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 optimistic about hitting 2Moz target at Rannes gold project, shares rise
Precious metals miners Solomon Gold (LON:SOLG) told investors that its efforts to further expand the gold resource at the Rannes project in Australia remain on track and outlined plans at its projects for the current financial year.
Investors welcomed the report as shares in Solomon rallied 3.5 percent to 11.25 pence, valuing the company at £32 million.
In today’s full year report, which covered the twelve months ending June 30, the company highlighted the increase of the inferred mineral resource at the Mt Rannes project in Queensland from an initial 201,648 ounces of gold equivalent to 543,858.
After the end of the year, the company managed to upgrade the Mt Rannes inferred resource further, increasing it to 812,000 ounces at the end of November.
Today, Solomon told investors that it expected further upgrades at Rannes, targeting a resource of 2 million ounces.
The efforts to expand the Rannes resource remain on track with 21 targets having been identified within the project area. Eight of these prospects have been found to have potentially economic intersections.
After receiving “very encouraging” results from drilling at greater depths, Solomon has decided to expand its drilling programme and is currently looking for additional drilling rigs.
“We are optimistic that further drilling will help us meet the company's gold target of two million ounces at the Rannes project,” said chairman of Solomon Gold Cameron Wenck.
At Mt Perry, which is also found in Queensland, nine of the ten prospects that have been tested to date returned potentially economic drill intersections. Drilling at the project is expected to begin once Solomon’s negotiations with landowners and drill agreements are finalised.
The company is currently targeting an initial resource of 400,000 ounces of gold equivalent.
In addition, Solomon plans to drill at the Normanby project in Queensland and carry out further sampling at Mount Crompton; drilling is also planned at the Clermont prospect.
Other Queensland projects include Lone Hand and Cracow West, where initial sampling is expected over the course of the next 12 months.
At the Fauro project in the Solomon Islands, the company has identified nine intrusive systems and associated anomalies, including Ballyorlo, Kiovakase, Meriguna, Bataha and Ballteara, saying it remains hopeful of finding a significant ore body at the project.
Surface sampling at the Meriguna prospect has returned grades of up to 173 grammes per tonne (g/t) gold and 0.35 percent copper, while sampling at Kiovakase produced grades of 169g/t gold and 0.16 percent copper.
At the Guadalcanal in the Solomon Islands, Solomon said sampling results from the Mbetilonga project were encouraging and it plans to continue a more extensive and deeper drilling programme into 2012.
Further drilling is also expected at Sutakiki, where Solomon previously found significant and continuous mineralisation at depth, in a number of drill holes.
“In the Solomon Islands, there is significant exploration upside at our Fauro and Guadalcanal project areas.
Newmont Mining Corporation continues to strongly support the Guadalcanal Joint Venture with actual and budgeted expenditure well in advance of their obligation,” said Wenck.
Running through the company’s financial results, Solomon, which currently has no revenues, posted a pre-tax loss of US$2.72 million compared to a US$2.2 million loss in 2010.
