Junior explorer Soltoro (SOL-V), which is focused on finding bulk-tonnage gold and silver deposits in southwestern Mexico, is making headway in Jalisco state where it defined a resource at its 100%-owned El Rayo primary silver project earlier this year and drill results since then continue to encourage management.
In mid-June Soltoro released an in-pit resource estimate for the Las Bolas and Highway Zone deposits at El Rayo. At a cut-off grade of 20 grams silver per tonne, measured and indicated resources currently stand at 33.6 million tonnes grading 54 grams silver per tonne for 58.3 million oz. contained silver. Inferred resources equal 200,000 tonnes at 44.3 grams silver for 300,000 oz. contained silver.
The junior has two diamond drills operating at El Rayo to expand the existing resource and recently released results for another eight holes. The El Rayo project, south of the town of Guachinango, hosts numerous mineralized structures where silver, gold and lead have been extracted from 16 known underground mines.
Step out drill hole 79 returned 43.4 metres of 173 grams silver per tonne and hole 81 cut 62 metres of 182 grams silver per tonne, including 45.6 metres of 237 grams silver and 22.4 metres of 324 grams silver.
The two step-out holes have extended the depth of the central high-grade silver ore shoot defined on the Soledad structure, while hole 85 has started to define the strike length of the second ore shoot at the west end of Soledad. That hole returned 21.6 metres of 130 grams silver, while hole 83 cut 0.5 metre of 491 grams silver.
“Step out drill holes Ray11-79 and Ray11-81 have established that the central high-grade silver ore shoot defined at Soledad plunges to the northeast,” Andrew Thomson, Soltoro’s president and chief executive, said in a news release. “The grade and width of the mineralization appears to have good continuity and remains open at depth 150 metres from surface. Near-surface drilling to date on the central high-grade silver ore shoot has returned an average length of 49 metres of 140 grams silver per tonne indicating the potential for open-pit mining. Drill hole Ray11-85 confirms the presence of a second high-grade silver ore shoot to the west where drilling along strike and at depth is underway to define its extent.”
As currently interpreted, the central mineralized shoot extends continuously over 225 metres along strike to the east of the
initial discovery in hole 60 (6.9 metres averaging 527 grams silver per tonne) and plunges to the northeast.
Elsewhere in Mexico, Soltoro is undertaking an orientation drill program at its Chinipas project
in Chihuahua state to look into the potential of a bulk mineable gold deposit and has optioned a portion of its Quila claim to
Timmins Gold (TMM-V) and its Victoria and Coyote claims to Argentum Silver (ASL-V).
At the same time, Soltoro is advancing its La Tortuga, El Santuario and Peña Grande projects.
Soltoro has about 55.13 million shares outstanding and at presstime was trading at $1.29 per share within a 52-week band of 22¢ (Aug. 16, 2010) and $1.49 (Aug. 2, 2011).
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