Orko Silver Corp.-Engineering Studies Advance on La Preciosa Silver Project: Additional High-Grade Intercepts Include 3.59 Metre

Datum : 18/10/2010 @ 15h15
Quelle : Marketwired
Name : OK2 Minerals Ltd (OK)
Kurs : 0.085  0.0 (0.00%) @ 21h54
OK2 Minerals Ltd share price Chart

Orko Silver Corp.-Engineering Studies Advance on La Preciosa Silver Project: Additional High-Grade Intercepts Include 3.59 Metre

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Orko Silver Corp. (TSX VENTURE: OK) is pleased to announce that excellent progress is being made in the technical studies to advance the "La Preciosa" Project in Durango, Mexico. The project also continues to yield favourable results from the ongoing diamond drilling program being completed by our joint venture partner, Pan American Silver Corp. (TSX - PAA).

Pan American Silver is examining various scenarios for the economic evaluation of La Preciosa, including coordinating the work of external engineering studies. These studies have been completed, or are soon to be completed, and are being incorporated into the overall project review:


--  Golder Associates Ltd. (Canada) has been contracted to conduct
    geotechnical engineering for both underground and open pit mine design;
--  M-3 Engineering (USA) has been contracted for plant and tailings design,
    as well as infrastructure costing;
--  Quantitative Group Pty. Ltd. (Australia) has been contracted to conduct
    geostatistical evaluation and resource modeling;
--  SGS Mineral Services (Mexico) has been contracted to conduct additional
    metallurgical studies; and
--  Clifton Associates Ltd. (Canada) has been contracted for environmental
    studies.

Gary Cope, President of Orko, states; "The additional excellent drilling results and engineering studies will lead to a Preliminary Economic Assessment (PEA), to be released by Pan American Silver, which is expected to be ready for the end of the year, or early first quarter 2011. The project is on schedule."

In the Resource area, more high-grade values have been intercepted, such as hole BP10-539, which yielded a true thickness of 7.71 metres in the Gloria vein grading Au 0.646 g/t and Ag 648.0 g/t for a silver-equivalent of 686.8 g/t. This included 3.59 metres grading Au 0.894 g/t and Ag 986.7 g/t for a silver-equivalent of 1,040.3 g/t.

