Solitario Exploration & Royalty Corp. (“Solitario;” NYSE Amex: XPL; TSX: SLR) announces that significant high-grade silver-gold mineralization was intersected in drilling on its Pachuca Real property in central Mexico. Highlights include drill hole PAN11-28 that intersected 1.05 meters grading 16.4 gpt gold and 239 gpt silver, PAN11-27 with 0.60 meters grading 5.6 gpt gold and 837 gpt silver, and PAN11-31 with 0.85 meters grading 8.4 gpt gold and 283 gpt silver.
The 2011 drilling program was managed and entirely funded by Solitario’s joint venture partner, Compania de Minas Buenaventura S.A.A. (“Buenaventura;” NYSE: BVN; Lima: BUE.LM). Buenaventura has informed Solitario that it has elected not to fund the second year $2.3 million program and will forfeit its right to earn an interest in the property.
Buenaventura recently completed a 38-hole core drilling program totaling 13,489 meters on the project. Click here to view results. Twenty of the holes intersected at least one interval grading in excess of 100 grams per tonne silver equivalent (see attached chart). The target at Pachuca consists of high-grade silver-gold mineralization in veins. Most of the holes were widely spaced on 17 separate vein prospects scattered over an area measuring nearly 14 kilometers in an east-west direction and 8 kilometers in a north-south direction.
The ten best drill hole intercepts are presented in the table below.
2011 PACHUCA DRILLING HIGHLIGHTS
|Vein||Drill Hole||From||To||Width||g/t Gold||g/t Silver||Ag Equivlent*|