March 31, 2008
TSX Venture Exchange Tier 1
Trading Symbol: OK
Orko Silver
Increases Resource Estimate by 41% to 103.2 Million Ounces Silver Equivalent
VANCOUVER, British
Columbia - Orko Silver Corp.
(TSX.V - OK) is pleased to report that an updated NI 43-101 compliant mineral
resource estimate has been completed on its La Preciosa Project
in Durango, Mexico. The study concludes
that work to date on the property has outlined an estimated Inferred Resource
of 15.35 million tonnes grading 0.321 g/t Au and 190.0 g/t Ag at a cut-off
grade of 100 g/t for a Silver-Equivalent grade of 209.2 g/t.
Contained metal in the Inferred Resource equals 2,915 million grams Ag (93.7
million oz Silver) and 4.92 million grams Au (158,000 oz Gold) for a
silver-equivalent 3,211 million grams Ag-Eq (103.2 million oz Silver
Equivalent). Silver-equivalent values reported in this Resource
Estimate are determined by adding the silver grade to 60 times the gold
grade. Metallurgical recoveries and net smelter returns are assumed to
be 100%.
Table of Comparative
Change between Resource Estimate IV (Oct 2007) and Resource Estimate V (March
2008)
|
Oct 2007
|
Mar 2008
|
% Change
|
Tonnes (million)
|
10.36
|
15.35
|
+ 48%
|
Au (g/t)
|
0.328
|
0.321
|
-0.02%
|
Ag (g/t)
|
200.0
|
190.0
|
- 5%
|
Ag-Eq (g/t)
|
219.0
|
209.2
|
- 4%
|
Gold (ounces)
|
109,000
|
158,000
|
+ 45%
|
Silver (million ounces)
|
66.6
|
93.7
|
+ 41%
|
Silver-Equivalent (million ounces)
|
73.1
|
103.2
|
+ 41%
|
Gary Cope, President of Orko, adds, ?We are very pleased to have added over
30 million ounces to the current estimate especially since we were able to
only include assay data from an additional 36 holes of drilling since our
previous estimate in October 2007. Given that we have already started
drilling Hole 220 at La
Preciosa, for our next resource estimate we anticipate
having available assay data from at least another 70 or more drill
holes. To that end, we have retained the services of Mine Development
Associates of Reno Nevada to complete an independent resource estimate
expected to be received in the 3rd quarter of this year. The final
product will be a 3D block model and a preliminary economic assessment with
mining methods, type of plant, cash flow, etc. and a complete 43-101 resource
estimate report.?
The Martha Vein
The Martha Vein accounted for all of the additional ounces added in this
resource estimate and now represents 56% of the total resource estimate at La Preciosa. Of
note is that The Martha Vein has a true average width of 9.92 metres.
The Effect of Martha Vein to Resource Estimates III, IV & V
Resource Estimate
|
All Other Veins(million
oz Ag-Eq)
|
Martha
(million oz Ag-Eq)
|
Total
(million oz Ag-Eq)
|
Martha % of
Total
|
|
|
|
|
|
Mar 2007
|
39.3
|
n/a
|
39.3
|
0
|
Oct 2007
|
45.6
|
27.5
|
73.1
|
38
|
Mar 2008
|
45.6
|
57.6
|
103.2
|
56
|
|
|
|
|
|
Basis of Resource Estimate
La Preciosa is an epithermal vein
hosted silver-gold deposit located at 2,100 metres
elevation on the eastern side of the Sierra Madre Occidental Mountains of
north-central Mexico. The resource estimate includes; the Abundancia, La Gloria, Luz Elena, and Esperancita
Veins. In addition, the Martha vein, discovered in hole BP06-77, has
added considerably to the overall resource estimate. More strike length
potential and down dip projections, as well as additional veins are currently
being tested on the Abundancia and Martha veins as well as the other veins. Mineralized-shoots
have been projected a maximum 25 meters vertically below drill intercepts. Silver-equivalent
is calculated as silver plus 60 times gold, with metallurgical recoveries and
net smelter returns assumed to be 100%.
The mineral resource estimate is based upon assay results from diamond
drill holes BP05-01 to BP07-149 plus 7 extensions of holes previously drilled
on La Preciosa Ridge
completed by Major Drilling International, under the direction of Orko
Silver. Average drill hole spacing is approximately 100 metres. Not all of
the holes were used in the resource estimation as a number of holes tested
targets outside the defined resource block.
The mineral resource estimate was done at both 100 g/t and 150 g/t
cut-off grades and both will be available in the report. Upon doing its
due diligence in reviewing cut-off grades, the Company?s qualified person
feels given the location of the project and current market conditions that
the 100 g/t cut-off grade is more relevant.
Samples from the 2005-08 programs up to hole BP07-94 were sent to SGS
Mineral Services prep lab in Durango, with the pulps then sent to SGS Mineral
Services accredited laboratory in Toronto, Canada. Since hole 07-94, the
samples have been sent to Inspectorate America Corporations prep lab in
Durango, with pulps then sent to the Inspectorate accredited laboratory in
Sparks Nevada. Both labs have ISO certification. All samples have been
analyzed by 40 element Inductively-Coupled Plasma (ICP) analyses, with gold
determined by Fire Assay (FA) and silver determined by Atomic Absorption
Spectrometry (AAS). Coarse sample rejects are then collected from SGS and
Inspectorate in Durango and returned to the project site to be available for
future testing. A detailed QA/QC program has been implemented since the
beginning of the 2005-08 drilling, with control standards and blanks being
inserted every 10th sample submitted, as well as duplicate analyses every
12th sample.
