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
In the next five to ten years, millions, if not billions of things will become smarter. This smartness goes beyond connected things in our homes like the fridge, thermostat and fancy lighting, and into heavily regulated industries including aerospace, pharmaceutical/medical devices and energy. “Smartness” will embed itself within individual products that are part of our daily lives. We will engage with smart products - learning from them, informing them, and communicating with them. Smart produc...
As ridesharing competitors and enhanced services increase, notable changes are occurring in the transportation model. Despite the cost-effective means and flexibility of ridesharing, both drivers and users will need to be aware of the connected environment and how it will impact the ridesharing experience. In his session at @ThingsExpo, Timothy Evavold, Executive Director Automotive at Covisint, will discuss key challenges and solutions to powering a ride sharing and/or multimodal model in the a...
In his keynote at 19th Cloud Expo, Sheng Liang, co-founder and CEO of Rancher Labs, will discuss the technological advances and new business opportunities created by the rapid adoption of containers. With the success of Amazon Web Services (AWS) and various open source technologies used to build private clouds, cloud computing has become an essential component of IT strategy. However, users continue to face challenges in implementing clouds, as older technologies evolve and newer ones like Docke...
SYS-CON Events announced today that Embotics, the cloud automation company, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Embotics is the cloud automation company for IT organizations and service providers that need to improve provisioning or enable self-service capabilities. With a relentless focus on delivering a premier user experience and unmatched customer support, Embotics is the fas...
Without lifecycle traceability and visibility across the tool chain, stakeholders from Planning-to-Ops have limited insight and answers to who, what, when, why and how across the DevOps lifecycle. This impacts the ability to deliver high quality software at the needed velocity to drive positive business outcomes. In his general session at @DevOpsSummit at 19th Cloud Expo, Eric Robertson, General Manager at CollabNet, will discuss how customers are able to achieve a level of transparency that e...
Just over a week ago I received a long and loud sustained applause for a presentation I delivered at this year’s Cloud Expo in Santa Clara. I was extremely pleased with the turnout and had some very good conversations with many of the attendees. Over the next few days I had many more meaningful conversations and was not only happy with the results but also learned a few new things. Here is everything I learned in those three days distilled into three short points.
SYS-CON Events announced today that Coalfire will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Coalfire is the trusted leader in cybersecurity risk management and compliance services. Coalfire integrates advisory and technical assessments and recommendations to the corporate directors, executives, boards, and IT organizations for global brands and organizations in the technology, cloud, health...
In his session at 19th Cloud Expo, Claude Remillard, Principal Program Manager in Developer Division at Microsoft, will contrast how his team used config as code and immutable patterns for continuous delivery of microservices and apps to the cloud. He will show the immutable patterns helps developers do away with most of the complexity of config as code-enabling scenarios such as rollback, zero downtime upgrades with far greater simplicity. He will also have live demos of building immutable pipe...
Rapid innovation, changing business landscapes, and new IT demands force businesses to make changes quickly. In the eyes of many, containers are at the brink of becoming a pervasive technology in enterprise IT to accelerate application delivery. In this presentation, you'll learn about the: The transformation of IT to a DevOps, microservices, and container-based architecture What are containers and how DevOps practices can operate in a container-based environment A demonstration of how Docke...
The IoT industry is now at a crossroads, between the fast-paced innovation of technologies and the pending mass adoption by global enterprises. The complexity of combining rapidly evolving technologies and the need to establish practices for market acceleration pose a strong challenge to global enterprises as well as IoT vendors. In his session at @ThingsExpo, Clark Smith, senior product manager for Numerex, will discuss how Numerex, as an experienced, established IoT provider, has embraced a ...
Cloud based infrastructure deployment is becoming more and more appealing to customers, from Fortune 500 companies to SMEs due to its pay-as-you-go model. Enterprise storage vendors are able to reach out to these customers by integrating in cloud based deployments; this needs adaptability and interoperability of the products confirming to cloud standards such as OpenStack, CloudStack, or Azure. As compared to off the shelf commodity storage, enterprise storages by its reliability, high-availabil...
As data explodes in quantity, importance and from new sources, the need for managing and protecting data residing across physical, virtual, and cloud environments grow with it. Managing data includes protecting it, indexing and classifying it for true, long-term management, compliance and E-Discovery. Commvault can ensure this with a single pane of glass solution – whether in a private cloud, a Service Provider delivered public cloud or a hybrid cloud environment – across the heterogeneous enter...
SYS-CON Events announced today that MathFreeOn will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. MathFreeOn is Software as a Service (SaaS) used in Engineering and Math education. Write scripts and solve math problems online. MathFreeOn provides online courses for beginners or amateurs who have difficulties in writing scripts. In accordance with various mathematical topics, there are more tha...
SYS-CON Events announced today that Cemware will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Use MATLAB functions by just visiting website mathfreeon.com. MATLAB compatible, freely usable, online platform services. As of October 2016, 80,000 users from 180 countries are enjoying our platform service.
@ThingsExpo has been named the Top 5 Most Influential Internet of Things Brand by Onalytica in the ‘The Internet of Things Landscape 2015: Top 100 Individuals and Brands.' Onalytica analyzed Twitter conversations around the #IoT debate to uncover the most influential brands and individuals driving the conversation. Onalytica captured data from 56,224 users. The PageRank based methodology they use to extract influencers on a particular topic (tweets mentioning #InternetofThings or #IoT in this ...