VANCOUVER, Nov. 15 /PRNewswire-FirstCall/ -- Solitaire Minerals Corp. (TSX-V symbol: SLT) and Rubicon Minerals Corp. (TSX-V symbol: RMX) have returned to drilling the Red Lake North Property in Red Lake, Ontario. Rubicon Minerals Corp. is currently operating a drill rig in the Sidace Lake area funded by Solitaire Minerals Corp. A deep drill hole is being resumed to test for the down dip extension of the Main Discovery Zone ('MDZ'), a gold zone controlled by Goldcorp and Planet Exploration Inc. Solitaire will earn a 55% interest in the Red Lake North project, which includes the Sidace area claims, by spending $2.5 million.
The Red Lake North property is located approximately 22 km northeast of Red Lake, Ontario, in the prolific Red Lake Mining District. The property consists of forty seven staked mining claims totaling 329 units (approximately 5264 Ha). The property is 30 minutes by logging road from the Town of Red Lake, which is the business and government centre for the region. The area has a rich mining history, with two active producing mines (the Campbell Complex and Red Lake Complex), and has all the facilities and infrastructure required to develop a new mining operation.
The Red Lake North property is separated into two distinct packages of ground. The larger of the two blocks is located on the northwest margin of the Black Bear Intrusive. Geologically, the property is dominated by a package of Balmer assemblage mafic and ultramafic volcanic rocks which are overlain by altered intermediate sediments. The stratigraphic units are interpreted to be upright and dipping at 60 to 70 degrees to the northwest. A series of northwest trending, vertical to subvertical faults crosscut and offset stratigraphy. This property is directly along strike from the recent 'Planet Zone' gold discovery, currently being explored by Goldcorp/Planet (TSX-V symbol: PXI). Based on historical drilling and geophysical interpretation on this land package, the extension of gold bearing sericite schist stratigraphy that is observed on the Planet Zone continues southwest onto the newly acquired property. The prospective stratigraphy hosting the sericite schist target horizon is interpreted to occur along the 12km strike length of the property. All Seven holes drilled by Rubicon intersected the prospective altered stratigraphy.
The smaller of the two blocks is situated on the up-dip and down-dip extensions of the recent Goldcorp/Planet gold discovery. Geologically, the property is dominated by a package of Balmer assemblage mafic and ultramafic volcanic rocks which are overlain by altered intermediate sediments. The southeastern claim block is on the contact between the overlying Balmer Assemblage volcanics and the Cat Island Pluton to southeast. Based on drilling by RMX, the prospective gold bearing sericite schist horizon continues onto the northwestern claim block, at depth. To date, only two holes have been drilled on this claim block. Further drilling is required to test for the continuity and controls of gold mineralization on the property.
Terry Bursey, P.Geo, a qualified person under National instrument 43-101 will advance the Red Lake North project.
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. Also in the NWT, the Company acquired the Eldorado 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 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.
CONTACT: please contact Solitaire Minerals Corp. or visit http://www.solitaireminerals.com/
