Orko Silver Increases Resource Estimate by 41% to 103.2 Million Ounces Silver Equivalent
March 31 2008 - 11:46AM
Marketwired Canada
Orko Silver Corp. (TSX VENTURE: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)
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Oct 2007 Mar 2008 % Change
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Tonnes (million) 10.36 15.35 + 48%
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Au (g/t) 0.328 0.321 -0.02%
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Ag (g/t) 200.0 190.0 - 5%
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Ag-Eq (g/t) 219.0 209.2 - 4%
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Gold (ounces) 109,000 158,000 + 45%
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Silver (million ounces) 66.6 93.7 + 41%
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Silver-Equivalent (million ounces) 73.1 103.2 + 41%
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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
---------------------------------------------------------------------------
All Other Veins Martha Total
Resource (million oz (million oz (million oz Martha %
Estimate Ag-Eq) Ag-Eq) Ag-Eq) 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
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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 ore 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 ore-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
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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