5,82 | 351,4 | 2 447 | 4,46 | 351,3 |
| 2,50 | 160 | 7,14 | 36,7 | 1 265 | 6,94 | 282,2 | 1 425 | 6,96 | 318,9 | 1 965 | 5,01 | 316,8 |
| 3,00 | 142 | 7,72 | 35,2 | 983 | 8,14 | 257,4 | 1 125 | 8,09 | 292,6 | 1 611 | 5,52 | 285,7 |
| 3,50 | 85 | 10,70 | 29,2 | 789 | 9,35 | 237,3 | 874 | 9,48 | 266,5 | 1 337 | 5,98 | 257,1 |
| 4,00 | 77 | 11,38 | 28,2 | 647 | 10,58 | 220,3 | 724 | 10,67 | 248,5 | 1 130 | 6,40 | 232,3 |
| 4,50 | 60 | 13,48 | 26,0 | 549 | 11,72 | 206,9 | 609 | 11,89 | 232,9 | 934 | 6,85 | 205,5 |
| 5,00 | 59 | 13,66 | 25,9 | 475 | 12,80 | 195,6 | 534 | 12,89 | 221,5 | 763 | 7,31 | 179,4 |
At a 1.5 g/t gold cut-off, there are 2,711,000 tonnes grading 4.56 g/t gold, totaling 397,200 ounces of gold in the Measured and Indicated Resources categories, with an additional 3,438,000 tonnes grading 3.67 g/t gold totaling 405,926 ounces of gold in the Inferred Resource category.
Goldboro Geological Model
The current MRE presented above have been modeled with the historically accepted "slate-belt" model for the Goldboro property. This model interpreted the zones of mineralization to be a "saddle reef" type confined to quartz veined and fine grained argillites and shales along the Boston-Richardson Anticlinal Structure (BRAS) in a series of fold-shaped belts. Some belts were joined together due to their proximity (e.g., the 1-2-3 Zone).
Orex is of the opinion that a different geological model can be used for mineral resource estimation. Rather than interpreting the mineralized zones as narrow and high grade slate belts (+/- 16 slate belts), the mineralized zones can be interpreted as larger structural domains (+/- 4 domains). The larger structural domain model is presently limited, however, by a number of historic unsampled intervals, which have been given 0 g/t gold values in the historic drilling. Orex believes that these intervals may contain gold mineralization. Given the restrictions imposed by NI 43-101, Orex had to assume that these samples had 0 g/t gold in the current MRE.
The current MRE therefore retained the individual slate belt model rather than domains. In order to validate the larger structural domains model, Osisko (as Manager of the Project, as per the Formal Agreement) will conduct additional in-fill drilling (Phase 2F) in tandem with Phases 2D and 2E of the current drilling campaign in order to establish gold grades in areas where historic drilling was not sampled. Some 97 holes from the 254 drill hole historic database (pre-1996) contain unsampled intervals. All 67 current drill holes (post-2004) were sampled continuously through the larger mineralized sections.
Orex believes that the larger structural domains do exist, require geological modeling and may have an impact on future mineral resources.
