Oro Silver Resources Ltd. ("Oro Silver or the "Company") (TSX
VENTURE: OSR) has received more positive assay results for two
additional drill holes recently completed on the El Orito target
located on its El Compas property near the city of Zacatecas,
Mexico. Recent drilling has nearly doubled the strike length of the
El Orito vein to approximately 350 metres. In addition, the drill
intercept of 8.2 metres has identified a significantly wider
mineralized vein zone indicating the potential for much higher
tonnage than previously modeled. More drilling is planned to
potentially extend the gold and silver mineralization to the south
and at depth.
Highlight results from these latest two drill holes include:
- 5.2 g/t gold and 87.7 g/t silver over 8.2 metres (estimate
true width 5.3 metres) in drill hole 09COM046 located approximately
60 metres below surface, and is the best drill intercept reported
to date at El Orito.
- Higher grade vein intercepts of 15.2 g/t gold and 242.0 g/t
silver over 2.6 metres and 18.3 g/t gold and 426.9 g/t silver over
0.5 metres in 09COM046.
Darren Bahrey, President and CEO of Oro Silver commented, "We
are very encouraged with the high-grade gold and silver grades
returned by the latest round of drilling. Even more impressive are
the significant vein widths being intersected at shallow depths.
Our systematic approach using advanced exploration tools has been
key to producing these excellent drill results. Drilling will
continue into 2010 with the aim of making more high-grade vein
discoveries and adding ounces to our gold and silver resource
base."
The El Orito target is a recent discovery located 300 metres
east of the El Compas mine entrance. The focus of the current
drilling is to continue expanding the El Orito vein target, which
is anticipated to have a significant impact on increasing the
Company's NI-43-101 resource at El Compas.
Select assay results of the recently drilled holes at the El
Orito vein target are summarized as follows:
----------------------------------------------------------------------------
Core Est. True
From To Length Width Gold(i) Silver
Hole (m) (m) (m) (m) (g/t) (g/t)
----------------------------------------------------------------------------
09COM045 148.90 151.20 2.30 1.76 1.11 30.9
----------------------------------------------------------------------------
09COM046 69.96 70.43 0.47 0.27 18.31 426.9
----------------------------------------------------------------------------
and 75.53 83.70 8.17 5.25 5.22 87.7
----------------------------------------------------------------------------
includes 75.53 81.30 5.77 3.71 7.18 117.5
----------------------------------------------------------------------------
includes 75.53 78.10 2.57 1.65 15.17 242.0
----------------------------------------------------------------------------
(i) Due to presence of visible gold in samples metallic assaying is being
performed on all high-grade samples. Results of metallic assays are
pending.
A location map of the completed holes can be viewed at this
link:
http://www.orosilver.com/userfiles/El_Compas_Property_area_Nov12_09_Zoom_web.jpg.
Hole 46 (09COM046) tested the near-surface potential of the El
Orito vein, up-dip of the mineralized quartz vein previously
intersected in hole 09COM038 (1.39 m of 3.81 g/t gold and 56.7 g/t
silver). Hole 46 intersected four quartz veins from approximately
70 to 84 metres down-hole. The central part of this zone includes
two high-grade veins that averaged 15.2 g/t gold and 242.0 g/t
silver over 2.6 metres (estimate 1.7 metres true width). This
high-grade interval occurs within a broader vein zone that grades
5.2 g/t gold and 87.7 g/t silver over 8.2 metres (estimate 5.3
metres true width).
Hole 45 (09COM045) tested the potential of the Orito vein
down-dip of the high-grade quartz vein previously intersected in
hole 09COM041 (0.9 m of 12.7 g/t gold and 106.6 g/t silver). Hole
45 intersected a single 2.3-metre wide quartz vein at 148.9 metres
down-hole grading 1.1 g/t gold and 30.9 g/t silver.
In summary, the El Orito target comprises one or more
sub-parallel, near vertically-dipping quartz veins with individual
veins ranging from a half-metre to several metres wide. The
mineralized portion of the vein is approximately 350 metres in
length and strikes roughly north-south. High-grade gold and silver
mineralization in the veins occurs at a shallow depth down to a
vertical depth of about 125 metres. The potential is good for the
El Orito vein system to expand along strike and at depth.
Nine holes for a total of 1,313 metres have been drilled at El
Compas in 2009, as part of the ongoing 5,000-metre drill program.
The next phase of drilling is scheduled to commence during the
upcoming week now that all assays have been received and
interpreted.
