Solvista Gold Commences Drilling at Its Caramanta Project
04 Junio 2012 - 7:30AM
Marketwired Canada
Solvista Gold Corporation ("Solvista" or the "Company") (TSX
VENTURE:SVV)(OTCQX:SVVZF) is pleased to announce that it has commenced drilling
at its Caramanta Project and to provide an update on exploration progress.
The Company recently received water use and return permits from the local
environmental authority and as such has commenced a minimum 10 drill hole, 4,000
metre drill program in the southern sectors of the Caramanta Project, where it
will test at least two of the targets areas identified to-date, El Reten and
Ajiaco Sur. The Company has contracted a local Colombian drill company, which
will operate a Hydracore man-portable drill rig. The drill holes are expected to
reach 400-500 metres depth.
Commenting on the commencement of drilling, Solvista's CEO and President Miller
O'Prey stated, "We are very excited to have commenced drilling at Caramanta and
very proud that we have been able to initiate drill programs at both our
Projects in little over a year since our listing in Toronto."
Due to the discovery of a number of separate mineralized zones, the Company has
now subdivided the original Ajiaco sector into three separate sectors (Sur,
Central and Norte), which along with the El Reten sector to the south, have made
up the principal focus for the Company's exploration efforts to-date at the
Caramanta Project.
In summary individual surface samples returning values greater than 0.8g/t Au
and 0.2% Cu have been identified in all four of the principal target sectors and
the overall results are beginning to show that the Caramanta porphyry cluster
has a significant aerial extent - sampling from El Reten to Ajiaco Norte covers
a known strike length of at least three kilometers and remains open in all
directions. Additionally, the common presence of sodic-calcic alteration in the
hydrothermal alteration assemblage indicates that the current erosion surface is
near the top of the potentially economic part of the mineralizing system and
would suggest that the potassic core, which commonly hosts the best gold and
copper grades in these systems, should be present at depth.
Figure 1 shows the two southern sectors referred to in this press release, as
well as the known surface geochemical expression of the El Reten and Ajiaco Sur
targets and underlying geology.
Detailed exploration (mainly mapping and rock chip sampling) at Caramanta is
ongoing. Results from a total of 1521 surface samples from the entire Caramanta
Project area have been received to-date, of which 507 have been received since
the Company's last update of activities (see press release dated February 29,
2012). Of these 1521 samples, 1278 are continuous samples (e.g., rock channel,
rock panel or trench samples) for which the sample length was measured. Of these
1278 samples, the global weighted (by sample length) average results are
0.254g/t Au, 728ppm Cu, 3.3g/t Ag, 18ppm Mo and 256ppm Zn. While these global
average values are very encouraging in their own right, the Company has used the
75th percentile values calculated from the global data set to define
geographically the most prospective target areas. These 75th percentiles for the
same five elements are: 0.218g/t Au, 921ppm Cu, 1.7g/t Ag, 18ppm Mo and 294ppm
Zn. Sufficient exploration has been completed to-date at the two southern-most
of the four principal target areas - El Reten and Ajiaco Sur to contour the rock
chip geochemical data and define the areal extent of the greater than 75th
percentile samples, the results which are discussed in this press release.
El Reten
Within the El Reten sector gold and copper mineralization is centered on a
feldspar diorite porphyry that has intruded volcanic rocks of the Combia
Formation. Using the methodology discussed above, the lower limit of the 75th
percentile (see Table 1) defines a principal anomaly which currently measures
approximately 370m by up to 200m. The gold anomaly has a N50W orientation and is
coincident with low magnetic susceptibility and high chargeability, suggesting
magnetite destruction at the core of the system - a feature common in
gold-copper porphyries in the Middle Cauca Belt. Within the El Reten sector
additional, smaller areas of anomalous gold mineralization occur to the east and
west of the principal anomaly, typically at the contact between the porphyry and
the volcanic rocks and potentially economical mineralization in the volcanic
rocks has been found up to 150m from the porphyry contacts. Interestingly at El
Reten, there is not a strong copper anomaly coincident with the principal gold
anomaly. The best copper values have been found at or near the diorite contacts
with the volcanic rocks. This could simply reflect leaching of copper from the
porphyry whereas the volcanic rocks are typically not similarly oxidized. The
75th percentile zinc anomalies are coincident with the copper anomalies at or
near volcanic rock contacts but there is no anomalous zinc centered on the
principal gold anomaly. Molydenum values at the 75th percentile or higher are
virtually absent at El Reten. Drilling has commenced on the principal anomaly in
the El Reten sector, with at least four drill holes planned initially.
