Solomon Resources Limited
TSX VENTURE : SRB

Solomon Resources Limited

February 29, 2012 09:30 ET

Solomon Plans 3,000 Meter Drilling Program at Ten Mile Creek: Geochemistry and Geophysics Indicate Structural Control to Gold Mineralization

VERNON, BRITISH COLUMBIA--(Marketwire - Feb. 29, 2012) - Solomon Resources Limited (TSX VENTURE:SRB) is pleased to report that it has received the results of its 2011 geochemical and geophysical surveys on the Ten Mile Creek Gold Project. Plans are underway for a comprehensive 3000 meter diamond drilling and reverse circulation drilling program in the 2012 field season.

The gold in soil geochemical anomalies on the property are far more extensive than originally believed and now extend over an area 2700 meters by 3880 meters in size with values up to 1436 parts per billion (ppb) gold (or 1.436 grams/tonne gold). The compelling linearity of these anomalies together with the results of the airborne geophysical survey completed in 2011 suggests that the Jual Vein System (the gold in quartz vein and stockwork system exposed on the northernmost JV Claim Group) is actually the easternmost expression of a much larger structurally controlled gold system that dominates the central portion of the JV Claims.

Solomon's 2011 exploration program included 2059 soil geochemical samples and 296 line kilometers of airborne geophysical survey directed at identifying possible extensions to the Jual Vein System which returned trench results of 1.6 grams/tonne (g/t) gold over 25 meters (including 11.1 g/t gold over three meters) and 1.0 g/t gold over 19 meters (including 8.5 g/t over 1.5 meters) and other mineralized zones on the property.

The airborne radiometric survey clearly demonstrates the limits of the biotite quartz monzonite intrusive stock which underlies the margins of the JV Claims. Further analysis shows that the large gold in soil anomaly on the JV Claims is flanked by multiple strong north-northwest trending linear magnetic elements which are in places cut and displaced by an east-west cross-fabric, suggesting the presence of fault offset and dilation zones that may host bonanza grade mineralization.

The strike extensions of the these linear geochemical and geophysical features provide a compelling correlation between gold mineralization in the Jual-Val Vein System and the placer gold mining operation on Ten Mile Creek. Ten Mile Creek has been actively mined for placer gold since 1898 and the coarse angular nature of the gold together with the predominance of quartz matrix suggests that the gold being recovered in the sluice boxes has not travelled far from source.

To view Figure 1, please visit the following link: http://media3.marketwire.com/docs/SRB-0229-FIG1.pdf.

The Ten Mile Creek Gold Project consists of 309 mineral claims in the Dawson Mining District of the Yukon Territory approximately 30 kilometers north-northwest of the White Gold Property of Kinross Gold Corp. and 60 kilometers north of the Coffee Gold Project of Kaminak Gold Corp. The Property includes the northernmost JV Claim Group and the southernmost Ten Claim Group (see Figure 2: http://media3.marketwire.com/docs/SRB-0229-FIG2.pdf)

Solomon is now in the final year of a three year option agreement with Rackla Metals Inc. to earn a 51% interest in the entire property.

Solomon President and CEO Randy Rogers notes: "The linear magnetics on the JV Claims not only coincide with highly anomalous gold soil geochemistry and the Jual Vein System, but also line up to a great extent with deeply incised tributaries of Ten Mile Creek where placer gold has been recovered for over 100 years. We believe these linears represent structural breaks adjacent to the intrusive in which gold bearing fluids have circulated and in which subsequent faulting may have created dilation zones favourable for gold deposition. Similar structural regimes exist at the White Gold property of Kinross Gold Corporation and at the Coffee Project of Kaminak Gold Corp."

Solomon will conduct 3000 meters of combined diamond and reverse circulation drilling at the Ten Mile Gold Project in the 2012 field season, together with expanding the soil geochemical grid on the Ten Claims to highly prospective areas where the airborne geophysics suggests a continuation of structures from the JV Claims. To date the Company has collected 4509 soil geochemical samples from the Ten Mile Creek Gold Project, and a further 2,000 samples are proposed for the 2012 field season.

To view Figure 3, please visit the following link: http://media3.marketwire.com/docs/SRB-0229-FIG3.pdf

This update relies to a great extent on maps and diagrams illustrating the results of the exploration program and readers whose newswire service does not support graphics are encouraged to view this news release and our current corporate powerpoint presentation at www.solomonresources.ca.

To view Figure 4, please visit the following link: http://media3.marketwire.com/docs/SRB-0229-FIG4.pdf

QA/QC:

Solomon has implemented quality assurance and quality control measures in its exploration programs, including the following:

  • All field and data analysis work is carried out under the supervision of qualified Solomon geologists and geophysicists in accordance with procedures developed to conform to current 'best practices' in mineral exploration.
  • Analytical work for this project was conducted by ALS Minerals - a certified analytical laboratory.
  • In addition to internal checks and standards provided by the labs, Solomon includes blind duplicate and blank samples. All analytical sample checks and standards are within reasonable limits of error.

Qualified Person:

Randy Rogers, M.Sc., P.Geo. a "Qualified Person" for the purposes of National Instrument 43-101, Standards for Disclosure for Mineral Projects of the Canadian Securities Administrators, and the President and Chief Executive Officer of Solomon, has verified the data disclosed herein by direct supervision of the exploration programs of the Company, review of historical reports and has approved the written disclosure contained in this news release.

Forward Looking Statements:

Some of the statements in this news release may contain forward-looking information, which involves inherent risk and uncertainty affecting the business of Solomon. Actual results may differ materially from those currently anticipated in such statements.

About Solomon Resources Ltd.:

Solomon Resources Ltd. is a Canadian public company focused on the acquisition, exploration and development of quality mineral properties worldwide. Solomon is managed by a proven team of exploration geologists involved with the discovery and development of a number of significant mineral deposits including the Snip and Eskay Creek deposits in British Columbia and the Brewery Creek deposit in the Yukon Territory.

Solomon's business model is that of a Project Generator. To build shareholder value, the Company intends to acquire highly prospective mineral tenures in stable jurisdictions with the objective of adding value through grassroots exploration and target refinement and then seeking option or joint venture partners through to production.

The Project Generator model is particularly suited to the Company's ongoing interest in the Yukon Territory where we have a wealth of intellectual capital and experience.

Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Solomon Resources Limited
    Randall S. Rogers M.Sc., P.Geo.
    President and Chief Executive Officer
    (778) 475-5551
    (778) 475-5541 (FAX)
    www.solomonresources.ca