Solitario hits more PGM mineralization at Pedra Branca

Vancouver — Solitario Resources (SLR-T) has cut new platinum-palladium mineralization on two separate prospects at its Pedra Branca project in Brazil.

The Denver-based junior reports that significant mineralization was intersected in ten out of the thirteen holes it completed late last year. New mineralization was encountered in the Cedro area and mineralization was extended in the Trapia 1, Trapia West and Curiu prospects.

Solitario believes that the Pedra Branca property hosts a number of discrete, moderately sized, platinum group metal (PGM) deposits. The company is now in the process of designing a major phase 2 drilling campaign that will test the newly discovered Santo Amaro prospect as well as several other prospects that have yet to be drill tested.

The Cedro area, owned 100% by Solitario, hosts a cluster of at least six prospects within an area that measures 2.5 km-by-1 km. These prospects are situated about 14 km north of the Trapia area and three km west of the extensively drilled Esbarro zone.

The largest target in the Cedro area is dubbed the Cedro-2 zone. Solitario drilled three holes which all cut mineralization. Hole CD-3 intersected 9.1 metres grading 3.71 grams combined platinum, palladium and gold plus 18.2 metres in a second zone that assayed 1.52 grams combined platinum palladium and gold. Hole CD-4 was collared 100 metres south of CD-3 and intersected 5.2 metres grading 4.55 grams combined PGM plus gold. Hole CD-5 was drilled 350 metres east and down dip of holes CD-3 and 4 and cut 4 metres grading 1.06 grams combined platinum, palladium and gold and a second zone grading 1.32 grams over 28.9 metres. The zone remains open to expansion in both directions along strike and down dip.

At the Cedro-3 prospect holes CD-6 and 7 intersected a narrow interval of mineralization. Solitario states that additional surface work is planned to further define drill targets in this area.

At the Cedro-4 prospect, holes CD-1 and CD-2 were drilled about 350 metres apart. Hole CD-1 intersected 1.9 metres grading 1.73 grams combined PGM plus gold followed by a 15.0-metre interval that averaged 0.98 grams combined PGM plus gold. Hole CD-2 cut a moderately thick unit of ultramafic rocks with only anomalous PGM values. The junior reports that further work will be conducted to identify higher-grade mineralization at the Cedro-4 prospect.

The Trapia-1 and Trapia West prospects, situated in the central part of the project area, are on leased lands where Solitario is earning a 70% interest by spending US$2 million over a three year period. So far the junior has spent US$1.4 million on the property.

Two holes were drilled at Trapia-1, Tu-2 cut 47.9 metres grading 1.53 grams combined platinum palladium and 0.28% nickel. This hole was drilled 85 metres down-dip of previously reported hole RW-27 which cut 42.8 metes grading 1.53 grams PGM and 0.24% nickel. Hole Tu-3 was drilled 75 metres down dip of hole Tu-2 and intersected 9.6 metres grading 2.57 grams PGM and 0.18% nickel. Mineralization at Trapia-1 has been traced about 250 metres down dip and remains open in both directions along strike.

At Trapia West hole TW-10 intersected 27.6 metres grading 1.41 grams PGM and 0.19% nickel. The hole was collared 65 metres up dip from previously reported TW-7 (19.4 metres grading 1.64 grams PGM and 0.13% nickel. Holes TW-8 and TW-9 failed to intersect the mineralized horizon.

At the Curiu prospect, hole CU-1 intersected 10.1 metres grading 5.46 grams PGM plus gold. The hole was collared about 50 metres west of RW-25 which hit 14 metres grading 3.02 grams PGM plus gold and a lower zone measuring 19 metres and grading 1.18 grams PGM plus gold. Solitario reports that Curiu remains open to the west and south. The prospect is 100% controlled by Solitario.

The wholly-owned Santa Amaro prospect, situated north of the Esbarro prospect, was discovered last year through geologic mapping, ground magnetic surveys and trenching. To date, 10 trenches have been excavated and sampled. Highlights from the best trenches are as follows;

• Trench 7620 cut 15 metres grading 1.5 grams combined platinum and palladium;
• Trench 7655 cut 57 metres grading 2.05 grams combined platinum and palladium;
• Trench 7840 intersected 12.9 metres grading 1.91 grams combined platinum and palladium;
• Trench 9060 intersected 15 metres grading 1.16 grams combined platinum and palladium;
• Trench 9165 cut 18 metres grading 5.01 grams combined platinum and palladium.

Solitario plans to drill four holes into Santo Amaro shortly. Results are expected in February.