Solvista Gold Corporation ("Solvista" or the "Company") (TSX
VENTURE:SVV)(OTCQX:SVVZF) is pleased to announce the discovery of a third
mineralized porphyry system at its Ajiaco Sur target, the third target drilled
of six identified targets, within the Company's 100% owned Caramanta Porphyry
Cluster ("CPC") at its Caramanta Project. These results confirm the Company's
model that the three kilometre long CPC represents an aligned cluster of related
mineralized bodies and as such, has the potential to host additional,
significant new gold-copper- silver-molybdenum porphyry and other related
discoveries in the Middle Cauca Belt of Colombia. The Company previously
announced the discovery of mineralized porphyry systems at both El Reten, the
first target drilled within the CPC (see press releases dated September 17,
2012, September 25, 2012 December 11, 2012 and May, 21, 2013) and at El Corral,
the second target drilled (June 11, 2013). The Company is now preparing to drill
test the fourth and fifth porphyry targets known as Malabrigo and Casa Verde.
Highlights
-- Five drill holes were drilled at the Ajiaco Sur target with all five
intersecting significant intervals of Cu-Au-Ag-Mo mineralization (see
Table 1 for full details):
-- Drill hole CAD-1215, drilled to the northwest at -55 degrees,
intersected 357.8 metres at 1.07 g/t AuEq, including 76.9 metres
averaging 1.54 g/t AuEq,
-- Drill hole CAD-1217, drilled vertically and despite being lost above
the target depth, intersected 108.3 metres at 1.13 g/t AuEq,
-- Drill hole CAD-1219, also drilled vertically, intersected 121.0
metres averaging 1.20 g/t AuEq,
-- Drill hole CAD-1324, drilled to the southwest at -60 degrees,
intersected 291.7 metres at 1.10 g/t AuEq,
-- Drill hole CAD-1327, drilled to the northeast at -70 degrees,
intersected 207.2 metres at 0.78 g/t AuEq, including 59.2 metres at
1.09 g/t AuEq.
-- These results confirm the polymetallic nature of the CPC and support the
Company's belief that the CPC represents a dynamic, long-lived,
magmatic-hydrothermal system with the potential to host distinct styles
of mineralization throughout the district. Higher levels of molybdenum
(included in the above AuEq values) than those seen previously in
drilling at El Reten and El Corral were intersected in all drill holes
at Ajiaco Sur and are considered by management to represent some of the
highest molybdenum values encountered in the Middle Cauca Belt of
Colombia. Silver values encountered at Ajiaco Sur are typically higher
than El Reten, although lower than the significant silver values
intersected at El Corral.
-- The Ajiaco Sur target forms the southern part of an irregularly shaped
surface rock chip geochemical anomaly measuring up to 700 metres in a
northeast direction by 390 metres in a southeast direction (Figure 1).
-- Drilling to-date has not identified a principal porphyry phase related
to the alteration and mineralization discovered at Ajiaco Sur,
suggesting that the exploration completed has not yet identified the
core of the magmatic-hydrothermal system. As such, more drilling will be
required to fully evaluate the true potential of the Ajiaco Sur target.
Commenting on the drill results, Solvista's President and CEO, Miller O'Prey,
stated "We are very pleased to be announcing a third discovery at our third
target within the Caramanta Porphyry Cluster. This latest discovery is in
addition to our previously announced El Reten and El Corral discoveries. The
fact that we have now confirmed discoveries at the first three targets drilled
strengthens our belief that the Caramanta Project has the potential to host a
number of significant new gold-copper porphyry discoveries, as well as other
related styles of mineralization. We look forward to commencing drilling at
Malabrigo and Casa Verde, our fourth and fifth porphyry targets within the CPC."
