Toronto 1/15/2013 7:09:51 AM
Solvista Gold Corporation Confirms New Gold-Silver Discovery in Colombia
Solvista Gold Corporation ("Solvista" or the "Company") (TSX VENTURE:SVV)(OTCQX:SVVZF) is pleased to announce the results from its Phase 1 drill program at its Guadalupe Project, located 150 km northeast from its exciting Caramanta Project. The results confirm the high-grade gold-silver discovery at El Oso and support the Company's belief that the Guadalupe Project could host significant, structurally-controlled, gold-silver mineralization. Guadalupe is Solvista's second project and is separate from its Caramanta Project, where the Company has been drilling since June 2012 and on September 17, 2012 [http://www.solvistagold.com/news/2012/september17/] announced the discovery of porphyry-style, gold-copper mineralization. The Company has now confirmed the presence of gold mineralization on both its Caramanta and Guadalupe Projects in just over 18 months after becoming a public company, and is very pleased to have two projects that could generate significant shareholder value going forward through 2013.
Highlights
- Two drill holes were completed on the El Oso 2 target, 150 metres apart, and returned 18.35 g/t gold (Au) over 2.77 metres in GUD-1214 and 9.29 g/t Au over 1.92 metres in GUD-1213;
- Four drill holes were completed on the El Oso 1 target, over 750 metres of strike length, and returned 6.25 g/t Au over 0.99 metres in drill hole GUD-1209 and 3.02 g/t Au and 169.77 g/t Ag over 2.10 metres in GUD-1211;
- Positive results also intersected on other target areas where more drilling is warranted.
Commenting on the drill results, Solvista's President and CEO Miller O'Prey stated, "We are very happy to be announcing the results from the initial drill program at the Guadalupe Project. This program was designed to test a number of anomalous areas within the large Guadalupe Project, as well as to enhance the Company's understanding of the geology and controls on mineralization in an area of little outcrop. In the El Oso area we have now proven the existence of two discrete, parallel structural trends, up to 750 metres long (in the case of El Oso 1), as well as identified mineralization not seen at surface. Within these structural trends it appears that multiple mineralized structures are present."
The exploration plans for the Guadalupe Project during 2013 include:
- Definition of a Phase 2, follow-up drill program to define the nature and extent of mineralization identified in Phase 1;
- Ongoing regional exploration across the northern portion of the property to identify new drill targets.
Details
The Guadalupe Project Phase 1 drill program was completed during 2012 and comprised 14 drill holes, two of which did not reach their target depth and had to be re-drilled, for a total of 3,060 metres. In total, five distinct target areas were tested over a 3 x 2 kilometre area in the southern portion of the Guadalupe Project.
El Oso 2
Drill holes GUD-1213 and GUD-1214 were drilled to test the down dip continuity of the high-grade, gold-silver mineralization discovered at surface within the El Oso 2 structural trend (21 samples with a weighted average of 14.27 g/t Au, 6.6 g/t Ag, using a 50 g/t Au upper cutoff), the southernmost zone within the structural corridor in the El Oso area (see Figure 1). Both drill holes, located 150 metres apart, intersected the targeted mineralization with drill hole GUD-1214 intersecting 18.35 g/t Au and 2.7 g/t Ag over 2.77 metres (see Figure 2) and drill hole GUD-1213 intersecting 9.29 g/t Au over 1.92 metres. Mineralization is typically epithermal-style composite quartz-sulfide veins and sulfide bearing breccias and remains open both along strike and down dip. This target is considered the highest priority for additional drilling.
El Oso 1
Drill holes GUD-1208, GUD-1209, GUD-1211 and GUD-1212 were drilled to test the down dip continuity of the high-grade, gold-silver mineralization discovered at surface within the El Oso 1 structural trend (132 samples with a weighted average of 3.29 g/t Au, 59.8 g/t Ag cut to 50 g/t Au and 500 g/t Ag), the northernmost of two discrete structural trends within the El Oso corridor. The four completed drill holes were evenly spaced along the known 750 metre strike length of the El Oso 1 structural corridor, as defined by surface mapping, rock chip geochemical analyses and historic artisanal mining. All of these drill holes intersected significant gold-silver mineralization including 6.24 g/t Au and 5.0 g/t Ag over 0.99 metres in GUD-1209 and 4.39 g/t Au and 4.1 g/t Ag over 2.65 metres in GUD-1211. Interestingly, both of these drill holes also intersected separate, discrete intervals with lower grade gold and high-grade silver such as 3.02 g/t Au and 169.8 g/t Ag over 2.10 metres in GUD-1211. The mineralization is similar in style to El Oso 2, although slightly different geochemically, and remains open both along strike and down dip. This target is also considered a very high priority for additional drilling.
