VANCOUVER, BRITISH COLUMBIA ("Soho" or the "Company") is very
pleased to announce the SEDAR filing of its first NI 43-101
compliant technical report for its Tahuehueto Project in Durango
State, Mexico ("Tahuehueto"), titled "Technical Report Tahuehueto
Project Durango, Mexico" (the "Technical Report"). The initial
resource estimation and the Technical Report were prepared by
Michael M. Gustin, P.Geo., of Mine Development Associates of Reno,
Nevada ("MDA"). Mine Development Associates is a full-service
mining engineering firm, specializing in all aspects of
exploration, mine development, and mine operations.
This calculated resource represents only the upper, close to
surface portion of three structures; the El Creston structure over
approximately 670 m of strike length; the Cinco de Mayo - Santiago
structure known to be at least 3 km long and drill tested over
approximately 2.5 km of strike length; and the El Rey structure
tested over approximately 250 meters of strike length. The full
report can be viewed on the SEDAR website at www.sedar.com or on
Soho's corporate website at http://www.sohoresources.ca/.
Highlights
- 383,000 oz gold equivalent (calculated using only gold oz +
Silver oz/60, assuming 100% Au & Ag recoveries (excluding base
metal content)
-- 276,000 ounces of gold
-- 6.429 million ounces of silver
- 201.138 million pounds of zinc
- 33.483 million pounds of copper
- 110.457 million pounds of lead
The Tahuehueto deposit inferred mineral resource, at a series of
cutoff grades (2% to 10%) is provided in the table below.
Tahuehueto Inferred Resources
----------------------------------------------------------
Cutoff
(g Au-equiv/t)
-------------
Unoxi- Oxi- g g
dized dized Tonnes Au/t oz Au Ag/t oz Ag
----------------------------------------------------------
2.0 3.0 6,402,000 1.34 276,000 31 6,429,000
2.5 3.0 4,985,000 1.62 259,000 36 5,781,000
3.0 3.0 4,101,000 1.86 245,000 40 5,277,000
4.0 4.0 2,722,000 2.44 213,000 49 4,280,000
5.0 5.0 1,907,000 3.03 186,000 58 3,542,000
7.0 7.0 1,047,000 4.31 145,000 74 2,488,000
10.0 10.0 508,000 6.62 108,000 92 1,499,000
----------------------------------------------------------
Tahuehueto Inferred Resources
---------------------------------------------------------------------------
Cutoff
(g Au-equiv/t)
-------------
Unoxi- Oxi-
dized dized Tonnes Cu% lbs. Cu Pb% lbs. Pb Zn% lbs. Zn
---------------------------------------------------------------------------
2.0 3.0 6,402,000 0.24 33,483,000 0.78 110,457,000 1.43 201,138,000
2.5 3.0 4,985,000 0.27 29,238,000 0.90 98,759,000 1.61 176,592,000
3.0 3.0 4,101,000 0.29 25,960,000 0.99 89,854,000 1.75 158,444,000
4.0 4.0 2,722,000 0.34 20,110,000 1.18 70,945,000 2.09 125,481,000
5.0 5.0 1,907,000 0.38 15,974,000 1.32 55,589,000 2.42 101,716,000
7.0 7.0 1,047,000 0.48 11,062,000 1.52 35,082,000 2.96 68,303,000
10.0 10.0 508,000 0.61 6,839,000 1.68 18,848,000 3.37 37,702,000
---------------------------------------------------------------------------
NOTES: 1. The cutoff for oxidized resources is higher than un-oxidized
resources due to anticipated lower metal recoveries in the
flotation process.
2. Gold-equivalent grades are used for cutoff purposes only.
3. Gold equivalent calculation: g Au-equiv/t equals Au grade + (Ag
grade divided by 60) + (Cu grade divided by 0.35) + (Pb grade
divided by 1.0938) + (Zn divided by 0.875).
