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     256  0 Kommentare Solvista Commencing Initial Drill Program on High Priority Copper and Gold Targets at Talbot Property, Manitoba - Seite 3

    The Talbot Deposit is defined as a volcanogenic massive sulphide deposit, a stratabound accumulation of sulphide minerals that precipitated at or near the seafloor in association with contemporaneous volcanism. The depositional environment is similar to that of present and past producing base metal deposits of felsic to mafic volcanic and volcaniclastic rocks in the Flin Flon - Snow Lake Greenstone Belt. Three lenses outline the Talbot Deposit and mineralization tops at 150m vertical and consists generally of coarse-grained disseminated to massive sulphides of pyrite, chalcopyrite, sphalerite, and pyrrhotite in a quartzofeldspathic gneiss.

    Solvista can earn a 51% interest in the Talbot Property from Hudson Bay Exploration and Development Company Limited (HBED), a wholly owned subsidiary of Hudbay Minerals Inc. by spending $6,120,000 on exploration expenditures over the next six (6) years. The first and second year expenditure commitments are $200K (completed) and $400K respectively with escalating expenditure commitments over the remaining years. The agreement provides that once Solvista has earned its 51% interest in the Property, Solvista (51%) and Hudbay (49%) will form a joint venture and Solvista will be the Operator of the joint venture. Provided Hudbay contributes its pro rata (49%) share of expenditures under the joint venture, it will have two (2) years from the date Solvista earns its 51% interest to purchase an additional 2% interest for a cash payment of $240,000 and either incurring expenditures over a two (2) year period equivalent to 2% of the joint venture expenditures made since the formation of the joint venture or paying such amount to Solvista in cash. If Hudbay acquires the additional 2%, it will become the Operator of the joint venture. Once a positive Feasibility Study has been completed and mining development has commenced, the Operator can increase its interest in the Property to 65% by paying the other participant a cash payment equal to the pro rata share of expenditures made by the other participant to reduce it to a 35% interest. The Operator would then fund the costs of development and will be reimbursed for 100% of the development costs including the 35% interest of the non-operator. Once the costs of development have been repaid, the parties will be reimbursed their pro rata share of expenditures made prior to the date development commences before net profits are distributed pro rata (please see Press Release dated April 23, 2014 and filed on SEDAR under Rockcliff Resources for additional information).

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    Verfasst von Marketwired
    Solvista Commencing Initial Drill Program on High Priority Copper and Gold Targets at Talbot Property, Manitoba - Seite 3 TORONTO, ONTARIO--(Marketwired - Aug. 6, 2015) - Solvista Gold Corporation ("Solvista") (TSX VENTURE:SVV) (OTCQX:SVVZF) is pleased to report that a first phase drill program on the Talbot property is planned to commence in mid-August. The fully …