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02/04/2012

Solomon Gold CEO expects news on a new discovery in the next couple of months

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Additional Information
Market: AIM
Sector: General Mining - Gold
EPIC: SOLG
Latest Price: 4.63p  (2.89% Ascending)
52-week High: 24.63p
52-week Low: 4.38p
Market Cap: 14.55M
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SolGold
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. 

 

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Solomon Gold increases Rannes resource by 24 percent to 675,779oz gold equivalent

29th Sep 2011, 8:11 am by Andre Lamberti The new gold estimate for its Rannes project in Central Queensland, Australia, contains the maiden resource at the Brother and Cracklin Rosie prospects as well as a further upgrade at the Kauffmans-Homestead prospect

Solomon Gold PLC (LON:SOLG) announced a 24 percent increase in the inferred gold resource of its Rannes project in Central Queensland, Australia.

The new estimate contains the maiden resource at the Brother and Cracklin Rosie prospects as well as a further upgrade at the Kauffmans-Homestead prospect.

The total inferred mineral resource has been upgraded to 21.7 million tonnes of material at 1.0 gramme per tonne gold equivalent for 675,779 ounces of contained gold equivalent - with a 1:40 gold to silver ratio and a 0.30 g/t gold equivalent cut‐off grade - at Crunchie, Kauffmans-Homestead, Brother and Cracklin Rosie.

The new figure includes the Brother and Cracklin Rosie prospects for the first time, which contribute 35,000oz and 24,000oz contained gold equivalent, respectively.

The Brother prospect is open to the south and at depth.  Further drilling is required at the Cracklin Rosie prospect to define the extent of the prospect area.  The Kauffmans-Homestead resource component remains open at depth, to the north, east and south.  The resources are all close to or at surface and the prospective stripping ratios are very low, Solomon said.

Drilling will continue at Kauffmans-Homestead with shallow, percussion drilling and deeper diamond drilling, and at the 21 other prospects so far identified in the Rannes Project area to meet the company's objective of defining two million ounces of gold quivalent. Additional drill rigs are being sourced to meet this objective.

The company has A$9 million in the bank to continue its exploration programme.

Resources currently defined at Crunchie, Kauffmans, Brother and Cracklin Rosie Prospects should be amenable to open-pit mining and processing in a central plant, subject to the outcomes of a feasibility study, the group added.

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