Orko Announces Filing of NI 43-101 Technical Report for its La Preciosa Silver Project
Published : November 08, 2012
( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
Keywords :   Canada | Diamond | G Mexico | Gold | Market | Mexico | Recovery | Report | Silver |

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 8, 2012) - Orko Silver Corp. (News - Market indicators): Orko Silver Corp. ("Orko) is pleased to announce that it has filed a technical report prepared in accordance with National Instrument 43-101 ("NI 43-101") in support of the Company's September 20, 2012, news release, which included an updated mineral resource estimate for its La Preciosa Silver Project in Durango, Mexico.

The independent technical report, entitled "La Preciosa Silver Deposit, Updated Mineral Resource Estimate Statement, Durango, Mexico" (the "Technical Report"), dated November 5, 2012, was prepared by MiningPlus Canada Inc. Vancouver BC, ("MiningPlus") and authored by Darren Head and Michael Collins, Qualified Persons as defined by the requirements of NI 43-101. The Technical Report is available on SEDAR at www.sedar.com and on the Company's website at www.orkosilver.com.

Resource Statement

The portion of the mineral resources amenable to open pit mining for the La Preciosa Project are 29,600,000 tonnes grading an average of 104 g/t silver-equivalent classified as Indicated Mineral Resources, with an additional 47,700,000 tonnes grading an average of 87 g/t silver-equivalent classified as Inferred Mineral Resources. This resource is based upon a 25 g/t silver cut-off grade and contained within two potentially economically mineable pit shells. 

The portion of mineral resources amenable to underground mining are 54,000 tonnes grading an average of 99 g/t silver-equivalent classified as Indicated Mineral Resources, with an additional 1,900,000 tonnes grading an average of 124 g/t silver-equivalent classified as Inferred Mineral Resources. The resource is based upon a 60 g/t silver cut-off grade to reflect the higher mining costs associated with underground mining methods. 

The mineral resources are summarized in Table 1. The updated Indicated Mineral Resource contains an estimated 110,000,000 oz AgEq with another 154,000,000 oz AgEq categorized as Inferred.

Table-1- October 25, 2012 Resource Estimate
La Preciosa Mineral Resource Estimate - effective October 25, 2012 *
Mining Method Classification Cut-off
(g/t Ag)
Open Pit Indicated 25 29.6 104 99 0.20 190 115 110
Open Pit Inferred 25 47.7 86 132 0.16 245 95 146
Underground Indicated 60 0.1 99 0 0.16 0 108 0.2
Underground Inferred 60 1.9 124 8 0.21 13 136 8
Total Indicated   29.7 104 99 0.20 191 115 110
Inferred   49.6 87 140 0.16 259 97 154
 * Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.
  1.   Open pit resources stated are contained within a potentially economically mineable pit shell.
  2.   Pit optimization is based on assumed silver and gold prices of US$25.90/oz and US$1,465/oz respectively and mill recoveries of 88% and 78% respectively, mining costs of US$1.45/t, processing costs of US$17.25/t and G&A costs of US$4.35/t.
  3.   Break-even cut-off grades used were 25 g/t Ag for open pit mill material and 60 g/t Ag for underground material.
  4.   Silver equivalency is based on unit values calculated from the above metal prices, and assumes 100% recovery of all metals.
  5.   Mineral resource tonnage and contained metal have been rounded to reflect the accuracy of the estimate, and sums may not total due to rounding.

Further optimization work on the resource calculation since the published resource estimate on September 20 has resulted in minor changes to the resource, with changes in the overall inferred resource, and slight changes in the indicated resource ("MiningPlus") on the La Preciosa Silver Project. This has resulted in an increase of 12% of the Total Inferred AgEq, a reduction of Underground Indicated and Inferred resources, a reduction of Open Pit grades and an increase of Underground grades. (Table 2).

