www.solgold.com.au
Solomon Gold was listed on the London Stock Exchange (AIM code : SOLG) on 10 February 2006.
Solomon Gold is headed up by experienced and committed mining industry professionals with demonstratable track records of mineral discovery and providing valuable shareholder return. The Board of Directors include accomplished professionals with experience in exploration, mine development, investment, finance and law. The Board and Management have significant vested interests in the Company, holding approximately 17.5% of its issued share capital. The Company currently has 284,623,489 shares in issue.
Solomon Gold has Exploration tenements in Queensland, Australia and the Solomon Islands.
Solomon Gold soars on surface gold news at Rannes project
Solomon Gold (LON:SOLG) shares soared after it identified wide near surface gold intersections at the Rannes gold and silver project in Queensland, Australia.
It has restarted drilling operations at Rannes after unseasonal rains had halted operations.
Shares in the group were trading up more than 20 percent in late morning deals.
The company released assays from the Homestead and Kauffmans prospects, where it is testing part of a 1 million ounce (gold equivalent) target.
Homestead and Kauffmans form part of a cluster of prospects within 5 kilometres of the Crunchie project - Solomon’s most advanced asset in Queensland. In June Solomon reported a 200,000oz gold equivalent maiden resource at Crunchie.
Chief executive Nicholas Mather believes the prospects offer an opportunity to turn this cluster into an economic project with a central processing plant.
The current exploration program is designed to increase the project’s gold and silver resource, by drilling close to areas where it has previously found good results.
“[The programme] is targeting to increase open-pit resources to about half a million ounces of gold equivalent within three-months,” chief executive Nicholas Mather said.
“Importantly, gold grades and gold:silver ratios are substantially higher at Homestead and Kauffmans.”
“There is significant potential for extensive gold rich mineralisation at all the Rannes Prospects.”
The Rannes project is made up of three main areas: Rannes Central, Police Camp Creek and Brother & Cooper. Crunchie, Homestead, Kauffmans form part of the Central Rannes area, which also includes the Cracklin Rosie and Porcupine Pie prospects.
At the Homestead prospect Solomon’s best assay cut 30 metres at 2.83 grams per tonne (g/t) gold equivalent, and it included a higher grading 14 metres at 5.17g/t.
Solomon said that the Kauffmans results were ‘particularly encouraging’ as they could show the potential for a single open-pit mine design.
The highlights from Kauffmans were from just 2 metres deep, with 86 metres at 1.50g/t gold and 15.1g/t silver and from a depth of 26 metres it cut 40m at 1.69g/t gold and 25g/t silver.
The highest grading hole at Kauffmans had 4 metres at 7.21g/t gold equivalent.
Results from Cracklin, another Rannes Central prospect, are expected by the month’s end.
Solomon is now drilling at Crunchie, and it will start drilling the Brother prospect by months-end. More drilling is also anticipated for Homestead and Kauffmans, once all assay results have been reviewed.
The company also provided a brief update on the Fauro project, which was thrust into investors minds recently when strong chip sampling results led to a massive spike in the share price.
Chip sampling and mapping is ongoing at the project and Solomon expect to report the next set of results in the next few weeks.
Solomon is currently sourcing a drilling contractor for a 9,900 metre drilling campaign, which is slated to start before the year’s end.
