Oro Silver Resources Ltd. (TSX VENTURE: OSR) ("Oro Silver or the
"Company") has received positive assay results for two recently
completed diamond drill holes on its El Compas property located in
Zacatecas, Mexico. Both holes were drilled at shallow depths below
the El Compas mine workings testing gaps in the current resource
model.
Highlight drill results include:
-- 193.2 g/t gold and 1,263.9 g/t silver over 4.28 metres (true width) in
09COM043 approximately 50 metres below the El Compas mine portal, and is
the highest grade drill intercept reported to date.
-- 4.7 g/t gold and 48.6 g/t silver over 2.44 metres (true width) in
09COM044 approximately 90 metres below surface.
Tom Bagan, Chief Operating Officer of Oro Silver remarked, "We
were expecting better than average grades from hole 09COM043 but
what we got was truly spectacular. This is by far the best hole
ever drilled at El Compas, and it will undoubtedly have a positive
impact on our ongoing scoping study demonstrating the robust
economics of our gold-silver mine."
Hole 09COM043 drilled below and slightly north of the main
historic underground workings. The hole intersected an approximate
4.5-metre wide fault-vein zone at the predicted target depth hosted
in brecciated and silicified andesite. The vein zone comprised an
approximate half-metre wide quartz-adularia vein with seams and
patches of centimetre-scale black silver-sulfide and abundant
visible gold (see images of visible gold at the following link:
http://media3.marketwire.com/docs/osr1110fig1.pdf). The mineralized
portion of the zone averaged 193 g/t gold and 1,264 g/t silver over
4.7 metres (4.28 metres true width), and includes a higher grade
interval of 566 g/t gold and 3,037 g/t silver over 1.6 metres (1.45
metres true width).
Hole 09COM044 drilled below the central portion of the historic
workings about 80 metres south of 09COM043. Numerous banded and
bladed quartz-adularia veins up to 3.68 metres true width were
intersected with minor presence of sulfides. Economic grades were
obtained in a few of the veins, including 4.68 g/t gold and 48.6
g/t silver over 2.76 metres (2.44 metres true width).
Select assay results of the two holes that drilled the El Compas
vein are summarized in the following table:
----------------------------------------------------------------------------
Hole From (m) To (m) Core Est. True Gold(i) Silver(i)
Length (m) Width (m) (g/t) (g/t)
----------------------------------------------------------------------------
09COM043 59.90 64.60 4.70 4.28 193.2 1,263.9
----------------------------------------------------------------------------
includes 63.00 64.60 1.60 1.45 565.9 3,036.6
----------------------------------------------------------------------------
includes 63.00 63.42 0.42 0.38 2,048.8 10,172.4
----------------------------------------------------------------------------
09COM044 91.10 91.64 0.54 0.48 3.5 123.7
----------------------------------------------------------------------------
and 94.55 98.72 4.17 3.68 1.5 43.4
----------------------------------------------------------------------------
and 111.85 113.72 1.87 1.65 3.6 65.1
----------------------------------------------------------------------------
and 116.20 118.96 2.76 2.44 4.7 48.6
----------------------------------------------------------------------------
(i) Due to presence of visible gold in some samples metallic analyses are
being performed. Assay results of metallic analyses are pending.
The current round of drilling consisted of five holes totaling
744 metres. Nine holes for a total of 1,313 metres have now been
drilled at El Compas in 2009, as part of the ongoing 5,000-metre
drill program. The next round of drilling is expected to commence
during the latter part of November following interpretation of
assay results for three additional holes completed at the El Orito
vein target, located 300 metres east of the El Compas vein. The
pending assay results will be received soon.
The objective of the current drilling at the El Compas and El
Orito vein targets is to (i) increase the near-surface gold and
silver resource, (ii) to test for deeper potential high-grade
silver and gold feeder structures, and (iii) to provide additional
geological information for the ongoing in-house scoping study.
In addition to drilling, other studies currently underway at El
Compas include (i) a geophysical survey consisting of induced
polarization and magnetometry over the El Compas mine and other
known vein target areas in order to delineate structures and
determine if a geophysical signature of the defined high-grade vein
zones occur, (ii) surface and underground structural mapping, and
(iii) clay sample spectral analysis and satellite ASTER image
interpretation to confirm the presence of buddingtonite, a silver
and gold indicator mineral. These studies are expected to provide
new data that will be utilized to prioritize drill targets, not
only to continue testing near-surface targets to increase the
current gold and silver resource, but also to test for deeper
potential high-grade silver and gold feeder structures. The
interpretation that there is potential for deeper 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 4.1 g/t gold and 703 g/t silver
over 0.9 metres at a vertical depth of 425 metres below surface,
located approximately 1 kilometre southeast of the El Compas mine
portal.
About El Compas
The El Compas project, covering 34 square kilometres, is a
recent gold-silver producer located in the state of Zacatecas
within one of Mexico's primary silver belts. Five mines -
Fresnillo, Francisco Madero, El Bote, Malanoche-Cozamin and
Vetagrande, as well as MAG Silver's significant silver-gold
discovery at its Juanicipio project - are located within this belt
to the north and west of El Compas (see map at
http://media3.marketwire.com/r/oromap). These underground mines
collectively produced more than one billion ounces of silver. El
Compas, which has principally been explored and mined for gold near
surface, will now also be tested for deeper silver vein
potential.
The current 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)
Highlights of the El Compas property based on what the Company
has accomplished to date include:
-- 6,713 metres of diamond drilling completed, testing three vein targets
(El Compas, El Orito, and EC-4) out of ten identified.
-- True width of veins average 7.2 metres for the El Compas vein and 3.3
metres for the El Orito vein.
-- El Compas vein zone is at least 200 metres long with vertical depth
continuity down to 150 metres below surface and is open at depth to the
north. The El Orito vein zone at least 350 metres long and is open to
the south and at depth. The mineralized veins are exposed at surface and
can be accessed by adits and ramps.
-- The El Compas vein was exploited by a small-scale underground operation
from 2003 to 2007, mining 50 to 60 tonnes per day.
-- Metallurgical test work on the El Compas vein material confirmed high
recovery by gravity separation and cyanidation, ranging from 92 to 98%
for gold and 50 to 71% for silver.
-- Currently completing an in-house preliminary mine plan and cost
estimation to produce an economic assessment showing cash flow analyses.
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 HQ 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) www.orosilver.com
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