Solvista Gold Corporation ("Solvista" or the "Company") (TSX
VENTURE:SVV)(OTCQX:SVVZF) is pleased to announce the recommencement of drilling
at its Caramanta Project, designed to test the Malabrigo and Casa Verde porphyry
targets, located to the immediate north of the three targets already drilled by
with Company within the Caramanta Porphyry Cluster ("CPC"). The Company is also
pleased to announce the results of encouraging first pass metallurgical studies
and associated petrographic analyses on the El Reten porphyry system.
Highlights
-- Drilling will commence on the Malabrigo porphyry target, which is
located 500 metres to the northwest of Ajiaco Sur, as shown on Figure 1.
Exploration at Malabrigo has defined a roughly north-south trending 75th
percentile gold anomaly (0.18 g/t) measuring approximately 650 metres by
250 metres. Surface channel samples have returned values up to 1.20 g/t
Au and 0.17 % Cu.
-- Drilling will also test the Casa Verde porphyry target, located 600
metres to the north-northeast of Malabrigo. Exploration at Casa Verde
has defined a roughly north-south trending 75th percentile copper
anomaly (731 ppm) measuring approximately 700 metres by 140 metres.
Surface channel samples have returned values up to 0.94 g/t Au and 0.45
% Cu.
-- Petrographic and SEM analyses conducted on selected samples from the El
Reten porphyry system confirmed the presence of gold in three distinct
compositional groups with a clear spatial association to copper, mostly
as chalcopyrite and minor bornite.
-- First pass metallurgical (flotation) test work conducted on a composite
sample of material from the El Reten drilling program resulted in
encouraging recoveries.
-- The El Reten, El Corral and Ajiaco Sur targets of the Caramanta Project
are located within a regional environmental designation known as a
"District of Integrated Management" or "DMI", which in 2011 created a
prohibition on open pit mining activity. The Company completed its Phase
1 drill program in March 2013, pursuant to the requirements of the DMI
designation and has no plan to resume exploration on these targets until
the completion of its Phase 2 drilling program at the Malabrigo and Casa
Verde targets, which are located outside the DMI, in 2014 and resolution
of the ongoing DMI removal application. The Company has requested the
removal of the DMI designation in the area of the mining concession to
facilitate any future mining activities. The Company has been advised
that no further exploration may be conducted within the DMI until the
application to remove the DMI designation has been considered.
Commenting on the developments, Solvista's President and CEO, Miller O'Prey,
stated "We are very pleased to be starting drilling again at our Caramanta
Project and to be testing two more of the targets we have defined as we strive
to define the potential size of the CPC, just one of a number of promising
targets we have on the property. Likewise we are pleased to announce initial
positive metallurgical studies as part of our work program to further de-risk
the Project."
Preliminary Petrographic Studies of El Reten Mineralization
Four drill core samples of representative mineralization from the El Reten Au-Cu
porphyry were sent to GeoMinEx in Canada for polished thin section preparation
and petrographic examination of the nature of alteration and mineralization.
After the petrographic studies were completed, the four samples were studied
with a scanning electron microscope to further assess and document the gold and
copper mineralization.
The thin section petrography confirms what Solvista Gold geologists have
observed in surface outcrops and drill core. The gold-copper mineralization at
El Reten is dominantly associated with veins and fractures related to the early
potassic and later actinolite-magnetite alteration. The veins comprise variable
amounts of quartz +/- magnetite +/- actinolite +/- potassium feldspar. Biotite,
carbonate, epidote and tourmaline are minor vein constituents. Albite, suspected
to be present previously by SVV geologists, was identified in some vein
envelopes indicating that at least some of the actinolite-magnetite alteration
can properly be called sodic-calcic alteration, an important alteration type in
IOCG and other porphyry Au-Cu deposits. Disseminated mineralization does not
appear to be volumetrically important at this time.
Gold occurs in three distinct compositional groups - electrum with 84% Au and
16% Ag, electrum with 68% Au and 32% Ag and native Au (100% Au). Copper occurs
as predominantly as chalcopyrite and less commonly as intergrowths with bornite.
