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February 18, 2009
TSX Venture Exchange Tier 1
Trading Symbol: OK
Orko Silver Increases and Upgrades La Preciosa Resource Estimate
VANCOUVER, British Columbia - Orko Silver Corp. (TSX.V - OK) is pleased to release the latest resource estimate for our La Preciosa silver deposit located in Durango, Mexico. This independent resource estimate has been completed by Mine Development Associates (MDA) of Reno, Nevada. MDA has stated that the La Preciosa deposit now comprises 47% Indicated Resources and 53% Inferred Resources. The current resource estimate is based on all of Orko�s drilling, including the 2008 drilling of an additional 205 holes (79,021m).
Resource Estimate (All Veins)
|
Category |
Tonnes |
AgEq grade*
(AgEq g/t) |
Ag grade (Ag g/t) |
Silver (ounces) |
Au grade (Au g/t) |
Gold (ounces) |
AgEq*
(ounces) |
|
Indicated |
10,637,000 |
201 |
185 |
63,230,000 |
0.27 |
94,000 |
68,870,000 |
|
Inferred |
12,087,000 |
200 |
185 |
71,754,000 |
0.25 |
97,000 |
77,574,000 |
Previous resource estimates completed at La Preciosa all contained Inferred Resources only. The last resource estimate, of March 31, 2008, 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 equaled 93.7 million oz Silver and 158,000 oz Gold, totaling 103.2 million oz Silver Equivalent*.
Gary Cope, President of Orko, adds: �"It has been very rewarding to have watched La Preciosa grow from a "Grassroots" exploration play, into one of the top new silver discoveries in the world. This resource increase when combined with the upgrade of 47% of the total ounces to the "Indicated" category gives us the confidence that we are well on our way to demonstrating the potential for another large silver mine in Mexico. Our immediate plans include continuing with our delineation of the Martha Vein, including infill drilling and to begin the drill testing of other targets such as Nancy, El Orito Norte and El Vaquero."
In total, eight veins were modeled including the Martha Vein, which dominates the resource. In the process of modeling, lithological units were differentiated which helped in establishing the orientation and continuity of the individual veins. Using geological data along with the metal grades, it was possible to establish continuity of mineralized zones of stockwork, breccia, veins, and veinlets. The high-grade veins within these zones were segregated and modeled. All zones and veins were modeled into a three dimensional solid. Once defined, statistics of each domain and each vein were evaluated separately, and capping was carried-out individually for each vein and domain. The sample data was then composited to three-metre intervals. Grade continuity was evaluated separately for each vein and domain. Inverse distance squared estimation was used. A cut-off grade of 100 g/t was selected by MDA. Classification into Indicated and Inferred was dependent upon the vein continuity, geological continuity and proximity to the closest drill hole, as well as the number of samples and the number of drill holes used in the individual blocks.
All reported resources lie within the modeled veins. The reported resource estimate is undiluted using a 60:1 gold to silver ratio with no metallurgical extractive factors applied. The QA/QC work demonstrates reliability of the analytical data and the auditing of the database has shown it is accurate.
Of particular note are the resources contained within the Martha Vein, as outlined in the following table:
Resource Estimate (Martha Vein Only)
|
Category |
Tonnes |
AgEq grade*
(AgEq g/t) |
Ag grade(Ag g/t) |
Silver (ounces) |
Au grade (Au g/t) |
Gold (ounces) |
AgEq*
(ounces) |
|
Indicated |
7,394,000 |
208 |
189 |
44,900,000 |
0.31 |
75,000 |
49,400,000 |
|
Inferred |
8,777,000 |
207 |
191 |
53,764,000 |
0.27 |
77,000 |
58,384,000 |
Steve Ristorcelli, R.P.Geo. of MDA is the Qualified Person who takes responsibility for the resource disclosure component in this news release.
A complete table of the current resource estimate is available on our website at the link below:
http://www.orkosilver.com/i/pdf/resourceestimate.pdf
Subsequent to the issuance of the resource estimate, a Preliminary Economic Assessment will also be completed by MDA.
The Company is now in possession of final analytical results from the completion of all 354 drill holes at La Preciosa. The Martha Vein oriented drilling program has extended the mineralization in a SSE direction. The Company�s geologists have noted a drop in the silver values to the southeast, where drilling has taken place on the periphery of a small Quaternary basaltic volcano. In this area, the Martha vein is thick and strong and this will be one the areas where future drilling will be carried out.
