SLT Specialty Liquid Transportation Corp

Solitaire Minerals Corp. (TSX VENTURE:SLT) (Solitaire) is pleased to announce
that Terra Ventures Inc. (TSX VENTURE:TAS) has completed a diamond drilling
program on the Wheeler River uranium properties, adjoining the Denison Mines
property and the Phoenix Zone, in the Athabasca Basin of Saskatchewan. The
exploration program consisted of various geophysical surveys and 2,603 metres of
NQ-size diamond drilling.


Prior to commencing the drill program, the C5 Property was subjected to ground
gravity, Lamontagne Surface UTEM large loop electromagnetic and Insight Induced
Polarization surveys. These confirmed historical basement conductors and
exhibited numerous new basement conductors / resistivity lows, within
structurally interesting contexts, to create unconformity uranium exploration
targets. Gradient chargeability data was also collected. Historical airborne
Falcon gravity and magnetic data were used as a base map for understanding the
basement geology. The location of a quartzite ridge was interpreted from the
airborne gravity, and basement magnetic lows were interpreted as smaller
quartzite units, both of which could relate to a McArthur River / Phoenix
exploration model.


To test these geophysically indicated targets, five diamond drill holes totaling
2,603 metres were drilled. No mineralization was intersected, but silicification
was encountered in Athabasca sandstones in three holes, and there was low-level
elevated radioactivity (more than twice and locally up to four times
background), also in sandstones, in all five holes. Samples were collected for
geochemical analysis and reflectance spectroscopy, but have not yet been
processed.


Drill hole TV-11-01 was drilled vertically to 500 metres, to test coincident
resitivity and magnetic lows. There was extensive elevated radioactivity in
sandstones between 173 and 329 metres. The hole entered basement at 393.4
metres; the basement consisted of quartzite (similar to the "quartzite ridge" at
McArthur River) including 2.5 metre hematized fault zone with numerous graphitic
fragments.


Drill hole TV11-02 was drilled vertically to 525 metres, to test coincident
magnetic and resitivity highs, at the edge of coincident resistivity and
magnetic lows, near an interpreted 020 trending fault. It encountered minor
elevated radioactivity between 287 and 293 metres before entering basement at
422.0 metres. The basement comprised graphitic pelite including a 12.7 metre
fault zone, and the hole ended in quartzite.


Drill hole TV11-03 was drilled vertically to 551 metres, to test a coincident
magnetic high and resitivity low, at the edge of coincident resistivity and
magnetic lows, within a ground gravity low. It encountered elevated
radioactivity between 284 and 305 metres, and a silicified section of Manitou
Falls "b" Formation (Mfb) from 343.2 to 376.8 metres. It entered basement at
383.2 metres. Basement lithologies were: quartzite including an 8.5 metre fault
zone, followed by pelite, and ending in graphitic pelite.


Drill hole TV11-04 was drilled at -78 degrees to a depth of 494 metres, to test
a magnetic low coincident with an alternating resitivity high, low and high,
within a ground gravity low, under a lake. It encountered moderate to strong
silicification in Mfb from 318.5 to 375.7 metres and patchy silicification in
Mfa from 375.7 to 398.6 metres, in which was a section of elevated radioactivity
from 386 to 392 metres. The hole entered basement at 402.3 metres after a 3.7
metre section of regolith. Basement consisted of a short section of graphitic
pelite, followed by a pyritiferous psammo-pelite.


Drill hole TV11-05 was drilled vertically to 533 metres, to test a coincident
basement conductor, ground gravity low and intra-sandstone resistivity low. It
encountered elevated radioactivity between 344 and 377 metres, and a minor
amount of silicification in Mfb from 388.9 to 413.1 metres. It entered basement
at 434 metres. The basement consisted mostly of an intrusive diorite, but the
hole ended in a pelite.