Highlights of Recent Resource Diamond Drilling on La Preciosa


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                                                       Au       Ag    Ag-Eq
Hole/Vein      From     To Core Length True Width    (g/t)    (g/t)    (g/t)
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BP10-539
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Abundancia   268.55 271.10        2.55       2.51   0.327    166.6    186.2
---------------------------------------------------------------------------
 Includes    269.70 270.20        0.50       0.49   0.529    288.0    319.7
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BP10-546
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Abundancia   150.50 160.35        9.85       9.70   0.184    173.9    184.9
---------------------------------------------------------------------------
 Includes    151.60 157.75        6.15       6.06   0.235    232.4    246.5
---------------------------------------------------------------------------
 Includes    157.35 157.75        0.40       0.39   0.477  1,041.0  1,069.6
---------------------------------------------------------------------------
BP10-551
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Abundancia   130.65 136.50        5.85       5.49   0.094    294.1    299.8
---------------------------------------------------------------------------
 Includes    130.65 131.50        0.85       0.80   0.146    906.0    914.8
---------------------------------------------------------------------------
BP10-539
---------------------------------------------------------------------------
Gloria       177.75 186.65        8.90       7.71   0.646    648.0    686.8
---------------------------------------------------------------------------
 Includes    179.95 184.10        4.15       3.59   0.894    986.7  1,040.3
---------------------------------------------------------------------------
 Includes    181.95 182.70        0.75       0.65   1.086  1,345.0  1,410.2
---------------------------------------------------------------------------
BP10-546
---------------------------------------------------------------------------
Martha       308.90 316.05        7.15       7.12   0.584    101.8    136.8
---------------------------------------------------------------------------
 Includes    309.75 313.10        3.35       3.34   0.769    141.8    188.0
---------------------------------------------------------------------------
 Includes    312.20 313.10        0.90       0.90   0.992    320.0    375.3
---------------------------------------------------------------------------
BP10-551
---------------------------------------------------------------------------
Martha       316.65 325.65        9.00       8.97   0.198    159.7    171.6
---------------------------------------------------------------------------
 Includes    319.40 325.65        6.25       6.23   0.263    200.1    215.9
---------------------------------------------------------------------------
 Includes    323.25 324.65        1.40       1.39   0.479    374.0    402.7
---------------------------------------------------------------------------
BP10-566
---------------------------------------------------------------------------
Unnamed      236.65 239.70        3.05       2.87   0.321    191.0    210.3
---------------------------------------------------------------------------
Martha       276.50 285.95        9.45       8.88   0.493    393.7    423.3
---------------------------------------------------------------------------
 Includes    277.10 283.35        6.25       5.87   0.632    562.8    600.7
---------------------------------------------------------------------------
 Includes    278.10 279.25        1.15       1.08   1.270  1,714.0  1,790.2
---------------------------------------------------------------------------
BP10-577
---------------------------------------------------------------------------
Martha       270.70 275.30        4.60       4.53   2.183    315.4    446.4
---------------------------------------------------------------------------
 Includes    271.85 273.45        1.60       1.58   5.656    683.1  1,022.4
---------------------------------------------------------------------------
 Includes    272.90 273.45        0.55       0.54  10.760  1,340.0  1,985.6
---------------------------------------------------------------------------
BP10-578
---------------------------------------------------------------------------
Martha       107.00 110.30        3.30       3.29   0.163    660.0    669.8
---------------------------------------------------------------------------
 Includes    107.00 108.95        1.95       1.94   0.248  1,061.2  1,076.1
---------------------------------------------------------------------------
 Includes    108.40 108.95        0.55       0.55   0.292  3,201.0  3,218.5
---------------------------------------------------------------------------
BP10-605
---------------------------------------------------------------------------
Martha       296.45 303.00        6.55       6.45   0.708    217.4    259.9
---------------------------------------------------------------------------
 Includes    297.10 300.00        2.90       2.86   0.925    390.1    445.6
---------------------------------------------------------------------------
 Includes    297.10 298.00        0.90       0.90   1.151    633.0    702.1
---------------------------------------------------------------------------
BP10-596
---------------------------------------------------------------------------
Transversal  205.70 208.40        2.70       2.66   0.196    232.7    244.5
---------------------------------------------------------------------------
 Includes    206.60 208.40        1.80       1.77   0.219    319.4    332.5
---------------------------------------------------------------------------
 Includes    207.15 207.80        0.65       0.64   0.485    564.0    593.1
---------------------------------------------------------------------------
BP10-600
---------------------------------------------------------------------------
Transversal  138.75 145.00        6.25       6.04   0.208    125.5    138.0
---------------------------------------------------------------------------
 Includes    141.60 145.00        3.40       3.28   0.225    166.6    181.9
---------------------------------------------------------------------------
 Includes    144.55 145.00        0.45       0.43   0.075    348.0    352.5
---------------------------------------------------------------------------
---------------------------------------------------------------------------

In exploration diamond drilling beyond the main resource area, 11 drill holes have been completed in the El Orito Norte sector and 12 holes have been completed in the Nancy sector. Current exploration drilling is being conducted along a trend 8 km northwest of the resource area.

In El Orito Norte, a mineralized dyke was intercepted in hole BP10-598, which yielded a true thickness of 2.49 metres grading Au 0.209 g/t and Ag 396.3 g/t for a silver-equivalent of 408.9 g/t. On the north margin of the Nancy drilling, hole BP10-595 yielded a true thickness of 2.41 metres grading Au 1.123 g/t and Ag 157.1 g/t for a silver-equivalent of 224.5 g/t. More exploration testing is planned.

Highlights of Recent Exploration Diamond Drilling on La Preciosa - El Orito and Nancy


