Solvista Gold Corp. officials have announced IAMGOLD Corp. is drilling in their Caramanta property in Colombia, probing Solvista’s untested minimally tested targets. This contract drilling is expected to total nearly 4,000 meters, half the amount of drilling completed by Solvista since the project’s acquisition.
Under the agreement, IAMGOLD may earn up to a 70% project interest by earning an initial 51% interest in the project by investing $18 million in qualifying expenditures, including $900,000 of cash payments to Solvista, over five years.
Solvista CEO Bruce Durham said, “We are very pleased that IAMGOLD is commencing drilling operations at a number of new priority exploration targets on the project and we look forward to working with IAMGOLD to continue to advance the project.”
IAMGOLD said drilling is occurring within the “porphyry cluster,” north of the El Reten, El Corral, and Ajiaco Sur zones previously tested by Solvista. The project lies in the Middle Cauca Belt, one of Colombia’s most prolific gold districts, containing new discoveries including Anglogold Ashanti’s porphyry-gold La Colosa deposit, Gran Colombia Gold’s Marmato project and Sunward Resources’ Titiribi deposit.