Solitario Exploration & Royalty Corp. (NYSE MKT: XPL; TSX: SLR)
announced continued outstanding drilling results on its high-grade
Bongará zinc project in Peru. Included in these results are core holes
V-451, that intersected 30.7 meters grading 13.1% zinc, 5.0% lead and
32.6 gpt silver and hole V-453 that intersected 22.0 meters grading
13.7% zinc, 1.5% lead and 14.5 gpt silver.
All drill holes reported in this news release were drilled from the
surface in the Karen Milagros mineralized area (“KM-Zone”). The drilling
program was managed and entirely funded by Solitario's joint venture
partner Votorantim Metais (“Votorantim”). Better intercepts in this
round of surface drilling are presented below.
|
Drilling Highlights: KM-Zone
|
Drill Hole Number
|
|
Intercept* (meters)
|
|
Zinc %
|
|
Lead %
|
|
Zn + Pb %
|
|
Silver gpt
|
V-378
|
|
7.7
|
|
14.62
|
|
2.11
|
|
16.73
|
|
15.69
|
V-386
|
|
16.2
|
|
10.70
|
|
1.71
|
|
12.41
|
|
11.13
|
V-394
|
|
3.5
|
|
21.72
|
|
7.08
|
|
28.79
|
|
48.69
|
V-397
|
|
2.4
|
|
33.00
|
|
21.33
|
|
54.33
|
|
133.96
|
V-401
|
|
12.7
|
|
7.38
|
|
1.78
|
|
9.16
|
|
13.29
|
V-412
|
|
5.5
|
|
17.17
|
|
0.94
|
|
18.11
|
|
8.49
|
V-424
|
|
17.2
|
|
5.83
|
|
0.26
|
|
6.09
|
|
2.36
|
V-427
|
|
15.1
|
|
12.06
|
|
2.75
|
|
14.81
|
|
17.59
|
V-436
|
|
17.0
|
|
11.74
|
|
1.08
|
|
12.81
|
|
18.48
|
and
|
|
6.0
|
|
15.51
|
|
2.52
|
|
18.04
|
|
29.74
|
V-451
|
|
30.7
|
|
13.06
|
|
4.97
|
|
18.03
|
|
32.64
|
V-452
|
|
19.4
|
|
7.66
|
|
0.73
|
|
8.38
|
|
7.33
|
V-453
|
|
22.0
|
|
13.70
|
|
1.54
|
|
15.24
|
|
14.47
|
*
|
|
True thicknesses have not been estimated for each individual
intercept, but are generally thought to be about 70-80% of the
actual drilled thicknesses.
|
|
|
|
Chris Herald, President and CEO of Solitario commented, "It’s not often
that intercepts of plus 50% zinc + lead or 30 meters of 18% zinc + lead
are intersected. But more important than these reported exceptional
grades and thicknesses, is the fact that these results also demonstrated
favorable continuity of mineralization in the KM-Zone.”
Surface drilling began in the first quarter of 2013 and was completed in
the second quarter. During this period 61 core holes were drilled
totaling 7,545 meters. Four of the holes did not reach the target depth.
Of the 58 drill holes that reached their target depth, 40 holes
intersected mineralization grading in excess of 2.0% zinc + lead over at
least two meters, or equivalent. This latest round of surface drilling
was focused in the central portion of the KM-Zone that had previously
been sparsely drilled. Other important mineralized intercepts are
reported in a table appended to this news release. None of the results
contained in this news release were previously reported.
In addition to the KM surface drilling program, Votorantim also
conducted underground drilling within the San Jorge zone. Results from
this program should be ready for release within the next two weeks. Both
the KM and San Jorge mineralized zones are contained within the Florida
Canyon mineralized system which remains open to expansion in all
directions.
A drill hole map can be accessed at http://www.solitarioxr.com/art/Bongara08_2013.pdf.
Additional project information is found at http://www.solitarioxr.com/bongara.html.
Drill hole information contained within this release is reported under
Votorantim’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. Samples are derived from 50%
splits of HQ and NQ (2.5 and 1.9 inch) diameter core. Samples are then
shipped via secured third-party land and air transportation companies
and analyzed by ALS Chemex Inc., North Vancouver, Canada, an ISO9002
registered company.
