January 7, 2010
SOLITARIO EXPLORATION & ROYALTY REPORTS
DRILLING RESULTS
ON ITS PEDRA BRANCA PLATINUM-PALLADIUM
PROJECT, BRAZIL
Denver, Colorado: Solitario Exploration & Royalty Corp. (NYSE Amex: XPL; TSX: SLR) announced that it has received all assay results for its 2009 drilling program at its Pedra Branca platinum-palladium project in northeastern Brazil. Forty-eight core holes totaling 3,675 meters were completed on seven different prospects. Complete assay results are appended to this news release and drill hole maps can be viewed at http://www.solitarioxr.com/art/PB2009CedroCuriuTrapia.pdf The 10 best intercepts were:
|
Prospect Name |
Drill Hole Number |
Intercept* (meters) |
Platinum grams/t |
Palladium grams/t |
Gold grams/t |
PGE + Gold grams/t |
|
Curiu |
CU-28 |
5.6 |
1.65 |
2.58 |
0.02 |
4.25 |
|
|
CU-34 |
11.0 |
0.75 |
1.80 |
0.09 |
2.64 |
|
|
CU-35 |
11.3 |
1.76 |
2.06 |
0.09 |
3.90 |
|
|
CU-36 |
8.0 |
0.42 |
1.46 |
0.17 |
2.05 |
|
|
CU-37 |
11.1 |
1.82 |
2.04 |
0.09 |
3.95 |
|
|
and |
10.2 |
0.60 |
1.59 |
0.22 |
2.41 |
|
|
CU-38 |
6.6 |
1.78 |
3.41 |
0.10 |
5.30 |
|
|
CU-40 |
10.4 |
0.73 |
1.32 |
0.07 |
2.12 |
|
Cedro I |
CD-66 |
11.5 |
0.27 |
1.46 |
0.02 |
1.75 |
|
|
CD-67 |
12.5 |
0.65 |
1.30 |
0.07 |
2.02 |
* True thicknesses have not been determined for these intervals.
All
work conducted during 2009 was funded by Solitario's venture partner, Anglo
Platinum Ltd., through the jointly held Brazilian subsidiary, Pedra Branca
Mineração ("PBM").
To date, Anglo Platinum has funded $5.5 million in exploration and has
earned a 30% interest in PBM (Solitario owns 70%). Anglo Platinum can earn a 51% interest by spending a total
of $7.0 million and a further 9% interest (to 60%) by spending an additional
$10 million.
Chris
Herald, President and CEO, stated, "The Pedra Branca project hosts eight
separate deposits of shallow platinum-palladium mineralization. The Curiu deposit has continued to
deliver higher grade mineralization and this year's drilling expanded the zone
of mineralization. We believe that
there is potential for further expansion at Curiu as is the case at the
recently drilled Trapia I and Cedro prospects. The larger, previously undrilled Trapia II magnetic anomaly is
also prospective based on results of three initial tests completed this
year. Further delineation drilling
will be proposed for 2010 at all of these locations and the Santo Amaro
prospect which is open based on previous drilling. Testing of several undrilled geophysical anomalies is also pending future drilling programs.
The
drill hole information contained within this release is reported under a
quality control program supervised by Mr. Walt Hunt, Chief Operating Officer
for Solitario, 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 SGS Geosol,
Minas Gerais, Brazil, an ISO9001:2000 registered companies. In addition to the laboratory's quality
control program, a check assay program is ongoing."
About Solitario
Solitario
is a gold, silver, platinum-palladium, and base metal exploration and royalty
company actively exploring in Brazil, Mexico, and Peru. Besides Anglo Platinum, Solitario has
significant business relationships with Votorantim Metais and Newmont
Mining. Solitario has
approximately US$21 million in cash and marketable securities and no debt. Solitario is traded on the NYSE Amex
("XPL") and on the Toronto Stock Exchange ("SLR"). Additional information about Solitario
is available online at www.solitarioxr.com
FOR MORE INFORMATION, CONTACT:
|
Debbie Mino-Austin Director – Investor
Relations |
(800) 229-6827 |
|
Christopher E. Herald President & CEO |
(303) 534-1030 |
This press release includes certain
"Forward-Looking Statements" within the meaning of section 21E of the
United States Securities Exchange Act of 1934, as amended. All statements,
other than statements of historical fact, included herein, including without
limitation, statements regarding potential mineralization and reserves,
exploration results and future plans and objectives of Solitario, are
forward-looking statements that involve various risks and uncertainties. There
can be no assurance that such statements will prove to be accurate and actual
results and future events could differ materially from those anticipated in such
statements. Development of
Solitario’s properties are subject to the success of exploration,
completion and implementation of an economically viable mining plan, obtaining
the necessary permits and approvals from various regulatory authorities,
compliance with operating parameters established by such authorities and
political risks such as higher tax
and royalty rates, foreign ownership controls and our ability to finance in
countries that may become politically unstable. Important factors that could cause
actual results to differ materially from Solitario’s expectations are disclosed
under the heading "Risk Factors" and elsewhere in Solitario’s
documents filed from time to time with Canadian Securities Commissions, the
United States Securities and Exchange Commission and other regulatory
authorities.
