Vancouver – Addition of the Martha vein strongly boosts the silver resource at Orko Silver‘s (OK-V, OKOFF-O) La Preciosa project in Durango State, Mexico, almost doubling the metal tally from the March-2007 estimate.
Inferred resources have risen to 10.36 million tonnes grading 200 grams silver per tonne and 0.33 gram gold per tonne for 66.6 million contained oz. silver, up 88%, and 109,000 oz. gold. The estimate is based on a 100 gram silver cut-off grade.
“We are extremely pleased,” states Orko president Gary Cope, “especially the significant contribution of the newly discovered Martha vein to the current estimate.”
The recently discovered Martha vein kicked in about 27.5-million contained oz. of 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 over 30 holes in the assay lab and a pair of drill rigs turnings on the project, Orko anticipates its next resource estimate before the end of Q1-2008.
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 have recently rallied from the 85-level to a high of $1.37 apiece. After the revised resource its stock closed off 10% at $1.23 per share on strong volume.
The junior recently implemented a shareholder rights plan addressing any potential takeover bids. On an unsolicited offer, shareholders will be issued a right for each share held that become exercisable upon 20% of Orkos shares being acquired under any hostile bid.
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