Soho Resources Corp. (TSX-V:SOH) (OTCQX:SOHFF)
("
Soho" or the "
Company") is
pleased to announce assay results from a first phase diamond core
drilling exploration program conducted on its Jocuixtita Silver
Project located in the municipality of San Ignacio near Mazatlan,
Mexico.
During June and July, 2011, Soho conducted a first phase
exploration program at the Jocuixtita project consisting of
geological mapping, surface and underground sampling followed by a
diamond core drilling program using a small drill rig drilling BTW
thin-wall sized drill core. Thirteen drill holes were completed
reaching their target depth while five holes failed to reach their
target depth and were abandoned due to difficult ground conditions
that the small diamond drill was unable to overcome.
Significant results were obtained in 11 of the 13
holes completed. Highlights of some of the weighted average
drill intersection assay results are as follows,
JCX-09: from 85.7m to 96.5m
- 10.8 meter width grading 165.38 g/t silver including 1.0m
grading 1,050g/t (1.05 kg/t) silver and 0.73g/t gold plus, a second
deeper intersection from 116-121.4m depth for 5.4m width grading
295.63 g/t Silver, including 1.0m of 1,500 g/t (1.5kg/t) Silver
JCX-18: from 39.0m to 44.25m
- 5.25 meter width grading 350.84 g/t Silver, 0.41 g/t Au
including 1.7m grading 989 g/t silver and 1.13g/t gold plus
JCX-17: from 43.3m to 49.0m
- 5.70 meter width grading 138.74 g/t silver including 2.2m
grading 292g/t silver, a second deeper intersection from 70.0-82.0m
depth for 12m width grading 183.95 g/t Silver, including 3.0m of
409.12 g/t and 0.68g/t gold
JCX-07: from 157.7m to 167.6m
- 9.95 meter width grading 159.54 g/t Silver including, 6.10m
grading 230 g/t silver .
A complete list of all significant weighted average
drill hole assay intervals is presented below and a drill hole
location map is available plus a completed list of all individual
assay results for all holes can be viewed at the Company's web site
at the following addresses. Widths presented are intersected widths
and are estimated to be 80-85% of the true perpendicular width of
the zone.
Assay Drill Results:
http://www.sohoresources.ca/index.php?nav=77
Drill Hole Location Map:
http://www.sohoresources.ca/index.php?nav=71
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INTERVAL |
From |
To |
Width |
Au (g/t) |
Ag (g/t) |
Cu_% |
Pb_% |
Zn_% |
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|
JCX-18 |
From |
To |
Width |
Au (g/t) |
Ag (g/t) |
Cu_% |
Pb_% |
Zn_% |
|
39.00 |
44.25 |
5.25 |
0.41 |
350.84 |
0.02 |
0.06 |
0.09 |
including |
39.00 |
40.70 |
1.70 |
1.13 |
989.00 |
0.05 |
0.14 |
0.21 |
JCX-17 |
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|
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|
|
|
|
|
|
43.30 |
49.00 |
5.70 |
0.13 |
138.74 |
0.01 |
0.29 |
0.84 |
including |
46.80 |
49.00 |
2.20 |
0.20 |
292.00 |
0.01 |
0.06 |
0.71 |
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|
|
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|
|
|
70.00 |
82.00 |
12.00 |
0.25 |
183.95 |
0.01 |
0.00 |
0.02 |
including |
71.80 |
74.80 |
3.00 |
0.68 |
409.12 |
0.00 |
0.00 |
0.01 |
JCX-16 |
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|
|
|
|
|
|
|
74.10 |
75.10 |
1.00 |
0.41 |
138.00 |
0.03 |
0.43 |
1.52 |
|
90.10 |
93.90 |
3.80 |
0.18 |
51.95 |
0.01 |
0.00 |
0.01 |
JCX-15 |
No Significant Results |
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JCX-14 |
Hole lost before hitting target
depth |
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|
JCX-13 |
Hole lost before hitting target
depth |
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|
JCX-12 |
No Significant Results |
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JCX-11 |
|
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|
2.00 |
231.20 |
244.00 |
12.80 |
0.08 |
31.23 |
0.01 |
0.01 |
0.02 |
including |
238.60 |
242.00 |
3.40 |
0.19 |
77.06 |
0.02 |
0.04 |
0.06 |
JCX-10 |
Hole lost before hitting
target depth |
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|
JCX-09 |
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|
|
|
|
|
85.70 |
96.50 |
10.80 |
0.15 |
165.38 |
0.01 |
0.06 |
0.07 |
including |
93.00 |
94.00 |
1.00 |
0.73 |
1,050.00 |
0.07 |
0.18 |
0.24 |
|
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|
|
116.00 |
121.40 |
5.40 |
0.13 |
295.63 |
0.03 |
0.11 |
0.33 |
including |
118.70 |
119.70 |
1.00 |
0.63 |
1,500.00 |
0.13 |
0.53 |
1.63 |
JCX-08 |
Hole lost before hitting
target depth |
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|
JCX-07 |
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|
|
157.70 |
167.65 |
9.95 |
0.24 |
159.54 |
0.02 |
0.10 |
0.12 |
including |
159.35 |
165.45 |
6.10 |
0.34 |
230.38 |
0.03 |
0.14 |
0.15 |
JCX-06 |
Hole lost before hitting
target depth |
|
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|
INTERVAL |
114.00 |
116.00 |
2.00 |
0.13 |
49.00 |
0.01 |
0.09 |
0.12 |
|
120.00 |
122.00 |
2.00 |
0.03 |
31.00 |
0.00 |
0.00 |
0.00 |
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|
JCX-05 |
74.00 |
76.35 |
2.35 |
0.10 |
125.64 |
0.02 |
0.18 |
0.50 |
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JCX-04 |
128.10 |
133.00 |
5.90 |
0.22 |
59.65 |
0.01 |
0.03 |
0.16 |
|
128.10 |
129.75 |
1.65 |
0.21 |
108.00 |
0.01 |
0.02 |
0.12 |
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JCX-03 |
110.40 |
112.50 |
2.10 |
0.25 |
132.62 |