----------------------------------------------------------------------------
El Reten Sector (n=309) Au (g/t) Cu (ppm) Ag (g/t) Mo (ppm) Zn (ppm)
----------------------------------------------------------------------------
Weighted Mean Value for all
samples 0.424 909 1.3 19 344
----------------------------------------------------------------------------
Weighted Mean Value Within the
Principal Anomaly 75th
Percentile Contour (n=77) 1.091 1118 1.4 16 250
----------------------------------------------------------------------------
"Best Gold Sample" Values 4.923 3984 7.1 13 258
----------------------------------------------------------------------------
Table 1. Summary of geochemical characteristics of mineralization in the El
Reten sector. The n values (in parentheses) represent the total number of
samples used to calculate the weighted mean values.
Ajiaco Sur
At the Ajiaco Sur sector gold and copper mineralization is centered on a
different dioritic porphyry that has also intruded the same volcanic country
rocks. Using the same methodology as for El Reten, the principal 75th percentile
gold anomaly measures 600 x 240m. Again the anomaly is coincident with an area
of low magnetic susceptibility and high chargeability, but it has a general N40E
orientation. Unlike El Reten, at Ajiaco Sur the principal 75th percentile copper
anomaly is coincident with the gold anomaly and in general the copper content at
Ajiaco Sur is higher. Although the molydenum values at Ajiaco Sur are not
economically significant (Table 2), the 75th percentile molydenum anomaly is
broadly coincident with the gold and copper anomalies and unlike El Reten, zinc
is virtually absent in the area of gold and copper mineralization at Ajiaco Sur.
Following the initial drilling at El Reten, it is planned to move north to test
the principal anomaly within the Ajiaco Sur sector.
----------------------------------------------------------------------------
Ajiaco Sur (n=313) Au (g/t) Cu (ppm) Ag (g/t) Mo (ppm) Zn (ppm)
----------------------------------------------------------------------------
Weighted Mean Value for all
samples 0.194 1102 3 29 194
----------------------------------------------------------------------------
Weighted Mean Value Within the
Principal Anomaly 75th
Percentile Contour (n=95) 0.397 1375 3.6 17 179
----------------------------------------------------------------------------
"Best Gold Sample" Values 1.593 886 12 22 230
----------------------------------------------------------------------------
Table 2. Summary of geochemical characteristics of mineralization in the
Ajiaco Sur sector. The n values (in parentheses) represent the total number
of samples used to calculate the weighted mean values.
On-going Exploration
Detailed exploration is now focused to the north of Ajiaco Sur in two sectors -
Ajiaco Central and Ajiaco Norte. Initial mapping and surface rock chip
geochemical results, including 0.803g/t Au, 3392 ppm Cu and 1.7g/t Au at Ajiaco
Central and 0.966g/t Au, 7093 ppm Cu and 23g/t Ag at Ajiaco Norte, suggest the
presence of economically important alteration and mineralization in these areas,
also centered on intermediate composition porphyries but which are
mineralogically and texturally distinct from the porphyries at El Reten and
Ajiaco Sur. The Company looks forward to announcing the results of the on-going
exploration as soon as available and plans to drill at least one of these target
areas within the current 4,000m drill program. Additional work is also
continuing on other sectors of the Project with the aim of defining new target
areas for future drilling programs. As part of this ongoing work and in order to
focus resources in the areas discussed above, the Company has decided to
relinquish one application with a total area of 5,190Ha located to the extreme
northeast of the Project area and not contiguous with the core area of the
Project.
Initial Interpretations
Based on the work completed to-date, Solvista's geologists have defined two
different possible interpretations of the data. The relatively copper and
molybdenum-rich nature of the rock chip geochemistry at Ajiaco Sur suggests that
this could be the center of a single, zoned hydrothermal system with the gold
and zinc-rich mineralization at El Reten and the silver and zinc-rich
mineralization at Ajiaco Norte representing the distal expression of the
hydrothermal system. However, the observation that the porphyry-related
alteration and mineralization at the four different areas are associated with
distinct porphyry bodies does not preclude the possibility that there are at
least four different magmatic-hydrothermal systems preserved at Caramanta.
Solvista will be working to test these two hypotheses over the coming months and
believes that information provided by the drilling program will assist greatly
in defining the overall mineralizing model for the Reten-Ajiaco porphyry
cluster.