The Au-Cu mineralization is accompanied by trace amounts of sphalerite, galena,
pyrite and rare acanthite (Ag2S). The chalcopyrite-dominant nature of the copper
mineralization suggests that the magmatic-hydrothermal system as defined by the
limits of the current drilling may be in the outer portion of the potassic core
of the system and that the typically higher grade, bornite-rich portion of the
potassic alteration zone has not been drilled.
The electrum and native gold occur along silicate-silicate, silicate-sulphide or
silicate-sulphide-magnetite contacts. Several examples of electrum apparently
encapsulated in chalcopyrite were observed; however, electrum/native gold was
not found encapsulated in silicates (important with respect to gold recovery by
flotation methods). The occurrence of gold in three distinct compositional
groups is strong evidence that the Au-Cu mineralization at El Reten is the
result of a dynamic, polyphased magmatic-hydrothermal system as the Company has
suggested in previous press releases. Figure 2 is a reflected light
photomicrograph of a sample from drill hole CAD-1218 at 398.98m showing gold, as
electrum, located along the interface between a compound sulphide aggregate
(chalcopyrite and bornite) and silicates.
Preliminary Flotation Test Work on El Reten Mineralization
A composite sample of approximately 40 kilograms of crushed drill core (coarse
rejects) was prepared from equal amounts of altered and mineralized porphyry and
volcanic rocks, the primary host rocks for the Au-Cu mineralization at El Reten.
The 40 kilogram composite sample was homogenized and split into equal halves,
with one half being sent to Global Mineral Research Limited ("GMR") in Vancouver
for first pass rougher flotation test work. The sample was split into
representative test samples and a head grade assay (original and duplicate) at
GMR yielded average values of 0.99 g/t Au, 0.20% Cu and 0.53% total sulfur, in
good agreement with the original composite analyses completed by Solvista (1.07
g/t Au, 0.19% Cu and 0.55 % S).
A 2 kilogram sample was then ground to 80% passing 77 microns and was used for
the 3-stage rougher flotation test work. Typical reagents (SIPX, 3418A and MIBC)
were used and the test yielded recoveries of 73% and 85% and concentrate grades
of 12.94 g/t and 2.78% for Au and Cu, respectively, at a natural pH range of
8.3-8.9. The mass yield of the concentrate was only 5.9%.
Discussion of the Test Work Results
GMR described the results as "very promising" and noted that the sample was
received as previously crushed rock that may have been partially oxidized which
could have adversely affected the recoveries. Furthermore they state that "the
material appears to be amenable to the flotation process as good copper and gold
recoveries are achieved in a very low mass yield. Further optimization tests are
recommended to optimize the flotation procedure, and cleaning of the rougher
concentrate should be investigated to determine if a saleable grade product may
be produced. Coarser primary grinds may achieve similar results which can
potentially reduce operating costs."
The results are viewed by the Company as being sufficiently encouraging to
warrant a more extensive metallurgical test program including magnetic
separation, leaching, optimization of grind size and variations in the reagents
used on a more representative sample suite.
Recommencement of Drilling
In order to complement the drilling completed to-date at El Reten, El Corral and
Ajiaco Sur, located within the southern half of the CPC, the Company has
recommenced drilling to test two additional targets (Malabrigo and Casa Verde)
located immediately to the north of Ajiaco Sur, with the aim of defining the
size potential of the entire CPC.
Geology of the Malabrigo and Casa Verde Sectors
The Malabrigo porphyry target is located approximately 1650 metres N10E from the
El Reten porphyry and approximately 750 metres due north of the El Corral target
(see press releases of May 21, 2013 and June 11, 2013). The initial drilling
platform at Malabrigo is 500m NW of the drilling platform at Ajiaco Sur (see
press release of July 2, 2013). The Malabrigo porphyry center occurs just to the
west of an interpreted N10E structural corridor that appears to have been an
important control on the emplacement of the porphyries in the CPC. The Casa
Verde porphyry target is located 600 meters N10E of the Malabrigo porphyry
target and, like Malabrigo, is also just to the west of the same N10E structural
corridor. The Tamesis stock, a coarse grained, weakly porphritic intrusive of
granodioritic to dioritic composition and the host rock for alteration and
mineralization at Ajiaco Sur and at Casa Verde, is located to the east of the
contact of the Malabrigo porphyry.
