Star Metro - Solitario Completes Phase-One Drilling at Golden Crest - Reports Initial Drill Results for Ponderosa

Ten core holes totaling 2,949 meters were completed (view here). Drilling focused in the Geyser area with six holes. Three core holes were completed to the east of Geyser on the Sleeping Beauty structural zone and one hole in the Holland target to the north. Assay results in the first three reported holes, PD-001, PD-002 and PD-007, intersected low level gold mineralization (0.02 to 0.40 gpt) over multiple intervals in the Paleozoic limestones, but no high-grade feeder zones were cut. Hole PD-007, which was drilled out of the sequenced numbering system, intersected 1.3 meters grading 1.37 gpt gold in older Precambrian rocks.

The remaining seven core holes are currently being assayed. Results of the next seven core holes are expected in late September or October. Drill hole locations for all ten holes are provided on the attached map.

Drone Magnetic Surveys

Additional exploration work and data analysis continue throughout much of the Golden Crest property to assist in future drill hole targeting. Drone magnetic surveys over three test areas were recently completed and provide encouraging new information on potential Tertiary-aged intrusive rocks at the Downpour-Wild Rose and Holland target areas. On the western margin of the Golden Crest property a large (5 km by 1.5 km) low-level magnetic high (view here) was defined. This large magnetic high is thought to be associated with higher-temperature metamorphic rocks of the underlying Homestake banded iron formation.

At the former producing Homestake Mine, gold was preferentially deposited in higher-temperature metamorphic rocks associated with magnetite and pyrrhotite, both are magnetic minerals. This could be an important vectoring tool to better locate future drill holes within this largescale magnetic high. Previous Solitario drilling intersected lower-temperature metamorphic rocks of the Homestake banded iron formation peripheral to the magnetic high, but there are no drill holes within this magnetic high. Past drilling also intersected mineralized paleoplacer conglomerates (GC-010) that provide indirect evidence for the existence of possible Homestake-style mineralization in the vicinity.

Drone magnetic test surveys were also completed over the Downpour-Wild Rose (view here) and Holland (view here) mineralized zones, where mineralized Tertiary volcanics and limestones occur on surface. These zones displayed several magnetic highs, 200 to 1,000 meters in diameter that may be related to Tertiary-aged intrusives. Tertiary intrusives in contact with Lower Deadwood Formation and within the underlying Precambrian formations are often associated with significant mineralization. Examples include the Wharf, Richmond Hill and Guilt Edge deposits. This newly acquired magnetic data is currently being incorporated into Solitario's database. Work continues on exploration modeling and will aid in future drill targeting.

Chris Herald, President and CEO of Solitario, stated: "Although we did not intersect a high-grade feeder structure in the first three holes, we remain confident that the Golden Crest project hosts significant mineralization at depth. Our expanding geologic database continues to refine our drill targeting for future success.

"Importantly, the magnetic surveys recently completed opens up a large and entirely new target area that we believe is underlain by Homestake banded iron formation that could host Homestake-style mineralization on the western margin of the Golden Crest property. The magnetic signatures at the Downpour-Wild Rose and Holland target zones offer compelling new supportive geophysical evidence for Wharf-style mineralization associated with Tertiary intrusive rocks immediately along strike and to the south of Wharf's current exploration program at Annie Creek. This newly acquired data provides us with better drill hole targeting information to test both the all-important Homestake banded iron formation and Tertiary intrusive related mineralization."

Cat Creek Critical Metals Drilling Program

Upon the completion of drilling at Golden Crest, the drill rig was mobilized to the 100%-owned Cat Creek molybdenum-rhenium project in early August. Cat Creek is situated in south-central Colorado within the world-class Climax-Henderson-Questa molybdenum porphyry belt. Climax is the largest primary molybdenum deposit in the world, Henderson is third largest, and Questa is considered the eighth largest deposit.

The first hole at Cat Creek was recently completed and is currently being logged and core samples prepared for assay. A second hole is underway. Additional information on the first hole will be released when core logging and sampling is completed. Assays are not expected for at least two months.

The Cat project was originally discovered by Anaconda Copper (formerly one of the largest mining companies in the world) in the early 1980's. Anaconda conducted significant surface exploration, including detailed geologic mapping, geochemical sampling and an Induced Polarization ("IP") geophysical survey. The project was slated for drilling in mid-1983, but due to the sale of Anaconda by its parent, Atlantic Richfield (ARCO), all company-wide exploration activities were shut down in early 1983. The property was never drill tested and no further exploration activities were subsequently conducted on the property.

Molybdenum is one of the most valuable industrial metals and rhenium is classified as a Critical Metal by the U.S. Geological Survey. Both are extensively used in the defense and aerospace industries for their unique properties as a steel additive imparting extremely high melting temperature, hardness and remarkable resistance to wear and corrosion. Molybdenum currently sells for approximately $40.00 per pound and rhenium prices are approximately $4.00 per gram.

