DENVER--(BUSINESS WIRE)--
Solitario Exploration & Royalty Corp. (“Solitario;” NYSE MKT: XPL;
TSX: SLR) is pleased to provide an update on its Pedra Branca
platinum-palladium project in Brazil and its Pachuca Norte silver-gold
project in Mexico.
Pedra Branca Platinum-Palladium Project, Brazil
Solitario’s joint venture partner, Anglo Platinum Ltd., has initiated a
core drilling campaign on the Pedra Branca Project in northeastern
Brazil. Anglo Platinum, manager of the project, is planning to complete
up to 6,000 meters of core drilling on several magnetic geophysical
targets. Anglo Platinum identified these new magnetic targets as a
result of a regional airborne magnetic survey they conducted in 2013.
The Pedra Branca project is held through a joint venture with Anglo
Platinum controlling 51% and Solitario 49%. Anglo Platinum is providing
100% of the funding for the 2014 drilling program. Over 300 core holes
have been drilled on the property to date. Initial results from the
drilling program are not expected for at least a couple of months.
Pachuca Norte Silver-Gold Project, Mexico
Solitario’s joint venture partner on its Pachuca Norte silver-gold
project in central Mexico, Hochschild Mining plc, has notified Solitario
that they have elected to terminate their option to earn an interest in
the project. Hochschild recently completed an 18-hole core drilling
program totaling 5,573 meters. Highlights of this drilling program
(intercepts grading better than 100 grams per tonne silver equivalent,
or better) are presented in the table below.
|
Pachuca Norte Drilling Highlights
|
Drill Hole
Number
|
|
Intercept*
(meters)
|
|
Starting At
(meters)
|
|
Gold
(g/t)
|
|
Silver
(g/t)
|
|
Silver Equiv.**
(g/t)
|
DDHPA13-02
|
|
0.60
|
|
177.60
|
|
6.21
|
|
520.0
|
|
892.6
|
DDHPA13-05
|
|
1.10
|
|
272.90
|
|
0.83
|
|
64.3
|
|
114.1
|
DDHPA14-10
|
|
0.28
|
|
355.97
|
|
0.61
|
|
79.2
|
|
115.8
|
DDHPA14-11
|
|
0.30
|
|
178.55
|
|
1.01
|
|
88.0
|
|
148.6
|
DDHPA14-13
|
|
0.90
|
|
246.10
|
|
0.01
|
|
256.0
|
|
256.0
|
and
|
|
0.80
|
|
263.85
|
|
6.57
|
|
392.0
|
|
786.2
|
DDHPA14-15
|
|
1.15
|
|
86.35
|
|
1.16
|
|
57.4
|
|
126.7
|
DDHPA14-16
|
|
0.82
|
|
22.21
|
|
2.11
|
|
41.6
|
|
168.2
|
and
|
|
1.52
|
|
62.27
|
|
1.65
|
|
72.0
|
|
170.9
|
DDHPA14-18
|
|
2.80
|
|
250.90
|
|
1.40
|
|
68.8
|
|
152.8
|
* True width has not been calculated for each individual intercept, but
true width is generally estimated at 60%-75% of drilled width;
** Silver Equivalent (AuEq) was calculated using a Ag:Au ratio of 60:1
Solitario will review the results of this program, as well as previously
generated data, and decide whether to continue independent exploration,
seek a new joint venture partner, or reduce its land holding in the
project. Drill hole information contained within this release is
reported under Hochschild’s quality control program reviewed by Mr. Walt
Hunt, COO for Solitario Exploration & Royalty Corp., who is a qualified
person as defined by National Instrument 43-101.
About Solitario
Solitario is a gold, silver, zinc-lead and platinum-palladium
exploration and royalty company actively exploring in the United States,
Brazil, Mexico, and Peru. Solitario is currently focused on permitting
its 80%-owned Mt. Hamilton Gold Project in eastern Nevada. Besides Anglo
Platinum, Solitario also has a significant business relationship with
Votorantim Metais, on its advanced Bongará zinc project in Peru. A NI
43-101 compliant resource estimate is expected on Bongará by mid-June
2014. Solitario is traded on the NYSE MKT ("XPL") and on the Toronto
Stock Exchange ("SLR"). Additional information about Solitario is
available online at www.solitarioxr.com
This press release includes certain "Forward-Looking Statements"
within the meaning of section 21E of the United States Securities
Exchange Act of 1934, as amended. All statements, other than statements
of historical fact, included herein, including without limitation,
statements regarding potential mineralization, resources and reserves,
exploration results and future plans and objectives of Solitario, future
plans and objectives of Solitario’s joint venture partner Votorantim
Metais are forward-looking statements that involve various risks and
uncertainties. There can be no assurance that such statements will prove
to be accurate and actual results and future events could differ
materially from those anticipated in such statements. Development of
Solitario’s properties are subject to the success of exploration,
completion and implementation of an economically viable mining plan,
obtaining the necessary permits and approvals from various regulatory
authorities, compliance with operating parameters established by such
authorities and political risks such as higher tax and royalty rates,
foreign ownership controls and our ability to finance in countries that
may become politically unstable. Important factors that could
cause actual results to differ materially from Solitario’s expectations
are disclosed under the heading "Risk Factors" and elsewhere in
Solitario’s documents filed from time to time with Canadian Securities
Commissions, the United States Securities and Exchange Commission and
other regulatory authorities.