TORONTO, ONTARIO--(Marketwire - June 4, 2012) - 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 Retén 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 Retén 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 Retén 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 Retén 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 Retén 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.
Within the El Retén 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 Retén 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 Retén, 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 Retén. Drilling has commenced on the principal anomaly in the El Retén sector, with at least four drill holes planned initially.
|El Retén 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)||
|"Best Gold Sample" Values||4.923||3984||7.1||13||258|
|Table 1. Summary of geochemical characteristics of mineralization in the El Retén sector. The n values (in parentheses) represent the total number of samples used to calculate the weighted mean values.|
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 Retén, 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 Retén, 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 Retén, zinc is virtually absent in the area of gold and copper mineralization at Ajiaco Sur. Following the initial drilling at El Retén, 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.|
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 Retén 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.
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 Retén 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 Retén-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 Retén, 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 Medellín run by SGS Colombia or ALS Colombia Ltda. Samples are then shipped for analysis to the SGS del Peru S.A.C. or ALS Perú Ltda certified assay laboratories in Lima, Perú. 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.
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 Medellín. 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 Retén and Ajiaco Sur sectors at the Caramanta Project", please visit the following link: http://media3.marketwire.com/docs/solvista_gold_fig01_jun4.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.