(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
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 Â 240 meters. Cassiterite and wolframite occur in sub-vertical, quartz-topaz-tourmaline Â± 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 NovaGoldÂs 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. SolomonÂs 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 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
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. SolomonÂs shares trade under the banner SRB on the TSX Venture Exchange (TSX-V)
For additional information visit SolomonÂs website at http://www.solomonresources.ca.
Contact Information - Keith A. Laskowski, President
Phone: 604-669-6656 or 720 272 6224