Bongará Joint Venture Agreement with Votorantim
Metais
Votorantim Metais can earn up to a 70% interest in the project by
committing to place the project into production based upon a positive
feasibility study. After earning 70%, Votorantim Metais has further
agreed to finance Solitario's 30% participating interest for
construction. Solitario will repay the loan facility through 50% of its
net cash flow distributions.
About Votorantim Metais
Votorantim Metais belongs to a privately held Brazilian business
conglomerate that is a leader in every market segment in which it
operates, including cement, pulp and paper, metals, chemicals, orange
juice, and finance. The metals business division accounted for 29% of
Votorantim’s consolidated revenues from production of zinc, nickel,
steel and aluminum. Votorantim Metais is the world's fifth largest
primary zinc producer with three operating zinc smelters and two
operating zinc mines. It owns the Cajamarquilla zinc smelter and is the
majority shareholder of Milpo, both located in Peru. Votorantim Metais
also has operations in the United States and China.
About Solitario
Solitario is a gold, silver, platinum-palladium, and base metal
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
Votorantim, Solitario has significant business relationships with
Hochschild Mining plc (LSE: HOCM.L / HOC LN) ("Hochschild") and Anglo
Platinum. Hochschild is funding a significant exploration program on its
Pachuca Norte silver-gold project in Mexico and Anglo Platinum is
funding the continued exploration of the Pedra Branca PGM project in
Brazil. 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 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.
|
2013 Surface Drilling Results: Karen-Milagros Zone
|
(Intervals With Grade (Zn + Pb) x Thickness Greater Than 4.0)
|
|
DRILL HOLE
|
|
From (m)
|
|
To (m)
|
|
Interval (m)
|
|
Zinc (%)
|
|
Lead (%)
|
|
Zn+Pb (%)
|
|
Silver Grams/t
|
V_377
|
|
111.4
|
|
116.0
|
|
4.6
|
|
8.49
|
|
1.50
|
|
9.99
|
|
9.39
|
V_378
|
|
94.7
|
|
101.4
|
|
6.7
|
|
13.08
|
|
1.32
|
|
14.40
|
|
8.80
|
|
|
125.8
|
|
133.5
|
|
7.7
|
|
14.62
|
|
2.11
|
|
16.73
|
|
15.69
|
V_379
|
|
152.7
|
|
153.4
|
|
0.7
|
|
8.22
|
|
0.20
|
|
8.42
|
|
1.90
|
|
|
159.3
|
|
160.1
|
|
0.8
|
|
5.35
|
|
0.00
|
|
5.35
|
|
1.20
|
V_380
|
|
125.7
|
|
126.5
|
|
0.8
|
|
8.46
|
|
0.10
|
|
8.56
|
|
1.70
|
|
|
135.5
|
|
137.8
