Oro Silver Commences Deep Drilling for High-Grade Silver at the El Compas Project, Zacatecas, Mexico
March 03 2010 - 7:00AM
Marketwired
Oro Silver Resources Ltd. ("Oro Silver" or the "Company") (TSX
VENTURE: OSR) has commenced drilling on its El Compas project near
Zacatecas, Mexico. The ongoing 5,000 metre drill program will focus
on testing the potential down dip extension of high-grade silver
mineralization at the El Compas mine below hole 09COM054 (990.9 g/t
silver and 4.70 g/t gold over 1.0 metre, see press release dated
February 15, 2010), and will also test northwest trending faults
for high-grade silver potential at depth.
Darren Bahrey, President of Oro Silver stated: "Most of our
recent drilling has focused on expanding the near surface gold-rich
resource at the El Compas and El Orito veins. Hole 09COM54 has
demonstrated that a transition from near surface high-grade gold to
deeper high-grade silver-rich mineralization occurs below the El
Compas mine. The high-grade silver vein intercepted in hole 54 in
addition to another vein intercept drilled by a previous explorer
to the east provide rationale for drill testing the intersection of
northwest and north-south structural trends at depth for high-grade
silver mineralization. The only way to test this idea is with
drilling."
Drilling by Oro Silver has been mostly focused on the
near-surface, gold-rich potential of the El Compas and other
parallel trending vein systems. Now that high-grade silver
mineralization has been confirmed at depth within north-south and
NW trending structures, the Company is expanding its exploration
focus to include the idea that larger, silver-rich targets
associated with the deeper parts of the epithermal vein system
could be present, in particular where these mineralized structures
intersect. The results of recent surface clay alteration studies
show mineral zonation centered around these intersecting structures
that includes proximal buddingtonite and arsenate/phosphate-bearing
clays, and distal kaolinite and smectite clays. It is the Company's
belief that the intersecting structures could represent blind
target zones with increased potential for high-grade silver
mineralization at depth. A total of 2,500 metres of drilling has
been contemplated for deep targeting for silver-rich vein
mineralization. Initial targets include testing the down dip
extension of the silver mineralization intersected in hole 09COM054
below the El Compas mine, the deepest significantly mineralized
zone drilled to date below the mine, followed by deep drill testing
of the northwest trending Escuadra fault where it is intersected by
the north-south trending El Compas and EC-2 vein systems. The
potential surface manifestations of the intersecting structures
above the target zones may be only weakly developed due to the
presence of a 200 to 250 metres thick rhyolitic volcanic unit that
overlies the more productive andesitic volcanic rocks at depth in
the area. Target depths for these latter holes are calculated to be
at least 600 metres below surface, and correspond to depths that
are comparable to bonanza grade mineralization at MAG Silver's
Juanicipio property. Additional drill targets are likely, as
additional information from ongoing surface exploration work
becomes available.
Presently the Company is pre-collaring holes with an RC rig and
plans to complete the holes with a diamond-drill tail. This
technique is cost saving and allows for faster drilling and
subsequent assay turn-around times.
2010 first quarter exploration plans
- A 2,500 metre drill program.
- Additional targeting surveys (geophysics, structural studies,
and clay analysis).
- Completion of El Compas and El Orito geological model.
- Scoping studies and resource estimation work.
About Oro Silver
Oro Silver is a silver exploration company pursuing early and
advanced stage silver-based opportunities in Mexico. Oro Silver's
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. The Zacatecas Fresnillo silver trend (known to
have produced several billion ounces of silver) is well known for
its silver production as the Fresnillo Mine 45km to the northwest
held by Industrias Penoles currently produce over 31 million ounces
of silver annually from high-grade (23 oz/T Ag plus up to 0.1 oz/T
Au) veins. Fresnillo commenced mining around the year 1560 and has
produced about 800 million ounces of silver (see
http://www.penoles.com.mx).
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.
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. Ariel Cobangbang (604)
646-1586 www.orosilver.com
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