TORONTO, ONTARIO--(Marketwire - Feb. 29, 2012) - Solvista Gold Corporation ("Solvista" or the "Company") (TSX VENTURE:SVV) is pleased to provide an update on developments at both its Guadalupe and Caramanta projects and to announce the hiring of Dr. Jeffrey W. Brooks as Vice-President Exploration.
Further to the Company's press release dated December 22, 2011, Solvista commenced a 3,000 metre drilling program at its Guadalupe project on January 20, 2012. To-date 358.25 metres have been drilled in three separate drill holes targeting geochemical and geophysical targets in the El Oso sector. The first drill hole (GUD-1201) was terminated at 57.45m, before reaching its target depth of 250m due to technical issues with the drill rig. A second, more powerful but equally portable, drill rig was then brought onto the property and successfully completed the second drill hole (GUD-1202) to its target depth of 300m. The Company is currently drilling the third drill hole (GUD-1203) and upon completion will return to the site of GUD-1201 to complete the previously terminated drill hole to the target depth. Figure 1, below, shows the location of the first three drill holes, as well as the related geochemistry and geophysics.
Samples from the first two drill holes have now been sent for analysis and the Company hopes to be able to report initial results within four to six weeks. Initial visual logging of the drill core identified a number of potentially mineralized structures containing pyrite and stibnite mineralization, which has shown a good correlation with gold grades in surface sampling.
Commenting on the drilling program at Guadalupe Solvista's President and CEO, Miller O'Prey stated, "We are very happy to have commenced our 2012 drilling program at Guadalupe as this will greatly enhance our understanding of the geology and mineralization controls at the project and look forward to announcing results over the coming months". As part of its ongoing target definition program the Company continues to explore additional prospective areas defined during the regional stream sediment and airborne geophysics programs.
Further to the Company's press release dated December 22, 2011, Solvista has received confirmation of the date of the technical visits from Corantioquia (local environmental authority) required prior to the issuance of the water use and return permits and as such, is on track for drilling to commence in May, 2012. Figure 2 shows a 3D schematic of the initial drill holes and the magnetic anomalies targeted.
Detailed geological mapping and sampling in the Ajiaco and Reten sectors of the Caramanta project has now defined one of the previously announced porphyry centers with a known surface footprint of at least 370m x 170m. The feldspar diorite porphyry and surrounding potassically altered volcanic rocks (up to 80m from the contact) have been extensively sampled with a total of 81 rock samples to date averaging 0.67g/t Au, 1.21g/t Ag and 0.12% Cu, with a maximum value of 4.93g/t Au, 7.05g/t Ag and 0.40% Cu over 2.15m. Detailed work on the other two centers continues, as well as regional exploration on at least three further areas identified as having gold-copper potential.
Commenting on the progress at Caramanta, Mr. O'Prey stated that, "Solvista is on track to commence drilling at Caramanta in Q2 of this year and combined with Guadalupe aims to drill at least 10,000 metres during 2012. The Company is also fully funded to continue uninterrupted drilling into 2013."
New Vice-President Exploration
The Company is pleased to announce the appointment of Dr. Jeffrey W. Brooks to the position of Vice-President Exploration, effective immediately. Dr. Brooks previously worked in a similar position for Bellhaven Copper and Gold Inc. and was responsible for the completion of the drilling program and technical evaluation that resulted in Bellhaven's maiden resource statement at its La Mina project, in the Middle Cauca Belt, Colombia. From February 2007 to October 2009, Dr. Brooks was the chief geologist for Colombia Goldfields Ltd. (now Gran Colombia Gold Corp.). During this time Dr. Brooks supervised and trained over 30 Colombian geologists and directed a 12-rig, 46,000 metre drill program at the Marmato project (also located in the Middle Cauca Belt, Colombia) to produce the first 43-101 compliant resource on that property. Prior to these recent positions, Dr. Brooks worked for Barrick Gold Corporation in Nevada and BHP Billiton Limited (responsible for world-wide porphyry copper exploration). Dr. Brooks received his doctorate in geology in 1994 from Washington State University (Pullman, Washington).
Commenting on the appointment of Dr. Brooks, Mr. O'Prey stated, "The Company has grown substantially since its listing last May and we are very excited to welcome Jeff onboard. His experience in Colombia and particularly the Middle Cauca Belt, will add greatly to our technical team and help us reach our short and medium term goals of identifying and developing multi- million ounce gold deposits on our two projects."
The Company utilizes an industry-standard Quality Assurance/Quality Control program. Rock, drillcore, soil and stream sediment samples are prepared at a preparation facility in Medellín run by SGS Colombia. Samples are then shipped for analysis to the SGS certified assay laboratory in Lima, Perú. Blanks, duplicates and certified reference standards are 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 results of the Company's exploration programs have been reviewed, verified and compiled by Solvista's President and Chief Executive Officer, EurGeol Miller O'Prey, P.Geo., a "qualified person" as defined under National Instrument 43-101.
About the Guadalupe and Caramanta Projects
The Guadalupe project is located along the northern contact of the Antioquia Batholith, one of the historically most significant 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 Gramalote (AnglogoldAshanti/B2Gold joint venture); an intrusion related gold deposit with a 43-101 compliant inferred resource of 2.39mm oz Au at 1.00g/t Au. South of Guadalupe is Antioquia Gold's Cisneros project and to the west is Red Eagle Mining's Santa Rosa project, both of which are the subject on ongoing drill programs at this time.
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 (AnglogoldAshanti), a porphyry gold deposit with a JORC compliant resource of 12.9mm oz Au at 0.86g/t Au. Directly south of Caramanta is Gran Colombia Gold's Marmato project with 43-101 compliant measured and indicated resources of 10.0mm oz Au at 1.0g/t Au and to the north is Sunward's Titiribi deposit where a National Instrument 43-101 compliant indicated and inferred resource of 8.3mm oz Au at 0.5g/t Au has been announced.
Solvista, a TSX-V listed company (TSX VENTURE:SVV) is an early-stage exploration company with two gold projects, Caramanta and Guadalupe, covering a total area of approximately 60,000 hectares in the Antioquia province of Colombia. Solvista is well funded and plans to complete aggressive drill programs at both projects during 2012. Solvista's head office is located in Toronto with its Colombian headquarters located in Medellín. For further details on Solvista, its management team and its projects, please refer to Solvista's website (www.solvistagold.com). Solvista's Canadian regulatory filings can be found on SEDAR at www.sedar.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 Figures 1 and 2, please click on the following link: http://media3.marketwire.com/docs/s228m2.pdf
Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.