Gold Deposit
Soltera Mining Acquires Three More former producer of gold prospects
Soltera Mining Corp. (OTCBB: SLTA) has been busy acquiring properties during the first quarter of 2008. Unstable markets have been unable to curb the determination with which the management will build on the value shareholder.
Three weeks ago, Soltera announced it had obtained two new Mexican gold properties through the acquisition of Aztek Mineral, SA de CV. A week later, the vending machines in Eureka Copper-Gold property and joint venture with TNR Gold Corp. (TSX-V: TNR) was announced.
This brings to 4 the number of gold projects under development by Soltera, summarized as follows:
El Torno (Argentina, of gold mining rights to 7863 hectares) is located in the Andean Cordillera near the international border with Bolivia. The property contains a very large gold quartz vein that extends intermittently for at least 14 km long north-south. The vein is sub-vertical and gold concentrated in a 2 meter thick breccia zone along its western flank.
Historically, El Torno was worked by the Incas and the Spaniards on a long period and has more than 1,000 m of underground galleries. There is still a small scale operation extracting gold from deposits elluvial on the east side of the vein. In 1997, Puma Minerals completed 2,100 m of drilling over a length of 1 km and in 1999 Penoles Minerals (operators of the world's most rich silver mine and Mexico, the richest and largest gold mines) undertook surface sampling, geological mapping and an IP geophysical survey in the same area. The combined effects (non NI-43-101 compliant) results of this study showed:
a) El Torno is in a province "or" that extends several hundred kilometers north-south through Argentina and Bolivia;
b) The densely mineralized the breach on the west side of the portal vein up to 37 gpt gold in the area tested, and offers a potential of several million ounces along the length vein;
c) Samples of stockwork zones some distance from the main vein has increased 23 TPG and in one case 112 gpt gold;
d) There are several IP geophysical anomalies that could indicate mineralization, but have not yet been drilled.
Soltera holds almost the entire length 14 km and began their exploration in late 2007 with a geochemical stream sediment associated with structural mapping designed to target specific parts of the vein and its surroundings for a more detailed investigation.
Soltera will now define drill targets using more detailed geochemical and geophysical surveys. Drilling is scheduled to begin in the second quarter of 2008 and, given the success This would lead immediately to a full feasibility study which will begin before the end of the year.
Real de Cananea, Mexico
The "Real de Cananea" (Mexico, gold, mining concessions in 1030 hectares) is located in Sonora 26 km from the copper mine owned in Cananea by Penoles. It contains a gold fault zone up to 270 m wide and more than 400m long within Cretaceous volcanic rocks that are strongly altered and made of gold.
There is a small old mine in the center of the property which was probably first worked by the Mayas and certainly by the Spaniards, with several shafts reaching 100 m below the surface. The hard rock was mined with enormous effort and that with the fact that water had to be transported 8 km, indicates the importance of the mineralization. Gold is widespread on the site, which altered rocks showing up to 65 GPT.
Soltera target is a large open pit and the area is wide enough to accommodate well over 1 million ounces. Geochemical, geological and geophysical surveys will be used to define drill targets and drilling is planned for the third quarter of 2008.
Eureka, Argentina
(Argentina, copper-gold, about 10,000 hectares) is located in northern Argentina near the Bolivian border, and only 3 km from El Torno project. The property contains "layers like Red Bed '-bound copper mineralization within sedimentary sandstones, of clays and conglomerates. The surface outcrops are weathered and contain erratically distributed gold. The alluvial gold was worked in the area since before the time the Spaniards arrived and there is an old mine with over 5 km of underground workings that exploited copper and gold small scale until 1987.
The deposit is similar in style to major copper deposits in the Bolivian part of the belt of Tertiary. An estimate geology in the late 1990s (the historical resource estimate, which is not NI-43-compliant 101) was 50 to 60 million tonnes copper content of 1%. Only 70 meters from the training of 450 m depth has been explored to date, leaving huge potential upside.
TNR Gold Corp. (TNR), a Vancouver-based mining company listed on the TSX with extensive experience in Argentina, has entered into an agreement option with the seller of the option to acquire a 75% interest in the property by spending a total of U.S. $ 3,000,000 in exploration and option payments before April 20, 2010.
TNR will undertake detailed geological mapping, trenching, geochemical and geophysical surveys, sampling of historic underground workings and drilling. Soltera is not required to incur any expenditure on the project today.
Casita Colorada, another project of the company in Mexico, is a shear zone mineralized major works since the late 1800s for gold. The mineralized zone was at least 400 m long and 150 m wide and there is potential for a gold deposit substantial but the project is held in reserve, so the company can focus on the El Torno and Real de Cananea.
Be sure to keep an eye on SLTA over the coming months to year. Geochemical analysis results are due any day now, and there are many new ones that will be generated by exploration activities on all properties.
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