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Explorex Resources set to buy potentially exciting Buena Vista Hills project in Nevada

The assignment agreement is with New Tech Minerals Corp (CSE:NTM) and Explorex will pay to NTM US$10,000 and issue 200,000 shares upon signing

Nevada landscape
The project is in mining-friendly Nevada

Explorex Resources Inc (CSE:EX) has pushed go on a Nevada-based project and executed the deal to buy 100% of the Buena Vista Hills Cobalt Iron Oxide Copper Gold (IOCG) property, the company told investors.

The assignment agreement is with New Tech Minerals Corp (CSE:NTM) and Explorex will pay to NTM US$10,000 and issue 200,000 shares upon signing.

It will issue a further 200,000 shares upon NTM satisfying certain obligations and assume New Tech's underlying commitments regarding the deal made between New Tech and Zephyr Minerals.

READ: Explorex Resources to finalise deal to buy Nevada project after positive site visit

Earlier this month, Explorex said it had completed  a positive site visit at Buena Vista and described how its geologists say Buena Vista is one of just a few properties in the world that hosts this scale of stand-alone cobalt mineralization.

Drilling by the owner a decade ago showed 27.4 meters (90 feet) of continuous cobalt mineralization in an oxide cap before it hit the targeted magnetite (iron-oxide) body.

Explorex noted that the depth extent of the oxide cap could easily be seen in the historic pit walls and is reported to extend to at least a 50 meter (164 foot), underlining the potential for a "rather sizable volume of 'at Surface' material", the firm said. The potential of an 'at surface' oxidized zone at the property was revealed in a reverse circulation (RC) drill hole completed by the owner Zephyr Minerals in 2008.

Emphasized potential

The cobalt mineralization was hit under the mine waste at a 6.1 meter depth and graded 0.09% cobalt oxide over 27.4 meters. Meanwhile, last year, New Tech collected two magnetite grab samples exhibiting significant pyrite replacement from the open pit waste dump that graded 0.15 and 0.48% cobalt. The samples collected from the dump material revealed a high cobalt tenor and emphasizes the potential for a sizable near surface cobalt iron sulfide mineralized zone below the oxidized cap.

The project lies around 35 km south-east of Lovelock, Pershing County, Nevada, and has excellent road access.

If a feasibility study is completed, New Tech maintains the right to buy back a 20% interest by paying Explorex an amount equal to 40% of the expenditures incurred by Explorex on the pproject.

Contact Giles at [email protected]

Follow him on Twitter@Gile74

Quick facts: Explorex Resources Inc.

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Market: CSE
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