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Corex Gold shares jump on latest gold results from Santana

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Junior explorer Corex Gold (CVE:CGE) said Thursday it has drilled significant new gold mineralizaton at its Santana property in Sonora State, Mexico.

The company is currently in the midst of a 20,000 metre drilling program at the project, with the results today from both step out and down dip holes in the Nicho Zone.

Highlights include 161.5 metres of 1.04 g/t gold, including 53.4 metres of 1.67 g/t gold and 24.1 metres of 3.38 g/t gold in hole S11-101D; and 170.8 metres of 0.51 g/t gold, including 9.7 metres of 1.36 g/t gold and 25.3 metres of 0.89 g/t gold in hole S11-099D.

The company said these holes have confirmed that high grade shoots exist at the intersection of the northeast and northwest structures on the property.

In addition, hole S11-102D intersected 26.7 metres of 1.46 g/t gold and 14.4 metres of 1.07 g/t gold, including 7.0 metres of 2.01 g/t gold and 56.4 metres of 0.84 g/t gold.

"These are the best results the company has drilled to date on the Santana Property, in both grade and thickness," said president and CEO Craig Schneider.

"The holes confirm a higher grade component to a very robust mineralized system. It is important to note that the Nicho Zone is only one of numerous drill targets on the property that are open along strike and at depth."

Drilling is ongoing at the Santana property, with it set to continue at the Ubaldo zone after the Nicho area is complete.

Santana covers approximately 7,700 hectares and is located 50 kilometres southeast of Alamos Gold's $3 million Mulatos mine.

Corex rallied more than 9% on the drill results to trade at $0.70 as of 10:34am EST.

Quick facts: Corex Gold Corporation

Price: - CAD

TSX-V:CGE
Market: TSX-V
Market Cap: -
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