Sample Type, Sampling Methodology, Chain of Custody, Quality Control and Assurance

All Golden Crest core samples have been prepared and analyzed, at ALS Global, in Reno, Nevada, which is independent from Solitario. Thorough QA/QC protocols are followed on the Project, including insertion of duplicate, blank and standard samples in the assay stream for all drill holes. The samples are collected directly from the drill rig, logged, photographed, split into two samples, and half of each sample submitted directly to American Assay Labs through secure chain of custody protocols. All activities prior to shipment are directly supervised by Solitario geologists. Samples are pulverized from a 250g sample to 85% passing 75 mesh. Approximately 225g of pulp sample is prepared for fire assay. Assays are based on a 30g fire assay aliquot for gold with Atomic Absorption finish. If the gold value from Atomic Absorption is >10g/t, an additional 30g of pulp sample is fire assayed for gold using a gravimetric finish.

Qualified Person

The scientific and technical information contained in this news release has been reviewed and approved by Walt Hunt, a geologic consultant of Solitario, who is a qualified person as defined by NI 43-101, Standards of Disclosure for Mineral Projects.

About Solitario

Solitario is a natural resource exploration company focused on high-potential Tier-1 gold, copper, zinc and critical metals (molybdenum and rhenium) projects. Solitario's 100%-owned Golden Crest properties in South Dakota constitute strategic land holdings (25,350 acres) along the western and southwestern extensions of the Homestake-Wharf mining district that has produced approximately 52 million ounces of gold.

In addition to its Golden Crest and Cat Creek projects, Solitario holds a 100% interest in the Bright Angel copper-gold project in Colorado that is currently undergoing drill hole permitting. Solitario also has a 50% joint venture interest (Teck Resources 50%) in the high-grade Lik zinc deposit in Alaska and a 39% joint venture interest (Nexa Resources 61%) in the high-grade Florida Canyon zinc project in Peru. Both Florida Canyon and Lik represent advanced exploration projects with over $110 million spent collectively on the properties. Solitario is carried to production on its Florida Canyon project through its joint venture arrangement with Nexa.

The Company is traded on the NYSE American ("XPL") and on the Toronto Stock Exchange ("SLR"). Solitario's Management and Directors hold approximately 8.0% (excluding options) and Newmont Corporation, Solitario's largest shareholder, owns 9.4% of the Company's 94.6 million shares outstanding. Solitario's cash position stands at approximately US$7.3 million. Additional information about Solitario is available online at www.solitarioresources.com.

Solitario has a long history of committed Environmental, Social and Responsible Governance ("ESG") of its business. We realize ESG issues are also important to investors, employees, and all stakeholders, including communities in which we work. We are committed to conducting our business in a manner that supports positive environmental and social initiatives and responsible corporate governance. Importantly, we work with joint venture partners that not only value the importance of ESG issues in the conduct of their business on our joint venture projects but are leaders in the industry in this important segment of our business.

For More Information, Please Contact:

Chris Herald, President and CEO
Solitario Resources Corp.
Tel. 303-534-1030 ext. 1

Cautionary Statement Regarding Forward-Looking Information

This press release contains forward-looking statements within the meaning of the U.S. Securities Act of 1933 and the U.S. Securities Exchange Act of 1934, and as defined in the United States Private Securities Litigation Reform Act of 1995 (and the equivalent under Canadian securities laws),that are intended to be covered by the safe harbor created by such sections. Forward-looking statements are statements that are not historical facts. They are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made and address activities, events or developments that Solitario expects or anticipates will or may occur in the future, and are based on current expectations and assumptions. Forward-looking statements involve numerous risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Solitario's Golden Crest land position does not cover any of the areas of historical gold production or historical unmined resources. Certain historical information concerning exploration and gold production in the Black Hills region has been obtained through both public and private sources and are believed to be substantially factual, but Solitario can give no assurances of the accuracy of such information. The existence of historic mines and resources adjacent to Solitario's land position do not necessarily support the existence of economic mineral deposits on Solitario's land position. Such forward-looking statements include, without limitation, statements regarding the Company's expectation of the projected timing and outcome of engineering studies; expectations regarding the receipt of all necessary permits and approvals to implement a mining plan, if any, at any of its mineral properties. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, among others, risks relating to risks that Solitario's and its joint venture partners' exploration and property advancement efforts will not be successful; risks relating to fluctuations in the price of zinc, gold, lead and silver; the inherently hazardous nature of mining-related activities; uncertainties concerning reserve and resource estimates; availability of outside contractors, and other activities; uncertainties relating to obtaining approvals and permits from governmental regulatory authorities; the possibility that environmental laws and regulations will change over time and become even more restrictive; and availability and timing of capital for financing the Company's exploration and development activities, including uncertainty of being able to raise capital on favorable terms or at all; risks relating to the impacts of pandemics or similar epidemics; as well as those factors discussed in Solitario's filings with the U.S. Securities and Exchange Commission (the "SEC") including Solitario's latest Annual Report on Form 10-K and its other SEC filings (and Canadian filings) including, without limitation, its latest Quarterly Report on Form 10-Q. The Company does not intend to publicly update any forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities laws.

SOURCE: Solitario Resources Corp.

View the original press release on ACCESS Newswire

O.Lessard--SMC