Solomon Stakes Pacer Claim Group in Southwest Yukon: Acquires 100% Interest in Historical Gold Occurrence
July 11 2011 - 8:30AM
Marketwired
Solomon Resources Limited (TSX VENTURE: SRB) is pleased to report
that it has acquired by staking a 100% interest in the Pacer Claim
Group located in the Whitehorse Mining District of the Yukon
Territory and comprising 212 claims covering an area of 4,432
hectares.
The Pacer Claim Group is located approximately five kilometers
west of the town of Haines Junction in the Front Ranges of the
Kluane Mountains. The claims cover an historical gold occurrence
and highly prospective epithermal gold and nickel-copper-platinum
targets indicated by regional stream geochemical surveys and
airborne geophysics as well as preliminary surface exploration
conducted by Solomon in September of 2010. The Pacer Claims are
located in a poorly explored belt extending northwest from Haines
Junction to the ghost town of Silver City.
The Pacer showing was originally staked in 1966 by Golden Gate
Exploration to protect an airborne magnetic survey anomaly. The
property was optioned to Noranda Exploration Company Limited who
explored intermittently from 1988 to 1989. Gold was reported to
occur with pyrrhotite and chalcopyrite in a quartz-carbonate
stockwork cutting rusty siliceous argillite in the hanging wall of
a serpentinized gabbro-peridotite sill 150 meters thick and at
least 4000 meters long. A specimen from the main showing assayed
19.7 grams per tonne (g/t) Gold (Au) and a nearby quartz-sericite
vein returned 2.5% Copper (Cu) and 1.5 g/t Au. High grade copper
float was found in foliated greenstone boulders in what is locally
known as Thunderegg Creek downstream of the Golden Gate
showing.
Noranda identified a gold-in-soil geochemical anomaly 1500
meters long and 20 meters wide with values up to 1270 parts per
billion (ppb) Au extending north from the original Golden Gate
showing. Rock samples taken from outcrop away from the main showing
assayed as high as 3.1 g/t Au. Noranda abandoned the option on this
property in 1991 as part of a corporate reorganization.
This area has a rich history of placer gold mining, with early
production reported from the Alsek River and associated drainages.
Kimberley Creek, which drains the ridge south and west of the Pacer
Claim Group, has been actively mined for several years and new
placer claims have been staked immediately northwest of the Pacer
Claim Group in the past two weeks.
To view the map and photo that accompany this Press Release,
please visit:
http://media3.marketwire.com/docs/srb-map-0711.pdf
Ongoing work by the Yukon Geological Survey has drawn new
attention to both the Kluane Front Ranges and 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.
The Alaska Highway runs parallel to and within two kilometers of
the northeastern boundary of the Placer Claim Group, and the Haines
Highway extends 192 miles south from the town of Haines Junction to
the deepwater port of Haines, Alaska. A four wheel drive road
extends from Bear Creek on the Alaska Highway along the Alsek River
valley and Thunderegg Creek to the southern portion of the
property. Solomon field crews have upgraded the road access to the
southernmost portion of the Pacer Claim Group in the past few
weeks.
A Solomon will mobilize an exploration crew to the property in
late July of 2011. Exploration will be based out of Haines Junction
and 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 on the existing claim group and
two new targets will narrow down areas for detailed followup. The
2011 program also contemplates the acquisition of 400 soil
geochemical samples (300 from property grids to be established on
the Pacer claims and 100 from ridge reconnaissance sampling.)
Linecutting will open up the middle reaches of Thunderegg Creek and
surrounding slopes for preliminary exploration.
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.
Contacts: 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
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