Business & Finance
Business and Finance
Business and Finance 
Fri, July 24, 2009
Thu, July 23, 2009
Solitaire Minerals Corp.: Solitaire Minerals Corp. and Partner Ashburton Ventures Commence Work Program on Chukuni Red Lake, On
VANCOUVER, BC--(Marketwire - July 23, 2009) - Solitaire Minerals Corp. (TSX-V: [ SLT ]) (the "Company") would like to announce that Ashburton Ventures Inc. (TSX-V: [ ABR ]) (Ashburton) has commenced the summer work program on the Red Lake Chukuni Property. Contractors are currently on the property completing 17 km of ground grid. Once established, GEOSIG Inc. will commence an Induced Polarization (IP) survey over the newly established grid. The previous work program completed by the Company encountered anomalous gold values in a moderate to strong ankerite and silicification envelope coincident with a magnetic low along the margins of the Howey Diorite. This data may be indicating the presence of altered mafic volcanics along the contact of the diorite where rheological contrast may have created open spaces for the gold bearing fluids to pond.
The results of the IP survey will be used to develop drill targets for a drill program in late summer or early fall.
The Chukuni property lies within the southern corridor of the Cochenour- Gullrock deformation zone and is of particular interest within the Red Lake Mining District as it hosts the well known Red Lake-Campbell Mine Complex. Goldcorp's Red Lake-Campbell Mine Complex, approximately 3.5 km to the north of the Chukuni property, currently remains one of Canada's largest and richest Archean gold deposits. Goldcorp's Red Lake-Campbell Mine Complex produced 629,000 ounces of gold in 2008.
Ashburton Ventures Inc. has an Option agreement with the Company to acquire a 60% interest in the Chukuni Property consisting of 3 claims, covering 2,035 acres in the Red Lake Mining District of Ontario. Terms of the Option agreement over a three year term involve paying Solitaire Minerals $90,000 in cash, issuing 1,000,000 common shares and spend $1,000,000 in exploration expenditures. Ashburton will enter into a definitive joint venture agreement once the terms of the working option agreement have been met.
Mr. Andrew Tims, P.Geo will be operating as the qualified person under National Instrument 43-101. Mr. Andrew Tims has reviewed the technical content of this news release and confirms its accuracy. Mr. Andrew Tims is independent of the Company.
About Solitaire Minerals Corp. (TSX-V: [ SLT ]) is a diversified Junior Canadian Mineral Exploration Company with a specific focus on mineral properties in North and South America. The Company has assembled a portfolio of precious and base metal exploration prospects in Ontario, Saskatchewan, the Northwest Territories, Quebec, and in southern Peru.
For additional information please contact Solitaire Minerals Corp. or visit [ www.solitaireminerals.com ].
On Behalf of the Board of Directors SOLITAIRE MINERALS CORP. "Charles Desjardins" Charles Desjardins, President and Director
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this 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.