Soltoro Intercepts 15.85 Metres of 236 gpt Silver at Soledad and Commences Catarina Drilling at El Rayo Project
October 20 2011 - 9:00AM
Marketwired
Soltoro Ltd. (TSX VENTURE:SOL) has received results for an
additional eleven diamond drill holes at the El Rayo primary silver
deposit in Jalisco, Mexico. All eleven holes were completed on the
newly identified Soledad structure. The east-west-trending Soledad
structure represents a new and significant mineralised zone unknown
at the time of the recently released NI 43-101 measured and
indicated resource of 58.3M ounces of contained silver (NR98-June
14, 2011). To date at Soledad, two high-grade silver shoots
(Central and Western) have been identified within a 600 metre
strike length. Ray 11-98 tested the Central shoot and intercepted
15.85 metres of 236 gpt silver starting at a depth roughly 160
metres from surface. A step out drill hole is underway on the
Central shoot to test for the mineralized structure at a depth of
300 metres from surface. The second drill has begun testing the
Catarina mine area. The focus in the Catarina mine area is to prove
up and expand a historic resource defined in the 1980's by the
Consejo de Recursos Naturales, the equivalent of the Mexican
geological survey.
Drill results from the Soledad ore shoots were returned as
follows:
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Ag
Section Target Drill From To Width(1) (g/t)
Structure Line Area Hole (m) (m) (m) (uncut)
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Soledad 565,800 Central Ray11-89(2) 94.0 111.7 17.7 88
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including 94.0 104.0 10.0 132
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including 100.0 104.0 4.0 198
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Soledad 565,500 Western Ray11-90 27.0(3) 39.0 12.0 48
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48.1(4) 55.0 6.9 35
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including 51.5 55.0 3.5 52
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Soledad 565,450 Western Ray11-91 19.5(5) 37.5 18.0 33
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including 30.0 37.5 7.5 41
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45.0 51.0 6.0 27
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Soledad 565,850 Central Ray11-92 142.5 156.3 13.8 146
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including 150.0 156.3 6.3 255
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155.5 156.3 0.8 715
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Soledad 565,400 Western Ray11-93 11.9 12.9 1.0 63
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40.9 42.3 1.4 119
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63.1 65.5 2.4 23
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Soledad 565,500 Western Ray11-94 65.5(6) 72.0 6.5 41
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including 65.5 67.0 1.5 123
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including 66.5 67.0 0.5 281
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Soledad 565,900 Central Ray11-95 202.0 206.5 4.5 118
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including 202.0 203.4 1.4 261
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266.5 267.4 0.9 254
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Soledad 565,500 Western Ray11-96 63.6(7) 64.7 1.1 341
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76.4 79.5 3.1 29
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90.0 94.5 4.5 45
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including 93.7 94.5 0.8 129
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Soledad 565,450 Western Ray11-97 61.35 63.85 2.5 141
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75.0 79.5 4.5 57
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Soledad 565,950 Central Ray11-98 159.0 165.45 6.45 47
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186.0 201.85 15.85 236
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including 190.5 194.0 3.5 374
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including 196.4 199.25 2.85 520
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including 198.0 199.25 1.25 855
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(1) All intersections are reported as drilled thickness. True widths are not
known at this time.
(2) Overall recovery for this interval is 68% including 47% from 99.0 to
102.0 m.
(3) Overall recovery for this interval is 67% including 38% from 27.0 m to
28.5 m.
(4) Overall recovery for this interval is 87% including 67% from 52.5 m to
55 m.
(5) Overall recovery for this interval is 88%. Recovery for the interval
from 23.6 m to 27.0 m is 50% including 0.4 m of 0% recovery from 23.6 m
to 24.0 m. The interval of 0% recovery was included at 0 g/t Ag.
(6) Overall recovery for this interval is 70%. Recovery for the interval
65.6 m to 67.0 m is 94% while recovery for the remainder of the interval
is 54%.
(7) Overall recovery for this interval is 88% including 67% from 64.5 m to
66.0 m.
(8) Drill hole Ray11-99 was abandoned due to faulting and did not reach its
intended target depth. No significant results were obtained from the 84
m drilled.
Andrew Thomson, President and C.E.O. of Soltoro Ltd., stated:
"Step out drilling at the Central ore shoot of Soledad continues to
return high grade mineralized widths at depth. The Company has
elected to step back an additional 50 metres and test for the
structure at a 300 metre depth. The second drill has begun testing
the historic Catarina mine area which hosts 5 high grade silver
shoots. The program outlined at Catarina is designed to define and
expand a historic non-compliant NI 43-101 resource."