Table 2 Variance Of Resource Estimate from Sept 20, 2012 Resource Estimate
La Preciosa - Variance of Resource Estimate
Change from Sept 20, 2012 Tonnes Silver Gold Silver Equivalent
Grade Ounces Grade Ounces Grade Ounces
Open Pit Indicated 1% -1% 0% -5% -4% -1% 0%
  Inferred 19% -2% 17% -11% 6% -3% 15%
Underground Indicated -33% 39% -6% 7% -28% 36% -8%
  Inferred -34% 19% -22% -2% -36% 17% -23%
Total Indicated 1% -1% 0% -5% -4% -1% 0%
  Inferred 16% -2% 14% -11% 3% -3% 12%

The change in the updated mineral resource has been affected by;

  • reclassification of a portion of the Inferred Resources to Indicated Resources,
  • Capping of the gold grades,
  • Re-evaluation of the recovery factors utilized in the Whittle Pit analysis and the related modified Whittle Pit definition.

The mineral resources are reported in accordance with NI 43-101 and have been classified in accordance with standards as defined by the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") "CIM Definition Standards - For Mineral Resources and Mineral Reserves".

This mineral resource estimate has been completed by Bruce Godsmark B.Sc. (MAusIMM) under the direction of Christopher Gee Ph.D., (MAusIMM), Principal Resource Geologist with MiningPlus and Darren Head B.Sc. (MAIG), Manager of Geoscience and Risk with MiningPlus, who have reviewed pertinent geological information in sufficient detail to support the data incorporated in the mineral resource estimate. Mr. Head is an Independent Qualified Person as defined under NI 43-101 and is responsible for the mineral resource estimate presented in this release.

Drilling data includes a total of 719 drill holes with 45,118 samples from 237,545 m of drilling. Thirty two drill holes totalling 5,706 m were drilled since the 2011 resource cut-off date of October 2010 and are now included in this resource estimate. No new infill drilling has been completed on the property since January 2011. Wireframes are three-dimensional closed solids constructed in Vulcan™ and are based on a combination of logged geology and assay information. These wireframes define the veins and limit the estimation. MiningPlus modeled 68 discrete veins independently to define the current deposit block model, as compared to 18 veins modeled in the mineral resource estimate used in the 2011 PEA. 

The average drill sample length for all samples is 0.75 m. Samples were composited to 1.5 m lengths. The estimation was undertaken using ordinary kriging. MiningPlus applied appropriate block model validation techniques for a resource estimation at this stage of project development.

Pit optimization was conducted using Whittle™ software to evaluate the block model which was constructed in Vulcan™. Underground optimization was conducted using MSO software in a Datamine Studio3 block model derived from the Vulcan™ block model. A cut-off grade for the pit and stope optimization of 25 g/t and 60 g/t silver for open pit and underground was used respectively.

Resources are classified as Indicated where the average distance to the closest two drill holes is 38 metres and the distance to the closest sample is less than 38 metres. The Inferred Resources category is defined as areas estimated using at least two composite samples and being within 150 metres of the closest sample. 


The majority of holes were drilled with HQ size Diamond drill core, reducing to NQ with increasing depth depending on ground conditions. Core samples were cut using a core saw with varied sample lengths not exceeding 1.5 metres in mineralized material. Further Quality Assurance and Control procedures and details on assays are disclosed on the Orko Silver Corp. website and in the report titled "Pan American Silver Corp. and Orko Silver Corp.: La Preciosa Silver Property, Durango, México, Preliminary Economic Assessment - Technical Report" dated 30 June 2011. 

AMEC is working on the Preliminary Economic Assessment using the new resource estimate. As part of that work AMEC is currently performing a mill sizing study and reviewing mining options.

George Cavey, P.Geo., is the Qualified Person for Orko Silver Corp. and has approved the technical disclosure in this news release.

About Orko Silver Corp.

Orko Silver Corp. is developing one of the world's largest undeveloped primary silver deposits, La Preciosa, located near the city of Durango, in the State of Durango, Mexico.


Gary Cope, President

This News Release may contain forward-looking statements including but not limited to comments regarding the reasonable prospects of economic extraction of a mineral resource, 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 and Orko undertakes no obligation to update such statements, except as required by law. 