The following table summarizes the result of the balance of the drill holes drilled in 2008. Of particular note is a high-grade intercept for the Martha Vein in hole BP08-319, located on the eastern side of the mineralized trend. Hole BP08-319 yielded a true thickness of 3.57 metres grading 0.184 g/t gold and 257.8 g/t silver for a silver-equivalent of 268.8 g/t. Also of interest is hole BP08-339A which yielded 7.36 metres grading 1.265 g/t gold and 123.5 g/t silver for a silver-equivalent of 199.3 g/t
Key Martha Vein intercepts added for this release:
|
Vein |
From
(metres) |
To
(metres) |
Core Length |
True Width |
Au
(g/t) |
Ag
(g/t) |
Ag-Eq
(g/t) |
|
BP08-310 |
114.89 |
120.02 |
5.13 |
4.96 |
0.102 |
122.0 |
128.1 |
|
BP08-318 |
93.39 |
97.19 |
3.80 |
3.57 |
0.107 |
129.0 |
135.4 |
|
BP08-319 |
84.43 |
88.00 |
3.67 |
3.54 |
0.184 |
257.8 |
268.8 |
|
BP08-320 |
56.00 |
58.52 |
2.52 |
2.37 |
0.085 |
97.3 |
102.4 |
|
BP08-322 |
59.13 |
61.99 |
2.86 |
2.69 |
0.034 |
164.9 |
166.9 |
|
BP08-326 |
169.27 |
174.96 |
5.69 |
5.35 |
0.460 |
153.4 |
181.0 |
|
BP08-339 |
50.90 |
53.95 |
3.05 |
2.95 |
0.301 |
87.4 |
105.4 |
|
BP08-339A |
50.90 |
58.52 |
7.62 |
7.36 |
1.265 |
123.5 |
199.3 |
|
BP08-343 |
29.90 |
32.02 |
2.12 |
2.05 |
0.512 |
78.1 |
108.8 |
|
BP08-348 |
220.95 |
227.69 |
6.74 |
6.33 |
0.082 |
99.4 |
104.3 |
Drill holes along the periphery, or which did not reach thickness and/or grade cut-offs, include BP08-307, -308, - 309, -313, -314, -315, -316, -317, -321, -322A, -323, -327, -328, -329, -330, -332, -333, -334, -335, -336, -337, -338, -340, -341, -342, -344, -345, -346, -347, -349, -350, -351, -352, -353, 354. Some of these holes cut significant thicknesses of the Martha vein, wherein low grades were encountered. While not making the underground cut-off grade, they may be considered for future open-pit potential studies.
The Company remains extremely optimistic about its future prospects at La Preciosa. For 2009, Orko Silver plans to carryout in-fill drilling that will allow the Company to increase the resource confidence of the Martha vein, as well as drill testing along the extensions of the other known vein trends, within the overall extensive property package.
A complete table of drill results is available on our website at the link below:
http://www.orkosilver.com/i/pdf/drillresults.pdf
A detailed drill plan map is available on our website at the link below:
http://www.orkosilver.com/i/pdf/drillplanmap.pdf
All 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 sample 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.
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
George Cavey, P.Geo., is the Qualified Person and takes responsibility for the overall technical disclosure in this news release. These resource estimates are classified as Indicated and Inferred Mineral Resources, 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.
George Cavey, P.Geo. is the Qualified Person and takes responsibility for the technical disclosure in this news release. 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
*Silver-equivalent, for the purposes of this resource estimate, was defined as the silver grade plus 60 times the gold grade. The reported numbers are for in situ metal content without consideration of metallurgical recoveries and net smelter returns.
A printer friendly PDF format of this news release is available at the link below:
http://www.investorhub.ca/orkonews18022009.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. Two additional projects include the Santa Monica east of La Preciosa and the San Juan west of La Preciosa.
ON BEHALF OF THE BOARD OF DIRECTORS
Gary Cope
President
For further information, contact Orko Silver Corp. at (604) 684-4691 or
Via our website 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 .
Subsequent to the issuance of the resource estimate, a Preliminary Economic Assessment will also be completed by MDA.
