Solvista Gold Continues to Expand its Gold-Copper Discovery at Caramanta Results Include 160.2 Metres at 1.79 g/t Gold Equiva...
11 Diciembre 2012 - 7:28AM
Marketwired Canada
Solvista Gold Corporation ("Solvista" or the "Company") (TSX
VENTURE:SVV)(OTCQX:SVVZF) is pleased to announce the assay results from the
latest seven drill holes completed at its gold-copper discovery at El Reten, one
of a number of targets the Company has defined within the Caramanta Porphyry
Cluster at its Caramanta Project. These results further 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
-- The latest results indicate the presence of broad areas of significant
gold-copper(+/-silver) to the west and southeast of the drill holes
announced in late September, 2012 and as such have expanded the
previously defined mineralized footprint at El Reten;
-- Drill holes CAD-1212 and CAD-1214 extended mineralization beyond the
previously defined southeastern limits with CAD-1212 intersecting
179.1 m at 1.21 g/t Gold Equivalent (AuEq), including 70.4 m at 1.85
g/t AuEq and CAD-1214 intersecting 114.7 m at 1.08 g/t AuEq
including 39.7 m at 1.54 g/t AuEq; and
-- Drill hole CAD-1208, with an intersection of 122.0 m at 1.18 g/t
AuEq, extended mineralization beyond the previously defined
southwestern limits.
-- The latest results indicate the presence of significant mineralization
over 285 vertical metres, beyond that previously announced. Drill hole
CAD-1210 intersected the longest continuous mineralized interval to-date
with an intersection of 247.5 m at 0.95 g/t AuEq;
-- Drill hole CAD-1216, which intersected 67.4 m at 2.75 g/t AuEq within a
longer interval of 160.2 m at 1.79 g/t AuEq ending in mineralization
(before the drill hole was lost due to technical reasons), extended the
northwesterly limits of the higher grade mineralization announced
previously; and
-- El Reten is only one of three drill targets that the Company has defined
to-date, and will test over the next four months, within the Caramanta
Porphyry Cluster, a three kilometre trend 100% owned by Solvista.
Commenting on the drill results, Solvista's President and CEO Miller O'Prey,
stated "We are very pleased with the results from these additional seven drill
holes at the El Reten target as we continue to drill off our first gold-copper
discovery. By combining these drill results with previous drill results as well
as results from surface rock chip geochemistry, we have been able to increase
the size of the El Reten surface footprint up to 440 metres (in a N15W
direction) by 350 metres (in a N75E direction) for an aerial extent of
approximately 87,000m2, as defined by the greater than 0.4 g/t AuEq contour
shown as a green line on Figure 1. Within this surface footprint, results from
the 10 drill holes completed to-date (focusing only on the southern portion of
the footprint) have defined an oval shaped mineralized envelope at depth that
extends for up to at least 350 metres (in a N40W direction) by 200 metres (in a
N50E direction). Although these dimensions and limits of mineralization are
approximate at this time and will require a detailed diamond drill program to
define them for any future resource estimate, the Company is confident that with
the further drilling planned and underway, there remains significant potential
to extend the present limits of the mineralized zone."
Details
Drill hole CAD-1216 was drilled from Platform 1 (Figure 1) and was designed to
test the northwestern extensions of the higher grade mineralization seen in the
upper sections of drill holes CAD-1202 and CAD-1203 announced previously. Due to
technical reasons the drill hole had to be abandoned at 163.5 metres, in
pervasively altered and mineralized El Reten porphyry. Results for the full
length of the completed drill hole are 160.2 metres at 1.79 g/t AuEq, including
67.4 metres at 2.75 g/t AuEq. Following termination of CAD-1216, the drill hole
was recommenced from the surface and results are pending at this time.
Drill holes CAD-1212 and CAD-1214 were also drilled from Platform 1 (location of
the first three drill holes announced previously) and were designed to test the
southern limits of the El Reten mineralization. Both drill holes were drilled to
the southeast, with CAD-1212 drilled at -70 degrees with CAD-1214 at -45
degrees. Both these drill holes also expanded the footprint of the near surface,
higher-grade mineralization previously announced. CAD-1212 intersected an
interval of 70.4 metres at 1.85 g/t AuEq starting at 15 metres downhole, within
a longer intercept of 179.1 metres at 1.21 g/t AuEq and CAD-1214 intersected an
interval of 39.7 metres at 1.54 g/t AuEq starting at 52.5 metres downhole,
within a longer intercept of 114.7 metres at 1.07 g/t AuEq. Following these
successful results, the Company plans to drill to the southwest from Platform 1
platform to continue the definition of the southern limits of gold-copper
mineralization.
