Soltoro and Argentum Silver Provide Exploration Update on the Coyote Silver Gold Project in Jalisco, Mexico
October 17 2011 - 9:20AM
Marketwired
Soltoro Ltd. (TSX VENTURE:SOL) & Argentum Silver Corp. (TSX
VENTURE:ASL) announce that exploration programs are continuing at
the 1,053 hectare Coyote Silver Gold Project, located in the state
of Jalisco, Mexico. Argentum Silver holds an option to acquire 100%
of the Coyote and Victoria projects from Soltoro (April 26, 2011
NR95). The Coyote project is the current focus of Argentum's
exploration efforts, the results of which will be used to identify
drill targets for the next phase of exploration. A first phase of
geologic mapping, assaying and preliminary geophysical work has now
been completed. Assay results are due shortly.
The Coyote project controls the historic San Miguel de la Sierra
mining district, which contains dozens of silver-gold veins and
stockwork deposits. Most of the mineralization occurs within seven
defined zones of mineralization within an area approximately 1.5 x
2.6 kilometres. Over one hundred historic mines and prospects were
explored and partially developed within the district through the
early 1900's. Production was limited due to high water table levels
where mining to date has been focused on "bonanza" grade veins.
Mineralization is characterized as epithermal low sulfidation type,
and occurs in Upper Cretaceous andesite volcanics. Vein widths
typically range from 1 to over 5 metres, with local zones of
stockworking exceeding 35 metres. Several individual veins have
been mapped over strike lengths exceeding 1,000 metres.
The Coyote project is located near the town of Chilicoyotes,
within the state of Jalisco, Mexico. Access and infrastructure are
excellent. The property is approximately a 3 1/2 hours drive and
150 linear kilometres southwest of the capital city of Guadalajara.
Topography is generally flat to moderate. Elevations range from
about 1,800 to 2,200 metres. Road access within the project is
excellent, afforded by dozens of ranch and logging roads. A
regional electrical power line crosses the property.
Soltoro currently holds 1.5M common shares of Argentum Silver
and stands to receive an additional 3.5M common shares over the
course of the option agreement. On completion of the terms of the
agreement, Argentum will acquire a 100% undivided interest in
Soltoro's Victoria and Coyote silver-gold projects. Soltoro retains
a 3% NSR interest in each project whereby up to 2% can be purchased
for US $1.5 million per 1% NSR. Soltoro holds in excess of 55,000
hectares of ground in Jalisco State. At Soltoro's 100% owned El
Rayo primary silver project, two drills are operating to further
expand the existing silver resource. For more information on
Soltoro's projects please visit www.soltoro.com.
Mr. Steven T. Priesmeyer, C.P.G., Vice President of Exploration
for Soltoro Ltd. and a qualified person as defined by NI 43-101 has
reviewed and approved the contents of this press release.
About Soltoro:
Soltoro is engaged in exploration for bulk tonnage gold and
silver deposits in Mexico. The Company has two diamond drills
operating at the El Rayo silver project with the objective of
expanding the existing NI 43-101 silver resource. An orientation
drill program was recently completed at the Chinipas gold project
in the State of Chihuahua. Soltoro has optioned a portion of its
Quila claim to Timmins Gold Corp. and optioned its Victoria and
Coyote claims to Argentum Silver Corp. The Company continues to
actively advance its La Tortuga, El Santuario and Pena Grande
projects. Soltoro has 56,666,537 shares outstanding and trades on
the TSX Venture Exchange under the symbol SOL. Coeur D'Alenes Mines
Corp. holds 4.5 million shares of Soltoro Ltd.
This communication to shareholders and the public contains
certain forward-looking statements. Actual results may differ
materially from those indicated by such statements. All statements,
other than statements of historical fact, included herein,
including, without limitations statements regarding future
production, are forward-looking statements that involve various
risks and uncertainties. There can be no assurance that such
statements will prove to be accurate and actual results and future
events could differ materially from those anticipated in such
statements
The TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Contacts: Soltoro Ltd. Andrew Thomson President (416)
987-0722www.soltoro.com