Another Uranium Play!!
2006-11-30 18:06 ET - News Release
Mr. David Tupper reports
SOLOMON ACQUIRES ZAMTIIN GOL URANIUM PROSPECT
Solomon Resources Ltd. has signed a letter of intent (LOI) to acquire a 100-per-cent interest in the Zamtiin Gol uranium property from Erdenyn Erel LLC, a private Mongolian company.
The 39,165-hectare Zamtiin Gol property is located in Arhangai province in west-central Mongolia, more than 550 kilometres west of Ulan Batar. The property overlies quaternary unconsolidated sediments derived from the high-background radioactive Solongo intrusive complex and is highlighted by published airborne spectrometer survey anomalies, reportedly the strongest anomaly grouping in central Mongolia (1979 Open File 2433; anomalies 449, 450, 452, 1269 and 1270).
Solomon field crews examined the property in August, 2006, completing roughly 55 line kilometres of GPS-controlled, truck-mounted reconnaissance auto gamma-ray spectrometer survey (four-litre, Pico GRS-2 spectrometer). In the south part of the property spectrometric reconnaissance profiles completed in the area of anomaly 450 resulted in the identification of an anomaly area roughly 300 metres by 120 metres measuring between 20 and 80 parts per million uranium. A single soil sample (sample 51893) collected at the most anomalous station assayed 215 uranium and 45.4 parts per million thorium. A program of detailed spectrometer survey and test pit sampling is planned for 2007.
Solomon can earn a 100-per-cent interest in the Zamtiin Gol property by paying Erdenyn Erel a total of $50,000 (U.S.) ($10,000 on signing the letter of intent, $15,000 and $25,000 on the first and second anniversaries, respectively). Erdenyn Erel will retain a 0.5-per-cent net smelter return royalty, which Solomon may purchase for $250,000 within 12 months of the commencement of commercial production.
Qualified person under National Instrument 43-101
David Tupper, PGeol, a "qualified person" for the purposes of National Instrument 43-101, has verified the data disclosed, including sampling, analytical and test data, contained in and supervised the preparation of this news release.
QA/QC
Solomon has implemented quality-assurance and quality-control measures in its exploration programs, including the following:
All field and data analysis work is carried out under the supervision of qualified Solomon geologists and geophysist in accordance with procedures developed to conform to National Instrument 43-101.
All spectrometric data (total count, uranium, thorium and potassium content fields), is converted to ACSSII format, then checked for error using the minimum square method in preparation for plotting.
All analytical work is being completed at SGS Analabs Pty. Ltd. in Ulan Batar, and accredited Australia laboratory. In addition to the standard internal check and repeat assays undertaken by SGS Analab, Solomon staff submits its own blind standard and blank check samples at a rate exceeding one in 10. All check sample results received are within acceptable limits of variability. |
