Oremex Resources Inc. is a Canadian-based resource company focused on the exploration and development of its portfolio of mineral properties in Mexico, the world’s largest producer of silver.
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Oremex’s flagship property for further development is the Tejamen Silver Property . Tejamen has an Inferred mineral resource of 50.8 million ounces of silver in a total of 22.6 million tonnes, grading a silver-equivalent of 69.8 grams per tonne (1). According to an independent Preliminary Assessment Study (2), Tejamen, a potential open pit heap leach project, has an estimated net present value of US$97.4 million at US$12 per ounce silver and US$155.5 million at US$15 per ounce silver (at a 7% discount). The Tejamen property consists of 22 mineral exploration concessions covering 1,672 hectares. The mineral resource, which encompasses the Cerro Prieto and Los Mantos mineralization zones, is open at depth and along trend. The property is located near the municipality of Nuevo Ideal in the State of Durango, where Oremex’s head offices for its Mexican operations are located. The property has access to power and water and is easily accessible year-round.
Oremex’s second significant project is the San Lucas silver-lead-zinc property, also located in the State of Durango. The property consists of 18 mineral concessions over 925 hectares. The property contains at least two large mineralized shear systems, one of which has been traced for over four kilometres by surface mapping and three kilometers by drilling.
Oremex has recently announced the right to acquire 100 percent interest in the Cuyoaco gold and base metal property, located in the historic Talpizaco-Tateno Mining District in the north-central portion of the State of Puebla, Mexico. The property covers 643 hectares and has a history of small production. Underground workings on the Santa Elena and Santo Nino zones on the project range up to 3 grams per tonne gold. At the Magistral and California-Durazno workings, copper-gold-lead-zinc anomalies suggest the presence of a large porphyry copper-gold system.
In addition, Oremex also has 100% interest in the following early stage properties, all located in Mexico:
- Chalchihuites silver-lead-zinc property covering 48 hectares in the State of Zacatecas;
- Santa Catarina massive sulphide prospect, covering 142 hectares in the State of Sinaloa;
- El Sol silver-lead-zinc property covering 63 hectares in the State of Durango;
- Maco copper-gold porphyry property covering 1,500 hectares in the State of Sinaloa;
- Navidad prospective gold property covering 134 hectares in the State of Sonora.
In September 2007, Oremex completed the acquisition of Mineral Montana R.L. de C.V. This acquisition resulted in the portfolio of mineral properties in Mexico being held by Minera Montana as a wholly-owned subsidiary of the Company.