VANCOUVER, Feb. 26 /CNW/ - Solitaire Minerals Corp. (TSX-V: SLT) (The
Company) is pleased to announce that Cabo Drilling (Pacific) Corp. of Surrey,
British Columbia has commenced diamond drilling at the Riou Lake Uranium
Property. The Riou Lake Uranium Property is located in the Athabasca Basin of
Solitaire Minerals has selected several high priority targets due in part
to the interpretation by Actlabs of the Soil Gas Hydrocarbon (SGH) analyses
collected from a grid of soil samples. The drill program will encompass a
minimum of 4000 meters with all targets to be collared on dry land south of
Riou Lake and concentrated near the centre of the Soil Gas Hydrocarbon
anomalies designated by Actlabs as the "Primary Target" and "Secondary
Target", in conjunction with other geochemistry from the area.
Samples from the Main Grid ,which were taken along the previously
identified 8 km long escarpment fault (the escarpment is 8 km ; the fault can
be traced at least 12km) produced two strongly anomalous areas which Actlabs
believe indicate a "Very High Probability" of a uranium target at depth. This
is the highest level of detection possible under the Actlab's SGH Rating
System under which there are 6 categories ranging from a "Low Probability"
rating to a "Very High Probability" rating. A "Very High Probability" rating
means that the SGH classes most important to describing a uranium signature
are all present and consistently describe the same location with well defined
anomalies. To obtain this rating there also needs to be other SGH classes that
when mapped lend support to the prediction location.
The SGH class signature in the exploration for a uranium target is
primarily made up of heavier SGH classes of compounds. The Actlab
interpretation method and definition of the SGH uranium signature has been
developed through research since 1997 by Actlabs, including analysis of case
studies, especially from the two Canadian Mining Industry Research
Organization projects (CAMIRO 97E04 & 01E02) as well as research conducted by
the Ontario Geological Survey (OGS).
The three primary uranium indicator classes resulted in apical style
anomalies in two areas of the main grid. These areas replicated exceptionally
well across the three SGH indicator classes which means that the
interpretation at this site was very definitive. Thus, due to the agreement
across the SGH uranium indicator classes, Actlabs concludes there is a "Very
High Probability" of uranium targets at the Primary and Secondary target areas
shown on the Main Grid. The Secondary target is only slightly less in quality
of agreement and may actually have the same characteristics as the Primary
Uranium target area. In this interpretation, the best drill targets are most
likely to coincide with the centre of the high SGH anomaly areas within the
Primary and Secondary target zones.
Jim Kermeen, M.Sc., P.Eng., a qualified person under National instrument
43-101 will advance the Riou Lake project.
About Solitaire Minerals Corp.
Solitaire Minerals Corp. (TSX-V symbol: SLT) is a diversified junior
Canadian mineral exploration company with a specific focus on mineral
properties in North America. The Company has assembled a portfolio of precious
and base metal exploration prospects in Ontario, Saskatchewan, Alberta, and
the North West Territories. Solitaire's Ontario properties in the Red
Lake/Birch-Uchi Greenstone Belt include the Baird, Heyson and Chukuni River
Prospects, in which the Company has agreements to earn 100% in, but has not
yet vested its interest. In addition, the Company has entered into an option
agreement with another company, whereby that company may earn up to a 75%
interest in the Baird Property. The Company also has an option to earn 100% in
the Lateral Lake West property located in the Webb township of Ontario. In
Saskatchewan, the Company has signed a purchase agreement to acquire a 100%
interest in the "D" Block of claims and up to a 70% interest in the "C" Block
of claims located in the Athabasca Basin. The Company has also acquired the
Riou Lake North and South properties in which the Company has 100% interest
and a 90% interest in the central Riou Lake Property. In Alberta, the Company
has purchased the Ravenscrag property in which the Company has 100% interest.
In the North West Territories, the Company has purchased the Mystery Island
IOCG Property located in the Great Bear Lake area in which the Company has
On Behalf of the Board of Directors
SOLITAIRE MINERALS CORP.
President and Director
THE TSX VENTURE EXCHANGE HAS NOT YET REVIEWED AND DOES NOT TAKE
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS
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. 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.
For further information:
For further information: please contact Solitaire Minerals Corp. or