Orex Updates Resource Estimate for Barsele; Indicated Mineral Resources Up 43%
Orex Minerals Inc. (REX.V) announced that an updated independently verified mineral resource estimate has been completed on the Barsele Gold Project near Storuman, in northern Sweden.
The company said the updated resource estimate on the Central-Avan-Skirasen gold zones, at a 0.6 g/t cut-off, has outlined an indicated resource of 14.1 million tonnes grading 1.21 gold grams per tonne (g/t) or 547,000 contained ounces of gold.
In addition, the study has estimated additional inferred resources of 20.2 million tonnes grading 0.97 gold grams per tonne (g/t) or 627,000 contained ounces of gold. This represents a 43% increase in the indicated resources and a slight 3% decrease in the inferred resources from the previous Feb. 11, 2011 resource estimate using the same cut-off grade.
REX went up by nearly 3% to 37 cents, hitting day highs. Over 36,000 REX shares have changed hands.
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