VANCOUVER, Aug. 14 /CNW/ - Solitaire Minerals Corp. (TSX-V symbol: SLT)
and Rubicon Minerals Corp. (TSX-V symbol: RMX) have returned to drilling the
Red Lake North Property in Red Lake, Ontario. The planned eleven hole 3300m
summer drill program will be funded by Solitaire Minerals Corp. and will
target an area that runs parallel to the Blackbear Intrusive for approximately
12 km. The eleven holes will be drilled at four distinct target areas along
the projected extension of a gold bearing Sericite Schist trend as determined
by Rubicon Minerals Corp., the project operator.
Historical work, completed by Rubicon Minerals Corp., includes detailed
ground and airborne Mag and EM (spectrum) survey, as well as drilling of three
holes which confirmed the presence of the ultramafic stratigraphy and sericite
The property is under option to Solitaire Minerals Corp., the Company is
required to fund $2.5 million of exploration over four years (prior to May 30,
2010) to earn a 55% interest.
The Red Lake North project is separated into two distinct packages of
The Red Lake North Main Block
This block which is the focus of this drill program, is directly along
strike from both the Main Discovery Zone (MDZ) and Upper Duck Zone (UDZ),
currently being explored by Goldcorp/Planet Exploration Inc on the Sidace Lake
Property. Based on three holes drilled by Rubicon in 2005 that intersected the
prospective quartz-sericite schist altered horizon as well as geophysical
interpretation, the extension of gold-bearing stratigraphy that hosts the MDZ
continues southwest onto the Red Lake North Main Block.
The Sidace Lake Area
The Sidace Lake Area claims are situated on the up-dip and down-dip
extensions of the Goldcorp/Planet MDZ. The property is dominated by a package
of Balmer assemblage mafic and ultramafic volcanic rocks which are overlain by
altered intermediate sediments. Solitiare funded a deep-targeting program on
this claim in the fall and winter of 2006/2007, but was limited by the depth
capacity of the drill rig. A drill rig capable of reaching a depth of 2500
meters has been contracted for late September 2007 for planned follow-up
Terry Bursey, P.Geo, a qualified person under National instrument 43-101
will advance the Red Lake North 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 Highrock Lake property and a 90% interest in the Riou Lake
Property located in the Athabasca Basin. The Company has also acquired the
Riou Lake North and South properties in which the company has 100% interest.
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. Also in the NWT, the Company acquired
the Eldorado 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 reviewed and does not accept
responsibility for the adequacy or accuracy of this release. Statements in
this press release other than purely historical information, historical
estimates should not be relied upon,including statements relating to the
Company's future plans and objectives or expected results, are forward-looking
statements. News release contains certain "Forward-Looking Statements" within
the meaning of Section 21E of the United States Securities Exchange Act of
1934, as amended. Forward-looking statements are based on numerous assumptions
and are subject to all of the risks and uncertainties inherent in the
Company's business, including risks inherent in resource exploration and
development. As a result, actual results may vary materially from those
described in the forward-looking statements.
For further information:
For further information: please contact Solitaire Minerals Corp. or