Vancouver, BC (PRWEB) June 28, 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 Â 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 Â 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
SolomonÂs CEO, Lawrence J. Nagy, P.Geol., a Âqualified personÂ 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 CompanyÂs 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 CompanyÂs 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.
SolomonÂs 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 SolomonÂs website at http://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
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: http://www.solomonresources.ca
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