Dec 9 2010
Corex Gold Corp. (TSX VENTURE:CGE) has announced 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.
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.
Source: Corex Gold Corp.