Solitario Exploration & Royalty Corp. (“Solitario”) (NYSE Amex:XPL) (TSX:SLR) and Ely Gold & Minerals (“Ely Gold” (TSX.V:ELY) are pleased to announce the remaining results from its core drilling program completed in the first quarter of 2011 on its advanced Mt. Hamilton gold project located at the southern end of the prolific Battle Mountain gold trend, Nevada. Based on these results, additional drilling is planned for mid-2011.
Highlights of the most recent drill results include MH10-09 and MH11-02 on the eastern perimeter of the resource containing 81.2 meters (266.5 feet) of 1.93 grams per tonne gold equivalent (“g/t Au Eq”) and 60.9 meters (199.9 feet) of 1.66 g/t Au Eq, respectively. These two holes are depicted on cross sections that can be accessed at http://www.solitarioxr.com/art/110601CentennialXSectRev03.pdf. Additionally, an infill hole (MH11-01) in an area of sparse drilling reported 102.5 meters (336 feet) of 1.13 g/t Au Eq.
The project is a joint venture between Solitario and Ely Gold. The eleven-hole, 6,250-foot core drilling program was designed to provide feasibility-level geotechnical, metallurgical, hydro-geologic and additional resource information at Mt. Hamilton’s Centennial gold deposit. A Feasibility Study for production at Centennial is targeted for completion by the end of the third quarter of 2011.
Results for the entire drilling program have now been received. Previously reported drill holes MH-10-02, 03 and 04 were designed to provide samples for testing of average to lower grade material to confirm metallurgical recoveries http://www.solitarioresources.com/art/mthamil020711results.jpg. Holes MH-10-01, 05 and 08 were geotechnical holes for the collection of data for pit slope studies and were not designed to intersect mineralization. The remaining holes in-filled existing resources or tested the perimeter of the previously drilled area.Chris Herald, President and CEO of Solitario commented, “The purpose of this program was primarily to provide information for the preparation of our Feasibility Study on the Centennial Deposit at Mt. Hamilton. The results of the last three holes, however, confirm our belief that the higher grade portion of the deposit remains open to the east with increasingly strong mineralization. This potential to expand resources at the Centennial Deposit is enhanced by significant geochemical data supporting other drill targets at Mt. Hamilton in the immediate area of the planned open pitable deposit. We are looking forward to testing these targets in upcoming drill programs.”