Solomon Resources Limited
TSX VENTURE : SRB

Solomon Resources Limited

July 07, 2011 09:30 ET

Solomon Resources Limited-Exploration Update: Ten Mile Creek Gold Project and Southwest Yukon Projects Underway

VERNON, BRITISH COLUMBIA--(Marketwire - July 7, 2011) - Solomon Resources Limited (TSX VENTURE:SRB) is pleased to provide an update on the exploration programs of the Company for the 2011 field season.

TEN MILE CREEK GOLD PROJECT:

The Ten Mile Creek Gold Project comprises 309 mineral claims located within the Dawson Mining District of Canada‟s 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.

To view Figure 1. Ten Mile Creek Property, Yukon, Location Map, please visit the following link: http://media3.marketwire.com/docs/711148_0707_fig_1.pdf

Solomon holds an option from Radius Gold Inc. to earn a 51% interest in the property.

The Ten Mile Creek Gold Project is readily accessible by roll-on/roll-off barge from the Yukon River and serviced by a well maintained airstrip on the Sixty Mile River.

This property was originally staked by Teck Resources Limited following a regional reconnaissance program in the Dawson Range. Teck explored the property from 1998 to 2000 with a program of geological mapping, soil and rock sampling and limited trenching in which it identified five diamond drill targets prior to abandoning its Yukon projects in 2001.

Solomon's 2010 field exploration program was directed at examining historical mineralization on the property in light of new information gleaned from other projects in the White Gold Camp. A high priority target was the Jual Vein System with numerous northwesterly trending, flat to moderately dipping quartz veins and stockworks with gold values identified by Teck ranging from 8 to 16 grams per tonne (g/t) gold. Trenching conducted by Teck of selected soil geochemical anomalies yielded results of 1.6 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).

To view FIGURE 2. Ten Mile Creek Gold Project Claim Boundaries and Logistics, please visit the following link: http://media3.marketwire.com/docs/711148_fig_2.pdf

As the results from our 2010 soil geochemical and surface geophysical surveys were received, it became readily apparent that the Jual Vein System is a very small component of a much larger gold target extending over an area 3.0 kilometers by 1.5 kilometers in extent. Three extensive new soil geochemical anomalies were discovered within this broad target area, and gold values of up to 1436 parts per billion (ppb) gold (1.436 grammes/tonne) and 4630 parts per million (ppm) arsenic and the pronounced linearity of these anomalies suggest that the Jual Vein System may be a limited expression of an extensive structurally controlled gold system that dominates the northernmost portion of the property.

A total of 2,650 soil geochemical samples were taken on grids established in the central portion of the JV claim group and the northern portion of the Ten Mile claims during the 2010 field season.

Four significant soil geochemical anomalies were discovered in the 2010 field program:

The Skukum Zone is a significant sinuous gold in soil geochemical anomaly located on the JV claim group approximately 900 meters by 700 meters in extent with values up to 1436 parts per billion (ppb) gold and 4630 parts per million (ppm) arsenic.

The Jack London Zone is located one kilometer north of the Skukum Zone and is a soil geochemical anomaly 1600 meters by 600 meters in extent with a peak soil geochemical value of 260 ppb Gold. This highly prospective target will be trenched early in the 2011 exploration season.

The Sourdough Joe Zone is located one kilometer north-northeast of the Jack London Zone and is an elongated east-west soil geochemical anomaly measuring 1400 meters by 300 meters with a peak soil geochemical value of 141 ppb Gold. This highly prospective target will also be trenched early in the 2011 exploration season.

The Klondike Kate Zone is an east-west anomaly in the northern portion of the Ten Mile claim group four kilometers east of the Skukum Zone measuring approximately 1600 meters in length and 400 meters in width with gold in soil geochemical results as high as 698 ppb gold and 570 ppm arsenic.

Trenching of selected anomalies in 2010 returned gold values as high as 1.5 g/t gold over 2.0 meters.

Six exploratory diamond drill holes were completed in 2010, primarily directed at providing a better understanding of the historical mineralization of the property and to set the stage for drilling the highly anomalous soil geochemical anomalies discovered late in the 2010 field season.

Solomon field crews mobilized to the Ten Mile Creek Gold Property on May 1st, 2011 and eight discrete mineralized targets have been identified for detailed follow-up this season. The 2011 exploration program will include 3000 soil geochemical samples as well as mechanized trenching in the Jual Vein System and the newly discovered Skukum, Jack London, Sourdough Joe and Klondike Kate zones. An airborne geophysical survey comprising 589 line-kilometers of VLF-EM, magnetometer and spectrometer is currently underway. The Company plans to complete 6000 feet of reverse circulation drilling on the Jual claims in August of 2011 and a further 1000 meters of diamond drilling in September once the results of earlier work are in hand.

SOUTHWEST YUKON:

Solomon is actively engaged in the highly prospective Ruby Range and Kluane Front Ranges of the southwestern Yukon Territory. The Company has conducted grassroots reconnaissance to follow up on regional geochemical surveys and historic mineral occurrences, particularly epithermal gold targets in headwaters of active placer gold camps in the Kluane Front Ranges; Nickel-Copper-PGE targets in Late Triassic Ultramafics and flood basalts; Copper-Gold skarn targets in the Early Cretaceous Kluane Range Group; volcanogenic massive sulphide targets in lower basalts of the Station Creek Formation and felsic units of White River Formation.

As a result of this broad regional initiative the Company has undertaken an aggressive staking program in the Southwest Yukon, and details of these properties will be released as title is secured and due diligence is complete. Solomon has acquired a land package that includes 100% ownership of 1029 mineral claims and approximately 23,900 hectares.

It is worth noting that staking activity by other exploration companies has increased significantly in this underexplored area in the past two months, and this trend is expected to continue throughout the summer of 2011.

Preliminary field exploration has been conducted on two of the newly acquired properties and Solomon field exploration crews will mobilize to the remaining properties in late July of 2011.

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 practicesΓǃ in mineral exploration.
  • Analytical work for these projects was conducted by Acme Analytical Laboratories (Vancouver) Ltd., and ALS Canada Ltd. (Whitehorse) – both certified analytical laboratories.
  • 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 and supervised the preparation of the information that forms the basis of the 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.

For additional information visit Solomon‟s website at www.solomonresources.ca.

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
    www.solomonresources.ca