Solitario Resources completes successful 2024 drilling campaign, South Dakota

Solitario Resources Corp. [NYSE American: XPL; TSX: SLR] reported that its 2024 drilling program was a resounding success. Drilling results supports the notion that Solitario’s 36,500-acre land position in South Dakota may be a mirror image of the prolific Homestake-Wharf gold system. Significant gold mineralization was discovered in four different widely-spaced areas. Six of the 11 holes drilled intersected gold grades in excess of one g/t, including the last drill hole (GC-011) that intersected 2.68 metres grading 4.69 g/t gold.

In the nearby historic Homestake-Wharf mining camp, with an overall gold endowment approaching 95 million ounces, there are six geologic environments in which gold was deposited. Drilling at Golden Crest intersected significant gold values in four of these deposit types, and strong indirect evidence that the fifth and sixth deposit types are present.

Chris Herald, President and CEO of Solitario, stated: “This year’s results surpassed our highest expectations. Solitario’s multiple new greenfield discoveries have opened-up significant targets that are wide-open to expansion. As these sites are already permitted, we plan to offset these mineralized drill holes beginning in late-May. Priority areas for expansion include the Downpour zone where near-surface mineralization was intersected in all three drill holes, each averaging about 30 meters of 1.7 g/t gold; Lands End – GC-008 that intersected 41 meters at approximately 1.0 g/t in the lower Deadwood Formation; and GC-010, that intersected 11.33 g/t gold over 0.52 meters in a paleo-placer on top of the Precambrian Homestake Formation and 2.45 g/t gold over 0.43 metres in a Tertiary igneous breccia.

We are equally excited to initiate the first ever drilling in the Ponderosa area situated immediately southeast of our Golden Crest claim block. Our strongest and most widespread surface gold anomalies occur within the Ponderosa permit application and include the Geyser, Sleeping Beauty, Holland, Wild Cat and Moonlight target zones. We anticipate utilizing a second drill rig at Ponderosa and are targeting a mid-summer start date. Forty-five drilling platforms are included in the Ponderosa Plan of Operations to drill test these strong surface gold anomalies.”

The last drill hole of the season, GC-011, was the furthest north drill hole in an area referred to as the Eleventh Hour zone. Strong gold mineralization was intersected within massive limestone of the Lodgepole Formation. The mineralization is thought to be situated within a feeder structure. GC-011: 2.68 metres of 4.69 g/t gold starting at 161.9 metres.

Solitario completed 11 core holes in 2024 on the Golden Crest property totaling 4,345.7 metres. Assay results for all drill holes have now been received.

Solitario has identified 10 high priority surface targets (including the Ponderosa area). Two of the targets, Downpour and Eleventh Hour, were drilled this year. Five new targets are currently being permitted and are scheduled to be drilled in 2025. The other three high-priority targets may undergo future permitting following further review.

In addition to the 10 currently defined high-priority targets, Solitario has identified another dozen promising target areas that require additional surface exploration work. Solitario’s future drilling will not only test the strong surface gold anomalies, but the underlying and highly prolific Lower Deadwood Formation, paleo-placer and Homestake banded iron formation mineralization.

Solitario’s 100%-owned Golden Crest properties in South Dakota constitute strategic land holdings along the western and southwestern extensions of the Homestake-Wharf mining district that has produced approximately 52 million ounces of gold and contains another 35 million ounces in resources and historical resources (not SK-1300 or NI43-101 compliant and not located on Solitario’s property). The project area is in a safe jurisdiction with highly developed infrastructure, an unbroken 150-year record of continuous gold mining, a skilled mining workforce, and a history of high-grade, underground mineable

In addition to its South Dakota property holdings, Solitario holds a 50% joint venture interest (Teck Resources 50%) in the high-grade Lik zinc deposit in Alaska and a 39% joint venture interest (Nexa Resources 61%) in the high-grade Florida Canyon zinc project in Peru. At Florida Canyon, Solitario is carried to production through its joint venture arrangement with Nexa. Solitario’s Management and Directors hold approximately 8.7% (excluding options) of the company’s 81.6 million shares outstanding. Solitario’s cash balance and marketable securities stand at approximately US$5.8 million.