Solomon Resources Limited
TSX VENTURE : SRB

Solomon Resources Limited

August 08, 2011 09:30 ET

Solomon Stakes Additional Pacer Claims in Southwest Yukon; Exploration Crews Mobilize to Outpost Claim Group

VERNON, BRITISH COLUMBIA--(Marketwire - Aug. 8, 2011) - Solomon Resources Limited (TSX VENTURE:SRB) is pleased to report that it has acquired by staking a further 24 mineral claims on the northeastern margin of the Pacer Claim Group located in the Whitehorse Mining District of the Yukon Territory. Solomon's Pacer Claim Group now comprises 236 claims covering an area of 4,933 hectares.

The Pacer Claim Group is located approximately five kilometers west of the town of Haines Junction in the Front Ranges of the Kluane Mountains. The claims cover an historical gold occurrence and highly prospective epithermal gold and nickel-copper-platinum targets indicated by regional stream geochemical (RGS) surveys and airborne geophysics as well as preliminary surface exploration conducted by Solomon in September of 2010. The Pacer Claims are located in a poorly explored belt extending 100 kilometers northwest from Haines Junction to the Wellgreen PGE-Nickel-Copper Project of Prophecy Platinum Corp.

The Pacer showing was originally staked in 1966 by Golden Gate Exploration and optioned to Noranda Exploration Company Limited. Gold was reported to occur with pyrrhotite and chalcopyrite in a quartz-carbonate stockwork cutting rusty siliceous argillite in the hanging wall of a serpentinized gabbro-peridotite sill 150 meters thick and at least 4000 meters long. A specimen from the main showing assayed 19.7 grams per tonne (g/t) Gold (Au) and a nearby quartz-sericite vein returned 2.5% Copper (Cu) and 1.5 g/t Au. High grade copper float was found in foliated greenstone boulders in what is locally known as Thunderegg Creek downstream of the Golden Gate showing.

Noranda identified a gold-in-soil geochemical anomaly 1500 meters long and 20 meters wide with values up to 1270 parts per billion (ppb) Au extending north from the original Golden Gate showing. Rock samples taken from outcrop away from the main showing assayed as high as 3.1 g/t Au.

Solomon's President and CEO Randy Rogers notes: "We have seen a tremendous increase in claim staking activity in the Kluane Front Ranges this summer, and competitors had staking crews working on the northwestern boundary of the Pacer Claim Group last week."

The Alaska Highway runs parallel to and within two kilometers of the northeastern boundary of the Placer Claim Group. A four wheel drive road extends from Bear Creek on the Alaska Highway along the Alsek River valley and Thunderegg Creek to the southern portion of the property.

To view accompanying map and photo, visit the following link: http://media3.marketwire.com/docs/LocationMapandPhoto.pdf

Solomon will mobilize an exploration crew to the Pacer property on August 9th, 2011. Exploration will be based out of Haines Junction. Stream sediment sampling will be used early in the season to corroborate historical company and RGS anomalies; prospecting and mapping traverses on the existing claim group and two new targets will narrow down areas for detailed followup. The 2011 program also contemplates the acquisition of 400 soil geochemical samples.

In other exploration news, Rogers noted: "Our field crews mobilized to the Outpost Claim Group on August 2nd, 2011 and have established a camp on the southern portion of the property. Geological mapping, soil and stream sediment geochemical surveys are planned for the early stage exploration of this target. The Outpost Claim Group is located 25 kilometers northwest of the Pacer Claim Group in a compellingly similar geological environment that extends northwesterly along the Kluane Front Ranges to the Wellgreen Property."

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 is 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, reviewed the records of previous owners and operators of the Pacer Claim Group and approved 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 Solomon has 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 Ltd.
    Randall S. Rogers, M.Sc., P.Geo.
    President and Chief Executive Officer
    (778) 475-5551
    (778) 475-5541 (FAX)
    www.solomonresources.ca