VANCOUVER, Jan. 31 /CNW/ - Solitaire Minerals Corp. (TSX-V: SLT) (The
Company) is pleased to announce that it had the honour of meeting with senior
members of the Déline Land Corporation on January 29, 2008 in Vancouver, B.C.
The Déline Land Corp. informed the Company that all agreements preceding the
imposed moratorium will be honoured which included Solitaire's Land Access
Agreement which allows the Company to proceed with the application for
drilling permits on its Eldorado and Mystery Island properties. The Déline
also informed the Company that Solitaire Minerals would be able to drill this
year after consultation with the Déline Community Members. Solitaire will
inform the community of the Company's plans and address all concerns from all
members of their Community. It was made clear by the Déline Land Corp. that no
new Land Access Agreement's will be approved until the government sits down at
the table with their representatives and these issues have been resolved to
the approval of the Déline Community. In the spirit of co-operation, the
Déline Land Corporation, representing the community of the Déline, has
approved the content of this news release.
"We are pleased to learn from the Déline Land Corporation that they
welcome Solitaire to explore and proceed with the drilling permitting process
on all of our properties in the Great Bear Lake area," said Charles
Desjardins, President of Solitaire Minerals Corp. "We look forward to working
with the Déline Community to ensure an effective exploration and drill program
will be executed that will have minimal environmental impact."
Solitaire Minerals Corp. is also aware that the Déline Community has
first class businesses that would aid the Company in its exploration.
Solitaire will look to the Déline Community to provide these essential
services as their knowledge of the area is unparalleled.
The Eldorado Property, consisting of 887.36 acres, adjoins the Mystery
Island property and expands the total property size to 22,717.23 acres. The
Eldorado/Mystery Island Property is located at Port Radium on the east side of
Great Bear Lake, Northwest Territories, and 423 miles north of the city of
Charles Desjardins, the president of Solitaire Minerals Corp., stated,
"Solitaire has a tremendous advantage with the acquisition of Kinross
technical library. The information on Echo Bay Mines and Eldorado Uranium Mine
and exploration reports for the entire mining camp is going to guide our
exploration efforts; a combination of data from several historical holes, our
ground program, and high priority targets from our Airborne Geophysics will
improve our chances of success."
Mystery Island Review
The Mystery Island project consists of approximately 21,830 acres which
is being explored for iron-oxide, copper, gold, silver and uranium targets.
The mineralization and geology of the Great Bear magmatic zone indicate
similarities with the Olympic Dam IOCG deposit. The Olympic Dam, or the IOCG
model, is proposed as the main exploration model for the Mystery Island
property in this specific part of the Great Bear magmatic zone. The Olympic
Dam deposit at Roxby Downs in the Gawler Craton of southwest Australia
consists of dike-like, hematite-rich diatreme breccias in granite and felsic
volcanics, and has a reported resource of 2.32 billion tonnes of 1.6 per cent
copper, 0.5 gram per tonne gold, 3.5 grams per tonne silver and 0.4 kilogram
per tonne U(3)O(8). The Mystery Island property is situated in a similar
geological setting that has the potential to host high-unit-value polymetallic
mineralization associated with large-tonnage, IOCG-type deposits, as well the
potential to host Echo Bay-type, high-grade, lower-tonnage U(3)O(8)-Ag
Eighteen grab samples were originally submitted from the 2006 ground
program for 31-element ICP analysis to Acme Analytical Laboratories Ltd. in
Vancouver, B.C. Five samples returned values greater than 10,000 parts per
million (1 per cent) copper which is the upper detection limit for this type
of analysis. One sample graded 0.13 per cent uranium. Seven anomalous samples
were resubmitted for copper assay. These results, with corresponding cobalt
(ICP analysis) are listed below:
Table 1: Results from the 2006 Mystery Island Ground Program
Sample No. % Copper % Cobalt
MI-06-01 1.202 0.051
MI-06-02 1.826 0.109
MI-06-03 2.665 0.158
MI-06-04 0.916 0.179
MI-06-05 1.577 0.163
MI-06-06 1.467 0.050
MI-06-07 0.774 0.125
(*)These samples were collected prior to the knowledge from our
Work by Echo Bay Mines in 1981 noted that the geology of Mystery Island
(100% Solitaire interest) is similar to that of Contact Lake mine. Sampling,
by Echo Bay, around the adit located on Mystery Island, returned grades of up
to 16.90% copper and 3.4 oz silver per ton. Sampling, by Solitaire, in 2006 at
a nearby location returned values of up to 2.665% copper, 0.179% cobalt and
0.13% uranium (previously reported January 15, 2007).
Eldorado Property Review
Pitchblende (uranium plus silver, copper, nickel, lead and polonium) was
formerly mined from the Eldorado Nuclear/Uranium Mine at Port Radium
commencing in 1933. The Port Radium uranium belt along with the Uranium City
district were Canada's principal producers of uranium during the 1930s and
1940s. The mine closed in 1960. Since that time, important advances in uranium
exploration methods and the genesis of uranium deposits have evolved. Also,
the area has been recognized as a favourable environment for IOCG (iron ore
copper gold) deposits.
Uranium production from the Eldorado Nuclear/Uranium Mine was from veins
emplaced along northeast trending faults. All of these structures merge into
the Bear Bay Shear Zone, a deep seated regional structure which has never been
tested. In addition, there is potential for the structures hosting high grade
silver mineralization in the Echo Bay mine to extend onto Solitaire's
Mike Magrum, PEng, a qualified person under National Instrument 43-101,
has approved the technical content of this news release.
For additional information please contact Solitaire Minerals Corp. or
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