Lamontagne Geophysics Ltd. To Interpret UTEM Ground Geophysical Data collected from Athabasca Basin, Uranium Exploration Claims
Mon Apr 14, 4:30 PM
ca.news.finance.yahoo.com
VANCOUVER, April 14 /CNW/ - Solitaire Minerals Corp. (TSX-V: SLT.V) and Raytec Metals Corp. (TSX.V: RAY, Frankfurt: XZT) wish to announce the 2007/2008 program involving extensive ground geophysics on the Little Cree River "D" grid and the "C4" and "C5" grids, situated from 24 to 48 km southwest of the McArthur River Uranium Mine, has been completed.
The services of Durama Enterprises Limited of La Ronge, Saskatchewan were contracted to establish and manage the program, which involved the establishment of camps, grid lines, level survey and support services. Lamontagne Geophysics Ltd. of Kingston, Ontario was contracted to conduct the UTEM survey and carry out an interpretation of the data. Lamontagne developed the UTEM system to pursue deep exploration beyond the capabilities of other TEM systems. The UTEM system measures the EM response while the transmitter field is changing, the only way to measure extremely conductive targets. Interpretation of the data to pinpoint the strongest conductive response will assist to plan possible drill targets.
"The targets that have already been identified through previous exploration work are on a known geological trend close to on-going work performed by Cameco and Denison Mines," says Charles Desjardins, President of Solitaire Minerals. "With the increased precision of this UTEM survey, Lamontagne Geophysics will look to identify existing and new targets at depth."
About the properties: The 10 claims under option total 18,328 hectares. The Little Cree River 'D' grid is comprised of 3 contiguous claims, totalling 14,415 Ha. and is located approximately 40 km's west of the McArthur River Uranium Mine. The 'C' claims are 7 non-contiguous parcels, totalling 3913 ha, which stretch from "C7", located about 10 km's west of the Cigar Lake Uranium Mine, to 'C1', about 25 km's west of Camecos' Key Lake Uranium Mill. All of the 'C' claims are located within the Athabasca Basin, underlain by favourable rocks of the Western 'transition zone' of the Wollaston Domain, which hosts most of the major deposits in the eastern portion of the basin.
During 2006, GeoTech carried out airborne VTEM and magnetic surveys over all of the claims. Condor Consulting Ltd., recognized experts in the field of airborne electromagnetics, performed detailed interpretation of the results and provided final conclusions regarding the significance of the survey in respect to each grid.
Condor reports that on the Little Cree River 'D' grid, a prominent magnetic low extends through the central and eastern part of the block with localized highs on the western and eastern sides of the survey area. A VTEM anomaly sits directly over a portion of the magnetic low where the strike changes from NNE to ESE suggesting there may be an underlying folding event in the basement. The CDS section shows that the conductive zone is very close to the unconformity surface and is seen as the best chance of representing a basement conductor.
The 'C4' and 'C5' grids are situated 48 km and 24 km SW of the McArthur River uranium mine, within the Camecos' Wheeler River project, now being explored by their partner Denison Mines Corp. Numerous uranium zones and deposits have been identified from the Wheeler River in the southwest, to the McArthur River uranium mine in the northeast. The Wheeler River project area is situated along the P2 rift, which extends NE through the basin and hosts the McArthur River Uranium mine, and most of the major deposits in the eastern portion of the basin.
The 'C4' grid is situated adjacent to the Wheeler 'O' zone and along strike from the 12 km long 'K' zone which hosts up to 0.11% U(3)O(8) over 6.5 m in basement rocks within the K1a conductor. Here the 'C4' VTEM response appears to extend deeper into what is interpreted to be basement rock. This deeper target is 4.5 km south of the 'K' zone, and has never been drill tested.
The 'C5' grid is situated over 4.5 km of the 9 km long Wheeler 'WV' trend. On 'C5' the main structural feature is a thrust fault that vertically offsets the unconformity by approximately 72 m. This type of structure typically forms the locus for the circulation of hydrothermal alteration and mineralizing fluids. A series of basement step faults, which are reflected in the sandstone by a series of splay faults, have resulted in the basal sandstones being fractured into a series of rotated blocks. These all offer excellent targets for the precipitation of uranium mineralization. The VTEM results show a conductive response that appear to extend well above the indicated unconformity level but as well extends deeper into what is interpreted to be bedrock. This deeper target has never been drill tested.
Further results will be released upon completion of the interpretation.
A correction to the March 3, 2008 news release has been made.
It was previously stated that in consideration of the Loan the Company has agreed that 160,000 bonus shares were to be received by the Lender on or before March 31, 2008. That number was incorrect; the correct number of bonus shares awarded to the Lender was 60,000 common shares of the Company.
About Solitaire Minerals Corp.
Solitaire Minerals Corp. (TSX-V symbol: SLT) is a diversified junior Canadian mineral exploration company with a specific focus on mineral properties in North America. The Company has assembled a portfolio of precious and base metal exploration prospects in Ontario, Saskatchewan, Alberta, and the North West Territories. Solitaire's Ontario properties in the Red Lake/Birch-Uchi Greenstone Belt include the Baird, Heyson and Chukuni River Prospects, in which the Company has agreements to earn 100% in, but has not yet vested its interest. In addition, the Company has entered into an option agreement with another company, whereby that company may earn up to a 75% interest in the Baird Property. The Company also has an option to earn 100% in the Lateral Lake West property located in the Webb township of Ontario. In Saskatchewan, the Company has signed a purchase agreement to acquire a 100% interest in the Highrock Lake property and a 90% interest in the Riou Lake Property located in the Athabasca Basin. The Company has also acquired the Riou Lake North and South properties in which the company has 100% interest. In Alberta, the Company has purchased the Ravenscrag property in which the Company has 100% interest. In the North West Territories, the Company has purchased the Mystery Island IOCG Property located in the Great Bear Lake area in which the Company has 100% interest.
On Behalf of the Board of Directors
SOLITAIRE MINERALS CORP.
"Charles Desjardins"
Charles Desjardins,
President and Director
THE TSX VENTURE EXCHANGE HAS NOT YET REVIEWED AND DOES NOT TAKE
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS
RELEASE.
Cautionary note:
This report contains forward looking statements. Resource estimates, unless specifically noted, are considered speculative. Any and all other resource or reserve estimates are historical in nature, and should not be relied upon. By their nature, forward looking statements involve risk and uncertainties because they relate to events and depend on factors that will or may occur in the future. Actual results may vary depending upon exploration activities, industry production, commodity demand and pricing, currency exchange rates, and, but not limited to, general economic factors.
Cautionary Note to US investors: The U.S. Securities and Exchange Commission specifically prohibits the use of certain terms, such as "reserves" unless such figures are based upon actual production or formation tests and can be shown to be economically and legally producible under existing economic and operating conditions.
Contacts
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