|
|
2.3
|
|
3.83
|
|
0.01
|
|
3.83
|
|
0.73
|
|
|
80.2
|
|
89.9
|
|
9.7
|
|
7.93
|
|
1.28
|
|
9.22
|
|
7.15
|
V_381
|
|
110.7
|
|
112.7
|
|
2.0
|
|
3.23
|
|
0.52
|
|
3.75
|
|
3.74
|
|
|
120.4
|
|
121.1
|
|
0.7
|
|
12.70
|
|
4.70
|
|
17.40
|
|
25.10
|
V_383
|
|
104.3
|
|
108.2
|
|
3.9
|
|
12.22
|
|
0.09
|
|
12.31
|
|
4.55
|
incl
|
|
105
|
|
106.7
|
|
1.7
|
|
26.80
|
|
0.20
|
|
27.00
|
|
3.60
|
|
|
124.6
|
|
130.2
|
|
5.6
|
|
5.75
|
|
0.88
|
|
6.63
|
|
6.86
|
V_385
|
|
98.1
|
|
103.4
|
|
5.3
|
|
9.11
|
|
6.19
|
|
15.30
|
|
36.07
|
|
|
74.5
|
|
90.7
|
|
16.2
|
|
10.70
|
|
1.71
|
|
12.41
|
|
11.13
|
V_386
|
|
100.8
|
|
101.5
|
|
0.7
|
|
10.40
|
|
1.40
|
|
11.80
|
|
10.70
|
|
|
110.8
|
|
111.8
|
|
1.0
|
|
16.80
|
|
14.40
|
|
31.20
|
|
89.20
|
V_388
|
|
107.5
|
|
108.5
|
|
1.0
|
|
6.19
|
|
0.33
|
|
6.52
|
|
5.50
|
V_389
|
|
109.2
|
|
111.9
|
|
2.7
|
|
9.95
|
|
0.10
|
|
10.04
|
|
1.30
|
|
|
128.1
|
|
131.1
|
|
3.0
|
|
4.21
|
|
0.20
|
|
4.41
|
|
2.10
|
V_394
|
|
86.2
|
|
87.8
|
|
1.6
|
|
5.57
|
|
0.16
|
|
5.72
|
|
0.95
|
|
|
100
|
|
103.5
|
|
3.5
|
|
21.72
|
|
7.08
|
|
28.79
|
|
48.69
|
V_397
|
|
96.3
|
|
98.7
|
|
2.4
|
|
33.00
|
|
21.33
|
|
54.33
|
|
133.96
|
V_398
|
|
89.6
|
|
91.6
|
|
2.0
|
|
6.50
|
|
0.34
|
|
6.84
|
|
4.05
|
V_400
|
|
109.6
|
|
111.6
|
|
2.0
|
|
21.95
|
|
1.54
|
|
23.49
|
|
11.40
|
V_401
|
|
122.7
|
|
126
|
|
3.3
|
|
8.88
|
|
1.32
|
|
10.21
|
|
7.81
|
|
|
155.0
|
|
167.7
|
|
12.7
|
|
7.38
|
|
1.78
|
|
9.16
|
|
13.29
|
|
|
102.4
|
|
107.9
|
|
5.5
|
|
17.17
|
|
0.94
|
|
18.11
|
|
8.49
|
V_412
|
|
127
|
|
128.3
|
|
1.3
|
|
30.60
|
|
12.40
|
|
43.00
|
|
80.30
|
|
|
133.4
|
|
134.4
|
|
1.0
|
|
29.40
|
|
4.30
|
|
33.70
|
|
36.30
|
V_413
|
|
102.1
|
|
104.1
|
|
2.0
|
|
3.33
|
|
0.34
|
|
3.66
|
|
2.65
|
|
|
122.6
|
|
126
|
|
3.4
|
|
14.52
|
|
2.77
|
|
17.29
|
|
20.18
|
V_414
|
|
72.3
|
|
73.4
|
|
1.1
|
|
3.77
|
|
0.11
|
|
3.88
|
|
0.80
|
V_418
|
|
84.4
|
|
87.2
|
|
2.8
|
|
4.71
|
|
0.02
|
|
4.73
|
|
0.96
|
V_421
|
|
83.4
|
|
86.5
|
|
3.1
|
|
6.23
|
|
1.17
|
|
7.41
|
|
9.39
|
V_424
|
|
87.3
|
|
104.5
|
|
17.2
|
|
5.83
|
|
0.26
|
|
6.09
|
|
2.36
|
|
|
122.0
|
|
123.0
|
|
1
|
|
7.10
|
|
0.70
|
|
7.80
|
|
5.30
|
|
|
89.2
|
|
91.2
|
|
2
|
|
12.82
|
|
0.31
|
|
13.14
|
|
5.46
|
V_426
|
|
108.3
|
|
110.3
|
|
2.0
|
|
30.90
|
|
13.60
|
|
44.50
|
|
95.50
|
|
|
114.9
|
|
118.8
|
|
3.9
|
|
5.86
|
|
0.06
|
|
5.92
|
|
12.36
|
V_427
|
|
96.6
|
|