Drill holes Ray11-89, Ray11-92, Ray11-95 and Ray11-98 were
drilled into the Central shoot on the Soledad structure and were
intended to test mineralization at depth. All four holes
encountered significant mineralization, with hole Ray11-98
intersecting 15.85 metres of 236 gpt silver at a depth of roughly
160 metres from surface. Ray11-98 also returned significant lead
and zinc values as well as anomalous gold values; A 49.35 metre
interval from 152.5 metres to 201.85 metres returned 0.89% lead and
0.41% Zn as well as a 3.0 metre interval from 189 metres to 192.0
metres averaging 0.12 gpt gold. It should be noted that there is no
direct correlation between the silver values and those of the base
metals or gold. All of these elements occur within the same broadly
mineralized zone, thus demonstrating the robust nature of the
structure at depth.
Drill holes Ray11-90, Ray11-91, Ray11-93, Ray11-94, Ray11-96 and
Ray11-97 were drilled into the Western shoot on the Soledad
structure. Holes Ray Ray11-93, Ray11-94, Ray11-96 and Ray11-97
intersected high grades over narrow widths, while holes Ray11-90
and Ray11-91 intersected lower, but significant, grades over wider
intervals. It is unclear at this point whether the narrower
intersections reflect the nature of the mineralized structure in
this area or whether they have been truncated by the intersection
of the Soledad structure and a broad, north-northeast-trending
fault system in the area. Soltoro continues to review the results
and surface data to better understand this area and its
potential.
A drill hole location map and sections of the newly drilled
holes from the Soledad structure may be viewed at:
http://www.soltoro.com/projects/pdf/DHOct16Soledad.pdf.
The historic Catarina mines extend roughly 500 metres along
strike. High grade silver mineralization has been located to a 250
metre depth. From 1978 through 1981 the Mexican Geological Survey
carried out extensive surface trenching, underground sampling and
development work, as well as surface and underground drilling and
an induced polarization study. This work resulted in the definition
of a 1,346,072 tonne resource grading 169 gpt silver. This historic
resource is non NI 43-101 compliant and a qualified person has not
done sufficient work to classify the historical estimate as current
mineral resources. Soltoro is not treating the historical estimate
as current mineral resources and the historical estimate should not
be relied upon.
At Catarina Soltoro has completed 6 orientation reverse
circulation drill holes to date. One of the holes, Ray07-26
returned 46 metres of 115 gpt silver. More recently, Soltoro has
completed a compilation of the historical government data, the
orientation drill holes and the results from a surface trenching
program carried out in the summer of 2010 in order to select the
planned 8 diamond drill holes for the first phase of this program.
This first phase of drilling is designed to test the continuity of
the high-grade silver shoots below the historic workings.
On June 14, 2011, Soltoro released an in-pit mineral resource
estimate for the Las Bolas and Highway Zone mineral deposits at its
100% owned El Rayo silver-gold project in Jalisco, Mexico
(NR98-June 14, 2011). At the cut-off grade of 20 g/t Ag the
Measured and Indicated Mineral Resources are 33,600,000 tonnes at
an average grade of 54 g/t Ag containing approximately 58.3 million
ounces of silver, and 200,000 tonnes of Inferred Mineral Resources
at an average grade of 44.3 g/t silver, containing approximately
300,000 ounces of silver. The mineral resource estimate was
prepared by Hrayr Agnerian, M.Sc. (Applied), P.Geo., Associate
Principal Consulting Geologist with Roscoe Postle Associates Inc.
and is compliant with National Instrument (NI) 43-101. Mr Agnerian
is the Qualified Person for the purposes of National Instrument
43-101.
Assaying from this program was completed by ALS Chemex through
their office in Guadalajara, Mexico. Gold was analyzed using a 30g
fire assay with AA finish while the silver is analyzed using a four
acid "near total" digestion package. 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. Field supervision of the El
Rayo project is provided by Mr. Patrick Toth, P. Geo., Vice
President of Operations, Soltoro Mexico.
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. Coeur D'Alenes Mines Corp. holds 4.5 million shares of
Soltoro Ltd. Soltoro has 56,666,537 shares outstanding and trades
on the TSX Venture Exchange under the symbol SOL.
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