---------------------------------------------------------------------------
---------------------------------------------------------------------------
                                                           Au     Ag  Ag-Eq
Hole/Vein         From     To  Core Length  True Width   (g/t)  (g/t)  (g/t)
---------------------------------------------------------------------------
---------------------------------------------------------------------------
BP10-576
---------------------------------------------------------------------------
El Orito        359.60 361.90         2.30        2.30  0.023  141.5  142.9
---------------------------------------------------------------------------
 Includes       360.70 361.90         1.20        1.20  0.040  204.1  206.5
---------------------------------------------------------------------------
 Includes       360.70 361.45         0.75        0.75  0.044  221.0  223.6
---------------------------------------------------------------------------
BP10-584
---------------------------------------------------------------------------
El Orito (Sup)  321.10 327.05         5.95        5.93  0.009   90.0   90.6
---------------------------------------------------------------------------
 Includes       322.65 324.65         2.00        1.99  0.011  141.3  141.9
---------------------------------------------------------------------------
 Includes       323.40 324.65         1.25        1.25  0.014  167.0  167.8
---------------------------------------------------------------------------
El Orito (Inf)  331.00 334.75         3.75        3.74  0.035   87.5   89.5
---------------------------------------------------------------------------
 Includes       331.00 332.50         1.50        1.49  0.054  140.4  143.7
---------------------------------------------------------------------------
 Includes       331.50 332.50         1.00        1.00  0.073  164.0  168.4
---------------------------------------------------------------------------
BP10-598
---------------------------------------------------------------------------
El Orito        327.45 329.95         2.50        2.49  0.209  396.3  408.9
---------------------------------------------------------------------------
 Includes       328.65 329.95         1.30        1.30  0.265  591.5  607.4
---------------------------------------------------------------------------
 Includes       328.65 329.15         0.50        0.50  0.534  906.0  938.0
---------------------------------------------------------------------------
BP10-603
---------------------------------------------------------------------------
El Orito        245.70 246.20         0.50        0.50  0.136  291.0  299.2
---------------------------------------------------------------------------
BP10-607
---------------------------------------------------------------------------
El Orito        133.60 134.10         0.50        0.50  0.589   91.2  126.5
---------------------------------------------------------------------------
BP10-592
---------------------------------------------------------------------------
Nancy            64.55  67.50         2.95        2.91  0.160  132.0  141.6
---------------------------------------------------------------------------
 Includes        64.55  66.90         2.35        2.31  0.134  142.4  150.4
---------------------------------------------------------------------------
 Includes        66.55  66.90         0.35        0.34  0.339  319.0  339.3
---------------------------------------------------------------------------
BP10-595
---------------------------------------------------------------------------
Nancy            89.00  91.50         2.50        2.41  1.123  157.1  224.5
---------------------------------------------------------------------------
 Includes        90.50  91.50         1.00        0.97  2.387  250.0  393.2
---------------------------------------------------------------------------
BP10-601
---------------------------------------------------------------------------
Nancy           104.00 106.05         2.05        2.04  0.634   48.7   86.7
---------------------------------------------------------------------------
 Includes       104.00 104.80         0.80        0.80  1.460  104.0  191.6
---------------------------------------------------------------------------
---------------------------------------------------------------------------

As of the end of August, Pan American has completed over 76,000 metres of diamond drilling on La Preciosa in 2009-2010. Combined with Orko's 2005-2008 drilling of 154,000 metres, the project has now passed the 230,000 metre mark.

Results from Pan American's Phase-I, Phase-II and part of Phase-III were reported in news releases dated September 08 and October 21, 2009, plus April 29 and July 7, 2010. The information here is in addition to these earlier news releases. It covers 17,142 metres of diamond drilling in 71 holes (BP10-538 to BP10-608), the data for which has been received from Pan American Silver. Exploration holes represent 23 of the 71 holes. Diamond drilling is still underway.

The delineation drilling results from the new holes are mainly located in the known Martha vein structure and were drilled at approximately 18 metre and 50 metre spacing in an area previously drilled by Orko at 100 metre spacing. This data again confirms Orko's previously reported results, and forms the basis of a geostatistical study, toward ultimate reserve definition.

A complete table of drill results is available on our website at the link below:

http://www.orkosilver.com/i/pdf/geol-postred_DDH_Orko_PAS_210410.pdf

A detailed drill plan map is available on our website at the link below:

http://www.orkosilver.com/i/pdf/drillplanmap.pdf

A printer friendly PDF format of this news release is available at the link below:

http://www.orkosilver.com/i/pdf/OrkoPR2010-04-28.pdf

Ben Whiting, P.Geo., is the Qualified Person for Orko Silver Corp. and takes responsibility for the technical disclosure in this news release.

Silver-equivalent for the purposes of this drilling program is defined as silver grade plus 60 times gold grade. This 60:1 ratio was determined from the ten-year averages of gold and silver prices from the London Metal Exchange. Metallurgical recoveries and net smelter returns are assumed to be 100% for the silver-equivalent value. Base metal values are not included in the silver-equivalent.

About Orko Silver Corp.

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

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.

(i) 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.

The TSX Venture Exchange has not reviewed and does not accept responsibility for this News Release.

Contacts: Orko Silver Corp. (604) 687-6310 (604) 687-6365 (FAX) info@orkosilver.com www.orkosilver.com

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