(PRWEB) July 13, 2005
Vancouver, Canada, July 11, 2005 - Solomon Resources Ltd (SRB:TSX-V) has initiated exploration on the Onon Gold Project in northeast Mongolia. Onon occurs within the northeast-trending Onon Graben, a regional structure which also hosts the Baley Gold District along trend in Russia. The Baley District is a major district reported to have a gold endowment of approximately 17 million ounces, including past production, reserves and resources. Solomon can earn a minimum 80% interest in Onon, from Gallant Minerals Ltd.
The Bayley District is a Cretaceous epithermal gold district. Gold mineralization is associated with volcanic rocks within a continental rift, associated with circular, ring-structures. At the Onon Project multiple northeast-trending, graben-parallel structures contain areas of gold-bearing siliceous breccias, distributed over a strike length of at least 11 km. Much of the region is covered by grass-covered slopes and tallus. The northeast trending structures are cut by two, circular, or ring features, that are characterized by low-relief and an absence of outcrop. The ring structures at Onon are 1-2 km in diameter, and 200 Â 400 m in width. These features are interpreted as possible crypto-volcanic structures associated with diatreme emplacement or resulting from intersecting northeast and northwest trending fault zones. In either case, the low relief areas are likely caused by fault zones that have not been exposed or explored.
Prior exploration at Onon was conducted by Uranerz and Gallant. Uranerz conducted regional geochemical and prospecting programs and broad spaced soil sampling on the property. Gallant completed detailed mapping, rock sampling, ground magnetics and trenching. QGX, GallantÂs JV partner completed a dipole-dipole IP survey and a preliminary 8 hole (1881m) drilling progam on a small portion of the Onon project area.
The southwest ring structure surrounds a series of low relief ridges that contain extensive breccia-hosted gold mineralization. Rock chip and grab sampling results highlight a region of mineralised brecciated rocks containing a significant number of gold assays in the 1-4 g/t (grams/tonne) gold range. Of a total 1,263 rock samples collected by Gallant, 33 assayed greater than 2 g/t gold, 150 assayed greater than 1g/t gold, and 325 assayed greater than 0.5 g/t gold. This method of sampling has provided the most promising results to date but has been restricted to the harder, silicified exposed breccia outcrops. Trenching and drilling also focused on the silicified breccia and results identified sub-economic mineralization. Little or no information has been obtained from the unexposed ring structures.
Solomon is re-evaluating drill core, and focussing on highly chargeable areas identified by prior IP surveys. Drill targets have been identified based on coincident high chargeability zones, and elevated magnetic susceptibility, within the unexposed portions of the ring structures at Onon. Additional drill core sampling and assaying is in progress, and a drilling program is planned following drilling at SolomonÂs Bayantsagaan Project.
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
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.
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
Phone: 604-669-6656 or 720 272 6224
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