Soltoro's Equity/Royalty Partner Intercepts 2.90 Metres of 499 GPT Silver and 1.44 GPT Gold From the El Tajo Vein at the Coyote Project
TORONTO, ONTARIO -- (Marketwire) -- 11/14/12 -- Soltoro Ltd. (TSX VENTURE: SOL) holds a total of 6,968,000 common shares of Argentum Silver Corp. (TSX VENTURE: ASL) and is completing the transfer of 100% of the mining rights to the Coyote property to Argentum Silver Corp. Upon transfer, Soltoro will retain a 3% Net Smelter Return ("N.S.R.") interest in Coyote whereby 1% can be purchased by Argentum Silver for US$1.5 million to a maximum of 2%.
Soltoro participates in discoveries and advancements at Coyote through its 15% equity holding in Argentum Silver and its retained 3% N.S.R. royalty interest in the Coyote property.
Argentum Silver has received complete results from the last 7 of 17 diamond drill holes recently completed during the Phase II drill program at its Coyote silver-gold property in Jalisco, Mexico. Of the 7 remaining holes to be fully reported, 4 tested the El Tajo vein and 3 tested the La Colorada vein northwest of El Tajo. Highlights from the last 7 drill holes include 3.70 metres of 179 g/t Ag not previously reported in Hole 2102-36 and 2.90 metres of 449 g/t Ag and 1.44 g/t Au in Hole 2012-42. Mineralized intercepts are as follows:
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VEIN HOLE FROM TO WIDTH(1) Ag Au AgEQ(2)
ID (m) (m) (m) (g/t) (g/t) (g/t)
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Upper El Tajo 2 2012-36 71.70 73.65 1.95(3) 854 0.31 870
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El Tajo 135.80 137.10 1.30(3) 42 0.17 51
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El Tajo 144.00 147.70 3.70 179 0.05 182
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La Colorada 2012-37 130.95 131.35 0.40 85 0.01 86
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La Colorada 2012-38 56.45 60.85 4.40 66 0.04 68
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La Colorada 2012-39 58.00 60.10 2.10 30 0.03 32
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El Tajo 2012-40 114.65 115.65 1.00 85 0.46 109
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El Tajo 2012-41 117.00 118.20 1.20 31 0.06 34
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El Tajo 2012-42 85.50 88.40 2.90 449 1.44 524
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(1) True widths are estimated to be roughly 70% of drill intercept length.
(2) AgEQ = Silver Equivalent based on Au price of US$1756.1/oz and Ag price
of US$33.63/oz.
(3) The two shallower intersections in Hole 2012-36 were previously
reported.
The El Tajo vein has been intercepted by drilling to depths ranging from 65.0 to 120.0 metres vertically from surface, over a strike length of 600 metres. The El Tajo drill intercepts to date range from 0.85 metres to 11.0 metres (11.0 metres of 288 g/t Ag from Hole 2012-28). Grades range from 31 g/t Ag to 1,470 g/t Ag (4.0 metres of 1,470 g/t Ag from Hole 2012-3). A separate sub-parallel hanging wall vein labeled Upper Tajo 2 has been intercepted over a strike length of 350 metres. Reported Upper Tajo 2 drill intercepts range from 0.35 metres to 2.5 metres (2.5 metres of 403 g/t Ag from Hole 2012-7). Grades range from 16 g/t Ag to 1,083 g/t Ag (0.85 metres of 1,083 g/t Ag from Hole 2012-29).
Andrew Thomson, President of Soltoro Ltd. stated, "On completion of the Phase II program, Argentum Silver has drill tested the El Tajo, La Colorada, Bocancha and La Florida veins over a total 3.1 kilometres strike length. An additional 3 kilometres of total strike length remains untested at the San Rafael, El Tajo Norte and the La Valenciana vein zones. Further drilling will be carried out in the El Tajo mine area as it remains open at depth and along strike. A target deposit calculation is being completed for the El Tajo mine area."
The 1,053-hectare Coyote property contains dozens of individual low sulfidation epithermal silver-gold veins and stockwork zones. Most of the mineralization occurs within seven zones in an area of approximately 1.5 by 2.6 kilometres. Vein widths typically range from 1 to over 5 metres. Zones of stockwork have locally been mapped on surface over widths exceeding 35 metres. Results released from this drill program have only tested the El Tajo and La Colorada historic mine areas.
The Coyote project is located near the town of Chilicayote, within the state of Jalisco, Mexico. Road access and infrastructure are excellent. The property is approximately 150 linear kilometres southwest of Guadalajara. Topography is generally gentle to moderate. A regional electrical power line crosses the property.
Assaying from this program was completed by ALS Chemex through their office in Guadalajara, Mexico. Analytical procedures include a 33 element ICP-AES analysis (ME-ICP61m) and a 50 g FA AA finish for gold (AA-24). Silver assays exceeding 100 g/t are re-assayed by HCL leach with an ICP-AES or AAS finish (OG62). Paul Cowley, P.Geo., Argentum Silver Corp.'s Senior Geological Consultant and Advisor, and a Qualified Person under NI 43-101 has designed and supervised the Argentum Silver Corp. program, and reviewed and approved the contents of Soltoro's press release.
About Argentum Silver:
Argentum Silver has satisfied all of the requirements to earn a 100% interest in the Coyote and Victoria properties as per an option agreement signed in 2011 with Soltoro. Soltoro is in the process of transferring these properties to Argentum Silver. Upon transfer of the properties, Soltoro will retain a 3% N.S.R. royalty interest in each project whereby 1% can be purchased by Argentum Silver for US$1.5 million to a maximum of 2% for each project. Argentum Silver also owns a 100% interest in the Lachiguiri and Silacayoapan properties, located in Oaxaca, Mexico. Soltoro participates in discoveries and developments on all of Argentum Silver's properties through the 6,847,000 shares it holds in Argentum Silver which also provides Soltoro shareholders with greater exposure to developments in southern Mexico.
About Soltoro:
Soltoro is engaged in exploration for bulk tonnage gold and silver deposits in Mexico. Soltoro holds an interest in an excess of 55,000 hectares of ground in Jalisco State. Soltoro is focused on expanding silver resources at the El Rayo silver project while seeking partners to advance the balance of its projects. Soltoro holds 15% of the common shares of Argentum Silver Corp. and a 3% N.S.R. payable to Soltoro on the Victoria and Coyote properties. Soltoro's La Tortuga project has been optioned to Gold Reserve Inc. Soltoro has 59,408,037 shares outstanding and trades on the TSX Venture Exchange under the symbol SOL. Coeur d'Alene Mines Corp. holds 4.5 million shares of Soltoro Ltd.
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.
Contacts:
Soltoro Ltd.
Andrew Thomson
President
(416) 987-0722
www.soltoro.com
