La Tortuga Project
51% Earn-in with Gold Reserve Inc. (GRZ:TSX.V, GRZ:NYSE-Amex)
In May of 2012, Soltoro entered into an Option Agreement with Gold Reserve Inc. The option agreement allows Gold Reserve to acquire an undivided 51% interest in Soltoro’s La Tortuga by making an aggregate US$650,000 in option payments to Soltoro and US$3,000,000 in exploration expenditures over three years. At the completion of the earn-in a Joint Venture Agreement will be formalized. Upon exercise of the option, Gold Reserve may acquire an additional 9% interest for US$2,000,000.
Location: The La Tortuga project is located in the State of Jalisco approximately a 3 hour drive south-west from Guadalajara by paved highway and dirt road. A large portion of the property formed part of the National Mine Reserve in Jalisco before denationalization in 1993.
History: Mining was last carried out at the turn of the century by Americans at the historic Las Garrochas gold-silver mine and the Macuchi silver-copper mine. From 1993 to 1998, surface trenching, geochemical surveys, geophysics and a reverse circulation program were completed.
Programs: At La Tortuga widespread copper and gold mineralization occurs over 49 square kilometers. From 2006 to 2008, the Company completed Induced Polarization (IP) surveys covering 151 line-kilometres. In 2008, the Company completed 7 diamond drill holes to test high chargeabilty anomalies in the historic Las Garrochas and Macuchi mine areas and along Papagayo ridge. Drilling was designed to identify a significant copper gold deposit however failed to locate any copper mineralization. In 2009 at the Macuchi mine area, mapping and sampling identified two separate zones of hematite matrix mega breccia’s with specularite suggesting a possible Iron Oxide Copper Gold (I.O.C.G) system related to a possible diatreme as the source of the copper gold mineralization in this portion of the property. Two of Soltoro’s advisory board members visited the property and confirmed the I.O.C.G. potential.
In February of 2009. Soltoro drill tested the Macuchi mine area to investigate the I.O.C.G potential. A total of 1,005 metres of drilling was completed in 4 separate drill holes. Drilling was successful in confirming several hematite matrix mega breccias with specularite suggesting the potential for an I.O.C.G. system related to a possible diatreme. Further drilling is warranted to test the I.O.C.G. potential on the property.
In July 2009, a geophysical operator completed 80 line kilometres of ground magnetics over the Macuchi area in order to better understand local structures and their relationship to the magnetic rocks and to investigate the potential of the area for I.O.C.G. style mineralization. Gold Reserve has receipted all of the data from these programs with follow up exploration underway to define drill targets.