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Solitaire Minerals Identifies IOCG Drill Targets on the Mystery Island/ Eldorado Project, NWT
Solitaire Minerals Identifies IOCG Drill Targets on the Mystery Island/ Eldorado Project, NWT.
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[{"type":"text","content":"\n\n\n\nVANCOUVER, July 23 /CNW/ - Solitaire Minerals Corp. (TSX-V: SLT) (the\nCompany) has identified drill targets on its Mystery Island\nuranium-copper-gold property at Port Radium, on Great Bear Lake in the\nNorthwest Territories. Condor Consulting, Inc. of Lakewood, Colorado has\nprovided an interpretation of the airborne VTEM survey carried out over the\nproperty which identifies these targets. The Company is beginning the\npermitting process to begin drilling all of the targets. Other companies in\nthe area plan to spend more than $20,000,000 in the 2007 exploration season.\n\n\nThe Olympic Dam or IOCG model is proposed as the main exploration target\non Solitaire's properties in this part of the Great Bear magmatic zone. These\npolymetallic targets have the potential to host billions of tons of copper,\ngold and uranium mineralization (Olympic Dam type). The Olympic Dam deposit at\nRoxby Downs in the Gawler craton of southwest Australia consists of dike-like,\nhematite-rich diatreme breccias in granite and felsic volcanics and has a\nreported resource of 2.32 billion tonnes of 1.6 per cent copper, 0.5 gram per\ntonne gold, 3.5 grams per tonne silver and 0.4 kilogram per tonne uranium\noxide (U(3)O(8)).\n\n\nCondor Consulting identified 15 targets with the potential to be caused\nby IOCG mineralization. There was one Priority 1 target, nine Priority 2\ntargets and five Priority 3 targets. Based on IOCG Models, targets are\nexpected to be conductive and spatially associated with strong magnetic\nanomalies.\n\n\nThe Priority 1 target is located between Cobalt Island and Labine Point\nat Port Radium. The conductors are between the Number 1 and Number 3 Veins,\nfrom which the Eldorado Nuclear/Uranium Mine produced 15 million pounds of\nU(3)O(8) and 8 million ounces of silver between 1930 and 1960. It is\nspeculated that the conductors in this target are coincident with a zone where\na number of faults intersect.\n\n\nThe Great Bear Lake area contains three historic mining camps, which are\nin close proximity and are geologically connected. These are the Port Radium,\nthe Contact Lake and the Terra camps. The formerly producing mines in these\ncamps produced intermittently from 1930 until 1985 over 48 million ounces\nsilver, 15 million pounds of U(3)O(8) and 7,000 tons of copper (Strand, 1996).\n\n\nMike Magrum, PEng, a qualif...