Soltoro Ltd.
TSX VENTURE : SOL

Soltoro Ltd.

November 12, 2014 12:36 ET

Soltoro Files Technical Report on the El Rayo Primary Silver Project in Jalisco

TORONTO, ONTARIO--(Marketwired - Nov. 12, 2014) - Soltoro Ltd. (TSX VENTURE:SOL) has filed a Technical Report for its 100% owned El Rayo silver project on SEDAR and the Company's website. The updated Mineral Resources included in the NI 43-101 Technical Report were prepared by Agnerian Consulting Ltd. ("Agnerian") in support of the resource update and reflects minor changes to the Mineral Resources originally summarized in a news release on September 29, 2014. The Technical Report includes an updated estimate of the Las Bolas, La Soledad, Highway Zone silver deposits, and the El Rayo gold deposit, as well as a first time disclosure of the Mineral Resources for the historic Catarina mine. The revision considers a smaller tonnage, higher grade resource than previous estimates, which could be exploited through a combination of small open pit and underground operations.

The Mineral Resources were prepared in compliance with National Instrument ("NI") 43-101 and CIM standards by constructing block models and applying conceptual open pit and underground models on each of the deposits. The estimates of open pit and underground resources are shown in the tables below:

SOLTORO LTD. - EL RAYO PROPERTY
UPDATED MINERAL RESOURCES, NOVEMBER 12, 2014
SILVER DEPOSITS CATEGORY TONNES (M tonnes) AVERAGE GRADE CONTAINED Ag (million oz) CONTAINED Pb (million lbs) EQUIVALENT Ag (million oz)
Ag (g/t) Pb (%)
OPEN PIT RESOURCES
Las Bolas Measured 1.18 140 0.52 5.3 13.5 5.7
Subtotal Measured 1.18 140 0.52 5.3 13.5 5.7
Las Bolas Indicated 0.60 129 0.32 2.5 4.2 2.6
Matachines Indicated 0.33 30 1.60 0.3 11.6 0.6
La Soledad Indicated 3.33 120 0.27 12.8 19.8 13.4
Highway Indicated 0.15 111 0.20 0.5 0.7 0.6
Subtotal Indicated 4.41 114 0.37 16.2 36.3 17.2
TOTAL MEASURED & INDICATED 5.59 120 0.40 21.5 49.8 22.9
La Soledad Inferred 0.47 104 0.35 1.6 3.6 1.7
Subtotal Inferred 0.47 104 0.35 1.6 3.6 1.7
UNDERGROUND RESOURCES
Las Bolas Inferred 0.68 305 2.74 6.7 41.0 7.8
Matachines Inferred 0.06 91 16.70 0.2 22.0 0.8
La Soledad Inferred 0.12 215 1.04 0.8 2.7 0.9
Catarina Inferred 0.33 211 2.08 2.2 15.1 2.6
Subtotal Inferred 1.19 259 3.09 9.9 80.9 12.1
TOTAL INFERRED 1.66 215 2.31 11.5 84.5 13.8
GOLD DEPOSIT CATEGORY TONNES (million tonnes) GRADE Au (g/t) CONTAINED Au (oz)
El Rayo Indicated 0.54 1.63 28,000
El Rayo Inferred 0.53 1.40 24,000
Notes:
1. CIM definitions were followed for Mineral Resources.
2. Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental permitting, legal, title, taxation, socio-economic, political, marketing, or other relevant issues.
3. The quantity and grade of the Inferred Mineral Resources are conceptual in nature and there has been insufficient exploration to define them as Measured Mineral Resources or Indicated Mineral Resources. It is uncertain if further exploration will result in upgrading the Inferred Mineral Resources to an Indicated or Measured category.
4. The Qualified Person for these Mineral Resource estimates is Michael F. Waldegger, P.Geo. of MFW Geoscience Inc.
5. Silver Mineral Resources were estimated using price of US$20/oz Ag. Gold Mineral Resources were estimated using prices of US$1,250/oz Au. Only credits for the contained lead were assigned for the Las Bolas, La Soledad, Highway Zone, and Catarina deposits.
6. Metallurgical recoveries for the contained silver and lead are assumed as follows:
a. Las Bolas: ranging from 15% to 65% for silver.
b. Matachines: ranging from 15% to 65% for silver and 55% for lead.
c. La Soledad: 77% for silver and 55% for lead.
d. Highway Zone: ranging from 15% to 65% for silver.
e. Catarina: 60% for silver and 60% for lead.
f. El Rayo Gold Zone: 90% for gold.
7. The bulk density is based on the sulphide constituents of the mineralized intersections and the average 2.28 t/m3 density for the gangue brecciated rock.
8. Mineral Resources were estimated using a pit discard NSR cut-off value of US$13 per tonne for the Las Bolas, La Soledad, Highway Zone, and El Rayo Gold Zone deposits, and a cut-off value of US$65 per tonne for the for the Las Bolas, La Soledad, and La Catarina underground deposits.
9. A minimum of 5 m vertical thickness of mineralization was used for the mineralized zones of the open pit deposits.
10. A minimum of 2 m horizontal thickness of mineralization was used for the mineralized zones of the underground deposits.
11. The numbers for tonnage, average grade, and contained ounces of silver are rounded figures.
12. The contained ounces of silver and pounds of lead are in millions, respectively.
13. La Catarina Mineral Resources include tonnage from past underground mining. Actual numbers will be different than the above estimates.
14. The above resources are within preliminary open pits and represent 19% of total block model mineralization for Las Bolas deposit, 50% of total block model mineralization for La Soledad deposit, 2% of the total block model mineralization at the Highway Zone, 55% of total block model mineralization for the Catarina deposit, and 30% of total block model mineralization for the El Rayo Northern Extension.

Soltoro President and CEO, Andrew Thomson comments: "Soltoro has completed and filed its updated Technical Report for the El Rayo project report on SEDAR and the Company's website. The mineral resources reported are in line with the current 3 year trailing average pricing for silver and takes into account recent metallurgical recoveries testing. The resulting revised higher grade silver resources could be exploited through a combination of small open pit and underground operations."

Soltoro notes that Mineral Resource reported in this release and the Technical Report differ from those originally summarized in a news release on September 29, 2014 (NR170) due to the following:

  • Adjustments to the block models of the Las Bolas and La Catarina deposits.
  • Change in the classification of most of the Mineral Resources of the Las Bolas deposit from Indicated to Measured category and some from the Inferred to Indicated category.
  • Additional review of the assay database on the La Catarina deposit.
  • Inclusion of new resources estimates for the Highway Zone silver deposit and the El Rayo Gold Zone.

QUALIFIED PERSONS

A copy of the NI 43-101 Technical Report is available at www.soltoro.com and has been filed on SEDAR. The mineral resources were estimated by Mr. Michael Waldegger. P. Geo. of MFW Geoscience Inc., on behalf of Agnerian Consulting Ltd. (AC). Both Messrs Hrayr Agnerian, M.Sc. (Applied), P.Geo., President of AC. and Waldegger are Qualified Persons for the purposes of National Instrument 43-101 Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators. Mr. Agnerian has reviewed and verified the information disclosed in this news release.

ABOUT SOLTORO

Soltoro is engaged in exploration for gold and silver deposits in Mexico. Soltoro holds in excess of 30,000 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 a 3% N.S.R. payable on Argentum Silver's Victoria and Coyote properties. Soltoro has 75,533,037 common shares issued and outstanding and trades on the TSX Venture Exchange under the symbol "SOL".

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. 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.

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