Soltoro and Argentum Silver Drilling Intercepts 4 Metres of 1,470 gpt Silver Including 2 Metres of 2,745 gpt Silver at Coyote Project in Jalisco State
29.02.2012 | Marketwire
TORONTO, ONTARIO -- (Marketwire) -- 02/29/12 -- Soltoro Ltd. (TSX VENTURE: SOL) and Argentum Silver Corp. (TSX VENTURE: ASL) are pleased to announce assay results from the first four diamond drill holes completed on the El Tajo vein at the Coyote property located in Jalisco, Mexico.Highlights from holes number 2012-1 through 2012-4 returned 4.0 metres of 1,470 g/t silver (Ag) including 2.0 metres of 2,745 g/t Ag from hole 2012-3. This high-grade intercept is part of a 7.0 metre wide zone where drilling encountered 0.80 metres of historic underground workings. Hole 2012-1 intercepted 6.10 metres of 128 g/t Ag. This second intercept is part of a 9.15 metre wide zone where the hole encountered 3.05 metres of historic underground workings. Intercept highlights are as follows:
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INTERCEPT
HOLE FROM TO WIDTH Ag Au Pb Zn
ID (m) (m) (m)(i) (g/t) (g/t) (%) (%)
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2012-1 75.70 81.80 6.10 128 0.21 0.07 0.12
81.80 84.85 3.05 old working were encountered - no sample
84.85 86.80 1.95 58 0.03 0.03 0.07
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2012-2 97.00 99.80 2.80 180 1.00 2.89 5.86
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2012-3 68.00 72.00 4.00 1470 0.57 0.69 1.150
Including 70.00 72.00 2.00 2745 0.83 1.27 2.13
72.00 72.80 0.80 old working were encountered - no sample
72.80 75.00 2.20 300 0.17 0.09 0.14
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2012-4 47.60 50.60 3.00 312 0.60 0.17 0.41
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(i) All intersections are reported as drilled widths.
The four angled drill holes totaled 284 metres and tested a 215 metre strike length of the El Tajo vein, intercepting the vein at depths ranging from about 45 to 95 metres vertically below surface. Five more holes are being drilled as part of the current program to test an additional 250 metres of the vein, bringing a total strike length of 465 metres being drill tested at the El Tajo vein. This first phase drill program will also test portions of three other mineralized zones within the property area, including La Florida, Bocancha and La Colorada. This drill program was initially planned for 19 holes totaling 2,000 metres. However, with these initial encouraging results, Argentum Silver is considering expanding the drill program.
The 1053-hectare Coyote property contains dozens of individual low sulfidation epithermal silver-gold veins and stockwork. Most of the mineralization occurs within six defined zones within an area of approximately 1.5 x 2.6 kilometres. Vein widths typically range from 1 to over 5 metres. Zones of stockwork have locally been mapped over widths exceeding 35 metres. Over one hundred historic workings and prospects explored and partially developed the district through the early 1900's. Historic production concentrated on 'bonanza' silver grades with operational depths limited by the high water table.
About the Coyote Property
The Coyote project is located near the town of Chilicoyote, 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 currently holds 2.1M common shares of Argentum Silver and stands to receive an additional 3.5M common shares over the course of the option agreement. On completion of the terms of the agreement, Argentum will acquire a 100% undivided interest in Soltoro's Victoria and Coyote silver-gold projects. Soltoro retains a 3% NSR interest in each project whereby up to 2% can be purchased for US $1.5 million per 1% NSR. Soltoro holds in excess of 55,000 hectares of ground in Jalisco State. At Soltoro's 100% owned El Rayo primary silver project, two drills are operating to further expand the existing silver resource. For more information on Soltoro's projects please visit www.soltoro.com.
Mr. Steven T. Priesmeyer, C.P.G., Vice President of Exploration for Soltoro Ltd. and a qualified person as defined by NI 43-101 has reviewed and approved the contents of this press release. Assaying from this program was completed by ALS Chemex through their office in Guadalajara, Mexico. 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).
About Soltoro:
Soltoro is engaged in exploration for bulk tonnage gold and silver deposits in Mexico. The Company has two diamond drills operating at the El Rayo silver project with the objective of expanding the existing NI 43-101 silver resource. Soltoro has optioned several of its properties in Jalisco State. The Company is seeking partners to advance its Chinipas, La Tortuga, El Santuario and Pena Grande projects. Soltoro has 58,948,037 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.
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.
Contacts:
Soltoro Ltd.
Andrew Thomson, President
(416) 987-0722
www.soltoro.com