Solvista Drills Two Significant Intercepts in Its Third Drill Hole at Caramanta
25 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
third drill hole completed at its Caramanta Project in Colombia. These results
support the significant results previously announced by Solvista on September
17, 2012 from the first two drill holes at its new El Reten discovery and
increases the Company's confidence in the Caramanta Project to host a number of
potentially economic gold-copper porphyry discoveries in the Middle Cauca Belt
of Colombia.
Highlights
-- Drill hole CAD-1203 intersected 133.7 m at 1.54 g/t gold equivalent
(AuEq), including 38.1 m at 2.47 g/t AuEq, starting at a down hole depth
of 10.7 m and a second interval with 191.3 m at 1.04 g/t AuEq including
36.5 m at 1.91 g/t AuEq starting at a down hole depth of 203.5 m;
-- Potentially economic mineralization has now been intersected to a
vertical depth of 220 m and over a horizontal distance of 120 m to the
northeast (N45E) and 240 m to the northwest (N30W);
-- Drill hole CAD-1203 finished in mineralization and intersected
mineralized porphyry rocks over virtually its entire length. Overall
results average 446.9 m at 1.00 g/t AuEq;
-- Drilling continues on the El Reten target, which is the southernmost
porphyry intrusive center 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 new results from our third drill hole at
El Reten, which help to reconfirm the El Reten porphyry centre as the newest
gold-copper discovery in the Middle Cauca Belt. Once again we have intersected
significant mineralization essentially starting at surface and 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."
Details
Drill hole CAD-1203 was drilled from the same platform as the first two drill
holes and was designed to test the northwestern limits of the El Reten porphyry
centre. Table 1 provides location information for CAD-1203. Table 2 includes all
the intervals of significant gold-copper mineralization. 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
----------------------------------------------------------------------------
El
CAD-1203 423,553 613,311 2679 330 -55 457.55 Reten
----------------------------------------------------------------------------
Table 1: Drill hole location data for drill hole CAD-1203 completed in the
El Reten sector. Coordinates are UTM WGS 84, Zone 18N datum.
Table 2
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CAD-1203 Significant Intervals
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AuEq Recovery
From (m) To (m) Length Au (g/t) Cu (%) Ag (g/t) (g/t) (%)
----------------------------------------------------------------------------
10.68 144.40 133.72 1.18 0.19 3.0 1.54 82
----------------------------------------------------------------------------
including 28.95 67.00 38.05 2.14 0.17 3.8 2.46 62
----------------------------------------------------------------------------
152.40 159.50 7.10 0.34 0.06 0.6 0.44 100
----------------------------------------------------------------------------
203.50 394.80 191.30 0.76 0.15 1.9 1.04 99
----------------------------------------------------------------------------
including 278.80 315.30 36.50 1.48 0.23 2.6 1.91 100
----------------------------------------------------------------------------
402.80 410.80 8.00 0.31 0.09 3.9 0.47 100
----------------------------------------------------------------------------
426.80 438.80 12.00 0.27 0.07 1.0 0.41 100
----------------------------------------------------------------------------
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)/10,000 x (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 greater than the 0.4 g/t AuEq cutoff, but less than 6 metres in length
were intersected to the end of the drill hole (last sample returned 1.35 m at
0.80 g/t AuEq) which was terminated due to technical reasons. As with the
previous two drill holes all samples returned above detection limit results for
gold and copper. Taking into account these additional mineralized intervals, the
overall results for the entire drill hole average 446.9 m at 1.00 g/t AuEq (0.74
g/t Au, 0.14 % Cu) and 2.0 g/t Ag.
The ongoing Phase 1, 8,000 m drill program is designed to determine the limits
of potentially economic mineralization initially identified at the El Reten,
Ajiaco Sur and Malabrigo target areas (see Press Release dated August 23, 2012)
and to better understand the geology and controls on mineralization. With two
drill rigs currently on the property, the Company will focus one rig on drilling
off the El Reten discovery, while the second rig will concentrate on the Ajiaco
Sur and Malabrigo target areas.
These three target areas represent the three southernmost porphyry intrusive
centers within the currently defined Caramanta porphyry cluster (See Figure 2).
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 area.
The Company looks forward to releasing further results from the El Reten, Ajiaco
Sur and Malabrigo targets over the coming months as the Phase 1 drill program is
completed by the end of the first quarter of 2013.
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 the figures associated with this release, please visit the following links:
Figure 1 - Map showing the Caramanta Project, highlighting the location of the
Caramanta Porphyry Cluster shown in more detail in Figure 2:
http://media3.marketwire.com/docs/SVV924Figure1.pdf
Figure 2 - Caramanta Porphyry Cluster, as defined by airborne and ground
magnetics, surface mapping and surface geochemical sampling:
http://media3.marketwire.com/docs/SVV924Figure2.pdf
Figure 3 - Surface traces of the first five drill holes at the El Reten target
as well as the surface geochemical anomalies for gold and copper and surface
geology: http://media3.marketwire.com/docs/SVV924Figure3.pdf
Figure 4 - Cross-section showing drill holes CAD-1202 and CAD-1203 with the
mineralized intervals included in Table 2 and interpreted geology:
http://media3.marketwire.com/docs/SVV924Figure4.pdf
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