TORONTO, Ontario. Solvista Gold Corporation (“Solvista”) (TSX.V: SVV, OTCQX: SVVZF) is pleased to report that a first phase drill program on the Talbot property is planned to commence in mid-August. The fully permitted program will consist of approximately 10-15 holes totalling a minimum of 5,000m. The drilling will focus on four (4) areas within and proximal to the historic, high grade, copper-gold-zinc-silver (Volcanogenic Massive Sulphide or VMS) Talbot Deposit. The Talbot Property is interpreted to be part of the Flin Flon-Snow Lake greenstone belt located in central Manitoba, Canada.
Drilling will focus on four (4) main areas where high grade copper and gold potential remains untested: 1) Talbot Deposit: main and footwall lenses where potential deposit extensions were identified by several interpreted bore hole anomalies. Additionally, a large newly identified, untested anomaly associated with the north lens is interpreted to be the up and down dip extensions of the north lens, 2) High Grade Gold: several significant high grade historic gold-silver drill intercepts were located south of the high grade Talbot Deposit (5.2m grading 10.4g/t gold and 54.5g/t silver in hole TLS005 and 9.3m grading 8.2g/t gold and 88.4g/t silver in TLS012). These high grade gold-silver intercepts are associated with an interpreted southward striking early-time channel bore hole anomaly, 3) Exhalite Zone: copper-gold-silver mineralization (2.6m grading 1.7% copper, 1.3g/t gold, 15.1g/t silver in historic hole HAR 085) is interpreted to be located at the southernmost edge of a newly identified, 400m long untested, north trending geophysical anomaly. 4) The North Target: interpreted to be a complex, 1,000m long geophysical conductor associated with multiple anomalies. Two (2) historic shallow drill holes on this target intersected highly anomalous copper values along the “top edge” of large, multiple, strongly conductive buried anomalies.
An internal report prepared by Hudbay Minerals Inc. (HBM: TSX) (see reference to Talbot Report below) was completed on the Talbot Deposit which Solvista is treating as an historic estimate. The historic estimate for the Talbot Deposit is detailed below and covers part of the area under exploration by Solvista. HudBay has consented to the use of the information below regarding the Talbot Deposit.
Historical estimates of grade and tonnage given in this Press Release are viewed as reliable and relevant based on the information and methods used at the time. They were prepared in compliance with resource definitions under NI 43-101 but must be considered only as historic resources as the Talbot Report is not a public document. Neither Solvista nor its Qualified Persons have done sufficient work to classify the historic estimate as a current mineral resource under current mineral resource or mineral reserve terminology and are not treating the historic estimate as a current mineral resource. The historic resource should not be relied upon. Solvista is not aware of any other resource estimates on the Talbot Deposit and the only exploration conducted on the property since the historical estimate has been surface pulse geophysical surveys. In order to upgrade the historical resource to a current mineral resource additional drilling would be required.
The Talbot Deposit is defined as a volcanogenic massive sulphide deposit, a stratabound accumulation of sulphide minerals that precipitated at or near the seafloor in association with contemporaneous volcanism. The depositional environment is similar to that of present and past producing base metal deposits of felsic to mafic volcanic and volcaniclastic rocks in the Flin Flon – Snow Lake Greenstone Belt. Three lenses outline the Talbot Deposit and mineralization tops at 150m vertical and consists generally of coarse-grained disseminated to massive sulphides of pyrite, chalcopyrite, sphalerite, and pyrrhotite in a quartzofeldspathic gneiss.
Solvista can earn a 51% interest in the Talbot Property from Hudson Bay Exploration and Development Company Limited (HBED), a wholly owned subsidiary of Hudbay Minerals Inc. by spending $6,120,000 on exploration expenditures over the next six (6) years. The first and second year expenditure commitments are $200K (completed) and $400K respectively with escalating expenditure commitments over the remaining years. The agreement provides that once Solvista has earned its 51% interest in the Property, Solvista (51%) and Hudbay (49%) will form a joint venture and Solvista will be the Operator of the joint venture. Provided Hudbay contributes its pro rata (49%) share of expenditures under the joint venture, it will have two (2) years from the date Solvista earns its 51% interest to purchase an additional 2% interest for a cash payment of $240,000 and either incurring expenditures over a two (2) year period equivalent to 2% of the joint venture expenditures made since the formation of the joint venture or paying such amount to Solvista in cash. If Hudbay acquires the additional 2%, it will become the Operator of the joint venture. Once a positive Feasibility Study has been completed and mining development has commenced, the Operator can increase its interest in the Property to 65% by paying the other participant a cash payment equal to the pro rata share of expenditures made by the other participant to reduce it to a 35% interest. The Operator would then fund the costs of development and will be reimbursed for 100% of the development costs including the 35% interest of the non-operator. Once the costs of development have been repaid, the parties will be reimbursed their pro rata share of expenditures made prior to the date development commences before net profits are distributed pro rata (please see Press Release dated April 23, 2014 and filed on SEDAR under Rockcliff Resources for additional information).
Ken Lapierre P.Geo., President and CEO of Solvista., a Qualified Person in accordance with Canadian regulatory requirements as set out in NI 43-101, has read and approved the scientific and technical information that forms the basis for the disclosure contained in this press release.
For more information please visit our website at www.solvistagold.com.
Solvista Gold Corporation
Solvista Gold Corporation is a Canadian resource exploration company focused on discovery and resource expansion of its high-quality mineral properties at its Snow Lake Project. On June 19, 2015, Solvista merged with Canadian explorer Rockcliff Resources Inc. Solvista now controls the Snow Lake Project in central Manitoba, totalling in excess of 35,000 hectares. The project includes one (1) VMS high grade copper rich NI 43-101 Resource (Rail), two (2) historic high grade VMS copper deposits (Lon and Talbot), a net smelter return royalty on the Tower Property which hosts the T-1 Copper Deposit, numerous properties with untested geophysical anomalies and several additional properties with VMS potential ((Freebeth(optioned to HudBay), Dickstone North and Tramping)). Solvista also owns a zinc-silver rich NI 43-101 Resource (Shihan) in Ontario. Solvista controls two gold projects, Caramanta and Guadalupe located in Colombia, South America. These two projects cover approximately 44,000 hectares in the Antioquia province of Colombia. The Caramanta property is the subject to an option agreement with IAMGOLD Corporation as described in a press release dated December 13, 2013, available on Solvista’s SEDAR profile at www.sedar.com
Solvista is well funded with no debt.
For further information, please contact:
Solvista Gold Corporation
Ken Lapierre, P.Geo
President & CEO
tel. (416) 644-1752; cell (647) 678-3879
Cautionary Note Regarding Forward-Looking Statements: This News Release includes certain "forward-looking statements" which are not comprised of historical facts. Forward-looking statements include estimates and statements that describe Solvista’s future plans, objectives or goals, including words to the effect that Solvista or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to Solvista, Solvista provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information 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 includes, but is not limited to, Solvista’s objectives, goals or future plans, statements, exploration results, potential mineralization, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations and other indigenous peoples, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in Solvista’s public documents filed on SEDAR. Although Solvista believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, 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 law.
Neither 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.