VANCOUVER, Sept. 12 /CNW/ - Solitaire Minerals Corp. (TSX-V symbol: SLT)
(the Company) would like to provide an exploration update for its regions of
interest which are Red Lake (Gold), Eldorado/Mystery Island (Uranium, Silver,
IOCG), the Athabasca basin (Uranium), and Lateral Lake (Molybdenum, Rubidium).
Red Lake, Ontario (Gold Camp)
The Company is well situated in the historic Red Lake area with several
strategically acquired land holdings representing the third largest land
holdings by any Company in the core area of the Red Lake Greenstone Belt. The
company is currently in the process of completing a ground soil sampling
program on the Humlin property which borders Goldcorp. Solitaire is currently
working towards fulfilling its Humlin work commitments for 2008.
Solitaire Minerals has significantly advanced the Option agreement with
Rubicon Minerals Corp. on the Red Lake North property where initial drilling
has successfully tested the extension of the down dip deposit from the
Goldcorp/Planet discovery zone. The terms of the Red Lake North Option
agreement have been satisfied well into 2010; however the Company plans to do
work well before then.
Eldorado/Mystery Island, NWT (Uranium, Silver, IOCG)
The Mystery Island property is situated adjacent to Alberta Star
Development Corp.'s Contact Lake (Eldorado) property which is being explored
for iron-oxide, copper, gold, and high grade uranium and silver
mineralization. An airborne VTEM-survey, carried out by Geotech Ltd., has
identified a 12 kilometer long magnetic low which is coincident with the
largest fault in the Port Radium mining camp. Preliminary interpretation
suggests that this is an expression of a major alteration zone. This is very
significant because this fault bounds the mining camp and has the same
orientation as the faults which hosted the Eldorado mines and Echo Bay mines
high-grade uranium, silver and copper orebodies. Currently the company is in
the final step of the permitting process and anticipates receiving a 5 year
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 Minerals in
2006 at a nearby location on Mystery Island returned values of up to 2.665 %
copper, 0.179% cobalt and 0.13% uranium (previously reported
January 15, 2007).
The Great Bear Lake area contains three historic mining camps, which are
in close proximity and are geologically connected. These are the Port Radium,
the Contact Lake and the Terra camps. The formerly producing mines in these
camps produced intermittently from 1930 until 1985 over 48 million ounces
silver, 15 million pounds of U(3)O8 and 7,000 tons of copper (Strand, 1996).
The Mineralization and geology of the Great Bear magmatic zone also indicate
similarities with the Olympic Dam IOCG deposit.
Athabasca Basin, Saskatchewan (Uranium)
Solitaire Minerals had selected several high priority targets available
to drill on the Riou Lake property located in the northern part of the
Athabasca basin surrounded to the north by UEX Corp. The selection of these
drill targets was in part due to the interpretation by Actlabs of the Soil Gas
Hydrocarbon (SGH) analyses collected from a grid of soil sampling, in
conjunction with other geochemistry from the area.
The analysis from Actlabs produced two strongly anomalous locations
indicating 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.
Cabo Drilling (Pacific) Corp. of Surrey, British Columbia drilled two
holes, in March 2008, to completion and left the final hole just above
basement due to seasonal break-up concerns. All holes have been capped and the
Company will re-enter the final hole that finished just above basement.
C and D block
The Company contracted the services of Durama Enterprises Limited of
La Ronge, Saskatchewan to establish and manage the program for the "C" and "D"
blocks, which involved the establishment of camps, grid lines, level survey
and support services. Lamontagne Geophysics Ltd. of Kingston, Ontario
developed the UTEM system to pursue deep exploration beyond the capabilities
of other TEM systems. The UTEM system measures the EM response while the
transmitter field is changing, the only way to measure extremely conductive
targets. Interpretation of the data to pinpoint the strongest conductive
response will assist to plan possible drill targets and is expected shortly.
The Company announces that it is no longer pursuing the disputed Highrock
claim located in Saskatchewan; the company will focus its efforts on exploring
its other properties.
Lateral Lake, Ontario (Molybdenum, Rubidium)
Solitaire Minerals completed an unsuccessful diamond drill program in the
summer of 2007. The work completed has provided the Company with the minerals
rights into the year 2013 for all of the Lateral Lake claims.
Granting of Options
Solitaire Minerals Corp. would like to announce that pursuant to its
stock option plan, the Company has granted incentive stock options to its
directors, officers, consultants, and employees to purchase 2.5 million common
shares in the capital stock of the company, exercisable for a period of five
years, at a price of 10 cents per share. These options are subject to a
four-month hold period.
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 Prospects, in which the Company has agreements to
earn 100% 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 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.
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