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 mineral 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 about 58.3 million ounces of contained silver. Inferred resources equal 200,000 tonnes at 44.3 grams silver for about 300,000 ounces of contained silver.
The junior has two diamond drills operating at El Rayo to expand the existing resource and released results for an additional eight holes today. The El Rayo project, south of the town of Guachinango, hosts numerous mineralized structures where silver, gold and lead have been extracted from sixteen known underground mines.
Step out drill hole Ray11-79 returned 43.4 metres of 173 grams silver per tonne and Ray11-80 cut 58.5 metres of 59 grams silver per tonne, including 20.6 metres of 86 grams silver and 6 metres of 190 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 drill hole Ray 11-85 has started to define the strike length of the second ore shoot at the west end of Soledad. Drill hole Ray 11-85 returned 21.6 metres of 130 grams silver, while Ray 11-83 cut 0.5 metres 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 drill hole Ray11-60 (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 Corp. (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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