The Company is now in possession of final analytical results from the completion of all 354 drill holes at La Preciosa. The Martha Vein oriented drilling program has extended the mineralization in a SSE direction. The Company�s geologists have noted a drop in the silver values to the southeast, where drilling has taken place on the periphery of a small Quaternary basaltic volcano. In this area, the Martha vein is thick and strong and this will be one the areas where future drilling will be carried out.
The following table summarizes the result of the balance of the drill holes drilled in 2008. Of particular note is a high-grade intercept for the Martha Vein in hole BP08-319, located on the eastern side of the mineralized trend. Hole BP08-319 yielded a true thickness of 3.57 metres grading 0.184 g/t gold and 257.8 g/t silver for a silver-equivalent of 268.8 g/t. Also of interest is hole BP08-339A which yielded 7.36 metres grading 1.265 g/t gold and 123.5 g/t silver for a silver-equivalent of 199.3 g/t
Key Martha Vein intercepts added for this release:
|
Vein |
From
(metres) |
To
(metres) |
Core Length |
True Width |
Au
(g/t) |
Ag
(g/t) |
Ag-Eq
(g/t) |
|
BP08-310 |
114.89 |
120.02 |
5.13 |
4.96 |
0.102 |
122.0 |
128.1 |
|
BP08-318 |
93.39 |
97.19 |
3.80 |
3.57 |
0.107 |
129.0 |
135.4 |
|
BP08-319 |
84.43 |
88.00 |
3.67 |
3.54 |
0.184 |
257.8 |
268.8 |
|
BP08-320 |
56.00 |
58.52 |
2.52 |
2.37 |
0.085 |
97.3 |
102.4 |
|
BP08-322 |
59.13 |
61.99 |
2.86 |
2.69 |
0.034 |
164.9 |
166.9 |
|
BP08-326 |
169.27 |
174.96 |
5.69 |
5.35 |
0.460 |
153.4 |
181.0 |
|
BP08-339 |
50.90 |
53.95 |
3.05 |
2.95 |
0.301 |
87.4 |
105.4 |
|
BP08-339A |
50.90 |
58.52 |
7.62 |
7.36 |
1.265 |
123.5 |
199.3 |
|
BP08-343 |
29.90 |
32.02 |
2.12 |
2.05 |
0.512 |
78.1 |
108.8 |
|
BP08-348 |
220.95 |
227.69 |
6.74 |
6.33 |
0.082 |
99.4 |
104.3 |
Drill holes along the periphery, or which did not reach thickness and/or grade cut-offs, include BP08-307, -308, - 309, -313, -314, -315, -316, -317, -321, -322A, -323, -327, -328, -329, -330, -332, -333, -334, -335, -336, -337, -338, -340, -341, -342, -344, -345, -346, -347, -349, -350, -351, -352, -353, 354. Some of these holes cut significant thicknesses of the Martha vein, wherein low grades were encountered. While not making the underground cut-off grade, they may be considered for future open-pit potential studies.
The Company remains extremely optimistic about its future prospects at La Preciosa. For 2009, Orko Silver plans to carryout in-fill drilling that will allow the Company to increase the resource confidence of the Martha vein, as well as drill testing along the extensions of the other known vein trends, within the overall extensive property package.
A complete table of drill results is available on our website at the link below:
http://www.orkosilver.com/i/pdf/drillresults.pdf
A detailed drill plan map is available on our website at the link below:
http://www.orkosilver.com/i/pdf/drillplanmap.pdf
All 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 sample 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.
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
George Cavey, P.Geo., is the Qualified Person and takes responsibility for the overall technical disclosure in this news release. These resource estimates are classified as Indicated and Inferred Mineral Resources, 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.
George Cavey, P.Geo. is the Qualified Person and takes responsibility for the technical disclosure in this news release. 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
*Silver-equivalent, for the purposes of this resource estimate, was defined as the silver grade plus 60 times the gold grade. The reported numbers are for in situ metal content without consideration of metallurgical recoveries and net smelter returns.
A printer friendly PDF format of this news release is available at the link below:
http://www.investorhub.ca/orkonews18022009.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. Two additional projects include the Santa Monica east of La Preciosa and the San Juan west of La Preciosa.
ON BEHALF OF THE BOARD OF DIRECTORS
Gary Cope
President
For further information, contact Orko Silver Corp. at (604) 684-4691 or
Via our website 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 . If you feel you have received this message in error or no longer wish to subscribe to this service click here. |