Solomon Resources Limited
TSX VENTURE : SRB

Solomon Resources Limited

July 14, 2011 09:30 ET

Solomon Stakes Outpost Claim Group in Southwest Yukon; Acquires 100% Interest in Grassroots Epithermal Gold Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 14, 2011) - Solomon Resources Limited (TSX VENTURE:SRB) is pleased to report that it has acquired by staking a 100% interest in the Outpost Claim Group located in the Whitehorse Mining District of the Yukon Territory and comprising 71 claims covering an area of 1,484 hectares.

The Outpost Claim Group is located approximately fifty kilometers west of the town of Haines Junction. The Outpost Claims are located in a poorly explored belt extending northwest from Haines Junction to the ghost town of Silver City and protect the northwesterly strike extension of the Pacer Claim Group, an historical gold occurrence recently staked by Solomon. The property lies along the northeastern flank of Outpost Mountain and encompasses the drainages of Silver and Boutelier Creeks.

The Outpost Claim Group covers a highly prospective airborne geophysical anomaly in an area with anomalous stream sediment geochemical data. The airborne total magnetic and first vertical derivative anomalies trend sinuously northwesterly through the property and suggest that large scale favourable mineralizing structures or large mafic/ultramafic intrusives may underlie this underexplored geological package and the proximity of the Kluane Ranges Intrusive Suite makes this a compelling target for epithermal gold and nickel-copper-platinum group mineralization.

The Outpost Mountain area has been intermittently explored since 1892 during which year Jack Dalton and E.J. Glave made an overland trip with four packhorses from the Chilkat River to the shores of Kluane Lake over a foot path which the Chilkat First Nations had used for the preceeding two centuries as a trading route to the interior of the Yukon. Klondike prospectors used the Dalton Trail extensively during the 1898-1900 period enroute to the goldfields of the Klondike, but prospecting in the Front Ranges was not established until about 1903 when Silver City was settled at the eastern end of Kluane Lake and became the center of mining activity in the region. Silver City boasted a post office, N.W.M.P. post and Mining Recorder; a wagon road led east through the settlement of Champagne to Whitehorse. The threat of Japanese invasion sparked the building of the Alaska Highway in 1942 and the Haines Road followed in 1944. Improved access in the post war period brought on a brief exploration boom, although no lode mining production is known from the immediate area of the Outpost Claim Group.

This area has a rich history of placer gold mining, with early production reported from Silver and Boutelier Creeks.

To view the Outpost Claim Group map, please click on the following link: http://media3.marketwire.com/docs/sol713m.pdf

Ongoing work by the Yukon Geological Survey has drawn new attention to the Kluane Front Ranges and nearby Ruby Range, and recent staking activity suggests that junior exploration companies looking to acquire new and prospective ground outside of the heavily staked Dawson Range and Selwyn Basin Gold Districts of the Yukon are turning their attention to this region.

The Alaska Highway runs parallel to and within two kilometers of the northeastern boundary of the Outpost Claim Group. A four wheel drive road extends from Silver Creek on the Alaska Highway to the southern portion of the property. Solomon field crews have upgraded the road access to the southernmost portion of the Outpost Claim Group in the past few weeks.

Solomon will mobilize an exploration crew to the property in late July of 2011. Exploration will be based out of Silver City, employing fly camps where practicable. Helicopter support is available at both Haines Junction and Silver City for crew deployment. Stream sediment sampling will be used early in the season to corroborate historical company and RGS anomalies; prospecting and mapping traverses will narrow down areas for detailed followup. The 2011 program also contemplates the acquisition of 200 soil geochemical samples.

To view the picture accompanying this press release, please click on the following link: http://media3.marketwire.com/docs/sol714p.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 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.

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
    (778) 475-5541 (FAX)
    www.solomonresources.ca