Oro Silver Resources Ltd. ("Oro Silver or the "Company") (TSX
VENTURE: OSR) has received more positive assay results for two
additional drill holes on the El Orito target located on its El
Compas property near the city of Zacatecas, Mexico. The drill holes
were designed to test the potential for high-grade gold and silver
mineralization in the central portion of the El Orito target area
at shallow depths. Highlights from these latest two drill holes
include:
- 19.95 g/t gold and 166.3 g/t silver over 5.9 metres in drill
hole 09COM048 located approximately 60 metres below surface.
- 1.08 g/t gold and 16.2 g/t silver over 3.3 metres, including
4.05 g/t gold and 93.5 g/t silver over 0.4 metres in drill hole
09COM047 located approximately 50 metres below surface.
Darren Bahrey, President and CEO of Oro Silver commented, "We
are very pleased with the results of these latest drill holes as
they have extended the known mineralization extent to more shallow
areas we had not tested before, growing the overall size of the El
Orito gold-silver vein system."
The El Orito target is a recent discovery which is located 300
metres east of the El Compas mine entrance (where Oro Silver
recently reported an intercept of 193 g/t gold and 1,264 g/t silver
over 4.3 metres, see press release dated, November 10, 2009). 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. Recent
drilling has nearly doubled the strike length of the El Orito vein
to approximately 350 metres, and more drilling is being programmed
to potentially extend the gold and silver mineralization to the
south and at depth.
Hole 48 (09COM048) was drilled in the central mineralized
portion of the El Orito target in between and up dip (more shallow)
of holes 08COM026 and 09COM046, and 80 metres north of Hole 47.
Hole 48 intersected a vein zone from 54.5 to 72.9 metres downhole
containing several veins with banded and bladed textures. Most of
the veins contain minor black silver sulfide, as well as
fine-grained native gold.
Hole 47 (09COM047) was drilled in the central mineralized
portion of the El Orito target between and up dip (more shallow) of
holes 09COM041 and 09COM046. Hole 47 intersected a vein zone from
59.2 to 70.4 metres down hole containing multiple quartz veins with
banded and bladed textures. Some of the veins contain fine blebs of
disseminated black silver sulfide, and more rarely fine grained
native gold.
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 system 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.
Nineteen drill holes for a total of 2,268 metres were completed
at El Compas between June and December 2009, as part of the ongoing
5,000-metre drill program. Assay results for holes 09COM49 to 56
are still pending and will be released once they have been received
and interpreted. See appended map for drill hole locations.
Select assay results of the recently drilled holes at the El
Orito vein target are summarized as follows:
---------------------------------------------------------------------------
Hole From (m) To (m) Core Length(i) (m) Gold (g/t) Silver (g/t)
---------------------------------------------------------------------------
09COM047 43.6 43.9 0.3 4.80 119.9
---------------------------------------------------------------------------
and 59.2 60.7 1.5 0.81 22.2
---------------------------------------------------------------------------
and 67.0 70.4 3.4 1.08 16.2(ii)
---------------------------------------------------------------------------
includes 67.0 67.7 0.7 2.50 22.4
---------------------------------------------------------------------------
includes 70.0 70.4 0.4 4.05 93.5
---------------------------------------------------------------------------
09COM048 54.4 60.3 5.9 19.95 166.3(ii)
---------------------------------------------------------------------------
includes 54.4 55.6 1.2 81.19 654.4
---------------------------------------------------------------------------
includes 59.6 60.3 0.7 30.72 308.6
---------------------------------------------------------------------------
and 63.1 65.4 2.3 1.33 22.7
---------------------------------------------------------------------------
and 68.7 72.9 4.2 1.09 24.0(ii)
---------------------------------------------------------------------------
(i) The core length represents downhole length and is not true width.
(ii) Silver assay results that are still pending for this interval were
assigned 0 g/t grade.
Assay results for the 2009 drilling program at both El Orito and
El Compas target areas are showing a higher proportion of samples
with high to very high-grade gold when compared with drilling
results from the period 2007-2008. Many of these more recent
high-grade sample intervals contain visible, native gold indicating
that a "nugget effect" may be leading to the under-reporting of
gold values. For this reason metallic analysis is being performed
on all samples containing visible gold and/or returning greater
than 5 g/t Au by gravimetric method. The results of the metallic
analyses will be compiled and released in a summary report once all
results have been received and interpreted.
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.
The objective of this year's 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; and
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; and
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.
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. Analysis was conducted on 2 assay ton
samples for gold and silver on half-sawn core, 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.
About El Compas
The El Compas project, covering 34 square kilometres is 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 appended map). These underground mines have
collectively produced more than one billion ounces of silver. The
El Compas district, principally explored in the past for gold at
shallow depths will be tested for its 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)
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,
Tom Bagan, P.Eng., Chief Operating Officer
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.
To view the maps accompanying this news release, please click on
the following link:
http://media3.marketwire.com/docs/osr115m.pdf.
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. Tom Bagan, P.Eng. Chief
Operating Officer 604 646-1585 604 642-2411 (FAX)
www.orosilver.com
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