Details
Drill hole CAD-1215 was drilled northwesterly from a platform located 1300
metres north- northeast of the original El Reten discovery platform and 400
metres northeast of the El Corral discovery platform (Figure 1). The diamond
drill program was designed to test the northern end of a 700 metre x 390 metre
surface gold and copper rock chip anomaly in an area characterized by
porphyry-style alteration and mineralization of the Tamesis Stock, an older,
coarse grained, equigranular intrusive body. This first drill hole, CAD-1215,
encountered significant mineralization essentially from the surface with a
continuously mineralized interval of 357.8 metres at 1.07 g/t AuEq (0.46 g/t Au,
5-0 g/t Ag, 0.30 % Cu and 35 ppm Mo), as illustrated in Figure 2. The
mineralization encountered in drill hole CAD-1215, and in all other drill holes
completed to-date at Ajiaco Sur, is typically somewhat more Cu-Mo rich than that
discovered at El Reten and El Corral; for example in CAD-1215 an interval within
the above mentioned 357.8 metres returned 0.46 % Cu over 76.9 metres, starting
at 171.6 metres depth.
Drill hole CAD-1217 was drilled vertically from the same platform and also
encountered significant mineralization essentially from the surface with a
continuously mineralized interval of 108.3 metres 1.13 g/t AuEq (0.46 g/t Au,
6.1 g/t Ag, 0.29 % Cu) and 129 ppm Mo), including a 40.5 metre interval
averaging 1.57 g/t AuEq (0.75 g/t Au, 7.6 g/t Ag, 0.35 % Cu and 174 ppm Mo) from
10.5 metres. The drill hole was abandoned well above the target depth for
technical reasons.
Drill hole CAD-1219 was a re-drill of CAD-1217 and intersected 121.0 metres at
1.20 g/t AuEq (0.48 g/t Au, 7.2 g/t Ag, 0.31 % Cu and 121 ppm Mo) from 5.5
metres depth, including an upper interval of 28.5 metres which includes 248 ppm
Mo - the highest grade Mo interval drilled to-date within the CPC, and several
additional intervals of significant mineralization down to 493.0 metres,
including a copper rich interval of 33.1 metres averaging 0.44 % Cu starting at
321.9 metres.
Drill hole CAD-1324 was drilled to the southwest from the same platform and
encountered 291.7 metres averaging 1.10 g/t AuEq (0.44 g/t Au, 5.5 g/t Ag, 0.30
% Cu and 97 ppm Mo), including a copper-rich interval starting at 18 metres,
which intersected 95 metres at 0.39 % Cu.
Drill hole CAD-1327 is the final drill hole completed at Ajiaco Sur to-date and
was drilled to the northeast. It intersected 207.2 metres at 0.78 g/t AuEq (0.31
g/t Au, 4.0 g/t Ag, 0.21 % Cu and 79 ppm Mo), including an upper interval of
59.2 metres averaging 1.09 g/t AuEq, where Au (0.48 g/t) and Cu (0.23 %) have an
almost equal weighting in the gold equivalent calculation, as well as containing
significant Mo (185 ppm).
Table 1 includes all the intervals of significant gold-copper-silver-molybdenum
mineralization and Table 2 provides location information for the five drill
holes reported in this press release. Due to the polymetallic nature of the
mineralization at Ajiaco Sur, the AuEq (g/t) calculation used previously for El
Corral (which includes both silver and molybdenum values) has also been used for
Ajiaco Sur. Surface geology, drill hole collars and drill hole traces (with
intervals of significant mineralization) are shown on Figure 2. Significant
intervals are defined as being at least six (6) metres in length and averaging
more than 0.4 g/t AuEq with no "internal dilution" greater than six (6) metres
at less than 0.4 g/t AuEq.
