|Denver, Colorado: Solitario Resources Corporation (AMEX:XPL;TSX:SLR) today announced the results of its second round of drilling completed in late 2006 on its 100%-owned Mercurio gold project in northern Brazil. Highlights include core holes SB-16 that intersected 7.0 meters grading 6.9 grams per tonne ("g/t") gold, SB-18 that intersected 34.0 meters of 2.7 g/t gold and SB-20 that intersected 26.0 meters grading 1.6 g/t gold. In total, nine of the eleven widely spaced drill holes intersected significant gold mineralization in this program. Results of Mercurio drilling are provided in the table below (click chart to enlarge):
A total of 23 drill holes have thus far tested three separate target areas: the Colonia, Patoa and Tucanaré prospects. At Colonia, a mineralized east-west structural trend has been traced for at least 400 meters. This trend remains open in both directions along horizontal strike and at depth. At Patoa, two holes, SB-04 drilled in 2005, and SB-18, may represent the same mineralized trend. These holes intersected 12.2 meters grading 12.2 g/t gold and 34 meters of 2.7 g/t gold, respectively. In addition, SB-20, that intersected 25.5 meters of 1.6 g/t gold, was drilled 600 meters west of the main Patoa area and represents significant untested potential of the Patoa zone. Finally, at the Tucanaré prospect, all five drill holes have intersected gold mineralization, but much work remains to determine the size of this zone.
Chris Herald, President and CEO of Solitario, stated, "We have had an exceptional success ratio in intersecting mineralization at Mercurio, with both high-grade and lower-grade disseminated gold mineralization being found in several widely spaced zones. We intend to initiate a follow-up drilling program later this year."
The Mercurio project is located in the Tapajos gold region of northern Brazil where an estimated 30 to 40 million ounces of gold has been produced by local small-scale mining of soils. The property has relatively easy access by a seasonal unpaved road that services the region. On the 8,550-hectare Mercurio property, informal gold production from saprolite soils by local miners has occurred in approximately a dozen different localities during the past ten years. Geochemical sampling and geophysical magnetic and IP surveys conducted by Solitario indicates mineralization extends beyond the current drill pattern.
The drill hole information contained within this release is reported under a quality control program
supervised by Mr. Walt Hunt, Vice President of Operations for Solitario Resources Corporation, who is a qualified person as defined by National Instrument 43-101. Samples are derived from 50% splits of HQ and NQ (2.5 and 1.9 inch) diameter core. Samples are then shipped via secured third-party land and air transportation companies and analyzed by ALS Chemex Inc., North Vancouver, Canada, an ISO9002 registered company. In addition to the laboratory’s quality control program, a check assay program is ongoing.
Solitario is a gold, silver, platinum-palladium, and base metal exploration company actively exploring in Peru, Brazil and Mexico. Solitario is traded on the American Stock Exchange (AMEX: XPL) and on Toronto Stock Exchange (TSX: SLR).
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This press release includes certain "Forward-Looking Statements" within the meaning of section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein, including without limitation, statements regarding potential mineralization and reserves, exploration results and future plans and objectives of Solitario, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Development of any of Solitario’s properties is subject to the success of exploration, completion and implementation of an economically viable mining plan, obtaining the necessary permits and approvals from various regulatory authorities, and compliance with operating parameters established by such authorities. Important factors that could cause actual results to differ materially from Solitario’s expectations are disclosed under the heading "Risk Factors" and elsewhere in Solitario’s documents filed from time to time with Canadian Securities Commissions, the United States Securities and Exchange Commission and other regulatory authorities.