Solid Gold Resources Corp.

Solid Gold Resources Corp.

March 03, 2011 10:00 ET

Solid Gold Resources Corp.: Gold at Lake Abitibi

TORONTO, ONTARIO--(Marketwire - March 3, 2011) - Solid Gold Resources Corp. ("Solid Gold") (TSX VENTURE:SLD) is pleased to announce assay results for the first nine drill holes on its property (the Legacy Gold Property) at Lake Abitibi, Ontario.

The diamond drilling program testing priority targets generated by historical data, ground magnetometer/IP surveys and a High Resolution Magnetometer/ EM airborne survey has returned anomalous assay results. Hole SG10-09 intersected a silicified and brecciated zone of mineralization containing 2% to 5% very finely disseminated pyrite in a leucocratic diorite. Zone 1 averages 0.43 gpt gold over 4.5 metres, containing 1.19 gpt gold over 0.8 metres, and Zone 2 returned 0.67 gpt gold over 8.0 metres, containing 1.82 gpt gold over 2.0 metres with a 1.0-metre section of 2.95 gpt gold. The individual assays that make up the above averages are presented below.

Hole # Rock Unit  From        To Length(m)      Gold (g/t)
SG10-09 Leucocratic Diorite 76.3 77.1 0.8 1.19
    77.1 78.1 1.0 0.005
    78.1 78.7 0.6 0.498
    78.7 79.7 1.0 0.068
    79.7 80.8 1.1 0.576
  Leucocratic Diorite 123.0 124.0 1.0 0.147
    124.0 125.0 1.0 2.95
    125.0 126.0 1.0 0.681
    126.0 127.0 1.0 0.03
    127.0 128.0 1.0 0.039
    128.0 129.0 1.0 0.096
    129.0 130.0 1.0 0.454
    130.0 131.0 1.0 0.969

The anomalous mineralization occurs in a leucocratic diorite that strikes northeast and appears to be approximately 800 metres wide by 4,000 metres long as interpreted from geophysics. Four additional holes have been drilled in the area of SG10-09 to determine the extent of the mineralization with assays pending for the follow-up holes.

A second drill has been moved onto the ice of Lake Abitibi where we have identified several targets that lie under the lake.

Solid Gold has established a drill core logging and sampling facility in Timmins, Ontario.

Samples are processed by Activation Labs which is ISO/IEC 17025:2005 (CAN-P-4E) certified and is located in Timmins. The core samples are analyzed for gold by 30-gram fire assay with AA finish and by gravimetric methods from assays over 3,000 parts per billion (over limit). Screened total metallic assays are performed on samples assaying over 10,000 ppb. Solid Gold has implemented a quality assurance and quality control program to ensure that the sampling and analysis of all samples are conducted in accordance with the best possible practices.

"This is a project that has a great opportunity for success due to a clear understanding of gold deposit models in the region, highly prospective stratigraphy, lack of historical testing and an up to date approach to exploration", states Darryl Stretch, President of Solid Gold. "Thorough drill testing on the property could be very rewarding and the company is approaching the exploration of this significant land package with focused programs of data acquisition and testing that may generate exploration targets with potential for discovering economic gold deposits."

Technical data in this News Release was prepared for Solid Gold by Bill MacRae, PGeo (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)