Solid Gold Resources Corp.
TSX VENTURE : SLD

Solid Gold Resources Corp.

November 29, 2010 10:00 ET

Solid Gold Priority Drill Testing Underway

TORONTO, ONTARIO--(Marketwire - Nov. 29, 2010) - Solid Gold Resources Corp. ("Solid Gold") (TSX VENTURE:SLD) is pleased to report that diamond drill testing of high priority gold targets on the South Grid is now underway.

The North Branch of the Porcupine Destor Fault Zone has a strike of approximately 15 kilometers within the Solid Gold Prospect and a magnetic low response along the zone may suggest extensive hydrothermal alteration and an ideal setting for gold deposits.

The South Grid targets are roughly centered on the Solid Gold Prospect where a large chevron fold exists, with its apex northward, and tops of the rock units southward, thus defining a synclinal structure. This structure truncates abruptly in the area of the North Branch of the Porcupine Fault. The fold is well-defined and shows a pronounced V-shaped outline, with the crest of the fold to the north. The South Grid geophysical survey was conducted over the area identifying several linear zones of low magnetic response and a large area of low magnetic values (located in the eastern part of the South Grid) which is interpreted to be due to an underlying felsic intrusive body.

Initially, six diamond drill holes are planned in an area located in the north central part of the South Grid designated by two areas of interpreted alteration, possibly splays from the North Branch of the Porcupine Destor Fault, one of which appears to merge with the interpreted felsic intrusive at its western crest. All holes are recommended to be 500 meters in length, and all at 45°. Two of the holes are to be drilled in a southeasterly direction, and four in a southerly direction.

Approximately 1.5 kilometers south of the South Grid target area is a series of seven holes drilled by the Ontario Government as part of an overburden-sampling program covering 600 meters laterally and parallel to the North Branch. All holes returned gold values ranging from 2.6 gpt to 31.0 gpt, from glacial till overlaying bedrock. Ontario Government Glacial till survey data suggests that the glacial till hosting the gold flowed south southwest of the South Grid targets.

As previously announced, core samples from the first five diamond drill holes have been submitted for assay. Assay results will be disclosed as they become available.

Technical data in this News Release was prepared for Solid Gold by Bill MacRae, P Geo (Ontario) who is Solid Gold's Qualified Person as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

Business of Solid Gold Resources Corp.

Solid Gold is a junior mining exploration and development company which controls a +/-200-square kilometre prospect hosting potential for discovery of economic mineralization at Lake Abitibi near the Porcupine Fault zone in Northern Ontario.

The information in this news release includes certain information and statements about management's view of future events, expectations, plans and prospects that constitute forward looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward looking statements. Although Solid Gold believes that the expectations reflected in forward looking statements are reasonable, it can give no assurances that the expectations of any forward looking statements will prove to be correct. Except as required by law, Solid Gold disclaims any intention and assumes no obligation to update or revise any forward looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward looking statements or otherwise.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Solid Gold Resources Corp.
    Richard Cohen
    Vice-President (Corporate Development)
    (905) 882-4422
    rcohen@clarkavenue.com