Solvista Gold (SVV-V) drills 456.3 m of 1.4 g/t AuEq at Caramanta
May 21, 2013 - News Release
Solvista Gold Corp. has completed its 8,000-metre, phase 1 drill program on three separate targets within the Caramanta porphyry cluster at its Caramanta project. The company is also pleased to release the results of seven additional drill holes on its El Reten gold-copper discovery (the first of the three targets drilled within the Caramanta porphyry cluster) completed as part of the phase 1 drill program. These results further support the company's model that the Caramanta porphyry cluster represents a cluster of related mineralized bodies and as such, has the potential to host significant new gold-copper porphyry discoveries in the Middle Cauca belt of Colombia. Final assay results from the second and third target areas (known as El Corral and Ajiaco Sur) are pending and the company looks forward to releasing these, once all data have been received and verified.
Highlights
- The latest El Reten drill results have increased the overall dimension of the mineralized body by expanding the previously defined surface footprint, as defined by the previous drill holes announced in 2012, to the southwest and increasing the known vertical extent, as well as confirming the gold and copper grades previously reported:
- Drill holes CAD-1218 and CAD-1220 extended the known vertical limits of mineralization beyond that previously defined, with CAD-1218 intersecting 456.7 metres at 1.40 grams per tonne (g/t) gold equivalent (AuEq), including 100.8 metres at 2.20 g/t AuEq and CAD-1220 intersecting 323.4 metres at 1.74 g/t AuEq including 80.1 metres at three g/t AuEq.
- Drill hole CAD-1221, with an intersection of 137.0 metres at 1.22 g/t AuEq, extended mineralization beyond the previously defined southwestern limits.
- Drilling completed on a third platform at El Reten, located 180 metres north-northwest from the discovery platform, confirmed the continuation of significant mineralization to the north of the previous platforms with drill hole CAD-1323 intersecting 197.4 metres at 0.81 g/t AuEq, including 82.9 metres at 1.13 g/t AuEq.
- Based on a recent geophysical remodelling, incorporating all new data, a new drill target has been identified to the immediate northwest of the currently drilled areas.
- El Reten is only one of three known centres of porphyry-related mineralization within the Caramanta porphyry cluster, a three-kilometre trend 100 per cent owned by Solvista, that the company has partially drilled as part of its phase 1 drill program. Although assay results are pending from the other two targets drilled, based on visual indications from the drill core at El Corral and Ajiaco Sur, it appears that both systems are similar in terms of alteration types and vein and fracture controlled mineralization, but more copper (and silver) dominant than El Reten. In addition to the three separate target areas drilled to date, the company has defined two additional targets in the Caramanta porphyry cluster, known as Malabrigo and Casa Verde, which the company plans to drill test in third quarter 2013.
- Based on all work completed to date, the company believes that the three-kilometre-long Caramanta porphyry cluster represents a dynamic, long-lived magmatic-hydrothermal system with the potential to host somewhat different styles of mineralization in different geographic locations within the Cluster; however, it is believed they all are related to the one mineralizing event.
Commenting on the drill results, Solvista president and chief executive officer Miller O'Prey stated: "We are extremely pleased to continue to report excellent assay results from our drilling at the El Reten gold-copper discovery -- one of just three targets we have drill tested as part of our recently completed phase 1 drill program. By combining these drill results with previous drill results as well as results from surface rock chip geochemistry, as discussed in the company's press releases (dated June 4, 2012, Sept. 17, 2012, Sept. 25, 2012, and Dec. 11, 2012), the El Reten surface footprint now measures up to 430 metres (in an N45W direction) by 360 metres (in an N45E direction) for an aerial extent of more than 88,000 square metres, as defined by the greater than 0.4 g/t AuEq contour shown as a green line on [the company's website]. Although these dimensions and limits of mineralization are approximate at this time and will require more extensive drilling to define them for any future resource estimate, the company is confident that there remains significant potential to continue to extend the present limits of the mineralized zone with additional drilling. In addition to increasing our confidence in the magnitude of the footprint of mineralization at El Reten, the fact that we have identified significant mineralization in areas previously thought to not be mineralized and have also discovered additional mineralized porphyry phases, which have not been mapped at outcrop highlights the dynamic and extensive nature of the mineralizing system and bodes well for further drilling and exploration success at El Reten." In accordance with National Instrument 43-101, it is noted that the potential quality and grade are conceptual in nature, that there has been insufficient exploration to define a mineral resource and that it is uncertain if further exploration will result in a target being delineated as a mineral resource.