Drill hole CAD-1210 was drilled vertically from Platform 2 (80 m northwest
step-out from Platform 1) to test the continuity of mineralization at depth.
This drill hole was successful in returning the longest continuous intercept
to-date on the El Reten target, with an intersection of 247.5 metres at 0.95 g/t
AuEq, including 99.0 metres at 1.21 g/t AuEq. As a result of this drill hole,
significant mineralization has now been encountered over 285 vertical metres.
The geology identified in this drill hole suggests that it was collared close to
the surface limits of the El Reten porphyry intrusive phase, although it appears
that the contact, at least on the western side, is irregular in nature. Based on
drilling to-date, it is believed that the El Reten porphyry intrusive phase is
steeply dipping to the northeast, being more extensive in the
northwest-southeast direction.
Drill hole CAD-1208 was drilled from Platform 2 to test the southwestern extents
of the porphyry- style gold-copper mineralization typical at El Reten. These
results (122.0 metres at 1.18 g/t AuEq) when projected to surface, extend the
previously defined surface footprint of mineralization approximately 65 metres
from its previously defined limit.
Drill hole CAD-1204 was drilled from Platform 2 to test the western limits of
the porphyry style gold-copper mineralization identified at El Reten. The drill
hole encountered mineralization over most of its length with six separate
significantly mineralized intervals including 104.1 metres at 0.90 g/t AuEq
starting at 2.7 metres. In addition to this near surface interval, the drill
hole also intersected two high-grade silver intervals at depth. These
intercepts, which include 6.9 metres with 0.96 g/t AuEq and 58.4 g/t Ag, may
represent an additional, silver rich exploration target at El Reten.
Both drill holes CAD-1204 and CAD-1208 were drilled almost entirely in the
volcanic host rock that surrounds the El Reten porphyry intrusive phase and
suggest that significant gold-copper mineralization on the western margin may
continue for up to 70 metres into the volcanic rocks, a similar distance as was
noted previously on the eastern margin (Drill hole CAD-1201).
Drill hole CAD-1206 was drilled to test the porphyry gold-copper mineralization
within the main El Reten intrusive phase. The drill hole collared in and drilled
typical El Reten style alteration and mineralization to 106.2 metres, for a
continuous interval of 106.2 metres at 1.03 g/t AuEq. From 106.2 to 115.1 metres
the drill hole encountered a post-mineral dike. From a depth of 115.1 metres to
155.8 metres the drill hole re-entered the El Reten porphyry (seen from 46.8
metres to 94.2 metres), however, the quartz veining and associated quartz
flooding did not contain significant gold-copper mineralization. At 155.8 metres
the drill hole re-entered the post mineral intrusive phase and continued in it
until the end of the drill hole.
Table 1 includes all the intervals of significant gold-copper mineralization and
Table 2 provides location information for the seven drill holes at El Reten.
Surface geology, drill hole collars and drill hole traces (with intervals of
significant gold-copper mineralization) are shown on Figure 1. Drill holes
CAD-1204, CAD-1206, CAD-1208 and CAD-1210 were drilled from the same platform
(Platform 2), located approximately 80 metres to the northwest of Platform 1,
from where the first three drill holes at El Reten were drilled (results
published on September 17, 2012 and September 25, 2012). Drill holes CAD-1212,
CAD-1214 and CAD-1216 were drilled from Platform 1. Significant intervals are
defined as being greater than 6 metres in length and averaging more than 0.4 g/t
AuEq with no interval including "internal dilution" greater than 6 metres at
less than 0.4 g/t AuEq.
