Solomon Gold unveils resource estimate upgrade
21st June 2011 09:49
by Fiona Bond from interactive investor
unveiled a further resource estimate upgrade for its wholly-owned Central Rannes Prospects, Crunchie and Kauffmans-Homestead, in Australia.
The AIM-listed copper and gold explorer has increased its inferred resource estimate by 34% to 543,858 ounces of contained equivalent gold.
Solomon said the multiple prospects within the Central Rannes Project area, spanning a 1.5 kilometre strike, have provided "excellent potential" for a significant further expansion of the existing resource inventory.
The Crunchie Prospect was found to be particularly high in silver grades with over eight million ounces contained. In particular, some high silver grades were encountered in the deepest holes at Crunchie.
The company, active in four drill programmes across the Solomon Islands and Australia, will target the areas north and west of Crunchie for near-term drill testing for additional silver gold mineralisation.
Meanwhile, the Kauffmans deposit remains open at depth, below the estimated resource. Solomon has initiated a deep drilling campaign in order to increase both the gold and silver resource.
Solomon said the drilling campaign in the Central Rannes Area will continue as it eyes up a two million-ounce gold equivalent inferred resource.
"The company has AU$12 million in the bank to continue its exploration programme," chief executive Nicholas Mather told investors.