VANCOUVER, Oct. 16 /CNW/ - Solitaire Minerals Corp. (TSX-V: SLT) would
like to update the continuing exploration program at the Red Lake North
Property, in the prolific Red Lake gold district of Ontario.
At the Red Lake North project, hole RLN-07-07 intersected a
500-metre-thick section of moderate to strong biotite and sericite alteration
within the stratigraphy. This altered section is interpreted to be the
southwest extension of the Sidace Lake area stratigraphy, located five
kilometres to the northeast of the Main block claims, which in that area is
host to an extensively drilled gold discovery controlled by Goldcorp
Inc./Planet Exploration Inc. Visible gold in hole RLN-07-07 is observed at 387
metres down the hole within the altered section. The interval returned 9.70
grams per tonne gold over 1.4 metres (including 19.95 g/t gold over 0.65
metre). A second occurrence of visible gold (one speck) occurs at 628 metres
downhole. Current assays received from altered wall rocks (11 samples) do not
indicate elevated levels of gold.
"This is our first drill program in this area and it is very early days
for exploration of the Main block/Red Lake North property but the presence of
visible gold indicates that the geological setting warrants further
exploration", said David Adamson, president and chief executive officer of
Rubicon Minerals Corp.
The Red Lake North property is under option to Solitaire Minerals Corp.
Under the terms of the option agreement, Solitaire can earn a 55-per-cent
interest in the project by spending a total of $2.5-million prior to May 1,
2010. Rubicon is the operator.
For the Red Lake projects, true widths are estimated to be approximately
70 per cent to 90 per cent of reported lengths. All assays were conducted on
sawn NQ2- and NQ-sized half core sections. Program assays were completed by
ALS Chemex using the metallic screen fire assay procedure or fire assay
gravimetric finish. Standards and blanks were included at regular intervals in
each sample batch. Gold standards were prepared by CDN Resource Laboratories
Ltd. Work programs are supervised by Terry Bursey, PGeo, the project qualified
person under the definition of National Instrument 43-101.
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.
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