Press release from Marketwire
Soltoro's Equity/Royalty Partner Advised of 4-5 Million Ounce Silver Potential Open at Depth and Along Strike at the Coyote Project in Mexico
Monday, May 13, 2013
Soltoro's Equity/Royalty Partner Advised of 4-5 Million Ounce Silver Potential Open at Depth and Along Strike at the Coyote Project in Mexico10:30 EDT Monday, May 13, 2013
TORONTO, ONTARIO--(Marketwired - May 13, 2013) - Soltoro Ltd. (TSX VENTURE:SOL) participates in discoveries and advancements at Coyote through its ~15% equity holding in Argentum Silver Corp. (TSX VENTURE:ASL) and its retained 3% N.S.R. royalty interest in the Coyote property.
Argentum Silver has received an independent study and evaluation on a 600 metre portion of the El Tajo vein at the Coyote Silver Project in Jalisco, Mexico. The report states a minimum target potential of between 482,000 and 876,000 tonnes at a cut-off grade between 50 and 20 grams per tonne, for a potential of between 4,000,000 and 5,000,000 ounces silver.
At the Coyote Project, the El Tajo Vein has been traced on surface over 1.1 km. In 2012, Argentum Silver drill tested the high-grade El Tajo silver vein over a 600 metre strike length with 25 diamond drill holes for a total of 3,013 metres. The drilling was designed to demonstrate thickness and grade continuity along strike, with drill holes and section fences roughly 50 metres apart and a vertical distance of 140 metres. Results from the independent target deposit estimate prepared by GeoVector Management Inc. ("GeoVector") are as follows:
|Target Deposit Calculations - El Tajo Vein - April 2013|
|482 - 876 Thousand||
20 to 50
67 - 95
4.0 to 5.0 Million
Andrew Thomson, President and C.E.O. of Soltoro Ltd., stated: "Argentum Silver has demonstrated that the historic El Tajo mine at Coyote hosts the potential for an underground high-grade silver deposit with minor gold and base metal credits. El Tajo only represents one vein system on the Coyote property with 6 other vein systems totalling over 6.6 km of total strike length yet to be thoroughly tested. High grade, low capex, high margin precious metal deposits are more attractive in the current marketplace due to investors appetite for near term cash flow."
Geo Vector of Nepean, Ontario was contracted to conduct an independent assessment of the deposit based on information from 25 diamond drill holes, drilled in 2012. The database includes drill hole locations, whole orientations, lengths and survey data, down-hole lithology information and assay data from ALS Chemex, for the 25 holes.
Geo Vector calculated a range of potential target deposits estimates, to reflect multiple mining scenarios. These ranges were calculated using 20-50 g/t Ag cut-off grades for the "bulk" modeled scenario, and 50-150 g/t for the "high grade" modeled scenario. In the bulk modeled and high grade modeled scenarios and minimum width of 4.5 metres to 3.0 metres were used respectively.
The independent report concluded that, "To further test El Tajo's potential it is suggested that Argentum should carry out a program of aggressive drilling, looking +/- 100 metre down dip below current drilling, and on 100 metre sections extending along strike in both the northeast and southwest directions. Argentum has excellent potential to increase its high-grade tonnage base, both down dip and along strike. It is conceivable, based on current drilling and the mineralized trend indicated on Argentum's map that expansion drilling could bring the total El Tajo mineralized structure to approximately 1.0 km long and to a depth of 250 metres."
The reader should be cautioned that the potential quantities and grades reflected above and in the target deposit potential table are conceptual in nature, that there has been insufficient exploration to define mineral resources and that it is uncertain if further exploration will result in the target being delineated as a mineral resource.
The Coyote project is located near the town of Chilicayote, within the state of Jalisco, Mexico. Road access and infrastructure are excellent. The property is approximately 150 linear kilometres southwest of the capital city of Guadalajara, and roughly a 3 1/2 hour drive. Topography is generally gentle to moderate. A regional electrical power line crosses the property.
Soltoro is engaged in exploration for bulk tonnage gold and silver deposits in Mexico. Soltoro holds an interest in an excess of 55,000 hectares of ground in Jalisco State. Soltoro is focused on expanding silver resources at the El Rayo silver project while seeking partners to advance the balance of its projects. Soltoro holds 15% of the common shares of Argentum Silver Corp. with a 3% N.S.R. payable on Argentum Silver's Victoria and Coyote properties. Soltoro's La Tortuga project is under option to Gold Reserve Inc. Soltoro has 59,783,037 shares outstanding and trades on the TSX Venture Exchange under the symbol SOL. Coeur d'Alene Mines Corp. holds 4.5 million shares of Soltoro Ltd.
This communication to shareholders and the public contains certain forward-looking statements. Actual results may differ materially from those indicated by such statements. All statements, other than statements of historical fact, included herein, including, without limitations statements regarding future production, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
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