The Company has identified at least three different porphyry phases to-date at
Malabrigo (see Figure 1). The earliest of the porphyries (CMA1), and the host of
the highest grade Au-Cu mineralization encountered to-date, is a crowded
porphyry with plagioclase, amphibole and sparse quartz phenocrysts in a
quartzofeldspathic matrix. It is characterized by early potassic alteration,
some associated with significant quartz veining, which is overprinted by strong
magnetite-actinolite alteration. CMA2 is an inter-mineral porphyry,
mineralogically similar to CMA1 with plagioclase and amphibole phenocrysts, and
also characterized by early potassic alteration overprinted by
magnetite-actinolite alteration. CMA2 has fewer quartz veins than CMA1 but is
characterized by significant magnetite-actinolite-sulphide veins. CMA3 is a
late-mineral porphyry, also characterized by plagioclase, amphibole and sparse
quartz phenocrysts and has been found in outcrop clearly cutting CMA2 and quartz
veins in CMA2. It is characterized by weak, early potassic alteration of the
quartzofeldspathic groundmass which is overprinted by later
chlorite-illite-pyrite (argillic) alteration. Vein densities in CMA3 are
distinctly lower than in CMA1 and CMA2. The similarities with the El Reten
porphyry complex include a mafic phenocryst assemblage dominated by amphibole -
biotite is essentially absent. Vein mineralogies, morphologies and densities are
also similar to those seen at the surface in the El Reten area. As is the case
at El Reten, the Au-Cu mineralization at Malabrigo is closely associated with
the quartz and quartz-magnetite-actinolite veins.
The Malabrigo porphyry complex is the northern terminus of an approximately one
kilometre long zone of distinct porphyries (the Quebrada Melissa zone) defined
by the El Corral target at its southern limit (Figure 1). The porphyries in the
Quebrada Melissa zone are more similar to the Malabrigo porphyries but distinct
from the porphyries at El Corral and were not intersected in the limited
drilling completed at that target. The relationship between the porphyry complex
at Malabrigo and the porphyries in the Quebrada Melissa zone is currently
uncertain and the Company is conducting more detailed mapping and sampling to
better understand their potential to host additional porphyry-related Au-Cu
(-Ag-Mo) mineralization. Intense stockwork quartz veining and
quartz-magnetite-actinolite (Fe-rich amphibole) veining, similar to that seen at
El Reten has been observed in some of these porphyries. Although the gold and
copper values in these porphyries are generally lower than those at other drill
targets, the nature and intensity of the quartz and quartz-magnetite-actinolite
veining suggest that potential for mineralization does exist at depth.
The geology at Casa Verde is very similar to the geology at Ajiaco Sur. The
porphyry-related alteration and mineralization occurs in the Tamesis stock and
the Combia Formation mafic volcanic rocks. Porphyry exposures at the surface are
very limited and the porphyries encountered to-date are inter-mineral or
late-mineral. The alteration at Casa Verde is similar to the alteration at the
other porphyry centers at Caramanta and comprises early potassic and later
magnetite-actinolite-albite (sodic-calcic) alteration and the Au-Cu
mineralization is associated with these alteration styles. Unlike El Reten, El
Corral and Malabrigo where the Au-Cu mineralization is closely associated with
quartz and quartz-magnetite-actinolite veins, a significant portion of the
mineralization at both Ajiaco Sur and Casa Verde occurs as disseminations in
magnetite-actinolite alteration of mafic phenocrysts and the groundmass of the
Tamesis Stock and Combia Formation. Locally, later, lower temperature
quartz-sericite-pyrite ("D") veins and related quartz-sericite-pyrite (phyllic)
and argillic alteration overprint the potassic and magnetite-actinolite
alteration in the Tamesis Stock and Combia Formation mafic volcanic rocks and
are associated with lower, but still significant gold-copper values.
