Solitaire Minerals Corp.

Solitaire Minerals Corp.

November 08, 2011 09:00 ET

Solitaire Minerals Corp. Options Property with Historical Iron Discovery, Quebec

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 8, 2011) - Solitaire Minerals Corp. (TSX VENTURE:SLT) -

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Solitaire Minerals Corp. (TSX VENTURE:SLT) (Solitaire) reports that it has, subject to TSX Venture Exchange approval, acquired the Wilson Lake Iron Property, comprising approximately 12,108 acres, is located in the Labrador Trough of Northern Québec. The property is adjacent to Adriana Resources' Lac Otelnuk project (wherein Wuhan Iron and Steel Corp. has paid $120-million for a 60-per-cent interest), and New Millennium's Kemag and Labmag projects (which have an option agreement with Tata Steel for a $4.9-billion development which includes the construction of a 750-kilometre slurry pipeline).

The acquired ground holds a collection of showings known as the Wilson Lake "deposits". The property was previously held in the 1940's within the concession of Norancon, which included the Lac Otelnuk deposits. A 1948 report outlines several iron (Fe) and maganese (Mn) zones discovered by prospectors working for Norancon. This report shows approximately 3 miles of mapped Iron Formation that extends North from Adriana's present day Lac Otelnuk deposits. In addition, there are other bog zones located 4 miles Northwest of the Wilson Lake "deposits" which are held within the acquired the land package. A mapped "limonite spring" is also located a few miles west of the Wilson Lake zone.

A dozen manganese occurrences are mentioned in the 1948 report described to be found on the Wilson Lake Iron Property, each approximately 5 acres in size, located in a tract measuring 1.25 miles by 0.75 miles. Results for associated iron content are tabulated below in Table 1 and Table 2.

Table 1: Analysis of Material from a Test Pit

Depth of samples Iron (%) Maganese (%)
0"-12" 4.0 38.40
12"-18" 7.2 38.40
18"-36" 26.6 23.07
36"-42" 40.8 2.94
42"-60" 33.4 0.49

(The average grade of the material to a depth of 5 feet is Fe-23.6%; Mn-21.5%)

Table 2 : Analysis of Grab Samples Throughout the Deposit

Iron Fe (%) Maganese Mn (%)
42.8 2.98
42.8 19.8
38.8 37.02
25.2 9.30
19.8 28.20
15.6 37.70
14.6 44.20
42.0 0.93
27.6 7.96
15.6 11.05
37.6 12.10
20.0 32.80

It is of significance to note that during this historical exploration that no area for the potential discovery of an iron ore body could be eliminated from future prospecting. The general area of exploration, in most cases only a few square feet of feet of iron ore is all that shows of a sizable ore body which is essentially under only a few feet of overburden.

The Wilson Lake zones, as well as the Lac Otelnuk, the Knob Lake, Schefferville, Reed Lake and Wabush deposits are all briefly mentioned within a Geological Survey of Canada publication, "Manganese Deposits in Canada", 1965; p. 32 and p. 33, outlining the deposits all contain variable amounts of manganese with iron.

Solitaire, in order to acquire a 100% interest in the property, will pay a cumulative amount of $221,000 cash and issue 2,500,000 common shares over a three year period. The Wilson Lake Property will also be subject to a 2.0% Net Smelter Royalty ("NSR") and Solitaire shall have an option to purchase 1% of the NSR for the sum of $1,000,000 at any time up to when a production decision is made.

Mike Magrum, P.Eng., a qualified person under National Instrument 43-101, has approved the technical content of this news release.

About Solitaire Minerals Corp. (TSX VENTURE:SLT) is a diversified Junior Canadian Mineral Exploration Company with a focus on precious and base metal properties in North America.

For additional information please contact Solitaire Minerals Corp. or visit

On Behalf of the Board of Directors,


Charles Desjardins, President and Director.

Cautionary note:

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.

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