YeOldGoldNugget's Blog Spot: Delineation Drilling

Showing posts with label Delineation Drilling. Show all posts

Thursday, November 12, 2009

Orko Silver Continues to Receive Encouraging Drilling Results

By 79Atoms on Thursday, November 12, 2009

Orko Silver Corp.

TSX VENTURE: OK
Orko Silver Corp.
Nov 12, 2009 09:00 ET

Orko Silver Continues to Receive Encouraging Drilling Results

The original news release on the Orko Silver Corp. website can be found by clicking here.

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 12, 2009) - Orko Silver Corp. (TSX VENTURE:OK) is pleased to announce that it continues to receive favorable results from the ongoing drilling program being completed by our joint venture partner, Pan American Silver Corp. (PAA) on the La Preciosa Project in Durango, Mexico.

Diamond drill hole BP09-375 yielded 15.65 metres grading Au 0.579 g/t and Ag 439.4 g/t for a silver-equivalent of 474.1 g/t. Included in this hole is an interval of 5.85 metres grading Au 1.146 g/t and Ag 942.0 g/t for a silver-equivalent of 1,010.7 g/t. Also of note is hole BP09-392 with 16.89 metres grading Au 0.441 g/t and Ag 225.3 g/t for a silver-equivalent of 251.8 g/t.

Gary Cope, President of Orko Silver, states:

We are extremely pleased to see that Pan American's delineation drilling results confirm those initially reported by Orko Silver. The presence of wide high grade intervals is also very encouraging for the project.

The Pan American Phase-I delineation (infill) drilling at La Preciosa consisted of 19 HQ diamond drill holes for a total of 6,316.83 meters and was reported in a news release dated September 08, 2009.

The Phase-II drilling program has commenced and includes further delineation drilling, plus drilling on the previously identified exploration targets located immediately surrounding the La Preciosa deposit. To date, PAA has drilled 40 Phase-II holes, an additional 17 delineation holes and 23 holes on the exploration targets for a total of 9,924.44 meters. Assays for 25 of the Phase-II holes are now available. Delineation drilling is in the Central Area of the La Preciosa Resource. Exploration drilling around the periphery of the Resource includes nine holes from the South Area on the Martha Vein.

Multiple mineralized intercepts are presented in the two tables for the Central Area and South Area testing of the Martha Vein.

The delineation results from the new holes are all located in the known Martha vein structure and were drilled at approximately 50 metre spacing in an area previously drilled by Orko Silver at 100 metre spacing. This data again confirms Orko Silver's previously reported results, and will form the basis of a geostatistical study, toward ultimate resource definition. Phase-II diamond drilling is still underway.

The results of the exploration drilling to date from Baritina and El Vaquero, which are targets outside of the Martha vein resource, have been inconclusive. Further drilling has been done in both areas; results of which are pending. Based on the visual information encountered in the drill core and geological interpretation on cross sections, additional drilling is contemplated in these areas during November and December.

Central Area – La Preciosa Resource

*- In certain holes the Martha vein can be composed of several sub-parallel, silver rich veins: Martha (Sup) - refers to that portion of the Martha vein above the main Martha vein (Superior), and Martha (Inf) - refers to that portion of the Martha vein below the main Martha vein (Inferior)

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

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

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

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

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

http://www.orkosilver.com/i/pdf/orkonews11122009.pdf

Ben Whiting, P.Geo., and George Cavey, P.Geo are the Qualified Persons for Orko Silver Corp. and take 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. 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.

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

Tuesday, September 8, 2009

Orko Silver Chart September 8, 2009

By 79Atoms on Tuesday, September 08, 2009

Intraday Chart

Chart courtesy of google finance

Not much to say really of the intraday chart. Lots of shares were traded in the morning which was of-course mainly due to the releasing of the drill results by Orko. Oh, we did manage to hit 0.86 on two occasions but unless we close above 0.84 I'm not considering this breaking the 0.84 resistance. More on that on the daily chart.

Pan American Silver confirmed Orko's drill results by drilling at approximately 50 metre spacing in an area previously drilled by Orko at 100 metre spacing. So in getting this completed this will now form the basis of a geostatistical study toward ultimate reserve definition. The news release also states that a phase-II diamond drilling is underway.

Of importance from the release is the following :

In addition to the drilling, PAA has completed 57 trenches on regional exploration targets with the resultant collection of 557 samples. These results have encouraged PAA to commence drilling on the exploration targets such as El Vaquero, Nancy, Baritina, Baritina Norte (Martha North) and Orito Norte

To me as an investor this reads....'Plenty more news releases in the pipeline'

Daily chart

Chart is courtesy of marketclub.
Marketclub - Orko Silver Corp. Trend Analysis.

Now this is a chart I like. Well, what do we have here.

Lots of action, we've made a new 3 day high today at 0.86. We still have the 3 week high for the week ending September 5th. We have a 3 month high in September.
Volume is still increasing as today saw a total of 552k shares traded.
The Relative Strength Index (RSI) is now getting in the overbought zone (above 70) but that shouldn't necessarily mean that we are looking at a sell-off.