103.5
|
|
6.9
|
|
5.50
|
|
0.15
|
|
5.65
|
|
1.95
|
|
|
120.5
|
|
135.6
|
|
15.1
|
|
12.06
|
|
2.75
|
|
14.81
|
|
17.59
|
V_428
|
|
77.0
|
|
80.1
|
|
3.1
|
|
4.16
|
|
0.69
|
|
4.85
|
|
4.37
|
|
|
39.6
|
|
40.5
|
|
0.9
|
|
42.70
|
|
0.20
|
|
42.90
|
|
0.80
|
|
|
52.2
|
|
69.2
|
|
17.0
|
|
11.74
|
|
1.08
|
|
12.81
|
|
18.48
|
V_436
|
|
75.0
|
|
80.0
|
|
5.0
|
|
5.28
|
|
0.05
|
|
5.33
|
|
1.01
|
|
|
87.0
|
|
93.0
|
|
6.0
|
|
15.51
|
|
2.52
|
|
18.04
|
|
29.74
|
|
|
122.9
|
|
129.4
|
|
6.5
|
|
9.57
|
|
2.58
|
|
12.15
|
|
15.23
|
V_440
|
|
30.3
|
|
34.9
|
|
4.6
|
|
16.19
|
|
1.69
|
|
17.87
|
|
9.36
|
|
|
51.6
|
|
53.2
|
|
1.6
|
|
20.54
|
|
0.57
|
|
21.11
|
|
7.15
|
V_441
|
|
26.4
|
|
31.4
|
|
5.0
|
|
17.68
|
|
2.21
|
|
19.89
|
|
15.02
|
V_443
|
|
61.7
|
|
62.4
|
|
0.7
|
|
9.37
|
|
0.20
|
|
9.57
|
|
3.80
|
|
|
67.7
|
|
68.7
|
|
1.0
|
|
4.31
|
|
2.28
|
|
6.59
|
|
16.40
|
V_444
|
|
31.0
|
|
33.0
|
|
2.0
|
|
7.55
|
|
0.04
|
|
7.59
|
|
1.80
|
|
|
47.0
|
|
50.8
|
|
3.8
|
|
17.25
|
|
1.78
|
|
19.02
|
|
14.78
|
V_445
|
|
44.8
|
|
46.9
|
|
2.1
|
|
21.19
|
|
5.44
|
|
26.63
|
|
38.10
|
V_446
|
|
34.6
|
|
39.5
|
|
4.9
|
|
16.21
|
|
1.43
|
|
17.64
|
|
9.42
|
V_447
|
|
29.0
|
|
30.0
|
|
1.0
|
|
9.55
|
|
0.28
|
|
9.83
|
|
3.50
|
|
|
38.0
|
|
47.0
|
|
9.0
|
|
4.50
|
|
0.63
|
|
5.13
|
|
6.27
|
V_448
|
|
29.0
|
|
31.0
|
|
2.0
|
|
17.63
|
|
0.60
|
|
18.23
|
|
5.50
|
|
|
47.0
|
|
48.1
|
|
1.1
|
|
9.17
|
|
2.14
|
|
11.31
|
|
16.20
|
|
|
35.0
|
|
37.4
|
|
2.4
|
|
15.49
|
|
1.27
|
|
16.75
|
|
8.22
|
V_449
|
|
44.9
|
|
46.2
|
|
1.3
|
|
3.15
|
|
0.19
|
|
3.34
|
|
1.60
|
|
|
63.3
|
|
64.1
|
|
0.8
|
|
3.73
|
|
1.97
|
|
5.70
|
|
15.30
|
V_450
|
|
40.5
|
|
45.2
|
|
4.7
|
|
12.06
|
|
2.95
|
|
15.01
|
|
20.11
|
|
|
76.3
|
|
77.4
|
|
1.1
|
|
4.55
|
|
0.00
|
|
4.55
|
|
0.25
|
V_451
|
|
46.5
|
|
77.2
|
|
30.7
|
|
13.06
|
|
4.97
|
|
18.03
|
|
32.64
|
|
|
89.2
|
|
90.5
|
|
1.3
|
|
20.70
|
|
7.32
|
|
28.02
|
|
59.40
|
V_452
|
|
29.3
|
|
48.7
|
|
19.4
|
|
7.66
|
|
0.73
|
|
8.38
|
|
7.33
|
V_453
|
|
36.4
|
|
58.4
|
|
22.0
|
|
13.70
|
|
1.54
|
|
15.24
|
|
14.47
|
|
|
74.4
|
|
79.4
|
|
5.0
|
|
12.33
|
|
2.01
|
|
14.34
|
|
22.12
|
V_454
|
|
53.5
|
|
54.8
|
|
1.3
|
|
3.83
|
|
0.04
|
|
3.87
|
|
0.60
|
|
|
77.3
|
|
79.0
|
|
1.7
|
|
21.38
|
|
0.92
|
|
22.31
|
|
14.95
|
V_455
|
|
50.5
|
|
51.7
|
|
1.2
|
|
8.13
|
|
2.04
|
|
10.17
|
|
15.10
|
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