Solomon Resources Limited
TSX VENTURE : SRB

Solomon Resources Limited

July 11, 2011 09:30 ET

Solomon Stakes Pacer Claim Group in Southwest Yukon: Acquires 100% Interest in Historical Gold Occurrence

VERNON, BRITISH COLUMBIA--(Marketwire - July 11, 2011) - Solomon Resources Limited (TSX VENTURE:SRB) is pleased to report that it has acquired by staking a 100% interest in the Pacer Claim Group located in the Whitehorse Mining District of the Yukon Territory and comprising 212 claims covering an area of 4,432 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 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 northwest from Haines Junction to the ghost town of Silver City.

The Pacer showing was originally staked in 1966 by Golden Gate Exploration to protect an airborne magnetic survey anomaly. The property was optioned to Noranda Exploration Company Limited who explored intermittently from 1988 to 1989. 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. Noranda abandoned the option on this property in 1991 as part of a corporate reorganization.

This area has a rich history of placer gold mining, with early production reported from the Alsek River and associated drainages. Kimberley Creek, which drains the ridge south and west of the Pacer Claim Group, has been actively mined for several years and new placer claims have been staked immediately northwest of the Pacer Claim Group in the past two weeks.

To view the map and photo that accompany this Press Release, please visit: http://media3.marketwire.com/docs/srb-map-0711.pdf

Ongoing work by the Yukon Geological Survey has drawn new attention to both the Kluane Front Ranges and the 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 Placer Claim Group, and the Haines Highway extends 192 miles south from the town of Haines Junction to the deepwater port of Haines, Alaska. 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. Solomon field crews have upgraded the road access to the southernmost portion of the Pacer Claim Group in the past few weeks.

A Solomon will mobilize an exploration crew to the property in late July of 2011. Exploration will be based out of Haines Junction and 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 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 (300 from property grids to be established on the Pacer claims and 100 from ridge reconnaissance sampling.) Linecutting will open up the middle reaches of Thunderegg Creek and surrounding slopes for preliminary exploration.

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.

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 Ltd.
    Randall S. Rogers M.Sc., P.Geo.
    President and Chief Executive Officer
    (778) 475-5551
    (778) 475-5541 (FAX)
    www.solomonresources.ca