Soltoro Ltd.
TSX VENTURE : SOL

Soltoro Ltd.

March 02, 2009 10:17 ET

Gold Discovery Announced Within Soltoro's Quila Claim Currently Optioned to Southern Silver

TORONTO, ONTARIO--(Marketwire - March 2, 2009) - Soltoro Ltd (TSX VENTURE:SOL) optioned the Quila claim to Southern Silver Exploration Corporation on January 19, 2007. The Quila claim was staked by Soltoro to cover a series of magnetic highs within a known mineralized trend. Southern Silver is exploring the 'Minas de Ameca' property grouping which includes Soltoro's Quila concession along a 25 km long mineralized corridor. The Quila concession is being explored for its gold-silver potential and for the presence of an I.O.C.G or porphyry system. Within the 22,427 hectare Quila claim, 234 hectares known as the Cocula Project are being explored by Timmins Gold Corp. On February 17, 2009, Timmins Gold announced assay results of a 26 hole, 1,974 meter reverse circulation drill program at Cocula. Highlights were as follows: "Hole RCC-01 which intersected 1.30 g/t gold and 13 g/t silver across 37.5 meters from surface, including 9.40 g/t gold and 22 g/t silver across 4.5 meters. Hole RCC-10 intersected 1.20 g/t gold and 13 g/t silver across 37.50 meters from surface... Timmins Gold technical staff and management are confident that the drill program has identified a bulk tonnage target with a potential low strip ratio." The Cocula discovery occurs on the flank of a magnetic high. This discovery supports Southern Silver's theory that a much larger potential I.O.C.G. or porphyry mineralized system underlies the Quila claim and may be responsible for the numerous mines and surface showings within the 'Minas De Ameca' district.

Andrew Thomson, President of Soltoro reports: "Southern Silver is planning to carry out further drilling at Quila in 2009 with a requirement to spend US$500,000 to maintain their earn-in with Soltoro. The gold discovery at Cocula made by Timmins Gold is surrounded by the Quila claim which was staked to cover a series of magnetic highs within a 25 km mine trend. Follow up mapping and sampling is being carried out along strike within the Quila claim to determine potential drill target areas."

During 2008, the second year of the earn-in on Quila, Southern Silver conducted regional mapping, rock and chip sampling followed by detailed geological surveys in the Altavista and El Texcalme target areas. Several priority targets were identified and drill tested in mid-2008.

In the Altavista zone, 6 km north-east of the Cocula discovery, surface sampling returned 3.8 metres of 7.12 gpt gold. The Altavista prospect is underlain by widespread hematite-specularite breccias with variable quartz-chlorite alteration and associated gold and copper mineralization that can be traced in outcrop, float and soil sampling for over 350 metre strike length In 2008, a total 1,020 metres of core drilling in five holes was completed in the Altavista de Ramos area. Drilling targeted widespread copper-gold-bearing hematite-specularite breccias and quartz-sulphide veins and returned thick intervals of highly anomalous gold and copper in 3 holes ranging from 27.1 metres averaging 0.1g/t Au and 0.15% Cu in drill hole QAL08-05, 10.15 metres averaging 0.02g/t Au and 0.28% Cu in drill hole QAL08-03 and 5.8 meters averaging 0.51 g/t Au and 0.25 % Cu related to a ferriferous structure in drill hole 08QAL-1.

The Texcalame prospect is a gravel covered northwest-trending structural zone, up to 200 metres wide, which can be traced in grab and soil samples for over 1 kilometre of strike-length. In 2008 two drill holes were completed for a total of 418.4 metres. Drilling intersected a strong fracture zone over 90 metres in length containing traces of chalcopyrite, bornite and native copper throughout and returned 1 to 7.8 metre thick intervals of strongly anomalous copper ranging from 0.1% to 0.6%. The styles and distribution of alteration and mineralization throughout the entire Quila and Magistral concessions, and particularly the association of copper and gold mineralization with Fe-oxides such as hematite, specularite and magnetite indicate a large scale IOCG-styled target. Drilling to further test the I.O.C.G potential is planned in 2009.

Location maps showing the Quila claim and the internal Texcalame & Altavista & Cocula claims can be viewed at http://www.soltoro.com/quilla.htm.

Prior to the earn-in anniversary date of January 19, 2009, Soltoro received notification from Southern Silver that it would proceed into the third year of its option on the Quila claim. Soltoro received 75,000 common shares of Southern Silver as the completion of second year expenditure anniversary payment under the terms of the option agreement. Southern Silver was required to carry out a total US $500,000 in exploration expenditures in the first two years and has an obligation to expend US$500,000 in year three in order to retain its option. Southern Silver may acquire a 70% interest in Soltoro's Quila property by issuing a total of 500,000 shares and spending a total of US$3 million on exploration in the next three years. Soltoro shall retain a carried 30% interest to delivery by Southern Silver of a bankable feasibility study and shall participate as a 30% working interest partner thereafter.

The Minas de Ameca property grouping is 3 kilometres to the east of Soltoro's La Tortuga copper-gold porphyry project which is being investigated for a similar style deposit as the Quila claim. A 7 hole drill program was completed at La Tortuga in February of 2009 with assays pending at the time of this release. In 2008, Soltoro conducted a resource definition drill program on its El Rayo silver-gold-lead project. Soltoro has 20,215,000 shares outstanding and trades on the TSX Venture Exchange under the symbol SOL.

This document contains "forward-looking statements" within the meaning of applicable Canadian securities regulations. All statements other than statements of historical fact here-in, including, without limitation, statements regarding exploration results and plans and other future plans and objectives, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and future events and actual results could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from our expectations are disclosed in the Company's documents filed from time to time via SEDAR with the Canadian regulatory agencies to whose policies we are bound.

On behalf of the board,

Andrew Thomson, President

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release and has neither approved nor disapproved of the contents of this release.

Contact Information

  • Soltoro Ltd.
    Andrew Thomson
    President
    (416) 987-0722
    Website: www.soltoro.com