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Soltoro shares rally on channel sampling results from Tecolote project in Mexico

Last updated: 17:42 16 Nov 2012 GMT, First published: 18:42 16 Nov 2012 GMT

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Soltoro  (CVE:SOL) shares advanced Friday after it announced gold and silver assay results from its ongoing mapping and sampling program at the Tecolote project in Jalisco, Mexico. 

The company said the Carmelita vein system has been traced for over 40 metres at surface where sampling returned several high-grade gold and silver values, including 24.0 grams per tonne (g/t) gold and 333 g/t silver over 0.8 metres, 12.5 g/t gold and 512 g/t silver over 0.7 metres and, 8.4 g/t gold and 172 g/t silver, all from channel samples. 

A ground magnetic survey over the Carmelita zone was recently completed, the company said, "which would suggest the structure may have a strike length of 550 metres." Further mapping and sampling is planned at Carmelita.

Meanwhile, the San Eusebio vein system has been traced for over 150 metres at surface where channel sampling returned 12.9 g/t gold and 12 g/t silver over 1.0 metre and 6.4 g/t gold and 6 g/t silver over 1.0 metre. 

"Currently we have two geologists assigned to Tecolote with additional staff assisting to complete regional mapping, sampling and ground magnetic surveys," said president and CEO, Andrew Thomson.

"Detailed mapping and sampling continue in order to define the extent of the high-grade gold silver zones. Trenching, followed by drilling, can be initiated once permits have been obtained. The permitting process is expected to be completed in 2013."

The 3,052 hectare Tecolote project is located less than 10 kilometres north of Soltoro's El Rayo primary silver project and 10 kilometres northeast of Grupo Mexico's El Barqueño property currently optioned to Cayden Resources (CVE:CYD). 

Shares in the gold and silver explorer advanced 4 per cent to 52 cents Friday afternoon.

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