Welcome!

News Feed Item

Solvista Provides an Exploration Update on its Caramanta Project

TORONTO, ONTARIO -- (Marketwired) -- 05/26/14 -- Solvista Gold Corporation ("Solvista" or the "Company") (TSX VENTURE:SVV)(OTCQX:SVVZF) is pleased provide an update on the ongoing exploration activities recently completed and planned at its Caramanta Project (the "Project"), which is currently being explored by IAMGOLD Corporation ("IAMGOLD"). As previously announced on March 17, 2014 Solvista entered into a definitive option agreement (the "Agreement") with IAMGOLD and also received acceptance of the Agreement from the TSX Venture Exchange.

Over the past several months, IAMGOLD has assigned a dedicated exploration team to the Project and commenced a detailed exploration program with the aim of resuming drilling during Q3 2014. Work completed or currently underway includes:


--  A Mobile Metal Ion ("MMI") soil sampling program (896 samples) focused
    on ridges and spurs across the property to complement previous programs
    completed by Solvista. 
--  A 27 line kilometre ground magnetic survey within the area of the
    Caramanta Porphyry Cluster ("CPC"), to complement the previous surveys
    completed by Solvista in the area, resulting in complete ground magnetic
    coverage over the entire CPC. 
--  Detailed geological mapping and sampling in the areas of the Malabrigo
    and Casa Verde targets within the CPC. 

Results from the MMI soil sampling program have been integrated with the Solvista database across the southern portion of the Project. Existing anomalies for gold and copper were expanded and new anomalies were identified within the CPC from the El Reten discovery, located at the southern end of the CPC, to the Casa Verde anomaly, located some 2.5 kilometres to the north. Two other anomalies were confirmed/ extended in areas where Solvista had previously completed little or no soil sampling: El Cacao, located to the north of the CPC, represents a possible extension of the mineralizing system and one target, known as Don Carlos, located to the east of the CPC in what appears to be a second mineralized trend that includes the Yarumalito/ Obispo targets of Colombia Mines Corporation. It should be noted that MMI anomalies may be offset from the mineralized zones to which they are related. It will take further geologic mapping and rock chip sampling to better understand the potential relationship of these anomalies to gold-copper mineralization.

Under the terms of the Agreement, IAMGOLD has agreed to complete a minimum of US$2,500,000 in exploration expenditures and will have the right to earn up to a 70% interest in the Project, located in Colombia's Mid-Cauca Belt, by completing the following steps:


--  IAMGOLD can earn an initial 51% interest in the Project by investing a
    total of US$18,000,000 (including the US$2,500,000 firm commitment
    described above) in qualifying expenditures, which will include
    US$900,000 of cash payments to Solvista, over a maximum five-year period
    commencing on December 16, 2013; and 
--  IAMGOLD can earn an additional 19% interest in the Project, for a total
    70% interest, by investing a further US$18,000,000 in qualifying
    expenditures over a maximum three-year period following the completion
    of the initial 51% earn-in. 

Subject to the satisfaction of the aforementioned conditions, and upon completion of IAMGOLD's 51% or 70% earn-in, as IAMGOLD may elect, Solvista and IAMGOLD would enter into a joint venture to hold and advance the Project.

The scientific and technical information contained in this press release has been reviewed by the Company's President and CEO, Mr. Miller O'Prey, P.Geo., who is a "Qualified Person" as such term is defined under National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43- 101").

About the Caramanta Project

The Project is located at the centre of the Middle Cauca Belt, one of the most prolific gold districts in Colombia, with production dating back to pre-colonial times. It has also been the focus of intense exploration over the past five years with a number of new discoveries including La Colosa (Anglogold Ashanti), a porphyry-gold deposit with a JORC-compliant Inferred Resource of 24.15 Moz Au at 0.94 g/t Au. Directly south of the Project is Gran Colombia Gold's Marmato Project with NI 43-101-compliant Measured and Indicated Resources of 11.8 Moz Au at 0.9 g/t Au and 80 Moz Ag at 6.1 g/t Ag, and Inferred Resources of 2.6 Moz Au at 1.02 g/t Au and 9 Moz Ag at 3.7 g/t Ag. To the north is Sunward Resources' Titiribi deposit where a NI 43-101-compliant Measured and Indicated Resource of 6.2 Moz AuEq at 0.50 g/t and Inferred Resource of 6.5 Moz AuEq at 0.53 g/t have been announced.

