Solvista Gold Drills 149.7 metres at 2.10 g/t Gold Equivalent Confirms a New Porphyry Gold-Copper Discovery at El Retén in t...
17 Septiembre 2012 - 7:00AM
Marketwired Canada
Solvista Gold Corporation ("Solvista" or the "Company") (TSX VENTURE:SVV)
(OTCQX:SVVZF) is pleased to announce the assay results from the first two drill
holes completed at its Caramanta Project in Colombia and to confirm a new, near
surface, porphyry gold-copper discovery at El Reten. These results support the
Company's model for the Caramanta Project to host potentially large mineralizing
systems and to generate new gold-copper porphyry discoveries in the Middle Cauca
Belt of Colombia.
Highlights
-- Drill hole CAD-1201 intersected 149.7 m at 2.10 g/t gold equivalent
(AuEq), including 49.0 m at 4.04 g/t AuEq, starting at a downhole depth
of 5.0 m;
-- Drill hole CAD-1202 intersected 185.6 m at 1.68 g/t AuEq, including
31.90m at 3.97 g/t AuEq, starting at a downhole depth of 11.6 m;
-- Surface geochemical anomaly at El Reten measures up to 370m by 330m;
-- El Reten is the southernmost target along the three kilometre strike
length of the Caramanta porphyry cluster.
Commenting on the drill results, Solvista's President and CEO Miller O'Prey,
stated "We are extremely pleased with these results from the first two drill
holes at our El Reten target. The combination of long intercepts of
porphyry-related gold-copper mineralization with very impressive grades
beginning essentially at the surface has allowed us to confirm the El Reten
porphyry system as the newest gold-copper discovery in the Middle Cauca Belt. We
look forward to releasing more results from this and adjacent target areas over
the coming months as we complete our Phase 1 8,000 metre drill program by the
end of the first quarter of next year".
Table 1 provides location information for the first three drill holes at the El
Reten sector, all drilled from the same platform and Table 2 includes all the
intervals of significant gold-copper mineralization from drill holes CAD-1201
and CAD-1202. Only mineralized intervals of greater than 6 metres in length and
averaging more than 0.4 g/t AuEq are included. Additionally, no interval quoted
includes "internal dilution" greater than 6 metres at less than 0.4 g/t AuEq.
Table 1
----------------------------------------------------------------------------
Drill Total
hole East UTM North UTM Elevation Azimuth Plunge Length
Number Coordinate Coordinate (m.a.s.l.) (degrees) (degrees) (metres) Sector
----------------------------------------------------------------------------
CAD- El
1201 423,552 613,313 2715 45 -60 391.93 Reten
----------------------------------------------------------------------------
CAD- El
1202 423,553 613,313 2715 0 -90 289.03 Reten
----------------------------------------------------------------------------
Table 1: Drill hole location data for the first two drill holes completed in
the El Reten sector, all from the same platform.
Table 2
CAD-1201 Significant Intervals
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From To Length Au Cu Ag AuEq Recovery
(m) (m) (m) (g/t) (%) (g/t) (g/t) (%)
----------------------------------------------------------------------------
5.00 154.66 149.66 1.65 0.24 2.9 2.10 77
----------------------------------------------------------------------------
including 33.00 82.00 49.00 3.18 0.46 3.7 4.04 73
----------------------------------------------------------------------------
163.00 264.99 101.99 0.37 0.12 1.3 0.59 98
----------------------------------------------------------------------------
287.30 299.30 12.00 0.30 0.12 1.4 0.53 97
----------------------------------------------------------------------------
CAD-1202 Significant Intervals
----------------------------------------------------------------------------
From To Length Au Cu Ag AuEq Recovery
(m) (m) (m) (g/t) (%) (g/t) (g/t) (%)
----------------------------------------------------------------------------
11.55 197.10 185.55 1.22 0.24 3.3 1.68 93
----------------------------------------------------------------------------
including 15.50 113.18 97.68 1.94 0.33 4.0 2.55 89
----------------------------------------------------------------------------
including 47.45 79.35 31.90 3.07 0.48 5.2 3.97 95
----------------------------------------------------------------------------
203.85 217.50 13.65 0.25 0.12 1.6 0.48 100
----------------------------------------------------------------------------
Table 2: AuEq (g/t) calculated assuming a long-term gold price of US
$1100/oz and a long-term copper price of US $3.00/lb. No adjustment has been
made for metallurgical recoveries or net-smelter returns as these remain
uncertain at this time. AuEq formula: AuEq g/t = Au g/t + ((Cu% x 22.0462 x
3.00)/(1100/31.1035)) g/t. Ag values are not included in the AuEq
calculation. Intercepts are reported as down-hole lengths and may not
represent true thicknesses. The final column entitled Recovery refers to
drill core recovery of the intervals quoted.