The source of the fluids responsible for the alteration and mineralization at
Casa Verde is currently unknown. Similarly, no syn-mineral porphyry was observed
in the drilling completed to-date at Ajiaco Sur. At both areas, most of the
mineralization greater than 0.4g/t gold equivalent occurs in the Tamesis Stock
and the porphyries encountered in the drilling at Ajiaco Sur post-date this
alteration and mineralization although the porphyries themselves are altered
(potassic and magnetite-actinolite) and locally mineralized. It is possible that
the porphyries to the west of the Tamesis Stock, including the porphyries at
Malabrigo, are related to the alteration and mineralization at both Ajiaco Sur
and Casa Verde. If this proves to be the case, the zone of alteration and
mineralization could extend from Ajiaco Sur to the south to Casa Verde to the
north, a strike length of approximately 1300 meters. Solvista plans to drill
test the contact of the Malabrigo porphyry and the Tamesis stock in the upcoming
drilling program.
Malabrigo and Casa Verde, as is the case at El Reten, El Corral and Ajiaco Sur,
occur in areas of relatively low magnetic susceptibility flanked by areas of
higher magnetic susceptibility. Both Malabrigo and El Reten occur on broad,
generally north-south oriented ridges and are characterized by generally high
chargeability (greater than 25mV/V). No IP chargeability data exist for the Casa
Verde area.
Geochemically the Malabrigo area is quite similar to the El Reten area and the
Casa Verde area is quite similar to the Ajiaco Sur. The mean surface gold values
at Malabrigo (0.34 g/t Au) are very similar to El Reten (0.37 g/t Au) and
markedly higher than at El Corral (0.22 g/t Au) and Ajiaco Sur (0.18 g/t Au).
The lower surface copper and molybdenum mean values are believed to be related
to surficial leaching of these elements, as seen at El Reten where the Cu and Mo
mean values from the El Reten porphyry along the ridge are somewhat lower (672
and 14 ppm, respectively) than the values observed from samples in the Combia
Formation mafic volcanic rocks in the drainages to the east and west of the El
Reten porphyry.
In addition to the above work, the Company continues to explore additional areas
to the north of the CPC as well as additional porphyry-style targets in other
parts of its Caramanta Project outside the CPC.
In accordance with National Instrument 43-101 - Standards of Disclosure for
Mineral Projects ("NI 43-101"), it is noted that the potential quality and grade
identified to-date at the Caramanta Project is 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.
District of Integrated Management Update
As disclosed previously in press releases of December 22, 2011 and August 23,
2012, the three targets drilled to-date by the Company on its Caramanta Project
(El Reten, El Corral and Ajiaco Sur) are located within a regional environmental
designation known as a "District of Integrated Management" or "DMI". The
Malabrigo and Casa Verde targets are located outside the DMI. The DMI
designation was created subsequent to the registration of the mining concession
and according to it, certain mining activities, such as exploration, are
permitted within the DMI, but there is no approval for open pit mining under the
current environmental zoning. In order to remedy this potential future conflict,
in December 2012 the Company requested, in writing, the removal of the DMI
designation in the area of the mining concession (including the El Reten, El
Corral and Ajiaco Sur targets). The regional environmental authority
("Corantioquia") has recently established the procedure they will use to review
this type of submission, which establishes a minimum six month process. The
Company has reviewed the newly established procedure and determined that it will
be necessary to present additional information to complement that presented with
the initial application in December 2012. The Company has now commenced the
additional work to ensure that its application fully complies with all the new
requirements.
As part of its submission, the Company completed significant environmental
studies which found no issues of environmental significance within the area of
the concession and, on the basis of the Colombian legal advice received to-date,
the Company is unaware of any reason why the DMI designation will not be removed
for both exploration and mining activities. Subsequent to completion of the
Phase 1 drill program in March 2013, the Company received written instructions
from the regional environmental authority that it must suspend exploration
activities within the DMI (which the Company had done in any event upon the
completion of its Phase 1 drill program in March of this year), until the
application submitted by the Company to have the DMI designation removed has
been reviewed, employing the review procedures recently established by
Corantioquia. The Company confirms that all exploration, including its completed
Phase 1 drill program at El Reten, El Corral and Ajiaco Sur was carried out in
compliance with Colombian legislation pertaining to the DMI designation and has
no plan to resume exploration on these targets until the completion of its Phase
2 drilling program at the Malabrigo and Casa Verde targets, which are located
outside the DMI and not affected by these recently imposed exploration
limitations, in 2014 and resolution of the DMI removal application. The Company
will provide updates on the status of matters relating to the DMI as the review
process by Corantioquia continues.
