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Thursday, 6 September 2012
Orko Silver shares rise by as much as 10%
Orko Silver (CVE:OK) shares were up by as much as around 10 per cent Tuesday, crossing above their 200-day moving average of $1.60.
The company's shares were lately changing hands at $1.73 per share, up around 9.5 per cent on the day, and were earlier up as high as $1.74.
In early June, the miner said that it had resolved technical issues that were causing delays in the completion of its updated resource estimate for its 100 per cent owned La Preciosa project in Mexico.
La Preciosa is located in Durango State, which envelops the heart of Mexico’s prolific Sierra Madre Mining Belt, and includes large silver deposits such as Fresnillo and Pitarrilla.
Orko said that delays to the updated resource estimate are attributed to a more detailed review of the deposit that was undertaken, and subsequent development of a revised vein model from the veins that were modeled in the August 2011 resource estimate.
Early in the study, a decision was made to devote a higher level of diligence to the preliminary geological interpretation and resource modeling, said the company.
The La Preciosa resource currently being modeled by Mining Plus has now been defined by a number of individual variably dipping and striking vein sets over an area with dimensions of 3.3 by 1.8 kilometres, and to a depth approaching 650 metres below surface, said the company.
Orko said the resource is extensive - "it remains open along the eastern flank, to the southeast and to depth, thus presenting potentially increased value to the company."
The updated resource estimate, originally scheduled to be completed and released in March, is to be a key component of the new preliminary economic assessment (PEA) currently being completed by AMEC Americas.
The company took over as operator of the project after former partner Pan American Silver (TSE:PAA) (NYSE:PAAS) decided to exit their joint venture in early April.