Solomon Acquires Sleitat Mountain Tin Deposit, Alaska
Solomon Resources Limited is pleased to announce that it has acquired the Sleitat Mountain Tin-Silver-Tungsten Deposit, located in the Taylor Mountains Quadrangle, Southwest Alaska. The deposit is located approximately 35km from the nearest barge facility, on the Nushagak River and approximately 135 km northeast of the town of Dillingham, which is on the coast. The deposit outcrops in a saddle on Sleitat Mountain, and forms the central part of an elongate series of northeast trending hills. Solomon has acquired a 100% interest by staking 22 state mining claims that were established in early June.
(PRWEB) July 9, 2005 -- Solomon Resources Limited is pleased to announce that
it has acquired the Sleitat Mountain Tin-Silver-Tungsten Deposit, located in the
Taylor Mountains Quadrangle, Southwest Alaska. The deposit is located
approximately 35km from the nearest barge facility, on the Nushagak River and
approximately 135 km northeast of the town of Dillingham, which is on the coast.
The deposit outcrops in a saddle on Sleitat Mountain, and forms the central part
of an elongate series of northeast trending hills. Solomon has acquired a 100%
interest by staking 22 state mining claims that were established in early
June.
The Sleitat Mountain tin deposit is considered one of the best
known, undeveloped tin prospects in North America. The deposit was initially
discovered in 1983 by Cominco Alaska. Cominco drilling results (reported by
Burleigh) included a 14.54 meter true width intersection of 1.56% tin and 25.2
g/t silver (includes 1.54m true width grading 12.55% tin and 160.8 g/t silver).
A bulk sample weighing 826 kg was collected and analyzed by the US Bureau of
Mines and reported by Alaska State Department of Natural Resources geologist
Robert Burleigh (1991). This sample contained 0.37% tin, 17 g/t silver and 432
ppm tungsten. In addition, Burleigh sampled four channels across the larger
northern zone, collecting samples at 0.9m intervals and sorted into composite
granite and composite greisen samples per line. The composite samples collected
by Burleigh are summarized as follows:
Results from Composite Greisen and
Granite Chip Samples, Sleitat Mountain
Composite Total
Rock Number
Sn W
Ag
Sample Sample Type
of (ppm) (ppm)
(ppm)
No.
Length
Composite
(m)
Chips
15
150 Greisen 83
1,900 150
16.7
Granite
84 120
45 0.7
16
136 Greisen
82 2,900
110 13.1
Granite 69
75 45
1.0
17
183 Greisen 99
3,100 110
11.2
Granite
96 930
45 2.5
18
122 Greisen
52 880
150 7.0
Granite 85 2,100
900 7.4
Data Source: Burleigh, R (1991); Geology
& Geochemistry of the Sleitat Mountain Tin Deposit, SW Alaska; in Short
Notes on Alaska Geology 1991; Professional Paper 111; R. Reger, Ed.; DNR, Div.
of Geological & Geophysical Surveys.
Tin, tungsten and silver
mineralization occurs in an east-west trending, steeply dipping zone that
extends at least 975 meters along trend. The width of the mineralized zone
varies from 30 – 240 meters. Cassiterite and wolframite occur in sub-vertical,
quartz-topaz-tourmaline ± white mica veins and in tabular greisen bodies, hosted
within a composite granite stock. The stock intruded and is hosted within the
mid-Cretaceous Kuskokwin Group sediments.
The Sleitat Mountain property
is located 100km west of the 1 billion ton Pebble Beach Cu-Au-Mo porphyry
deposit, currently being developed by Northern Dynasty Minerals Ltd., and 70 km
southeast of NovaGold’s Shotgun Hills gold deposit.
Solomon considers the
acquisition of the Sleitat Mountain property as an excellent addition to its
mineral property inventory. The property contains highly prospective
mineralization, and the acquisition cost for a 100% title interest was low.
Solomon’s management has recognized a significant increase in demand and pricing
for tin. The current spot tin price is US$7.38/kg (LME June 29, 2005), which is
significantly above the 2003 annual average of US$4.89/kg. Global tin supply
began to fall behind supply in 2003, with growing demand in China and recovering
demand in Japan. Consumption of tin is lead by the manufacture of tin plate
(steel sheet coated with tin), followed by increasing demand for lead-free
solders used in production of electronic appliances.
The bulk of the
world's tin is produced from marine and alluvial placers in Malaysia, Indonesia
and Thailand and from underground mines in Bolivia. Primary tin deposits are
typically small (10-100Mt grading 0.1% to 1% Sn) relative to most base metal
deposits. Solomon will be seeking a partner to assist in developing the Sleitat
Mountain Property.
Qualified Person under National Instrument
43-101
David Tupper, P.Geol., a ‘qualified person’ for the purposes of
National Instrument 43-101, has reviewed the information contained in and
supervised the preparation of this news release.
Forward Looking
Statements
Some of the statements in this news release contain
forward-looking information, which involves inherent risk and uncertainty
affecting the business of Solomon Resources Ltd. 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 gold and base
metal mineral properties world wide. The Company is managed by a proven team of
explorationists credited with the discovery and/or development of a number of
significant deposits in the world, including the SNIP and Eskay Creek Mines in
British Columbia; the Brewery Creek Mine in the Yukon, and the Segala Gold
Deposit in Mali, West Africa.
Solomon also has significant base and
precious metal exploration holdings in Mongolia and has recently begun
exploration on its Bayantsagaan Gold Project. Solomon recently acquired an
exclusive Option to acquire a minimum 80% interest in each of 20 projects in
Mongolia. Solomon’s shares trade under the banner SRB on the TSX Venture
Exchange (TSX-V)
For additional information visit Solomon’s website at www.solomonresources.ca.
Contact Information - Keith A. Laskowski,
President
Phone: 604-669-6656 or 720 272
6224
Fax: 604-684-9877
# # #
Source : http://www.prweb.com/releases/2005/7/prweb259427.htm