11:03:28 EDT Tue 18 Jun 2024
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Solitario Resources Corp
Symbol SLR
Shares Issued 79,636,358
Close 2024-03-27 C$ 0.81
Market Cap C$ 64,505,450
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Solitario samples up to 39.6 g/t Au at Golden Crest

2024-03-28 12:42 ET - News Release

Mr. Chris Herald reports


Solitario Resources Corp. has discovered another high-grade gold zone on its Golden Crest project, named Sleeping Beauty. Recently received assay results from reconnaissance rock sampling of outcrop, subcrop and float from the 2023 field season yielded gold values as high as 39.6 grams per tonne, 24.6 g/t and 16.6 g/t gold.

Sleeping Beauty is situated on a topographic plateau underlain by the same favourable limestone found at the high-grade Geyer gold zone, which is located about 500 metres to the south. The two zones are separated by a shallow valley, where mineralization is considerably weaker at surface and rock outcrops are absent. Although the Sleeping Beauty zone has an apparent east-west orientation, the overall trend of mineralization over a larger scale area is thought to be generally in a northeast-southwest direction.

Approximately 135 samples were collected and assayed from the Sleeping Beauty topographic plateau area. Twenty-eight of these samples assayed greater than 1.0 g/t gold, with 65 samples greater than 0.2 g/t gold. Within the 1,600-metre-long trend, there are five clusters of higher-grade gold. The highest-grade cluster measures 170 m by 260 m and is open in all directions. The average grade of all 14 grab samples collected in this high-grade cluster is 7.12 g/t gold.

The table entitled "Top 12 Sleeping Beauty surface grab samples" presents the 12 highest-grade rock grab samples in the Sleeping Beauty topographic plateau.

Chris Herald, president and chief executive officer of Solitario, stated: "In the late summer of 2023, we began to focus on a large area north of Geyser, as the north side of Geyser was open to expansion. This area, that we now call Sleeping Beauty, has developed into one of the largest target areas yet discovered at Golden Crest. Although sampling is still in the early days at Sleeping Beauty, we believe that it will develop into a major high-grade target area with the additional work we have planned for 2024. Importantly, we anticipate reporting our final assay results from the 2023 field season over the next several weeks."

Golden Crest drill hole permitting and project overview

The Sleeping Beauty and Geyser gold zones are located on Solitario's new Ponderosa plan of operations (POO) in the easternmost portion of Solitario's consolidated Golden Crest property. The Ponderosa area is a non-contiguous group of mineral claims not covered by the original Golden Crest POO, but is a part of Solitario's 100-per-cent-owned Golden Crest project area in South Dakota. The new Ponderosa POO proposes low-impact core drilling to test the Geyser gold zone and several other new gold targets.

In December, 2023, the United States Forest Service (USFS) 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 is required. Currently, the USFS is finalizing its response to objections to its FONSI decision.

Solitario's 100-per-cent-owned Golden Crest properties in South Dakota 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 (not SK-1300 or National Instrument 43-101 compliant). The project area is in a safe jurisdiction with highly developed infrastructure, an unbroken 150-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 and quality assurance/quality control (QA/QC)

The reported Sleeping Beauty rock samples are all surface rock grab/float samples consisting of near-bedrock float samples, and, to a lesser extent, bedrock and subcrop composite grab 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. 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 NI 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 $8.7-million (U.S.).

Solitario has a long history of committed environmental, social and responsible governance (ESG) of its business. The company realizes ESG issues are also important to investors, employees and all stakeholders, including communities in which it works. Solitario is committed to conduct its business in a manner that supports positive environmental and social initiatives, and responsible corporate governance. Importantly, the company selects joint venture partners that not only value the importance of ESG issues in the conduct of their business on Solitario's joint venture projects but are leaders in the industry in this important segment of the company's business.

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