Solomon Resources Limited
TSX VENTURE : SRB

Solomon Resources Limited

August 22, 2011 09:30 ET

Solomon Stakes Nis and Sek Claim Groups in Southwest Yukon, Acquires Epithermal Gold Targets in Rhyolite Creek Volcano-Plutonic Complex

VERNON, BRITISH COLUMBIA--(Marketwire - Aug. 22, 2011) - Solomon Resources Limited (TSX VENTURE:SRB) is pleased to report that it has acquired by staking 150 mineral claims located in the Whitehorse Mining District of the Yukon Territory. The Nis 1 – 66 and Sek 1 – 84 mineral claims cover a total area of 3135 hectares and are located 30 kilometers east of Solomon's Rosie Gold Project, a highly prospective gold target indicated by regional stream geochemical surveys and the discovery in 2010 by the Yukon Geological Survey of an outcrop of highly silicified altered quartz feldspar porphyry at the top of the Ruby Range batholith, likely the result of a high sulphidation epithermal system.

The Nis and Sek Claims are located approximately 105 kilometers north of the town of Haines Junction and approximately 20 kilometers west and northwest of the Aishihik Road. The claims were staked in the course of a regional exploration project conducted by Solomon which focussed on epithermal gold targets in a poorly explored belt extending from the eastern headwaters of Dwarf Birch Creek to the eastern shore of Aishihik Lake. The primary focus of the project was the upper reaches of the Ruby Range batholith and Rhyolite Creek Volcanic-Plutonic Complex extending east and west of the Rosie Claim Group.

Historical mineral occurrences in the surrounding area formerly thought to represent Casino-style copper-molybdenum-gold porphyry style mineralization are now believed to be epithermal occurrences associated with the upper-most and younger fractionated portion of the Ruby Range batholith. Historical regional aeromagnetic data and regional airborne magnetometer data released by the Geological Survey of Canada in July of 2011 corroborates the prospective nature of these properties as do pronounced Bouguer Gravity Anomalies on the North Aishihik regional gravimetric survey released by the Yukon Geological Survey in May of 2011. Historical regional stream sediment geochemistry data shows anomalous gold values coupled with one or more of copper, molybdenum, arsenic, mercury and antimony.

The geological setting of the Nis and Sek Claim Groups is poorly understood but fieldwork conducted early in the 2011 season shows that both properties include outcrop of the Rhyolite Creek volcano-plutonic complex, the youngest porphyritic phase of the Ruby Range batholith and its volcanic equivalents which locally consists of intermediate volcanic flows, breccia and tuff, flow-banded rhyolite and felsic tuff. The Ruby Range Batholith underlies the west and central portion of the Sek Claim Group and is locally composed of quartz diorite and granodiorite.

Recent work by the Yukon Geological Survey has drawn new attention to this area, and a significant increase in claim staking in this belt over the past few months suggests that companies looking to acquire new and prospective ground outside of the heavily staked Dawson Range and Selwyn Basin Gold Districts are turning their attention to the underexplored Ruby Range.

To view map please click on the following link: http://media3.marketwire.com/docs/SRBmap1.pdf

Solomon's President and CEO Randy Rogers notes: "The Nis and Sek Claims are highly prospective for epithermal gold mineralization. Recent work by the Yukon Geological Survey has suggested a compelling similarity between the geological setting and mineralization potential of the Coast Belt in the Ruby Ranges and the Juneau Gold Belt. The similarities between the two areas are striking, and mineralization seen to date in this portion of the Ruby Range have characteristics indicative of epithermal style mineralization."

To view map please click on the following link: http://media3.marketwire.com/docs/SRBmap2.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 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.

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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