VANCOUVER, March 7 /CNW/ - Solitaire Minerals Corp. (TSX-V symbol: SLT) (the Company) is pleased to announce that the recently commenced review of the Kinross technical library for the Port Radium uranium district has already produced significant results for the Company. The technical library includes Echo Bay Mines and Eldorado Nuclear mine and exploration reports for the entire mining camp. The Eldorado uranium mine produced 15 million pounds of uranium and eight million ounces of silver.
Work by Echo Bay Mines in 1981 noted that the geology of Mystery Island (100% Solitaire interest) is similar to that of Contact Lake mine. Sampling, by Echo Bay, around the adit located on Mystery Island, returned grades of up to 16.90% copper and 3.4 oz silver per ton. Sampling, by Solitaire, in 2006 at a nearby location returned values of up to 2.665 % copper, 0.179% cobalt and 0.13% uranium (previously reported January 15, 2007). The Contact Lake mine is owned by Alberta Star Development Corp. (TSX-V:ASX) and was drilled in 2006.
Solitaire's president and chief executive officer, Charles Desjardins, commented that: "The acquisition of the Eldorado property and Kinross's technical library has already proven to be a very value added move by Solitaire. We believe that this area has the potential to host world-class uranium deposits in high-grade uranium/silver veins or in a high-tonnage uranium/IOCG setting. The current spot price for uranium is $85 (U.S.) per pound."
The Eldorado and Mystery Island projects consist of approximately 22,717.23 acres, 430 kilometres north of Yellowknife in the Northwest Territories. The property adjoins and is partly surrounded by the Alberta Star Development Corp's Contact Lake project. Solitaire and Alberta Star share some of the underground working of the Eldorado mine. Alberta Star carried out a major exploration program, including a large drill program in 2006. The Olympic Dam or IOCG model is proposed as the main exploration target on Solitaire's properties in this part of the Great Bear magmatic zone. The Olympic Dam deposit at Roxby Downs in the Gawler craton of southwest Australia consists of dike-like, hematite-rich diatreme breccias in granite and felsic volcanics and has a reported resource of 2.32 billion tonnes of 1.6 per cent copper, 0.5 gram per tonne gold, 3.5 grams per tonne silver and 0.4 kilogram per ton uranium oxide (U(3)O(8)). Features of the mineralization and geology in the Great Bear magmatic zone indicate similarities with the Olympic Dam IOCG deposit. Four constants postulated by Skirrow (1999) exist in both areas: tectonothermal evolution; host sequence composition; existence of two contrasting hydrothermal fluid types that allow for co-existence of magnetite and hematite; and a setting within a deep, crustal-scale fault system. These and other similarities conclude that the Solitaire properties are situated in a geological setting that has the potential to host high-unit-value polymetallic mineralization associated with large-tonnage, IOCG-type deposits, as well the potential to host Echo Bay-type, high-grade U(3)O(8) and silver mineralization.
Mike Magrum, PEng, a qualified person under National Instrument 43-101, has approved the technical content of this news release.
About Solitaire Minerals Corp.
Solitaire Minerals Corp. (TSX-V symbol: SLT) is a diversified junior Canadian mineral exploration company with a specific focus on mineral properties in North America. The Company has assembled a portfolio of precious and base metal exploration prospects in Ontario, Saskatchewan, Alberta, and the North West Territories. Solitaire's Ontario properties in the Red Lake/Birch-Uchi Greenstone Belt include the Baird, Heyson and Chukuni River Prospects, in which the Company has agreements to earn 100% in, but has not yet vested its interest. In addition, the Company has entered into an option agreement with another company, whereby that company may earn up to a 75% interest in the Baird Property. The Company also has an option to earn 100% in the Lateral Lake West property located in the Webb township of Ontario. In Saskatchewan, the Company has signed a purchase agreement to acquire a 100% interest in the Highrock Lake property and a 90% interest in the Riou Lake Property located in the Athabasca Basin. The Company has also acquired the Riou Lake North and South properties in which the company has 100% interest. In Alberta, the Company has purchased the Ravenscrag property in which the Company has 100% interest. In the North West Territories, the Company has purchased the Mystery Island IOCG Property located in the Great Bear Lake area in which the Company has 100% interest.
On Behalf of the Board of Directors
SOLITAIRE MINERALS CORP.
"Charles Desjardins"
Charles Desjardins,
President and Director
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Statements in this press release other than purely historical information, historical estimates should not be relied upon,including statements relating to the Company's future plans and objectives or expected results, are forward-looking statements. News release contains certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in the Company's business, including risks inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.