- Published: 15 May 2009
- Written by Editor
Soltoro Advised of 16 to 18m Ounce Silver Potential at El Rayo Open at Depth and Along Strike
Soltoro Ltd (TSX VENTURE: SOL) has received an independent evaluation on a portion of the Las Bolas structure of the El Rayo Silver-Gold-Lead Project in Mexico. The evaluation demonstrates a minimum target of between 4.2 and 5.6 million tonnes grading between 117 and 100 gpt silver for a potential inventory of between 16 and 18 million ounces silver.
At the El Rayo Project, mineralization has been traced over 5 km within two structures: El Rayo and Las Bolas. In 2008, reverse circulation drilling was carried out on ten 50 metre spaced sections along the 1,700 metre long mineralized Las Bolas structure. Moderate to steeply dipping mineralization was encountered which returned an average thickness of 13 metres grading 119 gpt silver in 40 RC drill holes. An additional RC drill hole was twinned with a prior diamond drill hole.
This RC hole, coupled with an additional diamond drill hole down dip of it makes up section 11. Mineralization extends from surface, remains open at depth and has not been tested beyond a 100 metre vertical depth. Mineralization is also open along strike in both directions beyond the 650 metre section that makes up the target deposit calculation. The widest intersections of mineralization were located at the bottom of all but 3 sections. The best intersection returned a 90 meter interval of 150 gpt silver. Results from the independent target deposit estimate prepared by GeoVector Management Inc. ("GeoVector") are as follows:
Target Deposit Potential - Las Bolas Deposit - April 2009
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Potential Tonnage Cut-off Silver Potential Silver
Range Grade Range Range Inventory
(tonnes) (gpt) (gpt) (ounces)
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4.2 to 5.6 million 40 to 60 100 to 117 16.0 to 18.0 million
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Andrew Thomson, President of Soltoro reports: "Our 2008 drill program clearly demonstrates the El Rayo Project has the potential to host an open pit silver deposit. The target deposit calculation is conservative in light of the fact that we have only completed resource drilling on a tenth of the 5 kms of mineralized strike length outlined to date. Metallurgical work is planned prior to resumption of drilling. In addition, an 825 metre long gold zone on the north-west extension of the El Rayo structure is also being considered for drilling."
Historic Resource Potential
In the late 1970's, the government geological agency (CRM) carried out extensive work programs on the property at the previously producing Catarina, El Rayo, Matachines and Las Bolas mines pursuant to which CRM reported a 7 million ounce silver resource consisting of 1,346,072 tonnes grading 169 gpt silver. The historic silver resource is centered on the former producing Catarina mine and marginally overlaps the southern extent of the target deposit calculation area. The CRM resource is considered historical and non NI 43-101 compliant. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources and it should not be relied upon.
Technical Analysis
GeoVector of Nepean, Ontario was contracted to conduct an independent assessment of the deposit from 41 RC holes drilled in 2008, and 1 diamond drill hole drilled in 2007. The database includes drill hole locations, orientations, lengths and survey data, down-hole lithology information and assay data for 42 relevant drill holes.
GeoVector calculated a range of potential target deposits at cut-off grades of 40, 50 and 60 gpt silver using a minimum mineralized thickness of 4.5 metres. Mineralized blocks were determined by halving the distance east, west, north and south to the next mineralized drill hole, with a 50 metre maximum radius. In several instances the trend of mineralization was extrapolated up to an assumed surface exposure, and a rough estimate was made of the distance from the drill hole to this surface for the up-dip extent of the block.
The independent report completed by GeoVector concludes "Bolas has excellent potential to increase its tonnage base, both down dip, and along strike. It is conceivable, based on the current drilling and the historical production areas along strike, that expansion drilling could bring the total Bolas structure (approximately 1.7km long) to 25-35Mt @ 100-115 gpt for 90-110 million ounces silver. To test this potential it is suggested that Soltoro should carry out a program of aggressive expansion drilling, looking +/- 100m down dip below current drilling, and on 100-200 meter sections extending along strike in both the northeast and southwest directions."
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 a mineral resource and that it is uncertain if further exploration will result in the target being delineated as a mineral resource.
Future drilling will be focused in and around the Las Bolas target calculation area to test the continuity of the mineralization at depth and along strike in both directions over the entire 1.7 km mineralized strike length. Additional drilling along the El Rayo structure is also being considered to further drill test the gold potential of the property where diamond drilling returned 37.5 metres of 1.78 gpt gold and 31 gpt silver and to test below the Catarina mine where diamond drilling returned 12 meters of 269 gpt silver. It should be noted that the El Rayo structure hosts the most significant historic mines and appears to be the more mineralized structure. The Company has yet to test below the highway zone at the juncture of the EL Rayo and Las Bolas structures where surface sampling returned 34 meters of 63 gpt silver in a road cut.
To view sections from the 2008 RC drill program please visit: http://www.soltoro.com/pdf/DS2008RCRAYO.pdf
The Company is seeking quotes to complete metallurgical testing on two separate rock types; 1) oxide silver material from the Las Bolas structure and 2) hematite breccia containing gold from the El Rayo structure. Initial bottle roll testing is planned pursuant to which column testing will be carried out if warranted.
Soltoro is a junior exploration company active in Mexico. The Company is exploring for bulk tonnage gold, silver and copper deposits in Mexico. The Company has a significant joint-venture partner working on its Quila project and in 2008 conducted a resource definition drill program on its El Rayo silver-gold-lead project. Soltoro has 20,215,000 shares outstanding and trades on the TSX Venture Exchange under the symbol SOL.
This document contains "forward-looking statements" within the meaning of applicable Canadian securities regulations. All statements other than statements of historical fact here-in, including, without limitation, statements regarding exploration results and plans and other future plans and objectives, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and future events and actual results could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from our expectations are disclosed in the Company's documents filed from time to time via SEDAR with the Canadian regulatory agencies to whose policies we are bound.
On behalf of the board,
Andrew Thomson, President
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release and has neither approved nor disapproved of the contents of this release.
Contacts: Soltoro Ltd. Andrew Thomson President (416) 987-0722 www.soltoro.com
SOURCE: Soltoro Ltd.
http://www.soltoro.com
