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TORONTO, ONTARIO–(Marketwire – Sept. 15, 2011) – Soltoro Ltd. (TSX VENTURE:SOL) has received results for an additional three diamond drill holes within the Soledad structure at the El Rayo primary silver deposit in Jalisco, Mexico. The east-west-trending Soledad structure represents a new and significant discovery unknown at the deadline for data of the recently released NI 43-101 measured and indicated resource of 58.3M ounces of contained silver (NR98-June 14, 2011). At Soledad, Soltoro has drilled over 6,000 metres in 37 diamond drill holes and identified two high-grade silver shoots within a 600 metre-long section of the Soledad structure. The central shoot extends over 220 metres along strike while the western shoot currently extends over 120 metres along strike and remains open to the west. Step-out drilling has confirmed that the central shoot extends to a 150 metre depth and remains open, as does the western shoot. The average grade of twelve drill holes drilled into the core of the central shoot is 49.2 metres of 140 gpt silver. Drill results were returned as follows:
| Structure | Section Line | Drill Hole | From (m) |
To (m) |
Width1 (m) |
Ag (g/t) (uncut) | Ag (g/t) (cut)2 |
| Soledad | 565575 | Ray11-863 | 73.5 | 147.8 | 74.3 | 98 | 98 |
| including | 73.5 | 106.0 | 32.5 | 68 | 68 | ||
| including | 88.5 | 92.6 | 4.1 | 134 | 134 | ||
| including | 123.6 | 147.8 | 24.2 | 197 | 197 | ||
| including | 137.0 | 147.8 | 10.8 | 308 | 308 | ||
| Soledad | 565600 | Ray11-87 | 81.6 | 86.5 | 4.9 | 75 | 75 |
| 95.6 | 100.0 | 4.4 | 578 | 421 | |||
| including | 95.6 | 97.1 | 1.5 | 1,460 | 1,000 | ||
| 111.0 | 114.0 | 3.0 | 73 | 73 | |||
| Soledad | 565700 | Ray11-884 | 85.4 | 87.0 | 1.6 | 67 | 67 |
| 93.4 | 95.0 | 1.6 | 79 | 79 |
| 1 All intersections are reported as drilled thickness. True widths are not known at this time. |
| 2 All values greater than 1,000 g/t Ag cut to 1,000 g/t Ag. |
| 3 Overall recovery for this interval is 96%. Recovery for the interval 93.0 m to 99.0 m is 61%. |
| 4 Recovery for the interval 93.4 m to 95.0 m is 67%. |
Andrew Thomson, President and C.E.O. of Soltoro Ltd., stated: “The silver shoots at Soledad may host significant high-grade silver resources in addition to the bulk-tonnage silver resources delineated in the Las Bolas and Highway Zone deposits. Management believes all three zones will be amenable to open-pit mining. The Company has initiated a resource estimate on the central ore shoot to demonstrate the importance of this new discovery.”
A drill hole location map, sections and a plan map of the newly drilled holes from the Soledad structure may be viewed at:http://www.soltoro.com/projects/pdf/DHSept10Soledad.pdf.
Drill hole Ray11-86 is the third step out hole reported in the central shoot, Ray11-87 is the first step out hole reported in the western shoot and Ray11-88 is a test hole drilled in the gap between the two shoots. Hole Ray11-86 demonstrates the continuous and robust nature of the mineralization in the central shoot. Hole Ray11-87 was intended to help define the eastern extent of the western shoot and returned high grades over narrow widths. Hole Ray11-88 was drilled to test the area between the two shoots at depth and was not expected to encounter mineralization.
Soltoro has contracted Roscoe Postle Associates Inc. (“RPA”), to complete a third resource study at the El Rayo property to include the Soledad high grade silver shoots and step-out drilling completed at Las Bolas and the Highway Zone in 2011. A mineralogy study on the Soledad material is underway with metallurgical testing to follow. The Company anticipates that the revised resource will be completed by the end of the first quarter of 2012.
On June 14, 2011, Soltoro released an in-pit mineral resource estimate for the Las Bolas and Highway Zone mineral deposits at its 100% owned El Rayo silver-gold project in Jalisco, Mexico (NR98-June 14, 2011). At the cut-off grade of 20 g/t Ag the Measured and Indicated Mineral Resources are 33,600,000 tonnes at an average grade of 54 g/t Ag containing approximately 58.3 million ounces of silver, and 200,000 tonnes of Inferred Mineral Resources at an average grade of 44.3 g/t silver, containing approximately 300,000 ounces of silver. The mineral resource estimate was prepared by Hrayr Agnerian, M.Sc. (Applied), P.Geo., Associate Principal Consulting Geologist with Roscoe Postle Associates Inc. and is compliant with National Instrument (NI) 43-101. Mr. Agnerian is the Qualified Person for the purposes of National Instrument 43-101.
Assaying from this program was completed by ALS Chemex through their office in Guadalajara, Mexico. Gold was analyzed using a 30g fire assay with AA finish while the silver is analyzed using a four acid “near total” digestion package. Mr. Steven T. Priesmeyer, C.P.G., Vice President of Exploration for Soltoro Ltd. and a qualified person as defined by NI 43-101 has reviewed and approved the contents of this press release. Field supervision of the El Rayo project is provided by Mr. Patrick Toth, P. Geo., Vice President of Operations, Soltoro Mexico.
About Soltoro:
Soltoro is engaged in exploration for bulk tonnage gold and silver deposits in Mexico. The Company has two diamond drills operating at the El Rayo silver project with the objective of expanding the existing NI 43-101 silver resource. An orientation drill program was recently completed at the Chinipas project in the State of Chihuahua to investigate the potential for a bulk mineable gold deposit. Soltoro has optioned a portion of its Quila claim to Timmins Gold Corp. and optioned its Victoria and Coyote claims to Argentum Silver Corp. The Company continues to actively advance its La Tortuga, El Santuario and Peña Grande projects. Soltoro has 56,666,537 shares outstanding and trades on the TSX Venture Exchange under the symbol SOL.
This communication to shareholders and the public contains certain forward-looking statements. Actual results may differ materially from those indicated by such statements. All statements, other than statements of historical fact, included herein, including, without limitations statements regarding future production, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
