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Solitario Reports Significant Seligman Deposit Drilling Results On Its Mt. Hamilton Gold Project, Nevada

Stocks in this article: ELY XPL

Solitario Exploration & Royalty Corp. (“Solitario”) (NYSE MKT:XPL) (TSX:SLR) and Ely Gold & Minerals (“Ely Gold”) (TSX.V:ELY) are pleased to announce partial drilling results for the recently completed 2012 Mt. Hamilton drilling program. In total, 42 reverse circulation drill holes and 11 core holes were recently completed totaling 16,615 feet and 3,969 feet of drilling, respectively. Results from the first 26 drill holes at the Seligman deposit are presented in this release. The remaining Seligman drill holes and all drilling at the adjacent Centennial deposit should be received and reported by the end of November.

Highlights of results received to date are presented in the Table below. Results from the 26 drill holes in the Seligman deposit are appended to this release. A drill hole location map can be accessed at www.solitarioxr.com/art/Seligman2012DHs,revisedlogo,5Nov2012-finalMap.jpg.

 
Mt. Hamilton Project: 2012 Seligman Drilling Results Highlights
Drill Hole         From         To         Interval*         Gold         Silver         Interval*         Gold Equiv***
        (feet)         (feet)         (feet)         (gpt)         (gpt)         (m)         (g/tn)
MH-12-04         130         200         70         0.50         11.73         21.3         0.71
MH-12-12**         6.2         114.5         108.3         0.75         2.08         33.0         0.79
MH-12-13**         6.1         42.2         38.1         0.58         4.11         11.6         0.65
MH-12-15 0 30 30 0.31 4.74 9.1 0.40
          120         200         80         0.80         20.66         24.4         1.18
MH-12-16 0 35 35 0.31 16.19 10.7 0.60
205 245 40 0.30 12.39 12.2 0.53
          265         315         50         0.82         25.00         15.2         1.27
MH-12-22 0 40 40 0.63 1.85 12.2 0.66
65 95 30 1.04 0.73 9.1 1.05
          110         130         20         0.66         1.45         6.1         0.69
MH-12-26         0         145         145         0.67         1.01         44.2         0.69
MH-12-27         0         95         95         0.42         0.61         29.0         0.43
MH-12-29 35 60 25 0.68 5.80 7.6 0.79
120 155 35 0.36 7.91 10.7 0.50
          190         210         20         0.56         6.60         6.1         0.68
 

*True width is estimated to be approximately 80% of true width for most intervals

**Core hole; all other reported holes in this chart are reverse circulation drill hole

*** Gold Equivalent = gold grade + (silver grade ÷ 55)

 

On September 10, 2012, Solitario announced its initial NI-43-101 resource estimate for the Seligman deposit. The 2012 drilling campaign was designed to achieve several objectives. The main focus was to convert Seligman inferred resources in specific areas to measured and indicated categories. Other objectives included obtaining sample material to carry-out metallurgical and geochemical testing and to measure geotechnical characteristics for mine planning at Seligman. Several holes were also drilled at the Centennial gold deposit to convert inferred resources to measured and indicated categories as well as to test potential extensions of mineralization to the south. The Centennial deposit was the subject of a Feasibility Study issued earlier this year (press release dated Feb. 27, 2012).

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