Orko Silver Corp. (TSX VENTURE: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)
------------------------------------------------------------------------
AgEq Ag Au
grade(i) grade grade
(AgEq (Ag Silver (Au Gold AgEq(i)
Category Tonnes g/t) g/t) (ounces) g/t) (ounces) (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(i).
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)
------------------------------------------------------------------------
AgEq Ag Au
grade(i) grade grade
(AgEq (Ag Silver (Au Gold AgEq(i)
Category Tonnes g/t) g/t) (ounces) g/t) (ounces) (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:
----------------------------------------------------------------------
From To Core True Au Ag Ag-Eq
Vein (metres) (metres) Length Width (g/t) (g/t) (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.
(i) 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
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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