Business
Solitaire Minerals Corp. Updates the Red Lake North Property in Red Lake, Ontario
Solitaire Minerals Corp. Updates the Red Lake North Property in Red Lake, Ontario.
About this update from Pegasus Resources Inc
[{"type":"text","content":"\n\n\n\nVANCOUVER, Oct. 16 /CNW/ - Solitaire Minerals Corp. (TSX-V: SLT) would\nlike to update the continuing exploration program at the Red Lake North\nProperty, in the prolific Red Lake gold district of Ontario.\n\n\nAt the Red Lake North project, hole RLN-07-07 intersected a\n500-metre-thick section of moderate to strong biotite and sericite alteration\nwithin the stratigraphy. This altered section is interpreted to be the\nsouthwest extension of the Sidace Lake area stratigraphy, located five\nkilometres to the northeast of the Main block claims, which in that area is\nhost to an extensively drilled gold discovery controlled by Goldcorp\nInc./Planet Exploration Inc. Visible gold in hole RLN-07-07 is observed at 387\nmetres down the hole within the altered section. The interval returned 9.70\ngrams per tonne gold over 1.4 metres (including 19.95 g/t gold over 0.65\nmetre). A second occurrence of visible gold (one speck) occurs at 628 metres\ndownhole. Current assays received from altered wall rocks (11 samples) do not\nindicate elevated levels of gold.\n\n\n"This is our first drill program in this area and it is very early days\nfor exploration of the Main block/Red Lake North property but the presence of\nvisible gold indicates that the geological setting warrants further\nexploration", said David Adamson, president and chief executive officer of\nRubicon Minerals Corp.\n\n\nThe Red Lake North property is under option to Solitaire Minerals Corp.\nUnder the terms of the option agreement, Solitaire can earn a 55-per-cent\ninterest in the project by spending a total of $2.5-million prior to May 1,\n2010. Rubicon is the operator.\n\n\nFor the Red Lake projects, true widths are estimated to be approximately\n70 per cent to 90 per cent of reported lengths. All assays were conducted on\nsawn NQ2- and NQ-sized half core sections. Program assays were completed by\nALS Chemex using the metallic screen fire assay procedure or fire assay\ngravimetric finish. Standards and blanks were included at regular intervals in\neach sample batch. Gold standards were prepared by CDN Resource Laboratories\nLtd. Work programs are supervised by Terry Bursey, PGeo, the project qualified\nperson under the definition of National Instrument 43-101.\n\n\nAbout Solitaire Minerals Corp. Solitaire Minerals Corp. (TSX-V symbol:\nSLT) is a diversified...