TORONTO, ONTARIO, Feb 27, 2015 (Marketwired via COMTEX) — Soltoro Ltd. (SOL) has completed the panel sampling on its 100%-owned Tecolote gold project located in Jalisco, Mexico. The Tecolote Project lies within the Guachinango District, which includes Soltoro's El Rayo Primary Silver Project and the El Barqueno Gold Project recently acquired by Agnico Eagle Mines Limited. All three projects lie within a broad northwest-trending belt of gold-silver mining districts that also includes Endeavour Silver's San Sebastian Project (see maps 1 and 2).
During reconnaissance geologic mapping in 2014, Soltoro identified several zones with the potential to host large tonnage, low-grade gold mineralization. These include broad areas of clay alteration, as well as areas of northeast-trending quartz-hematite stockwork and breccia. The clay alteration zones are related to felsic intrusive centers and are controlled by the intersections of a northeast-trending structural zone, extending onto the El Barqueno property to the southwest, with secondary northwest-trending structures (see maps 2 and 3). The recognition of these targets led to a detailed panel sampling program (large volume samples) intended to systematically evaluate potential of the clay alteration zones to host a significant gold target. The panel sampling program was subsequently expanded to include several areas containing quartz-hematite stockworks.
During the panel sampling program, which began in August of 2014, 379 panel samples were collected from seven target zones. Results indicate the presence of anomalous gold in three zones: Cerro Colorado, San Eusebio and Veta Grande (see maps 3 and 4). Gold values in these areas range from below detection limit up to 3,570 ppb (3.57 g/t) gold. Anomalous gold is associated with sporadic, low-level anomalies of copper, silver, bismuth and lead in the San Eusebio and Veta Grande areas and with zinc, lead, silver, bismuth and manganese in the Cerro Colorado area.
The 1,500 metre-long Cerro Colorado target includes four zones of mineralization: Veta Victoria, Cerro Colorado, Colorada mine and Veta La Magnifica (see map 5). Twenty-eight (28) of 88 panel samples contain greater than 10 ppb gold with a maximum of 3,570 ppb gold. Prior sampling of veins within the Cerro Colorado zone yielded 10.30 g/t gold and 104 g/t silver over 1.00 metre from the Colorada mine and 8.08 g/t gold, 20 g/t silver over 0.80 metres from the Veta Victoria and 1.12 g/t gold and 11 g/t silver over 0.90 metres from the Veta La Magnifica.
In the San Eusebio and Veta Grande areas (see map 6) 11 of 81 panel samples contain greater than 10 ppb gold with a maximum of 434 ppb gold. Prior sampling of veins in the San Eusebio area yielded 12.85 g/t gold and 12 g/t silver over 1.00 metre and 5.55 g/t gold and 97 g/t silver over 0.50 metres while prior sampling of veins in the Veta Grande area yielded 4.89 g/t gold and 36 g/t silver over 1.00 metres and 2.54 g/t gold and 197 g/t silver over 1.20 metres.
Andrew Thomson, President and C.E.O. of Soltoro Ltd., stated: "Soltoro's panel sampling program on the Tecolote concession has identified anomalous gold values within the Cerro Colorado, San Eusebio and Veta Grande zones. The presence of higher grade gold and silver values within broader zones of low grade mineralization is encouraging. A follow up sampling program is being designed to further assess these targets."
High-grade vein targets are also present on the Property. Previous sampling of the Carmelita vein by Soltoro in 2012 and 2013 returned 14.2 g/t gold and 308 g/t silver over 3.0 metres including 27.7 g/t gold and 671 g/t silver over 0.7 metres in addition to 23.5 g/t gold and 333 g/t silver over 0.8 metres, 12.5 g/t gold and 512 g/t silver over 0.7 metres (NR141 dated 16 November 2012 and NR152 dated 17 June 2013). The Carmelita vein has been traced for over 100 metres along strike at surface but soil sampling suggests that the vein may continue further to the east where the structure is covered by overburden (see map 6).
Maps showing regional structures, intrusive centers and alteration zones may be viewed at:
Mr. Steven T. Priesmeyer, C.P.G., is Vice President Exploration for Soltoro Ltd. He is a qualified person as defined by NI 43-101 and he has reviewed the geological contents of this press release. Analytical work is performed by ALS-Chemex. Samples are submitted to the ALS sample preparation facility in Guadalajara and pulps are shipped by ALS to their laboratory in Vancouver, B.C. for analysis. Analytical procedures include a 33 element ICP-AES analysis (ME-ICP61m) and a 50 g FA AA finish for gold (AA-24). Silver assays exceeding 100 g/t are re-assayed by HCL leach with an ICP-AES or AAS finish (OG62).
Soltoro is engaged in exploration for gold and silver deposits in Mexico. Soltoro holds in excess of 30,000 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 a 3% N.S.R. payable on Argentum Silver's Victoria and Coyote properties. Soltoro has 75,533,037 common shares issued and outstanding and trades on the TSX Venture Exchange under the symbol "SOL".
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. 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.
Contacts: Andrew Thomson, President (416) 987-0722 www.soltoro.com
SOURCE: Soltoro Ltd.