Solomon Begins Exploration in Mongolia
Vancouver, Canada, June 24, 2005 - Solomon Resources Ltd (SRB:TSX-V) has opened an office in Mongolia and started exploration programs for gold and copper. The initial program will explore the Bayantsagaan Gold Project, located 35 km southwest of the Boroo Gold Mine. The project is 2 km west of a paved highway and 100 km northwest of Ulaanbaatar, the capital of Mongolia. The project covers an area of 5,648 hectares, and has excellent infrastructure and access. Solomon can earn a minimum 80% interest in Bayantsagaan, and 19 additional projects, from Gallant Minerals Ltd.
Vancouver, BC (PRWEB) June 26, 2005 -- Solomon Resources Ltd (SRB:TSX-V) has
opened an office in Mongolia and started exploration programs for gold and
copper. The initial program will explore the Bayantsagaan Gold Project, located
35 km southwest of the Boroo Gold Mine. The project is 2 km west of a paved
highway and 100 km northwest of Ulaanbaatar, the capital of Mongolia. The
project covers an area of 5,648 hectares, and has excellent infrastructure and
access. Solomon can earn a minimum 80% interest in Bayantsagaan, and 19
additional projects, from Gallant Minerals Ltd.
Gold mineralization was
identified at Bayantsagaan in 1988, by a joint Mongolian-Hungarian geological
expedition. The central target area contains gold mineralization exposed on an
east-west trending ridge, which is flanked to the north and south by
alluvium-filled drainages with reported gold placer deposits. Gold
mineralization is hosted by granitic rocks with silica-sericite-sulphide
alteration. Gallant geologists identified the property and collected surface
rock samples in 2000, and the property was acquired in 2003. Surface rock chip
sampling by Gallant has reported values up to 24 g/t gold and visible gold has
been collected on the property. The style of alteration and mineralization at
Bayantsagaan is consistent with the reduced intrusionrelated class of gold
deposits, and is similar to the Boroo Gold Mine (operated by Centerra Gold, 10.2
Mmt @ 3.52 g/t Au, 1.16 M oz).
Historic geophysical surveys identified a
chargeability anomaly, reflecting >1% disseminated sulphide, which coincides
with strong gold and arsenic geochemical anomalies. The strong coincident
anomalies extend south and west beneath alluvial cover. The main, exposed
anomaly is about 600 meters wide (EW) and 900 meters long (NS). The Mongolian –
Hungarian expedition completed one east-west fence of drill holes, north of
(outside) the coincident geophysical and geochemical anomalies. Four vertical
diamond drill holes, spaced across 400 meters were completed. Drill cores are
not available, however drill logs reported alteration and mineralization
extending from surface to the ends of the holes, at depths ranging from 109 –
193 meters. Historic assays results were highly anomalous in gold but have not
been confirmed with modern analyses. Gold values correlate strongly with
sulphide content and altered fault zones.
Solomon will complete ground
magnetics surveys and gradient array IP/resistivity surveys, over a five square
kilometre area. The program is intended to confirm the locations of sulphide
concentrations, breccias and silicification associated with gold mineralization.
The survey will be completed by mid-July, and drilling will commence
thereafter.
Qualified Person under National Instrument
43-101
Solomon’s CEO, Lawrence J. Nagy, 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
Certain information regarding the Company contained herein may
constitute forward-looking statements with the meaning of applicable securities
laws. Forward-looking statements may include estimates, plans, expectations,
opinions, forecasts, projections, guidance or other statements that are not
statements of fact. Although the Company believes that the expectations
reflected in such forward-looking statements are reasonable, it can give no
assurance that such expectations will prove to have been correct. The Company
cautions that actual performance will be affected by a number of factors, many
of which are beyond the Company’s control, and that future events and results
may vary substantially from what the Company currently foresees. Factors that
could cause actual results to differ materially from those in forward-looking
statements include market prices, exploitation and exploration results,
continued availability of capital and financing and general economic, market or
business conditions. The Company’s forward-looking statements are expressly
qualified in their entirety by this cautionary statement.
About Solomon
Resources Ltd.
Solomon Resources Ltd. is a Canadian public company focused on
the acquisition, exploration and development of gold mineral properties world
wide. The Company is managed by a proven team of explorationists credited with
the discovery 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’s shares
trade under the banner SRB on the TSX Venture Exchange (TSX-V). Solomon recently
acquired an exclusive Option to acquire a minimum 80% interest in each of 20
projects in Mongolia. Solomon is also active in large contiguous projects
located in the highly productive Eastern Goldfields of Western Australia: the
former producing Kalgoorlie Southeast Project (KSP), the Newcrest-KSP J/V and
the Harmony- Glandore J/V.
For additional information visit Solomon’s
website at www.solomonresources.ca.
On Behalf of the Board of
Directors of
SOLOMON RESOURCES LIMITED
Keith A. Laskowski
President and
Chief Operating Officer
Contact Information - Toll Free Phone:
1-866-831-6666
Phone: 604-669-6656
Fax: 604-684-9877
Email: e-mail
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The TSX Venture Exchange does not accept
responsibility for the adequacy or accuracy of this release.
Solomon
Resources Limited
Suite 900 - 475 Howe Street, Vancouver, BC, Canada, V6C
2B3
Telephone (604) 669-6656 Telecopier (604) 684-9877 Web Site: www.solomonresources.ca
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Source : http://www.prweb.com/releases/2005/6/prweb255174.htm