Vancouver — With the addition of the Martha vein to the resource at its La Preciosa project, in Durango state, Mexico, Orko Silver (OK-V, OKOFF-O) has nearly doubled the metal tally from its previous March 2007 estimate.
Inferred resources have risen to 10.36 million tonnes grading 200 grams silver per tonne and 0.33 gram gold for 66.6 million contained ounces silver — up 88% — and 109,000 oz. gold. The estimate is based on a 100-gram silver cutoff grade.
“We are extremely pleased with the results, especially the significant contribution of the newly discovered Martha vein to the current estimate,” said Orko president Gary Cope in a press release.
The recently discovered Martha vein added about 27.5 million contained ounces silver equivalent to the estimate.
The Martha vein is one of the largest discovered on La Preciosa with true-width drill intercepts of up to 13.8 metres of 376.5 grams silver and 0.32 gram gold cored earlier this year in hole BP07-102, including higher-grade sections.
With more than 30 holes in the assay lab and a pair of drill rigs turning on the project, Orko anticipates its next resource estimate before the end of next year’s first quarter.
Silver-gold mineralization at La Preciosa is hosted in typical epithermal vein structures within the Sierra Madre Occidental belt.
Adjacent to La Preciosa, Orko is also exploring the San Juan project, where it is earning a 75% interest from Silver Standard Resources (SSO-T, SSRI-Q), and the Santa Monica property, under option from Goldcorp (G-T, GG-N).
Shares of the Mexican-focused silver hunter recently rallied from the 85-level to a high of $1.37 apiece. After the revised resource, Orko’s stock closed off 10% at $1.23 per share on strong volume.
The junior recently implemented a shareholder rights’ plan to fend off any potential hostile takeovers.
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