Table 1
----------------------------------------------------------------------------
CAD-1215 Significant Intervals
----------------------------------------------------------------------------
From To Length Au Ag Cu Mo AuEq
(m) (m) (m) (g/t) (g/t) (%) (ppm) (g/t)
----------------------------------------------------------------------------
6.0 363.8 357.8 0.46 5.0 0.30 35 1.07
----------------------------------------------------------------------------
including 171.6 248.5 76.9 0.69 3.4 0.46 44 1.54
----------------------------------------------------------------------------
391.8 405.8 12.0 0.10 4.2 0.13 27 0.41
----------------------------------------------------------------------------
----------------------------------------------------------------------------
CAD-1217 Significant Intervals
----------------------------------------------------------------------------
From To Length Au Ag Cu Mo AuEq
(m) (m) (m) (g/t) (g/t) (%) (ppm) (g/t)
----------------------------------------------------------------------------
10.5 118.8 108.3 0.46 6.1 0.29 129 1.13
----------------------------------------------------------------------------
including 10.5 51.0 40.5 0.75 7.6 0.35 174 1.57
----------------------------------------------------------------------------
----------------------------------------------------------------------------
CAD-1219 Significant Intervals
----------------------------------------------------------------------------
From To Length Au Ag Cu Mo AuEq
(m) (m) (m) (g/t) (g/t) (%) (ppm) (g/t)
----------------------------------------------------------------------------
3.5 124.5 121.0 0.48 7.2 0.31 121 1.20
----------------------------------------------------------------------------
including 24.0 52.5 28.5 1.03 8.5 0.49 248 2.14
----------------------------------------------------------------------------
134.5 279.0 144.5 0.13 2.8 0.20 40 0.54
----------------------------------------------------------------------------
291.0 315.4 24.4 0.12 2.5 0.27 14 0.62
----------------------------------------------------------------------------
321.9 355.0 33.1 0.31 4.4 0.44 38 1.15
----------------------------------------------------------------------------
363.0 369.0 6.0 0.12 1.7 0.16 17 0.43
----------------------------------------------------------------------------
377.8 432.4 54.6 0.13 3.5 0.20 49 0.56
----------------------------------------------------------------------------
440.3 450.3 10.0 0.19 1.6 0.21 57 0.59
----------------------------------------------------------------------------
458.3 493.0 34.7 0.18 1.9 0.17 23 0.52
----------------------------------------------------------------------------
----------------------------------------------------------------------------
CAD-1324 Significant Intervals
----------------------------------------------------------------------------
From To Length Au Ag Cu Mo AuEq
(m) (m) (m) (g/t) (g/t) (%) (ppm) (g/t)
----------------------------------------------------------------------------
6.0 297.7 291.7 0.44 5.5 0.30 97 1.10
----------------------------------------------------------------------------
including 18.0 113.0 95.0 0.56 8.0 0.39 147 1.43
----------------------------------------------------------------------------
307.7 324.1 16.4 0.06 7.8 0.14 45 0.46
----------------------------------------------------------------------------
----------------------------------------------------------------------------
CAD-1327 Significant Intervals
----------------------------------------------------------------------------
From To Length Au Ag Cu Mo AuEq
(m) (m) (m) (g/t) (g/t) (%) (ppm) (g/t)
----------------------------------------------------------------------------
14.8 222.0 207.2 0.31 4.0 0.21 79 0.78
----------------------------------------------------------------------------
including 14.8 74.0 59.2 0.48 6.5 0.23 185 1.09
----------------------------------------------------------------------------
244.5 257.0 12.5 0.17 2.0 0.15 36 0.48
----------------------------------------------------------------------------
326.5 334.5 8.0 0.19 3.1 0.35 25 0.84
----------------------------------------------------------------------------
Table 1: AuEq (g/t) calculated using the following long-term metal prices:
Au - $1386/oz, Cu - $3.33/lb, Ag - $27.15/oz & Mo - $11/lb. No adjustments
have been made for metallurgical recoveries or net-smelter returns as these
remain uncertain at this time. AuEq formula: AuEq g/t = Au g/t + (Cu% x
((3.33/1386) x 0.06857 x 10,000)) + (Ag (g/t) x (27.15/1386)) + Mo% x
((11/1386) x 0.06857 x 10,000)). Intercepts are reported as downhole lengths
and may not represent true thicknesses.
Table 2
----------------------------------------------------------------------------
Total
Drill Hole East UTM North UTM Elevation Azimuth Inclination Length
----------------------------------------------------------------------------
Number Coordinate Coordinate (m.a.s.l.) (degrees) (degrees) (metres)
----------------------------------------------------------------------------
CAD-1215 424,033 614,512 2394 315 -55 450.00
----------------------------------------------------------------------------
CAD-1217 424,034 614,512 2394 360 -90 118.78
----------------------------------------------------------------------------
CAD-1219 424,034 614,511 2394 360 -90 525.00
----------------------------------------------------------------------------
CAD-1324 424,034 614,509 2394 225 -60 352.50
----------------------------------------------------------------------------
CAD-1327 424,036 614,511 2394 45 -70 418.00
----------------------------------------------------------------------------
Table 2: Drill hole location data for the five drill holes completed in the
Ajiaco Sur target area. Coordinates are in UTM WGS 84, Zone 18N.
