Soltoro runs with the bulls

Soltoros (SOL-V) focus on bulk tonnage copper, gold and silver deposits in Mexico has been paying off as of late.

Since mid-August the Toronto-based companys shares have been on a tear, shooting up to 65 at press time from 33 on August 17. The company has roughly 20 million shares outstanding.

News that it had started diamond drilling on its 100% owned Bacanora gold project in Sonora, Mexico kept the momentum moving upwards, helping to pump its share price up 2 on roughly 230,000 shares traded.

Drilling at Bacanora is set to determine if a bulk tonnage gold deposit exists at the site. Currently the company says it believes such a deposit to be the gold source feeding numerous placer deposits downstream along the Yaqui River.

Strong results from an earlier trenching program have buoyed the companys hope for the drilling program. Trenching results were highlighted by 6 metres at 2.48 grams gold per tonne.

Solotoro says it has already drilled two of the 10 drill holes that will cut 2,000 metres into the rock when it is done.

Thus far, two different styles of mineralization have been observed at the deposit: sheeted vein mineralization hosted in a felsic intrusive and sediment hosted veins (SHV) in the underlaying sediments.

SHVs are most common in Asia and consist of gold in quartz veins hosted by shale and siltstone sedimentary rocks. They can be gold-only systems and making for simple metallurgy.

The drill program at Bacanora comes on the heels of results from its El Rayo project which sits in the Jalisco province of Mexico.

On Sept. 20 Soltoro announced new wide zones outside of the historic resource area.

Highlights included 37.5 metres grading 1.78 grams gold, 31 grams silver and 0.3% lead; 15 metres grading 1.56 grams gold, 9 grams silver and 0.13% lead and 3 metres grading 2.38 grams gold, 129 grams silver and 1.13% lead.

The widths and grade of the mineralized zones at depth are sufficient to support both open pit and underground mining for gold and silver, Soltoro says. In all it has defined 5 km of mineralized structures which are open on strike to the north east and north west.