Solvista Provides an Exploration Update on its Caramanta Project
2014年5月26日 - 9:00PM
Marketwired
Solvista Provides an Exploration Update on its Caramanta Project
TORONTO, ONTARIO--(Marketwired - May 26, 2014) - Solvista Gold
Corporation ("Solvista" or the "Company")
(TSX-VENTURE:SVV)(OTCQX:SVVZF) is pleased provide an update on the
ongoing exploration activities recently completed and planned at
its Caramanta Project (the "Project"), which is currently being
explored by IAMGOLD Corporation ("IAMGOLD"). As previously
announced on March 17, 2014 Solvista entered into a definitive
option agreement (the "Agreement") with IAMGOLD and also received
acceptance of the Agreement from the TSX Venture Exchange.
Over the past
several months, IAMGOLD has assigned a dedicated exploration team
to the Project and commenced a detailed exploration program with
the aim of resuming drilling during Q3 2014. Work completed or
currently underway includes:
- A Mobile Metal Ion ("MMI") soil sampling program (896 samples)
focused on ridges and spurs across the property to complement
previous programs completed by Solvista.
- A 27 line kilometre ground magnetic survey within the area of
the Caramanta Porphyry Cluster ("CPC"), to complement the previous
surveys completed by Solvista in the area, resulting in complete
ground magnetic coverage over the entire CPC.
- Detailed geological mapping and sampling in the areas of the
Malabrigo and Casa Verde targets within the CPC.
Results from the MMI
soil sampling program have been integrated with the Solvista
database across the southern portion of the Project. Existing
anomalies for gold and copper were expanded and new anomalies were
identified within the CPC from the El Retén discovery, located at
the southern end of the CPC, to the Casa Verde anomaly, located
some 2.5 kilometres to the north. Two other anomalies were
confirmed/ extended in areas where Solvista had previously
completed little or no soil sampling: El Cacao, located to the
north of the CPC, represents a possible extension of the
mineralizing system and one target, known as Don Carlos, located to
the east of the CPC in what appears to be a second mineralized
trend that includes the Yarumalito/ Obispo targets of Colombia
Mines Corporation. It should be noted that MMI anomalies may be
offset from the mineralized zones to which they are related. It
will take further geologic mapping and rock chip sampling to better
understand the potential relationship of these anomalies to
gold-copper mineralization.
Under the terms of
the Agreement, IAMGOLD has agreed to complete a minimum of
US$2,500,000 in exploration expenditures and will have the right to
earn up to a 70% interest in 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$18,000,000 (including the US$2,500,000 firm
commitment described above) in qualifying expenditures, which will
include US$900,000 of cash payments to Solvista, over a maximum
five-year period commencing on December 16, 2013; and
- IAMGOLD can earn an additional 19% interest in the Project, for
a total 70% interest, by investing a further US$18,000,000 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 would enter into a joint venture to hold and advance the
Project.
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 Caramanta
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. 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 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 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 Retén, El Corral and Ajiaco Sur) are
located within a regional environmental designation referred to as
a 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 made a written submission to the regional
environmental authority responsible for the declaration and
management of the DMI ("Corantioquia") requesting the immediate
removal of the DMI designation over its mining titles. As disclosed
in the Company's press release dated September 16, 2013,
exploration within the DMI had been temporarily halted by
Corantioquia until the Company's application for removal of the DMI
designation has been considered. As further disclosed in the
Company's press release dated December 18, 2013, Corantioquia
informed the Company that during the period that the 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 ("EMP"). In March 2014
IAMGOLD and the Company presented an EMP to Corantioquia and are
currently awaiting comments and approval.
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 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 news 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 relates to, among other matters, IAMGOLD's
interest in the Project under the Option Agreement. Factors that
could cause actual results to differ materially from such
forward-looking information include, but are not limited to,
failure to convert any estimated mineral resources to reserves,
capital and operating costs varying significantly from estimates,
the preliminary nature of metallurgical test results, delays in
obtaining of failures to obtain required governmental,
environmental or other project approvals, including those related
to the District of Integrated Management at the 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, Solvista's relationship with
IAMGOLD, fluctuations in commodity prices, delays in the
development of the Project, risks involved in the mineral
exploration and development industry, and those other risks set out
in Solvista's public documents filed on SEDAR. Solvista believes
that the assumptions and factors used in preparing the
forward-looking information in this news release are reasonable;
for example, that the Option Agreement will not be terminated and
IAMGOLD will exercise its option(s) thereunder. Nevertheless, 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 applicable securities laws.
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
Solvista Gold Corporation (TSXV:SVV)
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