In addition to the intervals quoted above, it should be noted that mineralized
intervals above the 0.4 g/t AuEq cutoff, but less than 6 metres in length were
intercepted at depths up to 387.7 m in CAD-1201 and 272.2 m in CAD-1202 and all
samples in both drill holes returned above detection limit results for gold and
copper. Taking into account these additional mineralized intervals, the overall
results for the entire drill holes are 388.6 m at 1.06 g/t AuEq in CAD-1201
(0.78 g/t Au, 0.15 % Cu and 1.8 g/t Ag) and 277.5 m at 1.20 g/t AuEq in CAD-1202
(0.85 g/t Au, 0.19 % Cu and 2.5 g/t Ag).
The ongoing Phase 1 drill program is designed to test the limits of the
mineralizing systems identified at surface within the Caramanta Project area and
to help understand the geology and controls on mineralization. The Phase 1 drill
program is focused on three target areas - El Reten,
Ajiaco Sur, and Malabrigo, (see Press Release dated August 23, 2012) which
represent the three southernmost target areas within the currently defined
Caramanta porphyry cluster. As it is presently understood, the Caramanta
porphyry cluster occurs over a known strike length of at least three kilometres
in a generally north-south direction and remains open in all directions.
Exploration is continuing on the northern extension of the Caramanta porphyry
cluster as well as on other targets within the Caramanta Project. The Company
looks forward to releasing results from the Ajiaco Sur and Malabrigo sectors as
the Phase 1 drill program is completed over the coming months.
Geology
Drill holes CAD-1201 and CAD-1202 were designed to test the southern limits of
the El Reten porphyry body and the associated mineralization identified in the
host volcanic rocks.
Based on the assay results from drill holes CAD-1201 and CAD-1202 as well as the
surface exploration completed in the El Reten area, the Company has made the
following interpretation. Although preliminary in nature, this interpretation is
helping to guide additional exploration and drilling at the Caramanta Project
and should be read in conjunction with Figures 1 and 2 of this press release.
The principal El Reten porphyry phase (CER) which appears to be the most
strongly mineralized is considered to be the oldest identified to-date in the El
Reten sector and was the only phase identified in previous surface mapping. All
but one of the younger porphyry phases intercepted in drilling have variable
amounts of potassic alteration and associated mineralization, some of which is
greater than 0.4 g/t AuEq. These younger phases are currently interpreted as
being more dike- like in morphology and have been intersected at lower
structural levels than the principal El Reten porphyry. Both of the first 2
drill holes contained a number of intrusive phases, each of which could be shown
to be altered and mineralized as determined by cross-cutting relationships of
the porphyries and veins contained therein, indicating that the mineralizing
hydrothermal system was very dynamic.
The alteration associated with the Au-Cu mineralization includes potassic and
sodic-calcic assemblages. Magnetite, actinolite (Fe-rich amphibole) and biotite
(dominantly in the mafic volcanic rocks; some in the porphyries) or potassium
feldspar (dominantly in the porphyries; some in the volcanic rocks) are
characteristic minerals found with mineralization greater than 0.4 g/t AuEq.
Later, lower temperature chlorite and epidote-bearing assemblages (with calcite,
quartz and illite) occur locally but are not obviously associated with the Au-Cu
mineralization.
The higher grade intervals (Au and Cu) occur in both CER and the mafic volcanic
wall rocks of the Combia Formation (older than the porphyry intrusive phases),
but always in close proximity to contacts of CER with the mafic volcanic wall
rocks. The occurrence of significantly higher than average grade Au and Cu
mineralization in porphyry deposits elsewhere in the world (e.g., Superior, USA,
Oyu Tolgoi, Mongolia, Cadia, Australia) has been noted previously and has been
attributed to the preferential deposition of Au and Cu in sites of iron-bearing
minerals.
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 2.4 Moz Au at 1.1 g/t Au. To
the north is Sunward Resources' Titiribi deposit where a NI 43-101 compliant
Measured and Indicated resource of 4.6 Moz Au at 0.52 g/t Au and Inferred
resource of 6.4 Moz Au at 0.56 g/t Au have 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 plans to complete up to 10,000 metres of drilling at its two projects 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, "Surface geology at the El Reten target, showing the traces of
the first two drill holes as well as the surface geochemical anomalies for gold
and copper", please visit the following link:
http://media3.marketwire.com/docs/917svv_fig1.pdf
To view figure 2, "Cross-section showing drill holes CAD-1201 and CAD-1202 with
the mineralized intervals included in Table 2 and interpreted geology", please
visit the following link: http://media3.marketwire.com/docs/917svv_fig2.pdf
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