TORONTO, ONTARIO, Dec 20, 2011 (MARKETWIRE via COMTEX) — Soltoro Ltd. has received an in pit measured and indicated resource estimate of 77.4 million ounces silver on its 100% owned El Rayo silver project in the State of Jalisco, Mexico. The NI 43-101 compliant Mineral Resource was estimated by Roscoe Postle Associates Inc. (“RPA”), and includes an updated estimate for the Las Bolas and Highway Zone structures and an initial estimate for the La Soledad structure. La Soledad is a newly discovered deposit where drilling is ongoing with the objective of extending silver mineralization along strike and at depth. To date the Company has only tested a 600 metre section of the La Soledad structure where an associated series of airborne magnetic anomalies has been traced for over six kilometres. The current resource does not include any estimate for the La Catarina mine area where seven holes were recently completed to confirm a historic resource.
The Mineral Resources are estimated by RPA by constructing block models and applying a conceptual open pit on each of the deposits. The estimates of in-pit resources are shown in the tables below.
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Las Bolas, Highway Zone & La Soledad Deposit Silver Resources
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Cut-off Average Contained
grade Tonnes Grade ounces
Deposit Area (g/t Ag) (millions) (g/t Ag) of Silver
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Measured Mineral Resources
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Las Bolas 20 6.10 63.44 12,400,000
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Indicated Mineral Resources
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Las Bolas 20 29.30 49.49 46,600,000
Highway Zone 20 2.90 57.39 5,400,000
La Soledad 20 3.90 104.20 13,000,000
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Total Measured and Indicated Mineral Resources
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Las Bolas, Highway Zone
& La Soledad 20 42.20 57.11 77,400,000
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Inferred Mineral Resources
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Highway Zone 20 0.21 36.34 245,000
La Soledad 20 0.37 82.15 935,000
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Total Inferred Mineral Resources
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Highway Zone & La Soledad 20 0.58 65.51 1,180,000
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Notes:
1. CIM definitions were followed for Mineral Resources.
2. Mineral Resources were estimated using prices of US$27/oz Ag. No
credits are assigned for other metals.
3. Metallurgical recovery is assumed to be 72% of the contained silver for
the Las Bolas deposit and Highway Zone, and 80% for Soledad.
4. High silver values are cut to 400 g/t Ag.
5. Mineral Resources were estimated using a pit discard cut-off grade of
20.8 g/t Ag for the Bolas and Highway deposits, and 18.72 g/t Ag for La
Soledad deposit.
6. The numbers for tonnage, average grade and contained ounces of silver
are rounded figures.
7. The Las Bolas, La Soledad and Highway Zone deposits are modeled at a
minimum of 5 m vertical thickness of mineralization.
8. The above resources are constrained by a Whittle optimized pit shell
and constitute 87% of total resources within a conceptual open pit for
the Bolas Structure, 89% of total resources for La Soledad Structure,
and 64% for the Highway Zone.
Soltoro President and CEO, Andrew Thomson commented “The measured and indicated in pit resources at El Rayo reflect an increase of more than 30% over those released in June 2011. In 2012, two drills will continue to test the La Soledad structure along strike and test the Catarina Mine area for further silver resources. Soltoro also plans to drill test the recently identified Piedras Amarillas zone which hosts a similar mineralized footprint to the Las Bolas deposit area.”
In 2011, the Company identified the previously unknown Piedras Amarillas mineralized zone located approximately 1,500 m east of the Las Bolas deposit. The Piedras Amarillas target consists of three northeast-trending silver soil anomalies ranging from 300 metres to 800 metres in length and 50 metres to 150 metres in width. Mapping and sampling of the central and eastern anomalies identified northeast-trending zones of quartz stockwork with associated hematite staining in Lower Cretaceous basaltic flows and tuffs. At Piedras Amarillas there are a few small prospect pits but no evidence of historic mining activity as the zone sits under farmer’s fields and is largely covered by overburden. To date, several samples have returned results of greater than 20 g/t Ag with one sample assaying 146 g/t Ag. Geologic mapping, rock sampling and ground geophysics will continue in 2012 with a view to establishing drill targets. This zone has never been drill tested.
Seven holes were recently completed at depth on the Catarina structure. The focus in the Catarina mine area is to confirm and delineate a historic resource defined in the 1980’s by the Consejo de Recursos Naturales, the equivalent of the Mexican geological survey. Results are pending.
The Company has also been investigating the gold potential at the north end of the El Rayo structure. Previous drilling had identified a gold zone one kilometre in strike length. At a pit discard cut-off grade of 0.35 g/t Au, the resource estimate for the northernmost 250 metres of the gold structure is reported by RPA as follows:
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El Rayo Northern Zone Gold Resource
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Cut-off Average Contained
grade Tonnes Grade ounces of
Deposit Area (g/t Au) (thousands) (g/t Au) Gold
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Indicated Mineral Resources
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El Rayo North 0.35 380 1.85 22,600
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Inferred Mineral Resources
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El Rayo North 0.35 365 1.61 18,900
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Notes:
1. CIM definitions were followed for mineral resources.
2. Mineral Resources were estimated using prices of US$1,300/oz Au. No
credits were assigned for other metals.
3. Metallurgical recovery is assumed to be 90% of the contained gold.
4. The Rayo Extension deposit is modeled at a minimum of 5 m vertical
thickness of mineralization.
5. The numbers for tonnage, average grade and contained ounces of gold
are rounded figures.
6. The above resources are constrained by a Whittle optimized pit shell.
Acopy of the NI 43-101 Technical Report will be available on the SEDAR website within 45 days of this news release. The mineral resources were estimated by Hrayr Agnerian, M.Sc. (Applied), P.Geo., Associate Principal Consulting Geologist with RPA. Mr Agnerian is the Qualified Person for the purposes of National Instrument 43-101 Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators, and has verified the data disclosed in this release.
Assaying was completed by ALS Chemex through their office in Guadalajara, Mexico. Silver and other base and trace elements were analyzed using four acid “near total” digestion with an ME-ICP finish. Standards provided by an independent company and locally derived blank samples are inserted for quality control purposes. 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. Field supervision of the El Rayo project is provided by Mr. Patrick Toth, P. Geo., Vice President of Operations, Soltoro Mexico.
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 continues to actively advance its Chinipas, La Tortuga, El Santuario and Pena Grande projects. Soltoro has 57,244,537 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) 987-0722www.soltoro.com
