Solomon Resources Limited
TSX VENTURE : SRB

Solomon Resources Limited

September 19, 2011 09:30 ET

Solomon Resources Limited: Yukon Exploration Update

Ten Mile Creek Gold Project and Southwestern Yukon Projects

VERNON, BRITISH COLUMBIA--(Marketwire - Sept. 19, 2011) - Solomon Resources Limited (TSX VENTURE:SRB) is pleased to provide an update on the Yukon Territory exploration programs of the Company.

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.

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.

Solomon's exploration program at Ten Mile Creek is focussed on determining the extent of historical mineralization on this property including the Jual Vein System with numerous flat to moderately dipping auriferous quartz veins and stockworks identified by previous operators which have 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).

The late-season geochemical results from Solomon's 2010 exploration program suggested that the Jual Vein System might be a very small component of a much larger gold target extending over an area 1500 meters by 3000 meters in extent. Three extensive new soil geochemical anomalies were discovered in 2010 within this broad target area with gold values of up to 1436 parts per billion (ppb) gold (1.436 grams/tonne).

The 2011 exploration program, which has included expanded soil geochemical grids, airborne geophysics and geological mapping has demonstrated that these gold in soil geochemical anomalies are far more extensive than indicated by our preliminary results at the end of the 2010 season and the pronounced linearity of the anomalies suggests that the Jual Vein System is the surface expression of an extensive structurally controlled gold system that dominates the northernmost portion of the property and extends over an area 2700 meters by 3880 meters in size.

The Skukum Zone is a sinuous gold in soil geochemical anomaly on the JV Claim Group with values up to 1436 parts per billion (ppb) gold and the results of the 2011 field program has extended this anomaly westerly to cover an area in excess of 2000 meters by 800 meters in extent. The anomaly remains open to the east and mechanized trenching will be the next step in defining drill targets in this zone.

The Jack London Zone, located on the JV Claim Group north of the Skukum Zone, has been significantly expanded northwesterly in the 2011 field program to 1600 meters by 600 meters in extent with a peak soil geochemical value of 787 ppb gold. This highly prospective target will be trenched in the next phase of the exploration program.

A gold mineralized system completely distinct from the Jual Vein System has been identified in the southern portion of the property. The Klondike Kate Zone is an east-west trending gold in soil geochemical anomaly located in the Ten Mile Claim Group four kilometers east of the Skukum Zone and has been extended westerly in the 2011 field season to measure approximately 1950 meters by 800 meters in extent with gold in soil geochemical results as high as 698 ppb gold. This target displays a unique geochemical signature that suggests a different mineralization event from the other zones discovered to date on the property and further work is required before we commit to drilling here in the 2012 exploration season.

Solomon President and CEO Randy Rogers notes: "The greatest challenge this year at Ten Mile Creek has been the delay in receiving soil geochemical results back from the analytical labs. The laboratories simply could not keep up with the volume of samples being submitted from the Yukon this year, and the impact on the conduct of exploration programs was significant. We are still waiting for soil geochemical results for Ten Mile Creek."

Rogers notes: "We expect to shortly receive the dataset from the 296 line-kilometers of airborne geophysical survey we conducted this summer over the Ten Mile Creek Gold Project and will analyze the magnetometer, spectrometer and VLF-EM data in conjunction with our new geochemical and geological data to best refine targets for trenching and drilling in the remaining weeks of the 2011 field season and move towards an expanded Spring 2012 drill program."

SOUTHWESTERN YUKON:

Solomon is actively exploring the highly prospective Ruby Range and Kluane Front Ranges of the southwestern Yukon Territory. The Company is following 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 and within the Rhyolite Creek Volcanic Complex of the Ruby Range; orogenic gold targets in the headwaters of active placer gold camps in the Kluane Schist of the Ruby Range; Nickel-Copper-PGE targets in Late Triassic Ultramafics and flood basalts in the Wellgreen Trend; Copper-Gold skarn targets in the Early Cretaceous Kluane Range Group and volcanogenic massive sulphide targets in lower basalts of the Station Creek Formation and felsic units of the White River Formation.

Solomon has acquired a land package that includes 100% ownership of 1029 mineral claims and approximately 23,900 hectares including the Pacer Gold Project which is located within two kilometers of the Alaska Highway and includes an historical gold occurrence from which earlier operators reported a grab sample of 19.7 g/t gold as well as high grade copper float in the streambed of Thunderegg Creek.

Solomon field crews have conducted preliminary exploration on the Pacer, Outpost, Rosie and Sek mineral claims including soil geochemical grids, geological mapping and prospecting. Exploration crews will be mobilizing to the Jenn and Seamus properties this week.

Staking activity by other exploration companies has increased significantly in this underexplored area during the summer of 2011 and recent work by the Yukon Geological Survey suggests a strong correlation between the geological setting of the Ruby Range and Kluane Front Ranges with the highly prolific Juneau Gold Belt of Southeast Alaska.

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 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.

To view Figures 1, 2 and 3 associated with this release, please visit the following link: http://media3.marketwire.com/docs/srb919i.pdf.

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