Resource estimates were prepared on vertical longitudinal sections for
each vein with the exception of the Martha vein; the dip of veins has been
measured on 100 metre
spaced cross sections for volumetric adjustments. On the longitudinal
sections, multiple mineralized-shoot locations are implied by unverified
underground sampling. The mineralized-shoots have been defined
utilizing minimum cut-offs of 100 and 150 g/t Ag-Eq and constrained by
minimum true vein thicknesses greater than 1.5 metres. The
specific gravity has been measured for at least one piece of core in every
sample submitted during the 2005-08 programs and this data has been used to
convert the estimated volumes to tonnages. Within mineralized shoots the
average grades have been estimated by weighted average (weighted by true
thickness) of all drill intercepts within each mineralized-shoot, without an
areal polygon weighting. Additional historical data of over 1300 channel
samples from approximately 2.4 kilometers from drifting were not used in
this study, as they have not yet been verified, however, the underground
samples correlate well with the drilling results and were used to delineate
mineralized-shoot boundaries.
Unlike the other veins on the property which dip between 45 and 60
degrees, the Martha vein is typically dipping 20 degrees. This
relatively flat dip prompted the adoption of a plan approach to the estimate
of the Martha resource. Drill hole pierce points were plotted based on
down hole surveys and drill logs, based on these pierce points polygons were
defined around each intercept. Plan areas were measured and then
increased to account for the dip area indicated by 100 meter spaced cross
sections. Inclusion or exclusion of a polygon in the resource estimate was
defined using minimum cut-offs of 100 and 150 g/t Ag-Eq and constrained by
minimum true vein thicknesses greater than 2.0 metres.
All 2005-2008 holes were started in HQ-size core, with reduction to
NQ-size core at approximately 260 metre down hole depth. Drill core is
logged by geologists who mark sample locations according to
lithological/alteration changes. The individual samples are taken over
core lengths always less than or equal to two metres and commonly less than a
metre. The core is cut in half with a diamond saw. One-half of the core is
stored in the original core boxes in core storage buildings on site. The
other half of the cut core samples is placed in sample bags and transported
by Orko personnel to the SGS Mineral Services or Inspectorate labs in
Durango, Mexico for sample preparation and analysis.
Company geologist Ben Whiting, P.Geo., a Qualified Person as defined
by National Instrument (NI) 43-101, was responsible for the mineral resource
estimate. Mr. Whiting has read and approved the contents of this News
Release. The resource estimate is classified as an Inferred Mineral
Resource, consistent with the CIM definitions referred to in NI 43-101.
This estimate will be filed in a technical report, compliant with NI 43-101
on SEDAR within 45 days. Mineral resources, which are not mineral
reserves, have not demonstrated economic viability. Orko is not aware
of any environmental, permitting, legal, title, taxation, socio-political,
marketing or other issues, which may materially affect its estimate of
mineral resources.
Full
details of the Company?s sampling protocols and QA/QC program can be located
at our website at the link below:
http://www.orkosilver.com/s/QAQC.asp
A complete table of
drill results is available at the link below:
http://www.orkosilver.com/i/pdf/drillresults.pdf
A printer friendly PDF
format of this news release is available at the link below:
http://www.investorhub.ca/orkonews033120082.pdf
About Orko Silver Corp.
Orko Silver Corp. is a
professional exploration company with an increasing silver resource. Orko
Silver's principal project, La
Preciosa, located near the city of Durango, Mexico, is an
advanced silver and gold project. The Company is currently drilling at La Preciosa using 4 rigs
working 24 hours a day, 7 days a week. The deposit remains open in all
directions and to depth. Two additional
projects include the Santa Monica east of La Preciosa and the San
Juan west of La Preciosa.
All are undergoing exploration.
ON
BEHALF OF THE BOARD OF DIRECTORS
Gary Cope
President
For further information, contact Orko Silver Corp.
at (604) 684-4691 or
Via
email at info@orkosilver.com or visit
our website on line at www.orkosilver.com
The
TSX Venture Exchange has not reviewed and does not accept responsibility for
this News Release.� This News Release
may contain forward-looking statements including but not limited to comments
regarding the timing and content of upcoming work programs, geological interpretations,
receipt of property titles, potential mineral recovery processes, etc.
Forward-looking statements address future events and conditions and therefore
involve inherent risks and uncertainties. Actual results may differ
materially from those currently anticipated in such statements. Orko relies
upon litigation protection for forward-looking statements.
*Cautionary
Note to U.S. Investors ?
The United States
Securities and Exchange Commission permits U.S.
Mining companies, in their filings with the SEC, to disclose only those mineral
deposits that a company can economically and legally extract or produce.� We use certain terms in this press release,
such as ?measured?, ?indicated?, and ?inferred? resources, which the SEC
guidelines strictly prohibit U.S.
registered companies from including in their filings with the SEC. �U.S.
Investors are urged to consider closely the disclosure in our Form 20-F, File
No. 000-51923, which may be secured from us, or from the SEC?s website at http://www.sec.gov/edgar.shtml .
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