Wheat Ridge-based Solitario Resources Corp. (NYSE American: XPL; TSX: SLR) announced notable drilling results from its Golden Crest Project, intersecting significant gold mineralization in drill hole GC-008. This hole encountered mineralization in the lower Deadwood rock formation with an average gold grade of approximately 1.0 gram per tonne (“gpt”) over a length of 41.0 meters. The gold grades increased with depth, with the last two meters averaging 3.4 gpt, the highest encountered before technical drilling difficulties halted further exploration. This marks the first discovery of mineralization in Lower Deadwood outside of the historic Homestake-Wharf gold district.
Chris Herald, president and CEO of Solitario, said: “I cannot overstate the importance of these assay results. GC-008 represents a new Wharf-style discovery and is our most significant gold intercept to date. GC-008 was our first drill hole to test a major structural zone that has been traced on Solitario’s property position well over 12 kilometers in length and approximately 500 meters wide. This exceptionally large structural/stratigraphic zone appears to be a very fertile mega-target that only has one drill hole and is open ended in all directions, including depth.”
The historic Wharf district has an estimated total gold endowment of over 10 million ounces, half of which occurred as high-grade mineralization. Solitario is optimistic that GC-008 represents the lower-grade halo surrounding potentially high-grade structures.
Solitario has identified 10 high-priority surface targets for further exploration, with two already drilled this year and four more targets currently undergoing permitting for drilling in 2025. The company also plans additional surface exploration on a dozen more promising areas. Furthermore, future drilling may intersect the highly productive Homestake formation located beneath the lower Deadwood formation.
Solitario’s 100%-owned Golden Crest properties in South Dakota lie along the western and southwestern extensions of the Homestake-Wharf mining district, known for its substantial historical gold production.
