SLT-v...in the news:
Solitaire, King's Bay to make Headway on phase 1 work
Wed 5 Mar 2003
News Release
Mr. Charles Desjardins of Solitaire reports
Solitaire Minerals and King's Bay Gold will initiate, commencing the week
of March 10, phase 1 of a comprehensive exploration program on the Headway
project, strategically located in the Red Lake mining district, in Ontario.
Phase I of the exploration program will consist of line cutting and a
ground magnetic geophysical survey. Drilling is expected to commence at a
later date following the compilation and assessment of the geophysical
data.
The Headway project is located in Balmer and Dome townships approximately
1,200 metres southwest, and directly adjacent, to Goldcorp Inc.'s (TSX: G)
high-grade zone, with a total gold content of 4.6 million ounces, as a
result of an increase in reserves during 2002 of 1.96 million tons with an
average grade of 2.35 ounces of gold per ton (Goldcorp Web site).
Prior exploration on the Headway project intersected high-grade gold
values, including 2.74 ounces per ton gold over two feet and 0.61 ounce per
ton gold over 3.08 feet in drill core (H-13), surface chip samples of up to
1.35 ounces per ton over 6.6 feet and several surface grab samples
exceeding one ounce per ton. The property contains two east-west-trending,
gold-bearing structural zones; the 4,000-foot-by-1,000-foot Headway shear
zone and the 2,300-foot-by-50-foot main zone (Watkins, 1999).
Solitaire and King's Bay believe that the Headway project holds highly
prospective geological elements with respect to those associated with ore
found on the adjacent Red Lake mine. This includes high-grade gold, mafic,
ultramafic and intrusive rocks, and well-developed shear zones.
Private placement closed
Solitaire also announces that it has closed a non-brokered private
placement of 2,568,000 units of the company at a price of 10 cents per
unit. Of the 2,568,000 units, 2.16 million will be issued on a flow-through
basis at a price of 10 cents per unit. Each flow-through unit will consist
of one flow-through common share and one non-transferable share purchase
warrant entitling the holder to purchase one non-flow-through common share
of the company at a price of 15 cents per share for a one-year period. The
remaining 408,000 units will be issued on a non-flow-through basis at a
price of 10 cents per unit. Each non-flow through unit will consist of one
non-flow-through common share and one non-transferable share purchase
warrant, exercisable at a price of 15 cents per share for a two-year period
from the date of issuance. The common shares forming part of the units, as
well as any common shares issued upon exercise of the warrants, are subject
to a hold period, which will expire at midnight on June 12, 2003.
The flow-through proceeds of the private placement will be used for
exploration of the company's mining properties in the Red Lake gold camp of
Northwestern Ontario and the non-flow through proceeds will be used for
general working capital.
Furthermore, Solitaire announces that it has granted, subject to all
necessary regulatory and shareholder approvals, director, officer,
consultant and employee incentive stock options of the company to purchase
in the total 120,000 common shares in the capital stock of the company. The
additional options are exercisable on or before March 4, 2005, at a price
of 17 cents per common share. |