Table 1
------------------------------------------------------------------------
CAD-1204 Significant Intervals
------------------------------------------------------------------------
From (m) To (m) Length (m) Au (g/t) Cu (%) Ag (g/t) AuEq (g/t)
------------------------------------------------------------------------
2.70 106.83 104.13 0.54 0.19 2.6 0.90
------------------------------------------------------------------------
including 2.70 44.10 41.40 0.75 0.21 2.9 1.14
------------------------------------------------------------------------
126.40 134.50 8.10 0.41 0.12 1.5 0.63
------------------------------------------------------------------------
159.89 166.54 6.65 0.73 0.13 58.4 0.96
------------------------------------------------------------------------
172.09 182.77 10.68 1.07 0.1 25.2 1.25
------------------------------------------------------------------------
191.92 205.09 13.17 0.43 0.15 3.0 0.72
------------------------------------------------------------------------
210.48 216.74 6.26 0.41 0.15 1.9 0.68
------------------------------------------------------------------------
----------------------------------------------------------------------------
CAD-1206 Significant Intervals
----------------------------------------------------------------------------
Length AuEq
From (m) To (m) (m) Au (g/t) Cu (%) Ag (g/t) (g/t)
----------------------------------------------------------------------------
0.00 106.20 106.20 0.72 0.16 2.2 1.03
----------------------------------------------------------------------------
including 13.68 48.80 35.12 1.08 0.25 4.0 1.55
----------------------------------------------------------------------------
----------------------------------------------------------------------------
CAD-1208 Significant Intervals
----------------------------------------------------------------------------
Length AuEq
From (m) To (m) (m) Au (g/t) Cu (%) Ag (g/t) (g/t)
----------------------------------------------------------------------------
1.50 123.50 122.00 0.73 0.24 3.3 1.18
----------------------------------------------------------------------------
including 1.50 24.30 22.80 1.19 0.29 5.2 1.72
----------------------------------------------------------------------------
and 60.50 83.00 22.50 0.87 0.31 4.8 1.45
----------------------------------------------------------------------------
133.50 141.50 8.00 0.41 0.12 1.3 0.64
----------------------------------------------------------------------------
----------------------------------------------------------------------------
CAD-1210 Significant Intervals
----------------------------------------------------------------------------
Length AuEq
From (m) To (m) (m) Au (g/t) Cu (%) Ag (g/t) (g/t)
----------------------------------------------------------------------------
0.45 247.90 247.45 0.60 0.19 2.0 0.95
----------------------------------------------------------------------------
including 0.45 99.50 99.05 0.76 0.24 2.5 1.21
----------------------------------------------------------------------------
255.90 262.30 6.40 0.28 0.13 0.9 0.53
----------------------------------------------------------------------------
356.00 372.30 16.30 0.28 0.13 1.1 0.52
----------------------------------------------------------------------------
----------------------------------------------------------------------------
CAD-1212 Significant Intervals
----------------------------------------------------------------------------
Length AuEq
From (m) To (m) (m) Au (g/t) Cu (%) Ag (g/t) (g/t)
----------------------------------------------------------------------------
5.50 184.60 179.10 0.83 0.20 4.2 1.21
----------------------------------------------------------------------------
including 15.00 85.35 70.35 1.34 0.27 8.3 1.85
----------------------------------------------------------------------------
191.50 221.00 29.50 0.30 0.11 1.2 0.50
----------------------------------------------------------------------------
228.00 253.50 25.50 0.24 0.09 1.4 0.40
----------------------------------------------------------------------------
----------------------------------------------------------------------------
CAD-1214 Significant Intervals
----------------------------------------------------------------------------
Length AuEq
From (m) To (m) (m) Au (g/t) Cu (%) Ag (g/t) (g/t)
----------------------------------------------------------------------------
6.00 120.70 114.70 0.73 0.18 3.4 1.08
----------------------------------------------------------------------------
including 52.50 92.15 39.65 1.02 0.28 2.5 1.54
----------------------------------------------------------------------------
and 99.70 113.80 14.10 1.08 0.27 2.6 1.58
----------------------------------------------------------------------------
128.70 141.40 12.70 0.44 0.11 3.0 0.65
----------------------------------------------------------------------------
149.40 179.00 29.60 0.44 0.11 17.4 0.64
----------------------------------------------------------------------------
198.85 211.40 12.55 0.38 0.13 2.5 0.61
----------------------------------------------------------------------------
----------------------------------------------------------------------------
CAD-1216 Significant Intervals
----------------------------------------------------------------------------
Length AuEq
From (m) To (m) (m) Au (g/t) Cu (%) Ag (g/t) (g/t)
----------------------------------------------------------------------------
3.30 163.50 160.20 1.36 0.22 2.8 1.79
----------------------------------------------------------------------------
including 25.50 92.90 67.40 2.10 0.35 3.6 2.75
----------------------------------------------------------------------------
Table 1: 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 adjustments have
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, although shown in Table 1
are not included in the AuEq calculation. Intercepts are reported as
downhole lengths and may not represent true thicknesses.
