Sumitomo to Fund Drilling of Additional Porphyry Copper Gold Targets at Soltoro's La Tortuga Project
Thu Apr 10, 9:30 AM
ca.news.finance.yahoo.com
TORONTO, ONTARIO--(Marketwire - April 10, 2008) - Soltoro Ltd (TSX VENTURE: SOL.V) completed a 2,005 metre diamond drill program testing for a porphyry copper gold deposit along the Papagayo ridge on its La Tortuga project in Jalisco, Mexico in March of 2008. Core cutting is near completion with core being submitted for assaying. La Tortuga is an 11,562 hectare property being investigated for a copper-gold porphyry deposit. Widespread copper mineralization occurs over 49 square kilometres.
La Tortuga is under joint venture to Sumitomo Metal Mining Exploration ("Sumitomo") whereby Soltoro will remain the operator of the project until Sumitomo has earned a 51% interest. Sumitomo may earn a 51% interest in the property by making expenditures of US $4,000,000 then earn an additional 19%, for a total of 70%, by making an additional investment of US$ 16,000,000 or by delivery a bankable feasibility study.
Andrew Thomson, President of Soltoro reports: "The next phase of drilling is designed to test other regional porphyry targets on the property while we await assay results from the Papagayo ridge area. Sumitomo's involvement in the project is providing a systematic and thorough approach to locating and testing for a large porphyry copper gold deposit at La Tortuga."
Sumitomo has completed the first year earn-in expenditure requirement of US $500,000 which included mapping, sampling, a pole-dipole Induced Polarization (I.P.) study and a 2,005 metre diamond drill program. A budget to expend an additional US$ 750,000 has been approved. During this phase of the program drilling will test porphyry targets with mapping and sampling to be carried out in the Las Garochas and Lauralito zones. A total of 140 soil samples have been collected to date in the Lauralito area on the south-east end of La Tortuga along a series of lines cut to carry out an I.P. survey. The survey will cover more than 30 kilometres pursuant to which the next diamond drill program will be planned. Numerous tourmaline breccia zones have been located in the Lauralito area associated with potassically altered granite and epithermal copper mineralization. The I.P. survey at Lauralito is scheduled to commence within two weeks and Soltoro geologists will begin additional mapping and sampling of the Las Garochas mine area at that time.
Soltoro is a junior exploration company focused on exploration for bulk tonnage gold, silver and copper deposits in Mexico. The Company has 20,215,000 shares outstanding and trades on the TSX Venture Exchange under the stock symbol SOL.
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
Andrew Thomson
Soltoro Ltd
President
(416) 987-0722
Website: www.soltoro.com |