Jeff Brooks, Solvista's Vice President of Exploration commented, "Solvista's
geology team at Caramanta has done an excellent job advancing our understanding
of the geology at the Project. We have identified significant gold and copper
mineralization at surface over at least three kilometres of strike length and
the El Reten, and El Ajiaco Sur areas are ready to be drill tested."
Quality Control and Assurance
The Company utilizes an industry-standard Quality Assurance/Quality Control
program for the taking and analyzing of samples. Rock, drill core, soil (MMI)
and stream sediment samples are prepared at preparation facilities in Medellin
run by SGS Colombia or ALS Colombia Ltda. Samples are then shipped for analysis
to the SGS del Peru S.A.C. or ALS Peru Ltda certified assay laboratories in
Lima, Peru. Gold values were determined by fire assay with an atomic absorption
finish on 30 gram samples; other elements were analyzed with a 4 acid digestion
and an ICP-MS finish. Blanks, duplicates and certified reference standards are
routinely inserted into the sample stream to monitor laboratory performance and
a portion of the samples are periodically check assayed at ACME Laboratories in
Vancouver, British Columbia.
The scientific and technical information contained in this news release has been
reviewed by Mr. Miller O'Prey P.Geo., who is a "Qualified Person" as defined
under National Instrument 43-101.
About the Caramanta Project
The Caramanta Project is located at the center of the Middle Cauca Belt, one of
the most prolific gold districts in Colombia, with production dating back to
pre-Colonial times. It has also been the focus of intense exploration over the
past five years with a number of exciting new discoveries including La Colosa
(Anglogold Ashanti), a porphyry-gold deposit with a JORC-compliant Inferred
resource of 24.15 Moz Au at 0.94g/t Au. Directly south of Caramanta is Gran
Colombia Gold's Marmato Project with NI 43-101 compliant Measured and Indicated
resources of 12.4 Moz Au at 1.02g/t Au and Inferred Resources of 2.4Moz Au at
1.1g/t Au. To the north is Sunward's Titiribi deposit where a NI 43-101
compliant Indicated and Inferred resource of 8.3 Moz Au at 0.5g/t Au has been
announced.
About Solvista
Solvista is a gold exploration company with two Projects, Caramanta and
Guadalupe. These Projects cover approximately 60,000 hectares in the Antioquia
province of Colombia, a region rich in historic gold mining tradition and where
several new gold discoveries have recently been made. Solvista is well funded
and will complete a 10,000 metre drill programme during 2012. Solvista's head
office is located in Toronto with its Colombian headquarters located in
Medellin. For further details on Solvista, its management team and its Projects,
please refer to Solvista's website (www.solvistagold.com).
CAUTIONARY STATEMENT: This news release contains forward-looking information
which is not comprised of historical facts. Forward-looking information involves
risks, uncertainties and other factors that could cause actual events, results,
performance, prospects and opportunities to differ materially from those
expressed or implied by such forward-looking information. Forward looking
information in this news release includes, but is not limited to, Solvista's
objectives, goals or future plans, statements regarding the estimation of
mineral resources, exploration results, potential mineralization, exploration
and mine development plans, timing of the commencement of operations and
estimates of market conditions. Factors that could cause actual results to
differ materially from such forward-looking information include, but are not
limited to, failure to convert estimated mineral resources to reserves, capital
and operating costs varying significantly from estimates, the preliminary nature
of metallurgical test results, delays in obtaining or failures to obtain
required governmental, environmental or other project approvals, political
risks, uncertainties relating to the availability and costs of financing needed
in the future, changes in equity markets, inflation, changes in exchange rates,
fluctuations in commodity prices, delays in the development of projects and the
other risks involved in the mineral exploration and development industry, and
those risks set out in Solvista's public documents filed on SEDAR. Although
Solvista believes that the assumptions and factors used in preparing the
forward-looking information in this news release are reasonable, undue reliance
should not be placed on such information, which only applies as of the date of
this news release, and no assurance can be given that such events will occur in
the disclosed time frames or at all. Solvista disclaims any intention or
obligation to update or revise any forward-looking information, whether as a
result of new information, future events or otherwise, other than as required by
law.
To view "Figure 1: Geology and geochemistry of the El Reten and Ajiaco Sur
sectors at the Caramanta Project", please visit the following link:
http://media3.marketwire.com/docs/solvista_gold_fig01_jun4.pdf.
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