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Solomon Gold begins drilling at Mbetilonga project; finds evidence of gold-copper system at Sutakiki

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Solomon Gold (LON:SOLG) said the first hole of 2012 at the Hambusimaloso prospect at the Mbetilonga project in the Solomon islands has reached 400 metres and is expected to be sunk to 700m.

MBT008 is targeting previous trenching results, including 80m at 1.76 per cent copper, and 30 metres at 0.88 per cent copper, and if it is successful, a second hole will be drilled.

The news was part of a wider update on activities at the firm's Guadalcanal joint venture (GJV) between the company and Newmont Mining's subsidiary - NVL Solomon Islands Ltd.

Newmont is funding the exploration activities and is earning 70 per cent in the joint venture. Last year, it spent US$7.91 mln, with US$4.92 mln expected in 2012.

Solomon said that last year saw activity across four of the five prospecting licences - the focus being on the Sutakiki and Mbetilonga licences.

At Sutakiki, the firm said exploration was underway. The project has thrown up "outstanding" results previously, at Taborora, where Solomon hit 354 metres at at 0.5g/t gold and 0.13 per cent copper.

In 2011, at Taborora, two holes intersected significant gold and copper, including 259m at 0.28g/t gold and 0.11 per cent copper from 362m to the end of hole at 621 metres in hole SUT001.

Recent work has provided definitive evidence of a gold-copper porphyry mineral system at Taborora and that targets exist below the historical drilling, and potentially in adjacent positions, said the company.

Other exploration within the GJV tenements includes the preparation for a sampling programme within the Central prospecting licence.

The company told investors: "Solomon Gold is encouraged by these results and will provide further updates as data are received. Joint venture meetings are now being held quarterly and the Solomon Gold team is taking active interest in the development and implementation of the exploration programme."

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Price: 20.15 GBX

AIM:SOLG
Market: AIM
Market Cap: £387.55 m
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