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The Déline Land Corporation and Members of the Déline Community have Informed Solitaire Minerals Corp. to Proceed with the Formal Drill Permitting Application In the Great Bear Region
VANCOUVER, April 23 – Solitaire Minerals Corp. (TSX-V: SLT) (The Company) is pleased to announce that a successful community visit was held April 8th, 2008 in Déline, NWT. Charles Desjardins, President of Solitaire Minerals Corp. informed the Community of Déline and The Déline Land Corp. of the Company’s plans to drill and for further exploration to confirm information found in the Kinross technical library. The Déline Land Corp. and the Community of Déline then granted Solitaire Minerals Corp. permission to file a formal application to the SAHTU Land and Water Board with the Community’s support. “Solitaire Minerals Corp. is well on its way to completing its goal of drilling the Eldorado and Mystery Island properties in 2008,” said Charles Desjardins, President of Solitaire Minerals Corp., “Gaining the confidence of the Déline community was a critical step in this permitting process, and we look forward to working with the Déline Community to ensure an effective exploration and drill program will be executed.”
Eldorado Property Review
Pitchblende (uranium plus silver, copper, nickel, lead and polonium) was formerly mined from the Eldorado Nuclear/Uranium Mine at Port Radium commencing in 1933. The Port Radium uranium belt along with the Uranium City district were Canada’s principal producers of uranium during the 1930s and 1940s. The mine closed in 1960. Since that time, important advances in uranium exploration methods and the genesis of uranium deposits have evolved. Also, the area has been recognized as a favourable environment for IOCG (iron ore copper gold) deposits.
Uranium production from the Eldorado Nuclear/Uranium Mine was from veins emplaced along northeast trending faults. All of these structures merge into the Bear Bay Shear Zone, a deep seated regional structure which has never been tested. In addition, there is potential for the structures hosting high grade silver mineralization in the Echo Bay mine to extend onto Solitaire’s property.
Mystery Island Review
The Mystery Island project consists of approximately 21,830 acres which is being explored for iron-oxide, copper, gold, silver and uranium targets. The mineralization and geology of the Great Bear magmatic zone indicate similarities with the Olympic Dam IOCG deposit. The Olympic Dam, or the IOCG model, is proposed as the main exploration model for the Mystery Island property in this specific part of the Great Bear magmatic zone. The Olympic Dam deposit at Roxby Downs in the Gawler Craton of southwest Australia consists of dike-like, hematite-rich diatreme breccias in granite and felsic volcanics, and has a reported resource of 2.32 billion tonnes of 1.6 per cent copper, 0.5 gram per tonne gold, 3.5 grams per tonne silver and 0.4 kilogram per tonne U 3)O(8). The Mystery Island property is situated in a similar geological setting that has the potential to host high-unit-value polymetallic mineralization associated with large-tonnage, IOCG-type deposits, as well the potential to host Echo Bay-type, high-grade, lower-tonnage U(3)O(8)-Ag mineralization.
Eighteen grab samples were originally submitted from the 2006 ground program for 31-element ICP analysis to Acme Analytical Laboratories Ltd. in Vancouver, B.C. Five samples returned values greater than 10,000 parts per million (1 per cent) copper which is the upper detection limit for this type of analysis. One sample graded 0.13 per cent uranium. Seven anomalous samples were resubmitted for copper assay. These results, with corresponding cobalt (ICP analysis) are listed below: