Solomon Resources Limited
TSX VENTURE : SRB

Solomon Resources Limited

August 15, 2011 09:30 ET

Solomon Stakes Seamus, Jenn and Tyke Claims in Southwest Yukon; Acquires Orogenic Gold Targets in Ruby Range Orthogneiss Belt

VERNON, BRITISH COLUMBIA--(Marketwire - Aug. 15, 2011) - Solomon Resources Limited (TSX VENTURE:SRB) is pleased to report that it has acquired by staking 270 mineral claims located in the Whitehorse Mining District of the Yukon Territory. The Seamus 1 – 110, Jenn 1 -64 and Tyke 1 -96 mineral claims cover a total area of 5643 hectares within a regionally mappable orthogneiss unit adjacent to the highly productive Ruby Range placer gold district.

The Seamus, Jenn and Tyke Claims are located approximately 60 kilometers north of Haines Junction and 35 kilometers north of Silver City. The claims were staked in the course of a regional exploration project conducted by Solomon encompassing the drainages of Gladstone, Swanson, Venus, Ruby, Fourth of July, Twelfth of July, Granite, McKinley and Dixie Creeks.

The project area has a rich history of placer gold mining, and a bedrock source for the placer gold has remained elusive.

The primary focus of the regional project was a sinuous band of orthogneiss identified by the Yukon Geological Survey in the 2010 field season which can be traced for at least 60 kilometers along strike within the project area. The gneiss is described as fine to medium-grained and banded with melanocratic layers composed of biotite and hornblende, and leucocratic layers consisting of plagioclase, quartz, potassium feldspar and biotite. It is markedly different in appearance from the adjacent Kluane Schist in that the leucocratic layers are composed of igneous appearing material rather than deformed quartz veins. Garnet is locally abundant. It is not yet apparent whether the gneiss is a highly metamorphosed equivalent of the Kluane Schist, a portion of the Yukon-Tanana terrane, or perhaps even the metamorphosed crystalline basement of the Yukon-Tanana terrane.

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 and the newly discovered orthogneiss belt.

To view the Location Map and Geological Setting of Seamus, Jenn and Tyke Claims, please visit this link: http://media3.marketwire.com/docs/solomon_resources_map_01_02_aug15.pdf

Solomon's President and CEO Randy Rogers notes: "The Seamus, Jenn and Tyke Claims are highly prospective for orogenic gold mineralization. There is a strong placer gold mining history in the creeks paralleling and immediately south of the orthogneiss unit, and regional stream geochemistry in the target area contain anomalous gold values coupled with one or more of copper, molybdenum, arsenic, mercury, antimony and bismuth."

Rogers observed: "Recent work by the Yukon Geological Survey has suggested a compelling similarity between the geological setting and mineralization potential of the Coast Belt in this area and the Juneau Gold Belt. The similarities between the two areas are striking, and the orthogneiss unit provides a viable host for orogenic gold mineralization."

"Generally, orogenic gold systems occur where regional hydrothermal fluids exploit crustal weaknesses in metamorphic rocks spatially associated with large-scale tectonic structures and syntectonic plutonism such as we see in the Ruby Range. Orogenic deposits typically consist of abundant quartz-carbonate veins formed over a broad range of temperatures and pressures and the mineralization is strongly structurally controlled in faults and shear zones. Mineralization seen to date in this portion of the Ruby Range have characteristics indicative of orogenic style mineralization."

In other exploration news, Rogers noted: "Solomon field crews have conducted preliminary exploration on the Pacer and Outpost Claims in the Kluane Front Ranges of Southwest Yukon and the Rosie Claims in the Ruby Range over the past month and will be mobilizing to Solomon's new Ruby Range properties in the next few days. We have completed 296 line-kilometers of airborne magnetometer, VLF and spectrometer geophysical surveys at our Ten Mile Creek Gold Project in the White Gold Camp south of Dawson and await a detailed analysis of the airborne geophysics as well as analytical results from our soil geochemical survey program to guide our trenching and drilling programs on that project later this summer."

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