TORONTO, ONTARIO--(Marketwire - May 10, 2012) - Solvista Gold Corporation ("Solvista" or the "Company") (TSX VENTURE:SVV)(OTCQX:SVVZF) is pleased to announce a new high-grade gold discovery at its Guadalupe Project, located to the southeast of the locus of the Company's ongoing drill program.
Further to the Company's last exploration update on the Guadalupe Project, dated November 25, 2011, the Company has received assay results from 473 new rock chip and channel samples from the El Oso and Campo Alegre zones in the El Oso sector, with results returning up to 162.8 g/t Au over 1.6 metres.
| Sample Length | |||||
| Area | Sector | (metres) | Au (g/t) | Ag (g/t) | Sb (ppm) |
| El Oso | El Oso | 1.64 | 162.8 | 13 | 296 |
| El Oso | El Oso | 0.77 | 75.6 | 17 | 1184 |
| El Oso | El Oso | 1.0 | 23.9 | 5.1 | 757 |
| El Oso | El Oso | 0.5 | 12.9 | 1802 | 3026 |
| Selected rock chip geochemical results from new surface mapping and sampling. |
Mineralization in these zones appears to have a strong structural control (northwest- southeast), with two separate "vein-type" structural corridors identified to-date. Sampling of the two El Oso structural corridors have returned weighted averages of 2.57g/t Au and 23.6g/t Ag over 1.4m (98 samples) and 20.4g/t Au and 1.2g/t Ag over 1.6m (14 samples) in the El Oso structural corridors 1 and 2, respectively. At present the El Oso structural corridor 1 has a known strike length of 800m and structural corridor 2 has a known strike length of 300m. Solvista geologists are currently taking additional soil samples and ground geophysics (IP and magnetics) has also been completed along the strike extensions of the El Oso structural corridors to trace the mineralization in areas of no outcrop. The Company plans to begin initial drill testing of the El Oso structural corridors as part of its ongoing 3,000 metre program. Figure 1 shows the location of the newly discovered zones in relation to the completed drill holes.
Commenting on the new discovery, Solvista's President and CEO Miller O'Prey stated, "we are excited to have recently identified this new area with high-grade surface results and look forward to initiating drilling there by mid-year. With approximately US$ 10 million in the bank, the Company is fully funded to explore and drill its properties through to next year, whilst maintaining the flexibility to consolidate its land package through acquisitions similar to that recently announced with Tolima Gold Inc."
Field work at the Guadalupe Project is ongoing and includes mapping and rock and vein sampling, stream sediment sampling and soil sampling (conventional soil samples and MMI samples) to continually identify new areas for drill testing in future drilling programs.
With the aim of maintaining our shareholders fully informed, the Company has posted a Guadalupe-specific technical presentation to its website.
Quality Control and Assurance
The Company utilizes an industry-standard Quality Assurance/Quality Control program for the taking and analyzing of samples. Rock, drillcore, soil (MMI) and stream sediment samples are prepared at a preparation facility in Medellín run by SGS Colombia. Samples are then shipped for analysis to the SGS del Peru S.A.C. certified assay laboratory in Lima, Perú. Gold values were determined by fire assay with an atomic absorption finish on 30 gram samples; other elements were analyzed with a 4 acid digestion and an ICP-MS finish. Blanks, duplicates and certified reference standards are routinely inserted into the sample stream to monitor laboratory performance and a portion of the samples are periodically check assayed at ACME Laboratories in Vancouver, British Columbia.
The scientific and technical information contained in this news release has been reviewed by Mr. Miller O'Prey P.Geo., who is a "Qualified Person" as defined under National Instrument 43-101.
About Solvista
Solvista is a gold exploration company with two projects, Caramanta and Guadalupe. These projects cover approximately 60,000 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 will complete a 10,000 metre drill program during 2012. Solvista's head office is located in Toronto with its Colombian headquarters located in Medellín. For further details on Solvista, its management team and its projects, please refer to Solvista's website (www.solvistagold.com). Solvista's Canadian regulatory filings can be found on SEDAR at www.sedar.com.
To view, "Figure 1: Location of newly discovered high-grade mineralization at El Oso, with reference to drill holes completed in the Campo Alegre zone", please visit the following link:
http://media3.marketwire.com/docs/789300.pdf
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 release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
Contact Information:
Don Christie, CA
Chief Financial Officer
+1 416 504 4171
dchristie@solvistagold.com
Solvista Gold Corporation
Melissa Moriarty
Corporate Relations
+1 647 694 0149
mmoriarty@solvistagold.com