Solomon Resources Limited
TSX VENTURE : SRB

Solomon Resources Limited

July 18, 2011 09:30 ET

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

VERNON, BRITISH COLUMBIA--(Marketwire - July 18, 2011) - Solomon Resources Limited (TSX VENTURE:SRB) is pleased to report that it has acquired by staking a 100% interest in the Rosie Claim Group located in the Whitehorse Mining District of the Yukon Territory and comprising 216 claims covering an area of 4515 hectares.

The Rosie Claim Group is located approximately 58 kilometers north of Destruction Bay and 107 kilometers northwest of the village of Haines Junction from which the Haines Highway extends 250 kilometers south to the deepwater port of Haines, Alaska. The Rosie Claim Group includes the easterly tributaries of Tyrell Creek as well as the two kilometer length of Tyrell Lake which will provide an ideal staging ground for exploration activity supported by float plane.

The Rosie Claim Group was staked to protect a highly prospective epithermal 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 near the top of the Ruby Range batholith, likely the result of a high sulphidation epithermal system. Silicic and potassic alteration in the outcrop has the appearance of the high-sulphidization, epithermal style mineralization found above and adjacent to deeper porphyry systems. The silicic alteration is likely the result of highly acidic, low pH fluids infiltrating the host rock.

The Rosie Claim Group is highly prospective for epithermal gold in quartz stockworks. The regional geology is conducive to epithermal and porphyry style mineralization in the upper reaches of the Ruby Range batholith and Rhyolite Creek Volcanic-Plutonic Complex. Regional stream sediment geochemistry data shows anomalous gold values coupled with one or more of copper, molybdenum, arsenic, mercury and antimony. Recent work by the Yukon Geological Survey suggests a compelling similarity between this portion of the Coast Belt of Southwest Yukon and the prolific Juneau Gold Belt of Alaska.

The Ruby Range Batholith is a large plutonic complex which underlies the south and central portion of the claim group, locally composed of quartz diorite, tonalite and granodiorite with lesser amounts of diorite, gabbro and granite. The composition becomes more felsic up-section to the north culminating in voluminous amounts of quartzfeldspar porphyry. The Rosie Claim Group includes outcrop of the Rhyolite Creek volcano-plutonic complex, the youngest porphyritic phase of the Ruby Range batholith and its volcanic equivalents and locally consists of intermediate volcanic flows, breccia and tuff, flow-banded rhyolite and felsic tuff, and rare mafic flows, breccia and tuff.

To view the Location Map and Images please visit this link: http://media3.marketwire.com/docs/srb_Fig1-3.pdf

In addition to the newly discovered silicified zone, other discrete targets exist on the Rosie Claim Group. The contact of the Rhyolite Creek complex with the Ruby Range Batholith and Devonian Snowcap Assemblage on the eastern bank of Tyrell Creek encompasses an historic copper-molybdenum gold mineral occurrence and other targets in the northwest and southwest portions of the property include regional stream sediment geochemical anomalies in both the Rhyolite Creek complex and Ruby Range intrusives.

Historical mineral occurrences in the surrounding area suggest that prospects formerly thought to represent Casino-style copper-molybdenum-gold porphyry style mineralization are now believed to be associated with the upper-most and younger fractionated portion of the Ruby Range batholith. Historical regional aeromagnetic data, although fairly coarse, tends to support the exploration potential of the Rosie Claim Group and regional airborne magnetometer data flown by the Geological Survey of Canada released July 14th, 2011, corroborates the targeting of this property.

Ongoing work by the Yukon Geological Survey has drawn new attention to 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. Shortly after the Rosie Claim Group was staked, the mineral tenures to the east and north were staked by competing interests also intent on securing the ground now covered by the Rosie Claim Group.

Solomon will mobilize an exploration crew to the property on July 20th, 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 400 soil geochemical samples.

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