The objective of the current drilling at the El Compas and El
Orito vein targets is to accomplish the following:
1. To increase the near-surface gold and silver resource;
2. To test for deeper potential high-grade silver and gold
feeder vein structures;
3. To provide additional geological information for the in-house
scoping study.
Studies being completed at El Compas to aid in prioritizing vein
targets to be drill-tested include the following:
1. Induced polarization and magnetic surveys over the El Compas
mine and other known vein targets to determine if a geophysical
signature of the defined high-grade vein zones occur;
2. Surface and underground structural mapping;
3. Clay sample spectral analysis and satellite ASTER image
interpretation to confirm the presence of buddingtonite - a mineral
known to be associated with silver and gold mineralization in the
Zacatecas silver belt.
The potential for deeper high-grade silver and gold feeder
structures in the El Compas district is based on the results of
surface exploration work completed to date and a prior drill
intercept that intersected a quartz vein grading 703 g/t silver and
4.1 g/t gold over 0.9 metres at a vertical depth of 425 metres
below surface, located approximately one kilometre southeast of the
El Compas mine entrance. Preliminary geophysical results look
encouraging in identifying structures at depth which may host
high-grade silver mineralization; final interpretations are still
pending.
About El Compas
The El Compas project, covering 34 square kilometres, located in
the state of Zacatecas one of Mexico's primary silver belts. Five
mines - Fresnillo, Francisco Madero, El Bote, Malanoche-Cozamin and
Vetagrande, as well as MAG Silver's Juanicipio project - are
located within this belt to the north and west of El Compas (see
map: http://media3.marketwire.com/r/3D_google_looking_NW_2.jpg).
These underground mines collectively produced more than one billion
ounces of silver. The El Compas district, principally explored and
mined for gold at shallow depths, will also be tested for deeper
silver vein potential.
The Company's National Instrument 43-101 resource at El Compas
calculated at a 3 g/t gold-equivalent cut-off (see Oro Silver's
press release dated September 18, 2008) has been reported as
follows:
- 65,000 indicated gold-equivalent ounces (310,000 tonnes at
5.82 g/t gold and 59.1 g/t silver)
- 41,200 inferred gold-equivalent ounces (234,000 tonnes at 4.94
g/t gold and 45.7 g/t silver)
Quality Control
Oro Silver maintains a strict quality control program. All
sample results generated by Oro Silver were submitted directly to
Inspectorate Assay Laboratory, for preparation in Durango, Mexico,
and analysis in Reno, Nevada. All samples submitted for analysis
were of half-sawn core. Analysis was conducted on 2 assay ton
samples for gold and silver, with standards and blanks inserted
every 30 samples. Analysis of gold was by fire assay, with a
gravimetric finish on samples exceeding 3 g/t gold. Analysis of
silver was by 4-acid digestion with an ICP finish, and with a
gravimetric finish on samples exceeding 100 g/t silver. Oro
Silver's project development programs are supervised by Mr. Thomas
Bagan, P. Eng., Chief Operating Officer and Vice-President
Operations. Mr. Bagan is a qualified person as defined by National
Instrument 43-101 and has reviewed the content of this press
release.
About Oro Silver
Oro Silver is a silver exploration company pursuing early and
advanced stage silver-based opportunities in Mexico. Oro Silver's
corporate mandate is to develop properties toward silver production
through a strategic business arrangement and development plan
focused on advanced-stage projects with known silver resources that
exhibit potential for expansion. The El Compas mine continues to be
the cornerstone for Oro Silver's growth strategy in the Zacatecas
silver district.
ON BEHALF OF THE BOARD OF DIRECTORS,
Darren Bahrey, President & CEO
Some statements in this release may contain forward-looking
information. These statements include, but are not limited to,
statements with respect to future exploration, resource estimation,
development and production activities and future expenditures.
These statements address future events and conditions and, as such,
involve known and unknown risks, uncertainties and other factors
which may cause the actual results, performance or achievements to
be materially different from any future results, performance or
achievements expressed or implied by the statements. Such factors
include, among others, the time and success of future exploration,
development and production activities and the timing and amount of
expenditures.
Neither the TSX Venture Exchange nor its Regulation Services
Provider accepts responsibility for the adequacy or accuracy of
this release.
Contacts: Oro Silver Resources Ltd. Darren Bahrey President
& CEO 604 646-1585 604 642-2411 (FAX) Website:
www.orosilver.com
Oro Silver Resources Ltd. (TSXV:OSR)
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