VANCOUVER, Jan. 14 /PRNewswire-FirstCall/ -- Solitaire Minerals Corp. (TSX-V: SLT) and Raytec Development Corp. (TSX.V - RAY, Frankfurt - XZT) have contracted Durama Enterprises Ltd. of La Ronge, Saskatchewan to conduct extensive ground geophysics on 3 mineral claims totalling 14,415 hectares, known as the "D" block of claims, and 7 mineral claims, known as the "C" block of claims, totalling 3,913 hectares, all located in relative proximity to the Key Lake area of the Athabasca Basin (in the eastern Athabasca Basin of Saskatchewan). This program will commence during approximately the week of January 21st, 2008.
At the Little Cree River claim group (D Block of claims); located 45 km west of the McArthur River uranium mine-site, a detailed airborne magnetic and VTEM survey was conducted by Geotech Ltd. in 2006. Condor Consulting Ltd., recognized experts in the field of airborne electromagnetics, performed detailed interpretation of the results and provided final conclusions regarding the significance of the survey. The program at Little Cree will involve grid establishment and UTEM surveys to pinpoint the strongest conductive response for location of possible drill targets.
A prominent magnetic low extends through the central and eastern part of the block with localized highs on the western and eastern sides of the survey area. A VTEM anomaly sits directly over a portion of the magnetic low where the strike changes from NNE to ESE suggesting there may be an underlying folding event in the basement. The CDS section shows that the conductive zone is very close to the unconformity surface and is seen as the best chance of representing a basement conductor.
The C5 claim area is located 24 km SW of the McArthur River uranium mine and is situated over 4.5 km of the 9 km long 'WV' trend identified by Cameco in their Wheeler River Project area. The original Wheeler River project outlined anomalous uranium and rare earth elements in many zones from Wheeler Lake in the southwest, to the McArthur River uranium mine in the northeast. The project area is situated along the P2 rift, which extends NE through the basin and hosts the McArthur River Uranium mine, and other zones.
On the C5 claim the main structural feature is a thrust fault that vertically offsets the unconformity by approximately 72 m. This thrust likely forms the locus for the circulation of hydrothermal alteration and mineralizing fluids. A series of basement step faults, which are reflected in the sandstone by a series of splay faults, have resulted in the basal sandstones being fractured into a series of rotated blocks. The VTEM results show a conductive response that appear to extend well above the indicated unconformity level but as well extends well into what is interpreted to be bedrock.
The current program on the C5 claim will involve grid establishment and UTEM surveys to pinpoint the strongest conductive response at the unconformity and deeper into the basement for location of possible drill targets.
About the properties:
The 10 Uranium properties total 18,328 hectares. The "D" parcel is located approximately 40 km's west of the McArthur Lake Uranium Mine, and constitutes a total of 3 contiguous claims. The "C" parcel constitutes a total of 7 non-contiguous claims, and stretch from "C7" which lies approximately 10 km's west of the Cigar Lake Uranium Mine, to "C1", "C2" and "C3" which are located within 25 km's and as close as 8 km's from the Key Lake Uranium Mine, where historical production from 2 mined-out unconformity type uranium deposits once contributed 15% of world uranium production (reference Natural Resources Canada). All of the claims are located within or proximal to the Key Lake - McArthur River and Cigar Lake geological trend. The claims are situated within the Athabasca Basin, underlain by rocks of the Wollaston Domain, which is the favourable geological setting hosting most of the major deposits in the eastern portion of the basin.
During the past year, an airborne VTEM and magnetic survey, performed by GeoTech, was performed over the entire property package, identifying a Priority 1 basement target on the "D" blocks, and identifying Priority 1 shallow targets on 5 of the 7 "C" blocks. In addition, other Priority 2 and 3 targets were identified on both the "C" and "D" blocks. Results of the airborne survey have been compiled and interpreted and have been incorporated into a technical report in compliance with National Instrument 43-101 which has been filed by Raytec on SEDAR.
Solitaire Minerals Corp. and Partner Rubicon Minerals Corp. Return to Drilling the Sidace Lake Extension on the Red Lake North Property, Red Lake, Ontario
Solitaire Minerals Corp. 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.
On Behalf of the Board of Directors SOLITAIRE MINERALS CORP. "Charles Desjardins" Charles Desjardins, President and Director THE TSX VENTURE EXCHANGE HAS NOT YET REVIEWED AND DOES NOT TAKE RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE. Cautionary note:
This report contains forward looking statements. Resource estimates, unless specifically noted, are considered speculative. Any and all other resource or reserve estimates are historical in nature, and should not be relied upon. By their nature, forward looking statements involve risk and uncertainties because they relate to events and depend on factors that will or may occur in the future. Actual results may vary depending upon exploration activities, industry production, commodity demand and pricing, currency exchange rates, and, but not limited to, general economic factors.
Cautionary Note to US investors: The U.S. Securities and Exchange Commission specifically prohibits the use of certain terms, such as "reserves" unless such figures are based upon actual production or formation tests and can be shown to be economically and legally producible under existing economic and operating conditions.
CONTACT: please contact Solitaire Minerals Corp. or visit http://www.solitaireminerals.com/