Details
Drill hole CAD-1218 was drilled from platform 1 and is the redrill of drill hole CAD-1216 which was lost due to technical problems well above its target depth (see the Dec. 11, 2012, press release). Drill hole CAD-1218 was successfully completed to a total depth of 493.5 metres and returned the company's longest, continuous mineralized intersection to date of 456.7 metres at 1.40 g/t AuEq. Continuous mineralization, essentially beginning at the surface, has now been identified over more than 400 vertical metres. As predicted, the drill hole intersected significant mineralization near the surface (100.8 metres at 2.20 g/t AuEq from 27.5 metres), but perhaps more interestingly a second significant interval (74.4 metres at 1.71 g/t AuEq) was intersected at 331.5 metres depth, associated with a porphyry (CER7) that is different than the outcropping El Reten porphyry. This intramineral porphyry, which has not been mapped at the surface, was first identified in drill hole CAD-1210, where significant mineralization was intersected in the volcanic rocks immediately above the porphyry contact. Similarly in CAD-1218, the majority of the greater than one g/t AuEq intervals are in the volcanic rocks immediately above the contact; however, values of up to 2.14 g/t AuEq have been intersected in CER7 making it an important exploration target for future drilling. CER7 also appears to have slightly lower copper values, but higher molybdenum values relative to the main El Reten porphyry (CER1). Mineralization was also encountered at depth in and adjacent to dikes of the intramineral porphyry CER2.
Drill hole CAD-1220, also drilled from platform 1, was oriented due north and designed to: look for the continuation of the deeper, high-grade (greater than 1.5 g/t AuEq) mineralization associated with CER7 that was encountered in CAD-1203 (see press release dated Sept. 25, 2013); test the mineralization in a different orientation than the previous drill holes, which were all completed on an N45E or N45W orthogonal grid; and delimit the southern margin of the postmineral porphyry phase encountered in CAD-1206. CAD-1220 intersected 323.4 metres at 1.74 g/t AuEq from 3.30 metres and included two significant higher-grade intervals: 80.1 metres at three g/t AuEq from 18.9 metres and 108.7 metres at two g/t AuEq from 218.0 metres, confirming the extension of the high-grade core of the El Reten porphyry to the north.
Drill holes CAD-1221 and CAD-1322 were also drilled from platform 1 and were designed to test the southwestern limits of the El Reten mineralization, in an area where limited surface sampling had not suggested the presence of significant mineralization at depth. Both drill holes were drilled to the southwest with CAD-1221 drilled at minus 70 degrees and CAD-1322 drilled at minus 45 degrees. The results from these drill holes have also expanded the footprint of the near-surface, higher-grade mineralization. CAD-1221 intersected an interval of 43 metres at 2.05 g/t AuEq starting at 34 metres downhole, within a longer intercept of 137.0 metres at 1.22 g/t AuEq. CAD-1322 intersected an interval of 33.4 metres at 1.24 g/t AuEq starting at 48.0 metres downhole, within a longer intercept of 94.0 metres at 0.88 g/t AuEq.
Drill hole CAD-1323 was drilled to the southwest from platform 3, a new platform located 180 metres north-northwest of platform 1 and 80 metres northwest of platform 2. The drill hole encountered significant mineralization over 197.4 metres, averaging 0.81 g/t AuEq commencing at 14 metres and including an interval of 82.9 metres at 1.13 g/t AuEq from 92.5 metres. Interestingly, strong potassic alteration of the volcanic rocks continued beyond the aforementioned mineralized interval. Although no more significant Au-Cu mineralization was found in this potassicly altered interval, the molybdenum values were much higher than in the gold-copper mineralization above it. This observation suggests that other intramineral phases, such as CER7, may be present at depth. Two other drill holes were also completed from platform 3 -- CAD-1325 was drilled to the northwest and CAD-1326 was drilled vertically. CAD-1325 intersected 165.6 metres at 0.71 g/t AuEq, including 8.2 metres at 1.43 g/t AuEq from 16.3 metres and 17.3 metres at 1.07 g/t AuEq, starting at 127.5 metres and hosted in a different intramineral phase (CER6) and the volcanic rocks immediately above the contact. CAD-1326 intersected three separate, near-surface intervals of significant mineralization: 19 metres at 1.33 g/t AuEq starting at 5.9 metres, 10.7 metres at 0.43 g/t AuEq from 52.7 metres and 17.2 metres at 0.42 g/t AuEq from 75.0 metres. All three intervals are hosted primarily by volcanic rocks near the contact with the El Reten porphyry (CER1) or a younger intramineral porphyry (CER2). Below these intervals the postmineral porphyry (CER5), previously identified in CAD-1206 and CAD-1220, was encountered.
The associated table includes all the intervals of significant gold-copper mineralization and another table on the company's website provides location information for the seven drill holes reported in this press release. Surface geology, drill hole collars and drill hole traces (with intervals of significant gold-copper mineralization) are shown in an image on the company's website. Drill holes CAD-1218, CAD-1220, CAD-1221 and CAD-1322 were drilled from the same platform (platform 1), while drill holes CAD-1323, CAD-1325 and CAD-1326 were drilled from platform 3, located approximately 180 metres to the north. Significant intervals are defined as being at least than six metres in length and averaging more than 0.4 g/t AuEq with no internal dilution greater than six metres at less than 0.4 g/t AuEq.
Read more at www.solvistagold.com |
