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Solitario Reports Another Round Of Outstanding Drilling

Stocks in this article: XPL

Solitario Exploration & Royalty Corp. (NYSE Amex: XPL; TSX: SLR) announced outstanding drilling results on its high-grade Bongará zinc project in Peru. Included in these results are underground drill holes V-245 that intersected 5.8 meters grading 36.61% zinc+lead (“Zn+Pb”) and 53.48 gpt silver, V-255 that intersected 15.5 meters grading 17.21% Zn+Pb and 41.94 gpt silver and V-257 that intersected 31.4 meters grading 10.86% Zn+Pb and 31.4 gpt silver. In total, 17 out of the 19 newly reported drill holes intersected significant mineralization. Two surface drill holes were also completed since the last release.

Underground Drilling

The underground drilling program began in the fourth quarter of 2011 and will continue through much of 2012. In total, 67 core holes are planned from eight different underground drill stations. The 11 best intercepts in this round of drilling are presented in the table below.

 

Drill Hole

Number

 

Drill

Station

 

Intercept

(meters)

 

Zinc

%

 

Lead

%

 

Zinc+Lead

%

 

Silver

Gpt

V-245   4   5.8   21.52   15.09   36.61   53.48
V-246   4   9.4   7.33   0.83   8.16   7.35
        3.2   20.32   3.58   23.90   28.11
V-255   5   15.50   12.42   4.79   17.21   41.94
V-256   5   17.3   6.33   0.79   7.12   11.41
V-257       31.4   9.75   1.11   10.86   31.40
V-258   5   5.7   12.54   1.70   14.24   25.28
        22.90   11.76   0.84   12.60   14.07
V-266   3   7.40   11.98   1.46   13.44   31.43
V-270   6   20.80   10.14   0.31   10.45   10.32
        14.60   11.33   0.02   11.35   5.90

* True thickness has not been estimated for each individual intercept, but in most cases the reported intercept thickness is thought to represent at least 70% of true thickness.

Chris Herald, President and CEO of Solitario commented, "Bongará continues to deliver outstanding drilling results. Results are certainly demonstrating thick high-grade continuity in the San Jorge zone. Votorantim continues to aggressively advance the project on a number of fronts, including detailed reserve drilling, additional step-out drilling, road construction, new plans for underground tunneling, additional metallurgical testing, and other pre-feasibility related work.”

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