Three of the Project's multiple targets (El Reten, El Corral and Ajiaco Sur) are located within a regional environmental designation referred to as a District of Integrated Management ("DMI"). Under the terms of the DMI there is currently a prohibition against open pit mining within the DMI. The Company has made a written submission to the regional environmental authority responsible for the declaration and management of the DMI ("Corantioquia") requesting the immediate removal of the DMI designation over its mining titles. As disclosed in the Company's press release dated September 16, 2013, exploration within the DMI had been temporarily halted by Corantioquia until the Company's application for removal of the DMI designation has been considered. As further disclosed in the Company's press release dated December 18, 2013, Corantioquia informed the Company that during the period that the decision on the removal of the DMI designation was being considered, exploration within the DMI could resume upon the receipt of an acceptable environmental management plan ("EMP"). In March 2014 IAMGOLD and the Company presented an EMP to Corantioquia and are currently awaiting comments and approval.

About Solvista

Solvista is a gold exploration company with two projects, Caramanta and Guadalupe. These projects cover approximately 45,000 hectares in the Antioquia province of Colombia, a region rich in historic gold mining tradition and where several new gold discoveries have recently been made. Solvista is well funded and has completed initial drill programs at both its projects, with the discovery of significant mineralization at both. Solvista's head office is located in Toronto, Canada with its Colombian headquarters located in Medellin. For further details on Solvista, its management team and its projects, please refer to Solvista's website (www.solvistagold.com).

Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

CAUTIONARY STATEMENT: This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release relates to, among other matters, IAMGOLD's interest in the Project under the Option Agreement. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, failure to convert any estimated mineral resources to reserves, capital and operating costs varying significantly from estimates, the preliminary nature of metallurgical test results, delays in obtaining of failures to obtain required governmental, environmental or other project approvals, including those related to the District of Integrated Management at the Project, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, Solvista's relationship with IAMGOLD, fluctuations in commodity prices, delays in the development of the Project, risks involved in the mineral exploration and development industry, and those other risks set out in Solvista's public documents filed on SEDAR. Solvista believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable; for example, that the Option Agreement will not be terminated and IAMGOLD will exercise its option(s) thereunder. Nevertheless, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Solvista disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by applicable securities laws.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Historically, some banking activities such as trading have been relying heavily on analytics and cutting edge algorithmic tools. The coming of age of powerful data analytics solutions combined with the development of intelligent algorithms have created new opportunities for financial institutions. In his session at 20th Cloud Expo, Sebastien Meunier, Head of Digital for North America at Chappuis Halder & Co., discussed how these tools can be leveraged to develop a lasting competitive advantage ...
In his session at 20th Cloud Expo, Mike Johnston, an infrastructure engineer at Supergiant.io, discussed how to use Kubernetes to set up a SaaS infrastructure for your business. Mike Johnston is an infrastructure engineer at Supergiant.io with over 12 years of experience designing, deploying, and maintaining server and workstation infrastructure at all scales. He has experience with brick and mortar data centers as well as cloud providers like Digital Ocean, Amazon Web Services, and Rackspace. H...
The question before companies today is not whether to become intelligent, it’s a question of how and how fast. The key is to adopt and deploy an intelligent application strategy while simultaneously preparing to scale that intelligence. In her session at 21st Cloud Expo, Sangeeta Chakraborty, Chief Customer Officer at Ayasdi, will provide a tactical framework to become a truly intelligent enterprise, including how to identify the right applications for AI, how to build a Center of Excellence to ...
You know you need the cloud, but you’re hesitant to simply dump everything at Amazon since you know that not all workloads are suitable for cloud. You know that you want the kind of ease of use and scalability that you get with public cloud, but your applications are architected in a way that makes the public cloud a non-starter. You’re looking at private cloud solutions based on hyperconverged infrastructure, but you’re concerned with the limits inherent in those technologies.
SYS-CON Events announced today that Massive Networks will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Massive Networks mission is simple. To help your business operate seamlessly with fast, reliable, and secure internet and network solutions. Improve your customer's experience with outstanding connections to your cloud.
DevOps is under attack because developers don’t want to mess with infrastructure. They will happily own their code into production, but want to use platforms instead of raw automation. That’s changing the landscape that we understand as DevOps with both architecture concepts (CloudNative) and process redefinition (SRE). Rob Hirschfeld’s recent work in Kubernetes operations has led to the conclusion that containers and related platforms have changed the way we should be thinking about DevOps and...
As businesses adopt functionalities in cloud computing, it’s imperative that IT operations consistently ensure cloud systems work correctly – all of the time, and to their best capabilities. In his session at @BigDataExpo, Bernd Harzog, CEO and founder of OpsDataStore, presented an industry answer to the common question, “Are you running IT operations as efficiently and as cost effectively as you need to?” He then expounded on the industry issues he frequently came up against as an analyst, and ...
All organizations that did not originate this moment have a pre-existing culture as well as legacy technology and processes that can be more or less amenable to DevOps implementation. That organizational culture is influenced by the personalities and management styles of Executive Management, the wider culture in which the organization is situated, and the personalities of key team members at all levels of the organization. This culture and entrenched interests usually throw a wrench in the work...
Given the popularity of the containers, further investment in the telco/cable industry is needed to transition existing VM-based solutions to containerized cloud native deployments. The networking architecture of the solution isolates the network traffic into different network planes (e.g., management, control, and media). This naturally makes support for multiple interfaces in container orchestration engines an indispensable requirement.
SYS-CON Events announced today that Datera, that offers a radically new data management architecture, has been named "Exhibitor" of SYS-CON's 21st International Cloud Expo ®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Datera is transforming the traditional datacenter model through modern cloud simplicity. The technology industry is at another major inflection point. The rise of mobile, the Internet of Things, data storage and Big...
Everything run by electricity will eventually be connected to the Internet. Get ahead of the Internet of Things revolution and join Akvelon expert and IoT industry leader, Sergey Grebnov, in his session at @ThingsExpo, for an educational dive into the world of managing your home, workplace and all the devices they contain with the power of machine-based AI and intelligent Bot services for a completely streamlined experience.
Because IoT devices are deployed in mission-critical environments more than ever before, it’s increasingly imperative they be truly smart. IoT sensors simply stockpiling data isn’t useful. IoT must be artificially and naturally intelligent in order to provide more value In his session at @ThingsExpo, John Crupi, Vice President and Engineering System Architect at Greenwave Systems, will discuss how IoT artificial intelligence (AI) can be carried out via edge analytics and machine learning techn...
FinTechs use the cloud to operate at the speed and scale of digital financial activity, but are often hindered by the complexity of managing security and compliance in the cloud. In his session at 20th Cloud Expo, Sesh Murthy, co-founder and CTO of Cloud Raxak, showed how proactive and automated cloud security enables FinTechs to leverage the cloud to achieve their business goals. Through business-driven cloud security, FinTechs can speed time-to-market, diminish risk and costs, maintain continu...
Existing Big Data solutions are mainly focused on the discovery and analysis of data. The solutions are scalable and highly available but tedious when swapping in and swapping out occurs in disarray and thrashing takes place. The resolution for thrashing through machine learning algorithms and support nomenclature is through simple techniques. Organizations that have been collecting large customer data are increasingly seeing the need to use the data for swapping in and out and thrashing occurs ...
In his session at @ThingsExpo, Arvind Radhakrishnen discussed how IoT offers new business models in banking and financial services organizations with the capability to revolutionize products, payments, channels, business processes and asset management built on strong architectural foundation. The following topics were covered: How IoT stands to impact various business parameters including customer experience, cost and risk management within BFS organizations.