Vancouver, Canada (PRWEB) August 10, 2005
Solomon Resources Ltd. (SRB:TSX-V) today announced the results of ground geophysics surveys from the Bayantsagaan Gold Project in north central Mongolia. The project is located 35 km southwest of the Boroo Gold Mine which is operated by Centerra Gold. The style of gold mineralization and alteration at Bayantsagaan is similar to the Boroo deposit (10.2 Mmt @ 3.52 g/t Au, 1.16 M oz). The Bayantsagaan project covers 5,648 hectares, and has excellent infrastructure and access. The ground geophysics program commenced in late June (Solomon News Release dated June 22, 2005) to evaluate the distribution of gold mineralization which may occur with sulphide minerals, that can be detected by this type of survey. Solomon can earn a minimum 80% interest in Bayantsagaan, and 19 additional projects, from Gallant Minerals Ltd.
Historic work by a joint Mongolian-Hungarian geological expedition identified a chargeability anomaly, that coincided with areas of gold mineralization at surface. The joint expedition completed four vertical diamond drill holes along the north end of the chargeability anomaly. Drill logs and assays reported significant gold mineralization and alteration . Historic assays results contained strongly anomalous gold values, which have not been confirmed with modern analyses, due to the absence of the historic drill cores.
Solomon completed a ground magnetics and gradient array induced polarization survey covering 50 line kilometres of grid, to evaluate the distribution and relative concentration of sulphide minerals. The survey utilized 100m spaced grid lines, covering an area of five square kilometers. The survey results have confirmed the presence of a strong chargeability anomaly that coincides with areas of outcropping gold mineralization, identified by the historic geological expedition and confirmed by recent Gallant surface sampling. The chargeability anomaly also coincides with the location of historic mineralized drill holes. Solomon completed four lines (8 km) of dipole-dipole induced polarization surveys to evaluate the shape and depths of the strongest chargeability zones.
The main chargeability anomaly from gradient I.P. data is over 1000m along strike and 500m in width. The attached map covers the main target area of the survey, and shows the imaged gradient array chargeability data, with the locations of the historic drill holes, and gold values from recent samples collected and analysed by Gallant. Rock sample analyses are primarily from grab samples and chip samples collected from outcrops and trenches. The areas contains a small percentage of outcrop (less than 20%), because much of the area is covered by transported surface material (soils, alluvium, and talus). These results indicate the area has good potential to host a significant gold deposit, based on the size of the chargeability anomaly, and its proximity to surface. The average gold content of the chargeability zone is not known, but will be evaluated with drilling.
Solomon Drilling Program
Solomon is now finalizing plans for a 1500m drilling program, to begin during August. The program will include 6-8 holes, twinning at least one of the historic holes, and testing the main chargeability zone. Drilling will be conducted with diamond drilling.
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
Keith A. Laskowski, President
Solomon Resources Limited
Suite 900 - 475 Howe Street
Vancouver, BC, CANADA, V6C 2B3
Direct Phone: 720-272-6224
Office Phone: 604-669-6656
Email: info @ solomonresources.ca
Web Site: http://www.solomonresources.ca
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
# # #