Soldi Ventures Inc. Acquires the Nagagami East Claims Within Five Kilometres of Zenyatta’s Albany Discovery
October 29, 2013 (Source: Marketwired) — Soldi Ventures Inc. (Soldi) (TSX VENTURE:SOV) is pleased to announce that it has acquired, subject to TSX Venture Exchange approval, a 100% interest in 16 mineral claims totaling 256 hectares (approximately 632 acres).
The Nagagami East property are 5 kilometres to the northeast of Zenyatta Ventures Ltd.’s recent Albany graphite deposit and 63 kilometres northwest of the town of Hearst in northeastern Ontario. The property is 36 kilometres north of Trans-Canada Highway 11. Logging roads extend to within 500 metres of the property boundary.
Zenyatta’s Albany graphite deposit comprises two breccia pipes cutting granitic host rocks, containing high grade flake graphite of apparent magmatic-hydrothermal origin. As such, its localization would be independent of wall rock lithology, a characteristic that it would share with kimberlitic diamond deposits. Such breccia-pipe or diatreme hosted mineral deposits would be expected to be localized by wall rock structures rather than wall rock lithologies.
Zenyatta recently discovered the Albany magmatic hydrothermal (vein-type) graphite deposit and has continued to return significant intercepts and carbon grades for the East Pipe. Zenyatta is working to develop the largest, high purity (hydrothermal) graphite deposit in the world.
The geological setting of this region is one in that similar formations seem to occur in pod like clusters, therefore it is possible that more than one significant discovery such as the one Zenyatta has recently discovered, may also be discovered in the vicinity.
No exploration has been reported on the Nagagami East property, which is in an area where the Archean age rocks of the Canadian Shield are covered by a thin veneer of Paleozoic sedimentary rocks. An examination of regional government airborne magnetic surveys shows possible structural intersections that might localize breccia pipes or diatremes, on and around the property.
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The regional magnetic surveys were flown in the 1960s on 800 metre spaced lines, with a nominal ground clearance of 330 metres, and as such do not provide sufficient detail to precisely pinpoint structures.
“With the addition of the Nagagami East property, Soldi has assembled a strong stable of graphite properties to enhance shareholder value,” stated Archie Boyce, President of Soldi Ventures. “The Company’s plan is to move forward with an airborne electromagnetic survey of the Nagagami East property to explore for graphitic zones.”
To earn a 100% interest in the 16 claims, the Company will pay $15,000 and issue 1,000,000 common shares to the vendor upon regulatory approval and pay $20,000 and issue 1,500,000 commons shares on or before the first year anniversary date of the agreement.
Technical information in this news release has been written and/or reviewed by Colin Bowdidge, Ph.D., P.Geo, a Qualified Person as defined in NI 43-101.
You can now find Soldi Ventures Inc. on Twitter at http://twitter.com/soldiventures.
Soldi Ventures Inc. (TSX VENTURE:SOV) is a Canadian junior exploration company focused on discovering gold and graphite deposits in politically safe jurisdictions.
On behalf of the board of SOLDI VENTURES INC.
Archie Boyce, President
“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.”
This report contains forward-looking statements. Resource estimates, unless specifically noted, are considered speculative. Any and all other resource or reserve estimates are historical in nature, and should not be relied upon. The production rate and mine-life projections have been made without support of a feasibility study, there is no certainty the proposed operations will be economically viable. By their nature, forward-looking statements involve risk and uncertainties because they relate to events and depend on factors that will or may occur in the future. Actual results may vary depending upon exploration activities, industry production, commodity demand and pricing, currency exchange rates, and, but not limited to, general economic factors. Cautionary Note to US investors: The U.S. Securities and Exchange Commission specifically prohibits the use of certain terms, such as “reserves” unless such figures are based upon actual production or formation tests and can be shown to be economically and legally producible under existing economic and operating conditions.
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>