Solitario Resources Corporation announced that drilling on its Pedra Branca platinum-palladium (“PGM”) project in northeastern Brazil intersected significant widths and grades of platinum-palladium (“PGM”) mineralization on three emerging PGM deposits, Santa Amaro, Trapia I and Cedro.
Highlights of this drilling campaign included SA-08 and TU-06 that intersected 82.7 meters grading 1.45 grams per ton (“gpt”) PGM+gold and 56.0 meters grading 1.75 gpt PGM+gold.
The 30-hole drilling program was funded by Solitario’s exploration partner, Anglo American Platinum Corporation Limited (“Anglo Platinum”), as part of Anglo Platinum’s Phase II US$500,000 work commitment.
Anglo Platinum can earn a 51% interest in Pedra Branca by spending a total of US$ 7.0 million on exploration and development over a four-year period.
Anglo Platinum can earn a further 14% interest (to a total 65% interest) by completing a bankable feasibility study and arranging 100% project financing.
Having now received all the Phase II drilling results, Anglo Platinum and Solitario are reviewing the data to determine future exploration activities at Pedra Branca.
Highlights of the latest Phase II drilling results are:
– Santa Amaro drill holes SA-08 and SA-09 that intersected 82.7 meters grading 1.45 grams per ton (“gpt”) of PGM+gold and 32.2 meters of 1.61 gpt of PGM+gold, respectively,
– Trapia I drill holes TU-04 and TU-06 that intersected 41.4 meters of 1.08 gpt of PGM+gold and 58.0 meters of 1.72 gpt of PGM+gold, respectively; and
– Cedro drill holes CD-21 and CD-22 that intersected 9.0 meters of 3.51 gpt PGM+gold and 12.8 meters grading 1.26 gpt, respectively.
Excluding drilling conducted on the Esbarro and Curiu prospects that was previously reported (Dec. 2, 2004), 11 prospect areas were drill tested in this latest program. Significant mineralization was intersected in five of these areas.
Chris Herald, president and CEO of Solitario, stated, “This drilling campaign demonstrates that the Cedro, Trapia I and Santo Amaro prospects have the potential to host significant deposits of open-pitable PGM mineralization.
All three prospects remain open at depth and in at least one direction of strike. Combined with the Esbarro and Curiu deposits, that are much better drill-defined, the Pedra Branca project is starting to develop into a significant PGM district.”
The drill hole information contained within this release is reported under a quality control program supervised by Mr. Walt Hunt, vice president of Operations for Solitario Resources Corporation, who is a qualified person as defined by National Instrument 43-101.
Samples are derived from 50% splits of HQ and NQ (2.5 and 1.9 inch) diameter core. Samples are then shipped via secured third-party land and air transportation companies and analyzed by ALS Chemex Inc., North Vancouver, Canada, an ISO9002 registered company. In addition to the laboratory’s quality control program, a check assay program is ongoing.
Solitario is a gold, platinum-palladium, and base metal exploration company actively exploring in Peru, Brazil and Bolivia. Solitario is traded on the Toronto Stock Exchange (TSX:SLR).
Solitario Resources Corporation
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