Discussion of the Results
The drilling completed to-date at Ajiaco Sur has defined an irregular,
near-surface zone, locally up to 30 metres thick, comprised of colluvium and
variably weathered bedrock where drill core recoveries average between 60%-90%.
Below this zone, surficial effects are minimal and drill core recoveries are
typically greater than 90%.
The 1,864.28 metres of drilling at Ajiaco Sur is substantially less than that
completed to-date at El Reten and slightly more than that completed at El
Corral, only partially covering the surface rock chip anomaly. However, even at
this early stage the Company has been able to enhance its geological model,
which will help guide future drilling the in Ajiaco Sur target area.
The majority of the significant mineralization (greater than 0.4 g/t AuEq) at
Ajiaco Sur occurs in the Tamesis Stock, an older, aerially extensive, coarse
grained, equigranular intrusive body. The Combia Formation volcanic sequence,
important host rocks at El Reten, were encountered only in drill hole CAD-1327
which was drilled to the northeast. To-date, six different intra-mineral and
late-mineral porphyry phases have been identified at Ajiaco Sur, however, these
occur as dikes and postdate the majority of the alteration and mineralization
encountered in the drilling.
Alteration at Ajiaco Sur comprises dominant magnetite-actinolite-bearing
assemblages with potassic alteration being poorly developed. This is an
important distinction between Ajiaco Sur and both El Reten and El Corral where
potassic alteration is the dominant alteration associated with the gold-copper
(-silver-molybdenum) mineralization. Additionally, the lack of a porphyry phase
related to the alteration and mineralization in the Tamesis Stock and a zone of
dominant potassic alteration at Ajiaco Sur, suggests that the drilling to-date
has not yet identified the core of the magmatic-hydrothermal system.
The geochemical signature of mineralization at Ajiaco Sur is also different than
that seen at either El Reten or El Corral. Whereas El Reten is characterized by
high Au and Cu grades with low Ag and Mo grades and El Corral is characterized
by distinctly higher Ag and Mo grades, Cu grades similar to El Reten and lower
Au grades, Ajiaco Sur is characterized by Cu grades approximately 40% higher
than at El Reten and El Corral, Au grades higher than El Corral but lower than
at El Reten, silver grades lower than at El Corral but significantly higher than
those at El Reten and molybdenum grades significantly higher than both El Reten
and El Corral. The variable geochemical signatures of the three discoveries in
the CPC attest to the long-lived, dynamic nature of the magmatic-hydrothermal
system at Caramanta.
The Company's recently completed Phase 1 drill program was focused on three
target areas - El Reten, El Corral and Ajiaco Sur, which represent the three
southernmost targets within the CPC (as currently defined) (Figure 1). As it is
presently understood, the CPC is a three kilometre long trend with a generally
north-south orientation that remains open for further discoveries in all
directions.
The Company continues to explore additional areas within the CPC and is
currently defining drill platform locations for the Malabrigo and Casa Verde
targets, which the Company plans to drill test in Q3 of 2013. The Company is
also exploring 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 Ajiaco Sur 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.
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 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. 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 is planned
for the Caramanta Project during Q3 of 2013 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
surface traces of all drill holes completed as part of the 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: Approximate representation of the Ajiaco Sur target area showing
surface traces of all drill holes completed to-date as well as interpreted
surface geology and rock-chip geochemical anomalies. The green line shows the
surface expression of the Ajiaco Sur anomaly based on a 0.4 g/t AuEq cutoff.
Figure 3
Figure 3: Northeast-southwest cross-section (approximate representation) showing
drill holes CAD-1219, CAD-1324, and CAD-1327.
To view the figures associated with this release, please visit the following
link: http://media3.marketwire.com/docs/130702_SVV_Figure-1-2-3.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
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