We do however have a tiny winy little gap. Again, it is not obligatory for a stock to close a gap before going further up but the possibility exists. If tomorrow the market decides to close the gap that means the stock will first go down to the high of the previous day which is 0.80.

One can never tell, if it drops however to 0.80 I expect a quick bounce up again to continue its advance towards breaking the 0.84 resistance. It still remains to be seen what sort of resistance still exists at 0.84 after the in my opinion very good news release by Orko Silver.

It wouldn't however be all too bad for the stock to find the 0.80 again and start from there building more momentum to blast this 0.84 resistance to smithereens.

Orko is now mainly driven by investors like you and me and not all investors will have received the news release or will have been in the opportunity to get in or buy more. Maybe tomorrow the news release will have done its rounds around the junior investor communities and more people will decide to get in tomorrow.

As with all ventures, do your own diligence and you will do fine. Good luck to all.

Links in the news
Gold Review
MarketWatch
Stockhouse
Orko Silver on www.n24.de (German version of the news release)

YeOldGoldNugget's links of interest

Delineation Drilling by Pan American Confirms Orko Results 32.7 metres of 267.9 g/t Ag Eq Silver Intercepted

By 79Atoms on Tuesday, September 08, 2009

September 08, 2009

Original news release on Orko Silver Corp. can be found by clicking here.

VANCOUVER, British Columbia - Orko Silver Corp. (TSX.V - OK) is pleased to announce that it has received the Phase-I delineation drilling assay results from joint venture partner Pan American Silver Corp. (PAA) on La Preciosa Project in Durango, Mexico.

The Pan American Phase-I delineation drilling at La Preciosa consisted of 31 HQ diamond drill holes for a total of 8,850 meters. To date, PAA has received results for approximately 6,300 metres of the drilling. The holes are located in the heart of the Martha vein structure and were drilled at approximately 50 metre spacing in an area previously drilled by Orko at 100 metre spacing. This data confirms La Preciosa results and will form the basis of a geostatistical study, toward ultimate reserve definition. Phase-II diamond drilling is underway.

In addition to the drilling, PAA has completed 57 trenches on regional exploration targets with the resultant collection of 557 samples. These results have encouraged PAA to commence drilling on the exploration targets such as El Vaquero, Nancy, Baritina, Baritina Norte (Martha North) and Orito Norte.

Pan American has also completed 90% of a planned first phase detailed metallurgical program that has included work index tests, abrasion tests, mineralogical studies, gravity tests, cyanide tests and flotation tests. Full results from these studies will be released when they are completed.

Gary Cope, President of Orko, states; "We are extremely pleased to see that Pan American's delineation drilling results confirm Orko's drill results. We also look forward to exploration success in future drilling scheduled to test new exploration targets such as Nancy, Vaquero, Orito Norte, Baritina and Baritina Norte."

The Phase I delineation drill program has been successful in confirming the results from the previous drilling completed by Orko from 2005-2008. The detailed drilling has been completed in a 50m by 50m grid, centered in the vicinity of Orko hole BP-06-75(ext) which returned results of 39.66m of 235.2 g/t Ag, 0.37 g/t Au for a silver equivalent of 257.5 g/t.

Of particular note in the PAA drilling is a thick, high-grade intercept of the Martha Vein in hole BP09-374. This hole yielded a true thickness of 32.68 metres grading 0.376 g/t gold and 245.4 g/t silver for a silver-equivalent of 267.9 g/t. Within this intercept is 3.50 metres grading 2.185 g/t gold and 1,017.7 g/t silver for a silver-equivalent of 1,148.9 g/t.

Also of interest is hole BP09-359, which yielded 34.77 metres grading 0.278 g/t gold and 202.4 g/t silver for a silver-equivalent of 219.1 g/t, and hole BP09-372 which yielded 22.45 metres grading 0.509 g/t gold and 289.0 g/t silver for a silver-equivalent of 319.5 g/t.

In the area of delineation drilling, Martha occurs as a very thick structure, as shown in the following table:

Summary of Martha Vein intercepts added for this release:

In addition to targeting the Martha vein, some of the westernmost holes also passed through the Abundancia vein.

Summary of Abundancia Intercepts:

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

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

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

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

Ben Whiting, P.Geo., and George Cavey, P. Geo. are the Qualified Persons for Orko Silver Corp. and take 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. 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 a professional exploration company currently involved in the exploration and development of La Preciosa Project, located near the city of Durango, Mexico. This advanced silver and gold project has a defined NI43-101 compliant resource estimate (see news release Feb 18, 2009). Orko has entered into an agreement with Pan American Silver Corp. to jointly develop La Preciosa (see news release Apr 14, 2009).

ON BEHALF OF THE BOARD OF DIRECTORS

Gary Cope

President

For further information, contact Orko Silver Corp. at (604) 684-4691 or
Via email or visit our website on line at www.orkosilver.com

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

*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. U.S. Investors are urged to consider closely the disclosure in our Form 20-F, File No. 000-51923, which may be secured from us, or from the SEC’s website at http://www.sec.gov/edgar.shtml.