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:
Work by Echo Bay Mines in 1981 noted that the geology of Mystery Island (100% Solitaire interest) is similar to that of Contact Lake mine. Sampling, by Echo Bay, around the adit located on Mystery Island, returned grades of up to 16.90% copper and 3.4 oz silver per ton. Sampling, by Solitaire, in 2006 at a nearby location returned values of up to 2.665% copper, 0.179% cobalt and 0.13% uranium (previously reported January 15, 2007).
Mike Magrum, PEng, a qualified person under National Instrument 43-101, has approved the technical content of this news release.
For additional information please contact Solitaire Minerals Corp. or visit www.solitaireminerals.com.
About Solitaire Minerals Corp.
Solitaire Minerals Corp. (TSX-V symbol: SLT) is a diversified junior Canadian mineral exploration company with a specific focus on mineral properties in North America. The Company has assembled a portfolio of precious and base metal exploration prospects in Ontario, Saskatchewan, Alberta, and the North West Territories. Solitaire’s Ontario properties in the Red Lake/Birch-Uchi Greenstone Belt include the Baird, Heyson and Chukuni River Prospects, in which the Company has agreements to earn 100% in, but has not yet vested its interest. In addition, the Company has entered into an option agreement with another company, whereby that company may earn up to a 75% interest in the Baird Property. The Company also has an option to earn 100% in the Lateral Lake West property located in the Webb township of Ontario. In Saskatchewan, the Company has signed a purchase agreement to acquire a 100% interest in the “D” Block of claims and up to a 70% interest in the “C” Block of claims located in the Athabasca Basin. The Company has also acquired the Riou Lake North and South properties in which the Company has 100% interest and a 90% interest in the central Riou Lake Property. In Alberta, the Company has purchased the Ravenscrag property in which the Company has 100% interest. In the North West Territories, the Company has purchased the Mystery Island IOCG Property located in the Great Bear Lake area in which the Company has 100% interest.
On Behalf of the Board of Directors
SOLITAIRE MINERALS CORP.
President and Director
THE TSX VENTURE EXCHANGE HAS NOT YET REVIEWED AND DOES NOT TAKE RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
This report contains forward looking statements. Resource estimates, unless specifically noted, are considered speculative. Any and all other resource or reserve estimates are historical in nature, and should not be relied upon. By their nature, forward looking statements involve risk and uncertainties because they relate to events and depend on factors that will or may occur in the future. Actual results may vary depending upon exploration activities, industry production, commodity demand and pricing, currency exchange rates, and, but not limited to, general economic factors.
Cautionary Note to US investors: The U.S. Securities and Exchange Commission specifically prohibits the use of certain terms, such as “reserves” unless such figures are based upon actual production or formation tests and can be shown to be economically and legally producible under existing economic and operating conditions.
For further information: please contact Solitaire Minerals Corp. or visit www.solitaireminerals.com
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