IAMGOLD to Invest Up to $36 Million to Earn a 70% Interest in
Solvista Property
TORONTO, ONTARIO--(Marketwired - Dec 18, 2013) - Solvista Gold
Corporation ("Solvista" or the "Company")
(TSX-VENTURE:SVV)(OTCQX:SVVZF) is pleased to announce that it has
entered into an agreement (the "Agreement") with IAMGOLD
Corporation ("IAMGOLD") that sets out the major terms of a 70%
earn-in option agreement, subject to regulatory approval.
Highlights
- Under the terms of the Agreement, IAMGOLD will have the right
to earn up to a 70% interest in the Company's Caramanta Project
(the "Project"), located in Colombia's Mid- Cauca Belt, by
completing the following steps:
- IAMGOLD can earn an initial 51% interest in the Project by
investing a total of US$ 18 million (US$ 2,500,000 is a
non-discretionary commitment) in qualifying expenditures, which
includes US$ 900,000 of cash payments to Solvista, over a maximum
five year period commencing on December 16, 2013, with IAMGOLD as
the Project operator.
- IAMGOLD can earn an additional 19% interest in the Project, for
a total 70% interest, by investing a further US$ 18 million in
qualifying expenditures over a maximum three year period following
the completion of the initial 51% earn-in.
- Subject to the satisfaction of the aforementioned conditions,
and upon completion of IAMGOLD's 51% or 70% earn-in, as IAMGOLD may
elect, Solvista and IAMGOLD will enter into a joint venture to hold
and advance the Project.
Commenting on the
Agreement, Solvista's President and CEO, Miller O'Prey, stated "We
are extremely pleased that the potential of the Project, developed
to-date through our exploration efforts over the last two years,
has attracted the interest of a company such as IAMGOLD and we look
forward to working with IAMGOLD to continue to advance the
Project."
Details
Once IAMGOLD has
completed its earn-in obligations and acquired a 70% interest in
the Project, or in the event that IAMGOLD completes a 51% earn-in
but elects not to complete a 70% earn-in, the Company and IAMGOLD
will form a joint venture for the continued advancement of the
Project. In the case that either party elects not to fund its
pro-rata commitment, it will be diluted by an industry standard
dilution model. In the case that either party dilutes to a 10%
interest, that interest will convert to a 2% net smelter return
royalty, of which 1% may be purchased for US$ 2 million at any time
prior to the commencement of production.
IAMGOLD must spend
at least 50% of the non-discretionary commitment during the first
year of the Agreement, including further drilling within the area
of the Caramanta Porphyry Cluster (see press releases dated May 21,
June 11 and July 02, 2013) and regional exploration on new targets
recently identified by Solvista such as the El Cacao area.
Drilling Results
The Company is also
pleased to report the results of the latest drill program completed
at the Project. A total of 761 metres were drilled in 5 drill
holes, 4 on the Malabrigo target and 1 on the Casa Verde
target.
The drilling at
Malabrigo (Drill holes CAD-1328 to CAD-1331) identified near
surface porphyry style gold dominant mineralization before entering
a late to post mineral porphyry phase that does not outcrop. Drill
hole CAD-1331 did terminate in significant mineralization,
suggesting that more drilling should be completed to the west in
order to fully evaluate the target. Drill hole CAD-1332 tested the
Casa Verde target returning 67m at 0.61 g/t gold equivalent (AuEq)
with substantially more copper mineralization than seen at
Malabrigo. The Casa Verde drill hole is located near the southern
edge of a large MMI soil gold and copper anomaly, suggesting that
more drilling is warranted to the north.
Table 1 includes all
the intervals of significant gold-copper mineralization and Table 2
provides location information for the five drill holes. Drill holes
CAD-1328, CAD-1329, CAD-1330 and CAD- 1331 were drilled from the
same platform at Malabrigo while drill hole CAD-1332 was drilled
from a separate platform at Casa Verde, located approximately 1.3
kilometres to the north of Malabrigo. Significant intervals are
defined as being at least 6 metres in length and averaging more
than 0.4 g/t AuEq with no "internal dilution" greater than 6 metres
at less than 0.4 g/t AuEq.
CAD-1328 Significant Intervals |
From (m) |
To (m) |
|
Length (m) |
|
Au (g/t) |
|
Ag (g/t) |
|
Cu (%) |
|
AuEq (g/t) |
0.0 |
18.3 |
|
18.3 |
|
0.44 |
|
2.6 |
|
0.05 |
|
0.54 |
|
CAD-1329 Significant Intervals |
|
|
|
|
|
|
|
|
From (m) |
To (m) |
|
Length (m) |
|
Au (g/t) |
|
Ag (g/t) |
|
Cu (%) |
|
AuEq (g/t) |
3.0 |
12.4 |
|
9.4 |
|
0.78 |
|
11.2 |
|
0.05 |
|
0.87 |
|
CAD-1330 Significant Intervals |
|
|
|
|
|
|
|
|
From (m) |
To (m) |
|
Length (m) |
|
Au (g/t) |
|
Ag (g/t) |
|
Cu (%) |
|
AuEq (g/t) |
0.0 |
23.9 |
|
23.9 |
|
0.54 |
|
4.0 |
|
0.04 |
|
0.61 |
51.0 |
63.0 |
|
12.0 |
|
0.38 |
|
3.2 |
|
0.08 |
|
0.53 |
|
CAD-1331 Significant Intervals |
From (m) |
To (m) |
|
Length (m) |
|
Au (g/t) |
|
Ag (g/t) |
|
Cu (%) |
|
AuEq (g/t) |
4.0 |
29.5 |
|
25.5 |
|
0.44 |
|
7.8 |
|
0.05 |
|
0.53 |
117.0 |
123.8 |
|
6.8 |
|
0.45 |
|
4.2 |
|
0.05 |
|
0.54 |
|
|
|
|
|
|
|
|
|
|
|
|
CAD-1332 Significant Intervals |
From (m) |
To (m) |
|
Length (m) |
|
Au (g/t) |
|
Ag (g/t) |
|
Cu (%) |
|
AuEq (g/t) |
5.0 |
72.0 |
|
67.0 |
|
0.37 |
|
2.5 |
|
0.13 |
|
0.61 |
Table 1: AuEq (g/t) calculated assuming a long-term gold price
of US $1100/oz and a long-term copper price of US $3.00/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 22.0462 x
3.00)/(1100/31.1035)] g/t. Ag and Mo values, although shown in
Table 1 are not included in the AuEq calculation. Intercepts are
reported as downhole lengths and may not represent true
thicknesses. |
Drill Hole |
East UTM |
North UTM |
Elevation |
Azimuth |
Inclination |
Total Length |
Number |
Coordinate |
Coordinate |
(m.a.s.l.) |
(degrees) |
(degrees) |
(metres) |
CAD-1328 |
423756 |
614919 |
2316 |
360 |
-70 |
161.8 |
CAD-1329 |
423756 |
614915 |
2316 |
180 |
-50 |
274.9 |
CAD-1330 |
423758 |
614917 |
2316 |
90 |
-50 |
200.9 |
CAD-1331 |
423754 |
614917 |
2316 |
270 |
-70 |
123.8 |
CAD-1332 |
423937 |
615458 |
2046 |
20 |
-70 |
124.6 |
Table 2: Drill hole location data for the five drill holes
completed in the Malabrigo and Casa Verde target areas. Coordinates
are in UTM WGS 84, Zone 18N. |
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
Medellín, Colombia.
The scientific and
technical information contained in this press release has been
reviewed by the Company's President and CEO, Mr. Miller O'Prey,
P.Geo., who is a "Qualified Person" as such term is defined under
National Instrument 43-101 - Standards of Disclosure for
Mineral Projects ("NI 43-101").
About the
Project
The Project is
located at the centre of the Middle Cauca Belt, one of the most
prolific gold districts in Colombia, with production dating back to
pre-Colonial times. The Middle Cauca Belt has 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 the Project 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 of the Project is Sunward
Resources' Titiribí deposit where a NI 43-101 compliant Measured
and Indicated Resource of 6.2 Moz AuEq at 0.50 g/t and Inferred
Resource of 6.5 Moz AuEq at 0.53 g/t have been announced.
Three of the
Project's multiple targets (El Reten, El Corral and Ajiaco Sur) are
located within a regional environmental designation referred to as
the district of integrated management ("DMI"). Under the terms of
the DMI there is currently a prohibition against open pit mining
within the DMI. The Company has submitted a written submission to
the regional environmental authority in Corantioquia requesting the
immediate removal of the DMI designation. As disclosed in the
Company's press release, dated September 16, 2013, exploration
within the DMI has been temporarily halted by Corantioquia until
the Company's application for removal of the DMI designation has
been considered. In October 2013 Corantioquia informed the Company
that during the period that a decision on the removal of the DMI
designation was being considered exploration within the DMI could
resume upon the receipt of an acceptable environmental management
plan that IAMGOLD and the Company plan to jointly present to
Corantioquia in the first quarter of 2014.
About Solvista
Solvista is a gold
exploration company with two projects, Caramanta and Guadalupe
located in Colombia, South America. These two 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 initial drill programs at both its
projects, with the discovery of significant mineralization at both.
Solvista's head office is located in Toronto, Canada 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).
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, including those related
to the District of Integrated Management at the Caramanta Project,
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.
Solvista Gold CorporationMiller O'Prey, PGeoChief Executive
Officer+1 647 694 0149moprey@solvistagold.comSolvista Gold
CorporationDon Christie, CPAChief Financial Officer+1 416 504
4171dchristie@solvistagold.comwww.solvistagold.com
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