Solitario Exploration & Royalty Corp. (TSE:SLR)(AMEX:XPL) Thursday announced "outstanding" drilling results on its high-grade Bongará zinc project in Peru.
In total, 17 out of the 19 newly reported drill holes intersected significant mineralization, the company said.
the highlights, drill hole V-245 intersected 36.61% zinc & lead
(Zn+Pb) and 53.48 grams per tonne (gpt) silver over 5.8 meters, hole
V-255 intersected 17.21% Zn+Pb and 41.94 gpt silver over 15.5 meters and
drill hole V-257 which encountered 10.86% Zn+Pb and 31.4 gpt silver
over 31.4 meters.
The underground drilling program began in the
fourth quarter of 2011 and will continue through much of 2012, Solitario
said. In total, 67 core holes are planned from eight different
underground drill stations.
Solitario president and CEO Chris
Herald said: "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."
The Bongará project hosts the
high-grade Florida Canyon zinc deposit where zinc mineralization has
been intersected over a four square kilometer area. Underground drill
stations are situated about 40 meters apart and are designed to drill
test in detail approximately 350 meters of strike length of the San
Jorge zone, situated in the southwestern part of the Florida Canyon
Anywhere from 4 to 12 core holes will be fan-drilled from each drill station.
drilling is focused on the Karen-Milagros zone located in the
northeastern part of the Florida Canyon mineralized system.
Votorantim, Solitario's partner at Bongará, is planning a new tunnel
to access the Karen-Milagros zone. Planning and permitting for the
tunnel is in its initial stages and the start of construction will occur
Upon completion of the new Karen-Milagros tunnel,
detailed underground drilling will take place similar to the program
currently being conducted on the San Jorge zone.
Solitario is a
gold, silver, platinum-palladium, and base metal exploration and royalty
company actively exploring in the United States, Brazil, Mexico, and
Shares were up 4 percent to $1.45 Thursday afternoon.