Phase II Pedra
Branca Drill Hole Assay Results
|
Hole # |
From |
To |
Thickness* |
Pt |
Pd |
Au |
PGE+Au |
|
|
|
|
|
|
|
|
|
|
|
|
Trapia
I |
TU-08 |
70.7 |
77.1 |
6.4 |
0.27 |
0.93 |
0.01 |
1.22 |
|
|
TU-09 |
42.8 |
54.6 |
11.8 |
0.40 |
0.90 |
0.02 |
1.33 |
|
|
incl. |
42.8 |
47.8 |
5.0 |
0.67 |
1.60 |
0.04 |
2.31 |
|
|
TW-16 |
0.0 |
19.0 |
19.0 |
0.40 |
0.43 |
0.02 |
0.86 |
|
|
TW-16 |
36.3 |
37.9 |
1.6 |
2.02 |
1.53 |
0.03 |
3.57 |
|
|
TW-17 |
n/a |
|
|
|
|
|
|
|
|
TW-18 |
0.0 |
12.4 |
12.4 |
0.25 |
0.92 |
0.09 |
1.26 |
|
Cedro
IV |
CD-55 |
6.0 |
15.0 |
9.0 |
0.37 |
0.61 |
0.02 |
1.01 |
|
Cedro
II |
CD-61 |
41.7 |
49.4 |
7.8 |
0.37 |
0.69 |
0.02 |
1.07 |
|
|
CD-63 |
59.4 |
60.8 |
1.4 |
0.17 |
0.66 |
0.01 |
0.84 |
|
|
CD-64 |
31.6 |
33.4 |
1.8 |
0.27 |
0.70 |
0.01 |
0.98 |
|
|
|
50.0 |
52.0 |
2.0 |
0.94 |
0.26 |
0.01 |
1.21 |
|
|
|
59.4 |
60.0 |
0.6 |
0.35 |
0.60 |
0.01 |
0.95 |
|
Cedro
I |
CD-66 |
0.0 |
11.5 |
11.5 |
0.27 |
1.46 |
0.02 |
1.75 |
|
|
CD-67 |
61.0 |
73.5 |
12.5 |
0.65 |
1.30 |
0.07 |
2.02 |
|
Cedro
III |
CD-70 |
0.0 |
5.1 |
5.1 |
0.56 |
0.58 |
0.01 |
1.15 |
|
|
|
16.1 |
16.8 |
0.8 |
1.56 |
2.82 |
0.02 |
4.40 |
|
|
CD-71 |
20.4 |
22.4 |
2.0 |
0.54 |
1.19 |
0.01 |
1.75 |
|
Curiu |
CU-28 |
0.0 |
5.6 |
5.6 |
1.65 |
2.58 |
0.02 |
4.25 |
|
|
CU-34 |
0.0 |
11.0 |
11.0 |
0.75 |
1.80 |
0.09 |
2.64 |
|
|
|
25.0 |
27.0 |
2.0 |
0.14 |
1.03 |
0.21 |
1.38 |
|
|
CU-35 |
0.0 |
11.3 |
11.3 |
1.76 |
2.06 |
0.09 |
3.90 |
|
|
CU-36 |
0.0 |
8.0 |
8.0 |
0.42 |
1.46 |
0.17 |
2.05 |
|
|
|
14.0 |
15.0 |
1.0 |
0.18 |
1.05 |
0.07 |
1.30 |
|
|
|
29.7 |
30.6 |
1.0 |
0.37 |
1.02 |
0.05 |
1.43 |
|
|
|
32.5 |
33.2 |
0.7 |
5.18 |
8.72 |
0.08 |
13.97 |
|
|
CU-37 |
0.0 |
11.1 |
11.1 |
1.82 |
2.04 |
0.09 |
3.95 |
|
|
|
18.4 |
28.6 |
10.2 |
0.60 |
1.59 |
0.22 |
2.41 |
|
|
CU-38 |
26.1 |
32.7 |
6.6 |
1.78 |
3.41 |
0.10 |
5.30 |
|
|
CU-40 |
38.6 |
49.0 |
10.4 |
0.73 |
1.32 |
0.07 |
2.12 |
|
Trapia
II |
TD-03 |
0.0 |
6.5 |
6.5 |
0.16 |
0.67 |
0.03 |
0.85 |
|
|
TD-05 |
37.0 |
44.0 |
7.0 |
0.26 |
0.74 |
0.03 |
1.03 |
* True
thicknesses have not been determined for these intervals.