0.13 |
1.04 |
2.79 |
|
115.50 |
116.40 |
0.90 |
0.93 |
123.89 |
0.00 |
0.10 |
0.32 |
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JCX-02 |
60.65 |
61.95 |
1.30 |
0.19 |
86.00 |
0.00 |
0.01 |
0.03 |
|
103.70 |
104.75 |
1.05 |
0.10 |
42.00 |
0.02 |
0.02 |
0.08 |
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|
JCX-01 |
63.30 |
69.25 |
5.95 |
0.27 |
61.08 |
0.02 |
0.52 |
1.31 |
This first phase drilling program tested the EL Carmen and La
Salvadora zones that are separated by approximately 700 m along a
principle northwest - southeast trending structure. The EL
Carmen zone appears to be the best mineralized area based upon the
limited amount of drilling conducted to date. Within the EL
Carmen area there are at least two cross-cutting structures named
Ano Nuevo and El Caballo both trending northeast –
southwest. These two structures have returned very high grade
assays. Future drilling programs will definitely follow up
along these structures as well as both the EL Carmen and La
Salvadora zones.
During the drilling program, our geologist encountered
indications of potassic alteration within veinlets in some of the
recovered drill core. Subsequent field reconnaissance and
property scale mapping and sampling have outlined certain areas
within the project that have alteration patterns including
potassic, phyllic, argillic and
propyllitic alteration, indicative of potential
porphyry Cu-Au system that may exist within the property
boundaries. Management stresses that the work done to date is very
limited and that the alteration patterns encountered merely suggest
that this porphyry style mineralizing system could be present on
the property. Considerably more exploration work will be needed to
verify the existence of a Cu-Au porphyry system within the
property.
"We are very happy to have completed a successful first phase of
exploration at Jocuixtita encountering very promising grades over
significant widths within the epithermal mineralized structures
tested during drilling," states Mr. Ralph Shearing, President and
CEO of the Company, "and discovering the porphyry style
alteration patterns is an added bonus. We look forward to
initiating a second phase of drilling on the epithermal targets as
well as conducting more follow-up exploration work on the porphyry
target as soon as funding allows."
About Soho Resources Corp.
Soho Resources Corp. is an exploration and development company
strategically focused on gold, silver and base metals in the
prolific Sierra Madre Mineral Belt of Mexico. The Company
holds 99% of the outstanding shares of its Mexican subsidiary
company that maintains 100% ownership in 9,081 hectare Tahuehueto
Property, an advanced stage gold and base metal exploration and
development project.
Soho also holds an option to purchase 100% interest in the 4,103
hectare Jocuixtita Silver Project where the company recently
completed a 1st phase drilling program with promising results and
is planning follow-up exploration programs.
At its flagship Tahuehueto Project in Durango State, Mexico the
Company has embarked on a program of pre-feasibility data
collection. Past exploration efforts in Tahuehueto lead to the
delivery, on October 4, 2010, of a Preliminary Economic
Assessment ("PEA") completed by Snowden Mining Industry Consultants
Inc. Key findings from the report included:
|
Summary of PEA
Estimates US$ |
Net cash flow |
184.2 million |
Net present value (NPV) 5%
discount |
109.6 million |
Internal rate of return % |
31% |
Payback period |
27 months |
Mine life |
11 years |
Maximum processing rate
(per/annum) |
1,000,000 tonnes |
Capital and start-up costs |
89.1 million |
Note: Calculations based on a
conservative 3 year rolling average of metal prices at the end of
August 2010 - Currency US$ Gold: 965.81, Silver: 15.38,
Copper: 2.92, Lead: 0.95, Zinc: 0.88 |
The Tahuehueto Project is a classic epithermal system hosting
multiple structures traced for up to six kilometers of strike
length. Considerable upside exploration potential remains on the
existing explored resource structures both down dip and along
strike, as well as on numerous other unexplored mineralized
structures known to occur within the property.
Qualified Persons
This press release was prepared under the
supervision and review of Ralph Shearing, President and CEO of Soho
Resources Corp., a Licensed Geologist, and Qualified Person as
defined by NI 43-101.
ON BEHALF OF THE BOARD OF
DIRECTORS
(signed) "Ralph Shearing"
Ralph Shearing, Chief Executive Officer
"Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release."
WARNING: The Company relies upon litigation protection for
"forward-looking" statements. This News Release may contain
forward-looking statements including but not limited to comments
regarding the timing and content of up-coming work programs,
geological interpretations, receipt of property titles, potential
mineral recovery processes, etc. Forward-looking statements address
future events and conditions and therefore involve inherent risks
and uncertainties. Actual results may differ materially from those
currently anticipated in such statements. Soho Resources Corp.
relies upon litigation protection for forward-looking
statements.
CONTACT: Glen Sandwell, IR Manager
Tel: (604) 684-8071
Email: ir@sohoresources.ca
Toll Free: 1-800-685-0576
Soho Resources Corp. (TSXV:SOH)
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