Solitario Resources Corporation (AMEX:XPL)(TSX:SLR) today announced the
results of its recently completed third round of drilling on its
100%-owned Mercurio gold project in northern Brazil. Highlights include
core holes SB-25 that intersected 10.4 meters grading 8.0 grams per
tonne ("g/t") gold and SB-35 that intersected 2.0 meters of 10.1 g/t
gold. In total, six of the thirteen widely spaced drill holes
intersected significant gold mineralization in this program. Mercurio
drilling results are provided in the table below and a drill hole
location map can be accessed at http://www.solitarioresources.com/art/mercurio0508.jpg
Mercurio Drill Hole Assay Results
Prospect Name
Hole
Number
From
Meters
To
Meters
Interval
Meters
Gold Grade
g/t
Colonia
SB-25
6
8
2
1.8
And
48.1
58.5
10.4
8.0
including
52.0
57.6
5.6
12.8
Colonia
SB-26
99.6
103.7
4.1
4.2
Patoa
SB-29
77.0
83.0
6.0
1.6
Patoa
SB-31
43.6
48.0
4.4
1.7
And
111.0
112.0
1.0
4.0
Tucanare
SB-33
124.0
25.0
1.0
2.1
Colonia
SB-35
49.0
51.0
2.0
10.1
65.0
68.9
3.0
1.2
72.0
74.0
2.0
1.2
No estimate of true width of mineralized intercepts
shown above can yet be made.
A total of 36 drill holes have thus far tested three principal target
areas: the Colonia, Patoa and Tucanaré
prospects. At the main Colonia trend, a mineralized east-west structure
has been traced by drilling for about 500 meters. This trend remains
open in both directions along horizontal strike and at depth. Of the two
holes drilled this year at the new Jamil prospect in the southern part
of the Colonia area, one contained 10.4 meters of 8 g/t gold. The one
hole drilled in another completely new area, Dorado, in the northern
part of the Colonia area intersected 10.1 g/t over 2 meters.
At Patoa, previously announced drill holes SB-04, that intersected 12.2
meters grading 12.2 g/t gold, and SB-18, that intersected 34 meters
grading 2.7 g/t gold, may represent the same mineralized trend. In
addition, SB-20, that contained 25.5 meters of 1.6 g/t gold, was drilled
600 meters west of the main Patoa area and represents significant
untested potential of the Patoa zone. Finally, at the Tucanaré
prospect, all five drill holes have intersected gold mineralization.
Chris Herald, President and CEO of Solitario, stated, "Our work at
Mercurio continues to provide an exceptionally high percentage of drill
holes intersecting significant gold mineralization. The footprint of
mineralization at Mercurio, as demonstrated by anomalous gold
concentrations in soils, is extremely large measuring at least five
kilometers by four kilometers. Given the gold grades we have
encountered, the potential for expanding mineralization and the
project's relatively easy road access, Mercurio is one of the more
attractive projects in the Tapajos region. We are very excited about the
future potential of this gold project and are evaluating our results to
determine what direction we will take during the remainder of 2008."
The Mercurio project is located in the Tapajos gold region of northern
Brazil where an estimated 30 to 40 million ounces of gold has been
produced by local small-scale mining of soils. The property has
relatively easy access by a seasonal unpaved road that services the
region. On the 8,550-hectare Mercurio property, informal gold production
from saprolite soils by local miners has occurred in approximately a
dozen different localities during the past ten years. Geochemical
sampling and geophysical magnetic and IP surveys conducted by Solitario
indicates mineralization extends beyond the current drill pattern.
The drill hole information contained within this release is reported
under a quality control program supervised by Mr. Walt Hunt, Vice
President of Operations for Solitario Resources Corporation, who is a
qualified person as defined by National Instrument 43-101. Samples are
derived from 50% splits of HQ and NQ (2.5 and 1.9 inch) diameter core.
Samples are then shipped via secured third-party land and air
transportation companies and analyzed by ALS Chemex Inc., North
Vancouver, Canada, an ISO9002 registered company. In addition to the
laboratory’s quality control program, a check
assay program is ongoing.
Solitario is a gold, silver, platinum-palladium, and base metal
exploration company actively exploring in Peru, Brazil and Mexico.
Solitario is traded on the American Stock Exchange (AMEX:XPL) and on
Toronto Stock Exchange (TSX:SLR).
This press release includes certain "Forward-Looking Statements"
within the meaning of section 21E of the United States Securities
Exchange Act of 1934, as amended. All statements, other than statements
of historical fact, included herein, including without limitation,
statements regarding potential mineralization and reserves, exploration
results and future plans and objectives of Solitario, are
forward-looking statements that involve various risks and uncertainties.
There can be no assurance that such statements will prove to be accurate
and actual results and future events could differ materially from those
anticipated in such statements. Development of any of Solitario’s
properties is subject to the success of exploration, completion and
implementation of an economically viable mining plan, obtaining the
necessary permits and approvals from various regulatory authorities, and
compliance with operating parameters established by such authorities.
Important factors that could cause actual results to differ materially
from Solitario’s expectations are disclosed
under the heading "Risk Factors" and elsewhere in Solitario’s
documents filed from time to time with Canadian Securities Commissions,
the United States Securities and Exchange Commission and other
regulatory authorities.
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