TORONTO, ONTARIO--(Marketwire - Oct. 25, 2012) - Soltoro Ltd. (TSX VENTURE:SOL) holds a total of 6,847,000 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 now received results from 11 of 17 diamond drill holes completed on the 2,164 metre Phase II drill program at its Coyote silver-gold property in Jalisco, Mexico. These 11 holes targeted the El Tajo vein, and all holes intersected the vein with silver mineralization over a total strike length of 600 metres to date.
Results now available from the 8 newest drill holes completed by Argentum Silver (along with results from the first 3 drill holes previously reported in Argentum Silver's news release dated October 18, 2012) demonstrate the continuity of silver mineralization on the El Tajo vein, in addition to encountering up to three new hanging wall veins. Highlights from these 8 new drill holes include 0.85 metres of 1,083 g/t silver ("Ag") and 3.65 metres of 328 g/t Ag from Hole 2012-29; 4.4 metres of 170 g/t silver from Hole 2102-30; and 1.95 metres of 854 g/t silver from Hole 2102-36. All 8 holes returned mineralized intercepts as follows:
|Upper El Tajo 2
|Upper El Tajo 1
|Upper El Tajo 3
|Upper El Tajo 2
||True widths are estimated to be roughly 70% of drill intercept length.
||AgEQ = Silver Equivalent based on Au price of US$1756.1/oz and Ag price of US$33.63/oz.
Andrew Thomson President of Soltoro Ltd., stated "The Phase II drilling in the El Tajo mine area is very encouraging as the mineralization remains open along strike to the north-east and south-west and at depth. Previously unknown high-grade silver veins separate from the known El Tajo vein have been identified. Argentum Silver has elected to complete a target deposit calculation at El Tajo to better understand the nature of the mineralization and provide an idea of the resource potential. Phase II has established a third dimension and been successful in finding mineralized silver intercepts in every hole reported to date."
The El Tajo vein has been intercepted by drilling to depths ranging from 65 to 120 metres vertical from surface, over a strike length of 600 metres. 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 38 g/t Ag to 1,470 g/t Ag (4.0 metres of 1,470 g/t Ag from Hole 2012-3). Separate mineralized hanging wall veins were encountered in four of the 11 Phase 2 holes drilled.
Results from Argentum Silver drilling are still pending from 3 additional drill holes in the El Tajo historic mine area and 3 scout drill holes completed on portions of the La Colorada mineralized zone. Collectively with the Phase I and II programs, the El Tajo and La Colorada veins will have been traced for over a 1,100 metre strike length on surface.
The 1053-hectare Coyote property contains dozens of individual low sulfidation epithermal silver-gold veins and stockworking. Most of the mineralization occurs within six defined zones within an area of approximately 1.5 x 2.6 kilometres. Vein widths typically range from 1 to over 5 metres. Stockwork zones have locally been mapped at surface where widths have exceeded 35 metres. Results released from this drill program have only tested the El Tajo historic mine area.
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.
Soltoro is engaged in exploration for bulk tonnage gold and silver deposits in Mexico. Soltoro holds in 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 14.9% 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.
Attachment Available: http://cnrp.marketwire.com/cnrp_files/20121025-sola1025.pdf
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.