Today Orex and Osisko jointly announced the results of 64 reverse circulation (RC) sample holes. The press release is here
. Gold was found in 12 of the 64 holes, with some significant intercepts (25.65 g/t over 1 meter) found in bedrock samples. According to the press release the RC program was designed to "to explore new areas on the Goldboro Gold Property."
For those not watching this stock closely, In a press release in June10th, 2010 OX stated "To date 194 RC drill holes are completed for 1,513 meters and 758 samples taken. Assay results will be issued when available."
In today's press release they stated "A total of 64 RC holes (holes OSK10RC-130 to OSK10RC-194), representing 505 metres, were drilled on the Goldboro Gold Property" (http://www.marketwire.com/press-release/Orex-Exploration-Announces-More-Drill-Results-Goldboro-Advances-Regional-Exploration-TSX-VENTURE-OX-1274314.htm)
So we are still waiting for the results on another 130 holes that were drilled earlier this spring and summer and which were likely on sections of the largely unexplored 960.8 square kilometers of Orex's claims in Nova Scotia (not the "Goldboro Gold Property").
From an overall resource point of view these new findings create new targets to investigate, and when combined with the exploratory DD drilling that intercepted gold in 8 holes in the Dollar Mountain phase (results released in June) and will likely to significantly increase the underlying resource count for OX.
For many of you who have looked before, I think you need to look at this one again. While OX has experienced some execution challenges, I and many others have long been bullish on OX's resource potential.
Today's news, when added to the news of the last six months continues to strengthen my belief that OX has a significant gold resource and that the company is grossly undervalued by the market.