Other Drill Targets
A total of three other targets were partially drill tested in 2012 including the Campo Alegre North target (a high chargeability as well as a number of +1 g/t Au rock chip samples from surface mapping and sampling) where GUD-1204 intersected 7.00 g/t Au and 6.60 g/t Ag over 0.65 metres within 2.42 metres averaging 2.87 g/t Au, 2.7 g/t Ag, which appears to be the down dip extension of the higher grade, composite vein and fracture-controlled mineralization seen at surface. Further drilling is recommended in this target area as well.
Table 1 includes all significant intervals of gold-silver mineralization and Table 2 gives drill hole location information. Only intervals with greater than 1 gram/metre gold or 100 grams/metre silver are included. Figure 1 shows the location of the drill holes on an Induced Polarization survey (chargeability) background.
It should be noted that drill hole GUD-1201 was terminated prior to reaching its target depth, as discussed in the Company's February 29th2012 press release [http://www.solvistagold.com/news/2012/february29/]. Drill hole GUD-1204 was drilled to replace GUD-1201. Likewise drill hole GUD-1210 was terminated prior to reaching its target depth and drill hole GUD-1211 was drilled to replace it. No significant intervals were intersected in drill holes GUD-1203 (Campo Alegre South) and GUD-1207 (El Mango).Field work at the Guadalupe Project is ongoing and includes mapping and rock and vein sampling, stream sediment sampling and soil sampling (conventional soil samples and MMI samples) to identify new areas for drill testing in the Company's future drilling programs.
Quality Control and Assurance
The Company utilizes an industry-standard Quality Assurance/Quality Control program for the taking and analyzing of samples. Rock, drillcore, soil (MMI) and stream sediment samples are prepared at a preparation facility in Medellín run by SGS Colombia or ALS Colombia Ltda. Samples are then shipped for analysis to the SGS del Peru S.A.C. or ALS Perú Ltda. certified assay laboratory in Lima, Perú. Gold values were determined by fire assay with an atomic absorption finish on 30 gram samples; other elements were analyzed with a 4 acid digestion and an ICP-MS finish. Blanks, duplicates and certified reference standards are routinely inserted into the sample stream to monitor laboratory performance and a portion of the samples are periodically check assayed at ACME Laboratories in Vancouver, British Columbia.
The scientific and technical information contained in this news release has been reviewed by Mr. Miller O'Prey P.Geo., who is the President and CEO of the Company and a "Qualified Person" as defined under National Instrument 43-101.
About The Guadalupe Project
The Guadalupe Project consists of approximately 40,000 hectares, and is situated approximately 110 km northeast of Medellín. Geologically, the property is located along the northern contact of the Antioquia Batholith, a known historic gold producer and host to the AnglogoldAshanti/B2Gold Gramalote project (M&I Resources of 2.5 Moz at 0.81 g/t Au, plus Inferred Resources of 1.4 Moz at 0.44 g/t Au) and Red Eagle's Santa Rosa project. To the north of the Antioquia Batholith is the Cretaceous aged San Pablo Formation; a flysch sequence of mixed basic volcanics and clastic sediments, known to host both precious and base metal mineralization.
About Solvista
Solvista is a gold exploration company with two projects, Caramanta and Guadalupe. These projects cover approximately 60,000 hectares in the Antioquia province of Colombia, a region rich in historic gold mining tradition and where several new gold discoveries have recently been made. Drill programs conducted during 2012 confirmed the presence of significant gold mineralization at both its projects, with drilling ongoing at Caramanta. Solvista's head office is located in Toronto with its Colombian headquarters located in Medellín. For further details on Solvista, its management team and its projects, please refer to Solvista's website (www.solvistagold.com).
CAUTIONARY STATEMENT: This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes, but is not limited to, Solvista's objectives, goals or future plans, statements regarding the estimation of mineral resources, exploration results, potential mineralization, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, failure to convert estimated mineral resources to reserves, capital and operating costs varying significantly from estimates, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and the other risks involved in the mineral exploration and development industry, and those risks set out in Solvista's public documents filed on SEDAR. Although Solvista believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Solvista disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
To view "Figure 1: Drill hole collars and traces for the 2012 Guadalupe Phase 1 drill program, highlighting the targets drilled, with IP Chargeability model at 130 m depth overlain with surface rock samples", please visit the following
link:http://media3.marketwire.com/docs/846464_Figure1.pdf.
To view "Figure 2: Schematic cross-section through drill hole GUD-1214, showing relationship between gold identified in surface rock-chip samples and the drill hole", please visit the following link: http://media3.marketwire.com/docs/846464_Figure2.pdf.
Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