The resource estimate is based on a geological model based on interpretations of multiple veins in wide spaced drill holes. There is risk that the interpreted continuity and orientation of the veins could change with additional drilling. The sample values in the drill core may not be representative of those portions of the deposit as precious metal deposits are subject to nugget effect and rapid changes to grade over relatively short distances. Sampling gaps in the modelled veins may allow higher grade samples to be projected into unsampled lower grade areas of the model. This could cause overestimation of tonnes and grade. The converse is also true. Density values of the blocks are based on a model that may not be accurate and may cause local biases in tonnage estimates.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Orko Silver Corp.
(604) 687-6310
(604) 687-6365 (FAX)
Data and Statistics for these countries : Canada | Mexico | All
Gold and Silver Prices for these countries : Canada | Mexico | All

Orko Silver Corporation

CUSIP : 685930
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Add Alert Add to Watchlists Add to Portfolio Add Note
Projects & res.
Asset profile
Contact Cpy

Orko Silver is a silver development stage company based in Canada.

Orko Silver develops silver and gold in Mexico, and holds various exploration projects in Mexico.

Its main asset in development is LA PRECIOSA in Mexico and its main exploration properties are SAN JUAN and SANTA MONICA in Mexico.

Orko Silver is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 3.0 millions as of today (US$ 2.2 millions, € 1.9 millions).

Its stock quote reached its highest recent level on July 22, 2011 at CA$ 3.25, and its lowest recent point on June 18, 2018 at CA$ 0.04.

Orko Silver has 73 760 000 shares outstanding.

Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
Corporate Presentations of Orko Silver Corporation
4/18/2008Research notes
1/16/2008La Preciosa Thins to the North and Continues to the Southeas...
11/20/2007Drilling Hits Best Hole to Date on La Preciosa
8/9/2007Martha Tips the Silver Balance at Preciosa
4/2/2007Orko takes nino steps in Mexico
10/13/2006Keeps drills turning at La Preciosa
5/19/2006New recommandation
5/1/2006Article of ICMJ Mining Journal
In the News and Medias of Orko Silver Corporation
6/27/2011Announces Update on Postal Strike and AGM
2/27/2008Follow up N° 7
1/15/2008 Expands the Martha Vein to the Southeast at La Preciosa
Annual reports of Orko Silver Corporation
2009 Annual Report
2007 Annual Report
Financings of Orko Silver Corporation
9/8/2010Increases Private Placement to $14 Million
Project news of Orko Silver Corporation
4/16/2013Coeur Completes Acquisition of Orko Silver Corp.
12/17/2012First Majestic Announces Friendly Acquisition of Orko Silver
2/16/2012(La Preciosa)Provides an Update of Activities at La Preciosa
2/9/2011(La Preciosa)has Retained the Services of AMEC for a Review of La Precios...
4/29/2010(La Preciosa)More drill results at La Preciosa
6/22/2009(La Preciosa)Pan American Silver and Orko Silver Begin Comprehensive Dril...
2/18/2009(La Preciosa)Increases and Upgrades La Preciosa Resource Estimate
7/22/2008(La Preciosa)Reports Multiple Hits into Martha Vein at La Preciosa
2/28/2008Drilling Hits Best Martha to Date and a New High-Grade Vein ...
11/19/2007(La Preciosa)Hits 16.55 metres grading 377.7 g/t silver-equivalent on Mar...
10/10/2007(La Preciosa) Adds Fourth Drill Rig
10/1/2007(La Preciosa)Increases Resource Estimate by 86% to 73.1 Million Ounces Si...
9/19/2007(La Preciosa)Continues to Hit Wide High Grade Intercepts at La Preciosa
9/19/2007(La Preciosa)Reports High Grade Assay Results from Transversal Vein
6/5/2007(La Preciosa)Continues to Hit Major Silver-Gold Intercepts at La Preciosa
5/30/2007(La Preciosa) Intercepts 19.05 metres of 239.6 g/t Silver-Equivalent
5/9/2007(La Preciosa)Hits Major Intercept in Martha Vein at La Preciosa
4/18/2007(La Preciosa)Delivers More Positive Drilling Results from La Preciosa
2/21/2007(La Preciosa)Santa Monica Project Yields Excellent Gold and Silver Values...
Corporate news of Orko Silver Corporation
4/10/2013Shareholders Approve Arrangement with Coeur
3/18/2013Mails Meeting Materials
2/20/2013Announces Agreement With Coeur D'Alene
2/13/2013Announces Superior Proposal
11/8/2012(La Preciosa)Announces Filing of NI 43-101 Technical Report for its La Pr...
10/10/2012& Commonwealth Silver | Today, October 10th, 2012
10/4/2012Up close and personal with Orko Silver | Wednesday October 1...
9/12/2012(La Preciosa)Commences Exploration in the Esmeralda Targets Area of La Pr...
5/23/2012REMINDER: Timmins Gold and Orko Silver | Investors Forum May...
5/15/201210 days left until our next event in Vancouver: Timmins Gold...
5/15/2012Quest Rare Minerals, Orko Silver and REBgold Corp | Investor...
5/10/2012Timmins Gold and Orko Silver Investors Forum, May 24th 2012
5/7/2012Quest Rare Minerals, Orko Silver and REBgold Corp Investors...
5/2/2012Releases the Results of a New Engineering Study
8/11/2011(La Preciosa)Pan American Silver and Orko Silver Release Positive Prelimi...
8/11/2011(La Preciosa)Commentary on recently released La Preciosa Preliminary Econ...
6/1/2011President's Update
1/7/2009Provides 2008 Year End Summary
12/2/2008Drills 3.99 metres of 1 Kilogram per ton Silver Equivalent
11/26/2008Delays Resource Estimate until January 2009
6/5/2008Exhibit at World Resource Investment Conference 2008 in Vanc...
3/31/2008 Increases Resource Estimate by 41% to 103.2 Million Ounces ...
2/27/2008 Hits Massive Intercept on Martha Vein
2/1/2008Provides Video Update
10/5/2007Research Capital Updates Coverage on Orko Silver
7/19/2007C ontinues to Hit Martha Vein; Adds Third Drill Rig to Proje...
3/27/2007Announces Two Major Developments at La Preciosa
Comments closed
Latest comment posted for this article
Be the first to comment
Add your comment
CA$ 0.040
06/18 15:24 -0.010
Prev close Open
0.050 0.040
Low High
0.040 0.040
Year l/h YTD var.
0.040 -  0.065 -33.33%
52 week l/h 52 week var.
0.040 -  0.130 -60.00%
Volume 1 month var.
4,500 -%
Develops Gold - Silver
Explores for Gold - Silver
Interactive chart Add to compare
Print Compare Export
Last updated on : 10/19/2010
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
Annual variation
5 years chart
3 months chart
3 months volume chart
Mining Company News
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
AU$ 0.12-8.00%Trend Power :
announces expected non-cash impairment
AU$ 5.94-0.67%Trend Power :
Oceana Gold(Au)OGC.AX
AU$ 3.54+3.81%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
AU$ 3.60-1.10%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q2 and Provides Project Updates
CA$ 0.16-3.13%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
CA$ 0.43-2.27%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
US$ 2.14-1.38%Trend Power :
Rentech Announces Results for Second Quarter 2017
US$ 0.20-12.28%Trend Power :
Reduced Funding Requirement
GBX 2.60-4.76%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.19+2.70%Trend Power :
Closes Bridge Loan Financing
CA$ 1.96+0.51%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
CA$ 4.95+0.61%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
CA$ 8.23-0.12%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
CA$ 0.06+9.09%Trend Power :
Q A April 2017 Quarterly Report
AU$ 0.26+21.43%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
US$ 0.50-3.85%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
CA$ 0.12-13.79%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 41.10+2.11%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
2nd Quarter Report
AU$ 0.12+0.00%Trend Power :