Vancouver, Canada (PRWEB) August 6, 2005 -
Â Solomon Resources Ltd. (SRB:TSX-V) today announced it has initiated exploration on the Chandmani Gold Project, located in northwest Mongolia. The property is comprised of four mineral licenses, totaling 29,073 hectares, located roughly 110km southeast of the regional capital of Khovd. Chandmani is one of 20 properties that Solomon has obtained from Gallant Minerals (see News Release dated April 19th, 2005). Solomon can earn a minimum 80% interest in the property.
Two separate areas of mineralization were identified by Gallant. Intrusive-hosted gold mineralization is present in the Chandmani prospect (northwest area), and porphyry/skarn hosted copper - gold mineralization is present at Yembuu Tolgoi (central area). At Chandmani, high grade gold values, up to 70 g/t Au, were reported by Gallant from vein zones hosted within and adjacent to a quartz-sericite-pyrite altered alkalic intrusion. The altered intrusive is approximately 70m wide and has been traced over a 3.5km strike length. Quartz-veins containing visible gold, pyrite, and chalcopyrite, occur within the altered intrusion, and the adjacent altered country rocks, which are composed of metamorphosed clastic sedimentary rocks. Initial sampling by Gallant produced a high percentage of anomalous gold values (see attached map).
The Yembuu Tolgoi area contains garnet-calcite and magnetite-calcite skarn bodies, hosted within folded limestone, near the contact with intermediate to felsic intrusives. Copper mineralization with elevated gold values is present in the skarns. Copper occurs as malachite, chrysocolla, chalcopyrite and tenorite. Massive chalcopyrite seams and blebs are also reported by Gallant. The adjacent intrusives contain disseminated sulfides, quartz-chalcopyrite veining, and copper oxides within potassium feldspar Â epidote Â magnetite alteration zones over unspecified areas. Quartz veins are also present, adjacent to intrusives, with gold values reported up to 6 g/t.
SolomonÂs program will consist of initial re-sampling of mineralized areas, for confirmation of reported results. The size and shape of mineralized areas will be determined by mapping and additional sampling will be completed to characterize mineralization. Geochemical and geophysical programs will be planned based on the results of the field examination. A drilling decision will be made based on results of the surface program.
Qualified Person under National Instrument 43-101
Larry 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 is actively exploring three projects in Mongolia: Chandmani, Onon, and Bayantsagaan. 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.
On Behalf of the Board of Directors of
SOLOMON RESOURCES LIMITED
Keith Laskowski, MSc. President and COO
Contact Information -
Keith A. Laskowski, President
Direct Phone: 720-272-6224
Office Phone: 604-669-6656
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.