VANCOUVER, Feb. 7 /CNW/ - Solitaire Minerals Corp. (TSX-V: SLT) (The
Company) is pleased to announce that the Company will have the diamond
drilling contract completed shortly, for the Riou Lake Uranium Property, with
an announcement of the Diamond Drilling Company to follow immediately
afterwards. The Company expects to be drilling during approximately the last
week of February, 2008 at the Riou Lake Uranium Property located in the
Athabasca Basin of Northern Saskatchewan.
Solitaire Minerals has selected several high priority targets due in part
to the interpretation 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 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, there is a "Very High Probability"
of Uranium targets at the Primary and Secondary target areas shown at 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
Jim Kermeen, M.Sc., P.Eng., a qualified person under National instrument
43-101 will advance the Riou Lake project.
C and D Block Update, Athabasca Basin
Durama Enterprises Ltd. of La Ronge, Saskatchewan continues the extensive
ground geophysics on 3 mineral claims totalling 14,415 hectares, known as the
"D" block of claims, and 7 mineral claims, known as the "C" block of claims,
totalling 3,913 hectares, all located in relative proximity to the Key Lake
area of the Athabasca Basin (in the eastern Athabasca Basin of Saskatchewan).
At the Little Cree River claim group (D Block of claims), located 45 km
west of the McArthur River uranium mine-site, a detailed airborne magnetic and
VTEM survey was conducted by Geotech Ltd. in 2006. Condor Consulting Ltd.,
recognized experts in the field of airborne electromagnetics, performed
detailed interpretation of the results and provided final conclusions
regarding the significance of the survey. The program at Little Cree will
involve grid establishment and UTEM surveys to pinpoint the strongest
conductive response for location of possible drill targets.
A prominent magnetic low extends through the central and eastern part of
the block with localized highs on the western and eastern sides of the survey
area. A VTEM anomaly sits directly over a portion of the magnetic low where
the strike changes from NNE to ESE suggesting there may be an underlying
folding event in the basement. The CDS section shows that the conductive zone
is very close to the unconformity surface and is seen as the best chance of
representing a basement conductor.
The C5 claim area is located 24 km SW of the McArthur River uranium mine
and is situated over 4.5 km of the 9 km long 'WV' trend identified by Cameco
in their Wheeler River Project area. The original Wheeler River project
outlined anomalous uranium and rare earth elements in many zones from Wheeler
Lake in the southwest, to the McArthur River uranium mine in the northeast.
The project area is situated along the P2 rift, which extends NE through the
basin and hosts the McArthur River Uranium mine, and other zones.
On the C5 claim the main structural feature is a thrust fault that
vertically offsets the unconformity by approximately 72 m. This thrust likely
forms the locus for the circulation of hydrothermal alteration and
mineralizing fluids. A series of basement step faults, which are reflected in
the sandstone by a series of splay faults, have resulted in the basal
sandstones being fractured into a series of rotated blocks. The VTEM results
show a conductive response that appear to extend well above the indicated
unconformity level but as well extends well into what is interpreted to be
The current program on the C5 claim will involve grid establishment and
UTEM surveys to pinpoint the strongest conductive response at the unconformity
and deeper into the basement for location of possible drill targets.
Solitaire Minerals has arranged a non-brokered private placement of up to
10,000,000 units at a price of $0.15 per unit for total proceeds of up to
$1,500,000 subject to the approval of the TSX Venture Exchange.
Up to 2,000,000 units will be issued as non flow-through units consisting
of one common share and one full warrant. One full warrant will entitle the
holder to purchase one additional common share of the Company at a price of
$0.175 per share for the first year, and $0.20 per share in the second year.
Up to 8,000,000 units will be issued as flow-through units consisting of
one common share and one half (1/2) share purchase warrant, one full warrant
will entitle the holder to purchase one additional common share of the Company
at a price of $0.175 per share in the first year and $0.20 per share in the
The proceeds of the private placement will be used for exploration work
on the Company's mineral properties and general working capital.
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 100% interest.
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