Table 2
----------------------------------------------------------------------------
Total
Drill Hole East UTM North UTM Elevation Azimuth Plunge Length
Number Coordinate Coordinate (m.a.s.l.) (degrees) (degrees) (metres)
----------------------------------------------------------------------------
CAD-1204 423 489 613 355 2 647 315 -55 235.99
----------------------------------------------------------------------------
CAD-1206 423 489 613 355 2 647 45 -55 332.50
----------------------------------------------------------------------------
CAD-1208 423 489 613 355 2 647 235 -60 212.30
----------------------------------------------------------------------------
CAD-1210 423 489 613 355 2 647 360 -90 444.00
----------------------------------------------------------------------------
CAD-1212 423 553 613 311 2 684 135 -70 253.50
----------------------------------------------------------------------------
CAD-1214 423 553 613 311 2 684 135 -45 253.50
----------------------------------------------------------------------------
CAD-1216 423 553 613 311 2 684 315 -70 163.50
----------------------------------------------------------------------------
Table 2: Drill hole location data for the latest seven drill holes completed
in the El Reten target area. Coordinates are in UTM WGS 84, Zone 18N.
Drilling to-date at El Reten has defined a variably-weathered, irregular,
near-surface zone, locally up to 60 metres thick where recoveries average
between 60%-90 %. Below this zone, weathering is much reduced and recoveries are
typically in the 90%-100% range.
Based on the ten drill holes completed to-date at El Reten, it is currently
interpreted that up to eight different porphyry phases have been encountered
(Figure 2). The presence of numerous porphyry phases, many with associated
alteration and mineralization is interpreted by Solvista's geologists as a clear
indication of a very dynamic magmatic-hydrothermal system. By way of comparison,
the 24 Moz Au(-Cu) La Colosa porphyry project being developed by AngloGold
Ashanti has a total of eight porphyry-related intrusive phases.
The ongoing Phase 1 drill program is designed to test target areas of identified
porphyry-related alteration and mineralization (as indicated by surface rock
chip geochemistry and ground based magnetic susceptibility) within the Caramanta
Project area and to help understand the geology and controls on mineralization
in these areas. The Phase 1 drill program is focused on three target areas - El
Reten, Ajiaco Sur and Malabrigo, which represent the three southernmost targets
within the currently defined Caramanta Porphyry Cluster. As it is presently
understood, the Caramanta Porphyry Cluster, which is 100% owned by Solvista, is
a three kilometre long trend with a generally north-south direction, remaining
open in all directions. The Company looks forward to releasing results from the
Ajiaco Sur and Malabrigo sectors as the Phase 1 drill program continues into 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 and stream
sediment samples are prepared and analyzed at facilities in Antioquia, Colombia
and Ontario, Canada run by the ActLabs Group of Companies. 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 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 new discoveries including La Colosa (Anglogold
Ashanti), a porphyry-gold deposit with a JORC-compliant Inferred resource of
24.15 Moz Au at 0.94 g/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 1.02 g/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 has initiated drill programs at both its projects this year, with drilling
ongoing at Caramanta. Solvista's head office is located in Toronto, Canada 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.
Figure 1
Figure 1 - Map of El Reten sector showing surface traces of all ten drill holes
completed to-date as well as interpreted surface geology and geochemical
anomalies - the orange line shows the 90% percentile gold anomaly used in
previous Press Releases and the green line shows the newly defined surface
expression of the El Reten anomaly based on a 0.4 g/t AuEq cutoff. New drill
holes discussed in this Press Release are shown in black, with previously
announced drill holes shown in blue with the date of publication:
http://media3.marketwire.com/docs/figure1solvista.pdf.
Figure 2
Figure 2 - Northwest-southeast cross-section showing drill holes CAD-1202,
CAD-1204, CAD-1210, CAD-1212, CAD-1214 and CAD-1216. Significant intervals are
highlighted form those drill holes announced in this press release only.
Intervals for previously announced drill holes can be found in the respective
press releases: http://media3.marketwire.com/docs/figure2solvista.pdf.
FOR FURTHER INFORMATION PLEASE CONTACT:
Solvista Gold Corporation
Miller O'Prey, PGeo
Chief Executive Officer
+1 647 694 0149
moprey@solvistagold.com
Solvista Gold Corporation
Melissa Moriarty
Corporate Relations
+1 647 694 0149
mmoriarty@solvistagold.com
www.solvistagold.com
Solvista Gold Corporation (TSXV:SVV)
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