The Tahuehueto mineral resources were modeled and estimated by:
(1) evaluating the drill data statistically; (2) interpreting
mineral domains for each element independently on vertical cross
sections spaced at intervals of 25 or 50 meters across the strike
length of the mineralization; (3) coding the block model by
projecting the mineral domain interpretations horizontally half the
distance to adjacent sections; (4) analyzing the modeled
mineralization statistically to establish estimation parameters;
(5) capping high grade domain assays at Au cap equals 60 g Au/t, Ag
cap equals 370 g Ag/t, Cu cap equals no cap, Pb cap equals no cap,
Zn cap equals 20%; and (6) estimating metal grades into the coded
three-dimensional block model by inverse-distance methods using
approximately 4,700 sample intervals with 2 meter composites from a
total of 165 drill holes (129 core and 36 reverse circulation
holes). All modeling of the Tahuehueto resources was performed
using Surpac� software.
The Report recommends that significant work at Tahuehueto is
warranted, including infill, step-out, and exploration drilling.
Project Resources should be updated periodically as exploration
continues.
PROJECT DRILLING UPDATE
Since the cutoff of data submitted to MDA for the initial
resource calculation, Soho has completed another 58 diamond drill
holes. The results from these holes along with any data from
ongoing 2008 drilling will be integrated into an updated resource
calculation expected near the end of this year.
The 2008 exploration program has made excellent progress and has
significantly advanced the project during the first half of 2008.
As a result the planned drilling for this year is well ahead of
schedule and has allowed the Company to reduce the number of
operating drill rigs at the project and thereby reduce exploration
expenditures at an opportune time within the industry. There is
currently one drill rig operating on site.
GENOA MANAGEMENT LIMITED AGREEMENT CANCELLED
Soho would also like to announce that it has mutually cancelled
its agreement with Genoa Management Limited and John Walter
Communications Inc. (the "Genoa Agreement") originally announced in
August 2007 (See August 29, 2007 news release).
The services under this agreement were suspended temporarily on
December 31, 2007 on the understanding that services would be
reinstated for the remaining eight months of the term upon
publication of the Company's Resources Calculation. Upon issuance
of the Company's Resource Calculation the parties renegotiated this
agreement such that Genoa Management Limited withdrew and Soho has
signed a new revised agreement (the "Walter Agreement") with John
Walter Communications Inc. ("JWCI"). All stock option issued under
the Genoa Agreement have been cancelled with mutual consent.
JWCI is an independent consulting firm dedicated to assisting
junior and intermediate mining companies grow to their full
potential. Its mandate will be to provide senior management with
ongoing capital markets counsel. John Walter, the Founder and
President of the company has worked in engineering departments for
a number of Canadian iron ore producers assisting in all aspects of
the mining cycle, from exploration, development and production. Mr.
Walter has also worked at numerous international mining locations
supervising the construction of large scale open pit mining
equipment and providing training to the personnel responsible for
the operation and maintenance of the equipment. More recently, Mr.
Walter spent more than two decades in institutional equity sales,
including seventeen years at UBS, one of the world's leading
financial firms and its predecessor companies, providing coverage
to institutional clients in North America, the Middle East, Asia
and Australia. Mr. Walter graduated from Queen's University in
Kingston, Ontario in 1979 with a Bachelor of Applied Science,
Mining Engineering.
Under the terms of the one year Walter Agreement, JWCI will
execute a comprehensive communications program to support the
Company's growth strategy, for which it will be paid a fixed
monthly fee of Cdn$6,500 plus applicable taxes, and be granted
200,000 options to purchase common shares of Soho. The options will
be exercisable at $0.25 per share over a 2 year term and vest in
four equal tranches, quarterly. In addition to the fees above, Soho
agrees to pay JWCI a 2% fee for any successful acquisition sourced
by JWCI and executed by Soho. The agreement may be cancelled
anytime after the initial first three months.
Glen Sandwell, Manager, Investor Relations
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.
Shares Issued - 100,137,913
Last Close: $0.125
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
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Contacts: Soho Resources Corp. Mr. Glen Sandwell Corporate
Contact (604) 684-8071 or Toll Free: 1-800-685-0576 Email:
gsandwell@sohoresources.ca Soho Resources Corp. Stephen Casey
Corporate Contact (604) 684-8071 or Toll Free: 1-800-685-0576
Email: scasey@sohoresources.ca Website: www.sohoresources.ca
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