TORONTO, ONTARIO, Jun 14, 2011 (MARKETWIRE via COMTEX News Network) --
Soltoro Ltd. (TSX VENTURE: SOL) has received an independent resource estimate on its 100% owned El Rayo silver project in the State of Jalisco, Mexico. The NI 43-101 compliant resources were estimated by Roscoe Postle Associates Inc. ("RPA"), and include an updated estimate of the Las Bolas Structure, the Highway Zone, and the northern extension of the El Rayo Structure.
Soltoro has defined significant bulk-tonnage silver resources on the northeast trending Las Bolas and Highway Zone structures. The table below lists the Mineral Resources for the Las Bolas and Highway Zones:
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Las Bolas & Highway Zone Deposit Silver Resource
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Cut-off Average Contained
grade Tonnes Grade ounces of
Deposit Area (g/t Ag) (millions) (g/t Ag) Silver
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Measured Mineral Resources
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Las Bolas 20 5.90 63.86 12,100,000
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Indicated Mineral Resources
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Las Bolas 20 24.20 51.17 39,900,000
Highway Zone 20 3.50 56.54 6,300,000
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Total Measured and Indicated Mineral Resources
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Las Bolas &
Highway Zone 20 33.60 54.00 58,300,000
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Inferred Mineral Resources
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Highway Zone 20 0.20 44.34 300,000
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Notes:
1. CIM definitions were followed for Mineral Resources.
2. Mineral Resources were estimated using prices of US$27/oz Ag. No credits
are assigned for other metals.
3. Metallurgical recovery is assumed to be 74% of the contained silver.
4. High silver values are cut to 400 g/t Ag.
5. The Las Bolas deposit is modeled at a minimum of 5 m true thickness of
mineralization.
6. The numbers for tonnage, average grade and contained ounces of silver
are rounded figures.
7. The above resources are constrained by a Whittle optimized pit shell and
constitute 87% of the modelled mineralization is within a conceptual
open pit for the Las Bolas Structure and 64% for the Highway Zone.
Soltoro President and CEO, Andrew Thomson comments "To date Soltoro has defined a measured and indicated 58.3 million ounce silver resource with further drilling being carried out to expand the deposit. In 2011, drilling will be carried out at the Las Bolas deposit to the north-north-east along strike and at depth to test for mineralized sulphide feeder zones to expand the resource. Current drilling is focused on defining high-grade silver resources within the Soledad structure. Mineralization at Soledad occurs within an offset fault south of Las Bolas and north of the Highway Zone."
The Company has also been investigating the gold potential at the north end of the El Rayo structure. Previous drilling had identified a gold zone one kilometre in strike length. At a pit discard cut-off grade of 0.35 g/t Au, the resource estimate for the northernmost 250 metres of the gold structure is reported by RPA as follows:
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El Rayo Northern Zone Gold Resource
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Cut-off Average Contained
grade Tonnes Grade ounces
Deposit Area (g/t Au) (thousands) (g/t Au) of Gold
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Indicated Mineral Resources
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El Rayo North 0.35 380 1.85 22,600
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Inferred Mineral Resources
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El Rayo North 0.35 365 1.61 18,900
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Notes:
1. CIM definitions were followed for mineral resources.
2. Mineral Resources were estimated using prices of US$1,300/oz Au. No
credits were assigned for other metals.
3. Metallurgical recovery is assumed to be 90% of the contained gold.
4. The Rayo Extension deposit is modeled at a minimum of 5 m vertical
thickness of mineralization.
5. The numbers for tonnage, average grade and contained ounces of gold are
rounded figures.
6. The above resources are constrained by a Whittle optimized pit shell.
Acopy of the NI 43-101 Technical Report will be available on the SEDAR website within 45 days of this news release. The mineral resources were estimated by Hrayr Agnerian, M.Sc. (Applied), P.Geo., Associate Principal Consulting Geologist with RPA. Mr Agnerian is the Qualified Person for the purposes of National Instrument 43-101 Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators, and has verified the data disclosed in this release.
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 is also being carried out 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 Pena Grande projects. Soltoro has 49,635,018 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.
Contacts: Soltoro Ltd. Andrew Thomson President (416) 987-0722 www.soltoro.com
SOURCE: SOLTORO LTD.
https://www.soltoro.com
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