Quality Control and Assurance
The Company utilizes an industry-standard Quality Assurance/Quality Control
program for the taking and analyzing of samples. Rock, drill core and stream
sediment samples are prepared and analyzed at facilities in Antioquia, Colombia
and Ontario, Canada run by the ActLabs Group of Companies. 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 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 SGS Laboratories in Medellin, Colombia.
The scientific and technical information contained in this news release has been
reviewed by the Company's President and Chief Executive Officer, Mr. Miller
O'Prey P.Geo., who is a "Qualified Person" as such term is defined under NI
43-101.
About the Caramanta Project
The Caramanta Project is located at the center of the Middle Cauca Belt, one of
the most prolific gold districts in Colombia, with production dating back to
pre-Colonial times. It has also been the focus of intense exploration over the
past five years with a number of new discoveries including La Colosa (Anglogold
Ashanti), a porphyry-gold deposit with a JORC-compliant Inferred Resource of
24.15 Moz Au at 0.94 g/t Au. Directly south of Caramanta is Gran Colombia Gold's
Marmato Project with NI 43-101 compliant Measured and Indicated Resources of
11.8 Moz Au at 0.9 g/t Au and 80 Moz Ag at 6.1 g/t Ag and Inferred Resources of
2.6 Moz Au at 1.02 g/t Au and 9 Moz Ag at 3.7 g/t Ag. To the north is Sunward
Resources' Titiribi deposit where a NI 43-101 compliant Measured and Indicated
Resource of 6.3 Moz AuEq and Inferred Resource of 7.5 Moz AuEq have been
announced.
About Solvista
Solvista is a gold exploration company with two projects, Caramanta and
Guadalupe. These projects cover approximately 45,000 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. Solvista is well funded
and has completed Phase 1 drill programs at both its projects, with the
discovery of significant mineralization at both. Additional drilling has
recently recommenced at the Caramanta Project and exploration is ongoing at
Guadalupe. Solvista's head office is located in Toronto, Canada with its
Colombian headquarters located in Medellin. For further details on Solvista, its
management team and its projects, please refer to Solvista's website
(www.solvistagold.com).
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.
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.
Figure 1
Figure 1: Approximate representation of the Caramanta Porphyry Cluster showing
drill targets, surface traces of all drill holes completed as part of the Phase
One 8,000 metre, Phase 1 program, as well as interpreted surface geology and
rock chip geochemical anomalies. The green lines show the currently defined
surface expression of the five drill targets based on a 0.4 g/t AuEq cutoff.
Figure 2
Figure 2: Reflected light photomicrograph of CAD-1216 at 398.98m, shows electrum
(E) located along the interface between a compound sulphide aggregate and
silicates. The sulphide aggregate is comprised of chalcopyrite (Cpy) and bornite
(Bn). FOV = 0.44 mm.
To view the figures associated with this press release, please visit the
following link: http://media3.marketwire.com/docs/Caramanta-Project.pdf.
FOR FURTHER INFORMATION PLEASE CONTACT:
Solvista Gold Corporation
Miller O'Prey, PGeo
Chief Executive Officer
+1 647 694 0149
moprey@solvistagold.com
Solvista Gold Corporation
Don Christie, CPA
Chief Financial Officer
+1 416 504 4171
dchristie@solvistagold.com
www.solvistagold.com
Solvista Gold Corporation (TSXV:SVV)
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부터 5월(5) 2024 으로 6월(6) 2024
Solvista Gold Corporation (TSXV:SVV)
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부터 6월(6) 2023 으로 6월(6) 2024