Terra has the option to earn up to a 95% interest in three dispositions, from
Solitaire, known as C-4, C-5 and C-6, with an aggregate area of 4,011 acres
(1,624 hectares) adjoining the northwest side of the Wheeler River property of
Denison Mines Corp. (TSX:DML) (60 percent), Cameco Corp. (TSX:CCO) (30 percent)
and JCU (Canada) Exploration Co. (10 percent). Denison has announced an
indicated mineral resource for its Phoenix Zone of 35.6 million pounds of U3O8,
with a grade of 18.0% U3O8. The Phoenix B Zone has an additional inferred
resource of 3.8 million pounds grading 7.3% U3O8.


The highlights of Terra's property are:



--  Property lies midway between the McArthur River mine and the former
    producing Key Lake mine;
--  Several conductors defined by previous airborne EM surveys;
--  Extensive clay alteration found in boulder sampling;
--  Uranium and pathfinder element geochemical anomalies in boulder
    sampling;
--  Quartzite ridge in basement rocks was defined by previous diamond
    drilling on the C-5 property; similar quartzite ridges at the Phoenix
    Zone and the McArthur River mine are believed to localize uranium
    deposition;



The three properties lie on a structural corridor located along a belt of
Aphebian metasediments in the subAthabasca basement. Previous airborne EM
surveys have defined conductors on the C-4 and C-5 blocks. Previous drilling in
the area has resulted in the recognition of a broad zone of clay alteration of
the type that is always associated with unconformity-type uranium mineralization
in the Athabasca basin. There is also evidence from prior drilling that a
quartzite ridge in the basement, similar to that which appears to be at least
partially responsible for localizing the giant McArthur River orebody and the
Phoenix zones, is present on the C-5 block. 


The McArthur River uranium mine owned by Cameco (70 per cent) and AREVA
Resources Canada (30 per cent) is mining an orebody with estimated proven and
probable reserves of approximately 334 million pounds of U3O8 grading 19.53 per
cent U3O8, a measured and indicated resource of 30 million pounds of U3O8, an
inferred resource of 159 million pounds of U3O8, and past production of 171.2
million pounds of U3O8 (Cameco 2009 annual report). This uranium deposit
(approximate size of 700 million pounds of U3O8) is the world's largest
high-grade uranium mine.


Although the drilling program did not intersect economic grades of uranium
mineralization, initial drill results are very encouraging, confirming that
favourable geology hosts anomalous radioactivity and alteration.


Terms of Option Agreement

Upon regulatory approval, Terra has already paid $100,000 and issued 100,000
shares to Solitaire. In order to acquire an initial 55% interest, on or before
December 31, 2011 Terra must pay Solitaire an additional $100,000, issue an
additional 50,000 shares and incur at least $1,000,000 in exploration
expenditures on the properties. Upon the exercise of this initial option, Terra
will have the right to increase its interest to 75% on or before December 31,
2012 by paying an additional $150,000, issuing an additional 50,000 shares and
incurring an additional $1,000,000 in expenditures. For a period of five years
after the exercise of this second option, Terra may increase its interest to 95%
by paying Solitaire $5,000,000, whereupon Solitaire's remaining 5% interest will
be converted into a production carried interest.


Terra currently holds a 2% Net Smelter Returns Royalty on the properties. 

Technical information in this news release has been prepared and/or revised by
Mike Magrum, PEng, director and qualified person as defined in NI 43-101 for
Terra. 


About Solitaire Minerals Corp. 

Solitaire Minerals Corp. (TSX VENTURE:SLT) is a diversified Junior Canadian
Mineral Exploration Company with a specific focus on precious and base metal
properties in North America. 


On Behalf of the Board of Directors 

SOLITAIRE MINERALS CORP.

Charles Desjardins, President and Director

Cautionary note:

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.

Specialty Liquid Transpo... (TSXV:SLT)
Historical Stock Chart
From Nov 2024 to Dec 2024

Specialty Liquid Transpo... (TSXV:SLT)
Historical Stock Chart
From Dec 2023 to Dec 2024