20:37:48 EDT Sat 22 Jun 2024
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Solitario Resources Corp
Symbol SLR
Shares Issued 79,586,358
Close 2024-02-26 C$ 0.68
Market Cap C$ 54,118,723
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Solitario identifies new Au zone at Golden Crest

2024-02-27 12:48 ET - News Release

Mr. Chris Herald reports


Solitario Resources Corp. has discovered a major new area of high-grade gold mineralization, named Wild Rose, on its Golden Crest project in South Dakota. Surface reconnaissance rock sampling has yielded gold values up to 52.9 grams per tonne gold. The Wild Rose gold zone has been traced over a length of at least 1.6 kilometres, is up to 300 metres wide and is open in all directions. Wild Rose is interpreted to be the continuation of the previously reported high-grade Downpour gold trend situated approximately 1.2 kilometres to the southwest. Combined, the Downpour-Wild Rose corridor is approximately four kilometres long.

Wild Rose is defined by 101 reconnaissance surface grab samples of float and subcrop mineralization. Remarkably, 34 of these samples contained gold values in excess of one gpt gold. Sampling to date has defined two areas of intense mineralization. The southern zone of Wild Rose has a greater density of sampling and is consequently better defined. The southern gold zone measures approximately 480 metres long, trending in a northeasterly direction, and is up to 320 metres wide. The northern zone, which is sparsely sampled, shows a higher-grade zone in excess of 200 metres in length.

Chris Herald, president and chief executive officer of Solitario, stated: "Wild Rose is an important new high-grade gold discovery. Wild Rose, combined with the Downpour zone to the southwest, represents a four-kilometre-long structural corridor with significant alteration and high-grade gold values at surface. Similar to other previously discovered Golden Crest mineralized areas, Wild Rose was first recognized by the presence of altered carbonate float rock in the tracks of an existing jeep road. Detailed follow-up work during the later part of the 2023 field season delineated its current surface footprint. We anticipate that additional work between Downpour and Wild Rose will demonstrate these two zones are one in the same."

Mr. Herald, president and CEO of Solitario, will give a special presentation at the PDAC conference in Toronto, Canada, focusing on the Golden Crest project on Wednesday, March 6, starting at 10:42 a.m. (Level 800/Hall E). The presentation will not be webcast, but all conference attendees may attend.

Golden Crest drill hole permitting and project overview

In December, 2023, the U.S. Forest Service issued its final environmental assessment (EA) and draft decision and finding of no significant impact (FONSI) on Solitario's proposed Golden Crest drilling program. As a result of this decision, no additional environmental studies beyond USFS's comprehensive EA are required. Following this decision, a 45-day period ensued allowing for interested parties that commented on the original draft EA to object to the FONSI decision. The objection period has ended and currently the USFS is preparing responses to the objections.

Solitario's 100-per-cent-owned South Dakota properties collectively total over 33,000 acres and constitute strategic landholdings along the western and southwestern extensions of the Homestake-Wharf mining district that has produced approximately 52 million ounces of gold and contains another 30 million ounces in historical resources. The project area is in a safe jurisdiction with highly developed infrastructure, an unbroken 145-year record of continuous gold mining, a skilled mining work force and a history of high-grade, underground minable gold deposits.

Sample type, sampling methodology, chain of custody, quality assurance and quality control

The reported Wild Rose rock assays are all surface rock grab/float samples consisting of near-bedrock float samples, and to a lesser extent, bedrock composite samples. All float samples are thought to be derived from the underlying bedrock within the immediate sampled area. All sampling reported in this release was supervised by project geologists, including chain of custody. Rock samples are reconnaissance select grab samples that display alteration, usually silicification and hydrothermal brecciation.

The significance of these results is limited to determining whether gold, or trace elements usually associated with gold, are present within rocks affected by hydrothermal alteration fluids and assay results may not be representative of, nor verify, economically minable mineralization. Samples were analyzed by ALS Laboratories in Reno, Nev., a laboratory accredited in accordance with the standards of ISO 17025:2017. The samples were crushed and pulverized, and sample pulps were analyzed using industry-standard fire assay methods. A certified reference sample or duplicate was inserted at least every 20th sample.

Walter Hunt, chief operating officer of Solitario, is a qualified person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects, responsible for approving the scientific and technical information contained in this news release.

About Solitario Resources Corp.

Solitario is a natural resource exploration company focused on high-quality Tier 1 gold and zinc exploration projects. The company is traded on the NYSE American (XPL) and on the Toronto Stock Exchange (SLR). In addition to its South Dakota property holdings, Solitario holds a 50-per-cent joint venture interest (Teck Resources 50 per cent) in the high-grade Lik zinc deposit in Alaska and a 39-per-cent joint venture interest (Nexa Resources 61 per cent) on the high-grade Florida Canyon zinc project in Peru. At Florida Canyon, Solitario is carried to production through its joint venture arrangement with Nexa. Solitario's management and directors hold approximately 9.3 per cent (excluding options) of the company's 79.1 million shares outstanding. Solitario's cash balance and marketable securities stand at approximately $8.9-million (U.S.).

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