Solitario samples up to 50.2 g/t gold at Golden Crest, South Dakota; shares up

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Solitario Zinc Corp. [SLR-TSX; XPL-NYSE American] has discovered significant high-grade gold at surface on its Golden Crest project in South Dakota. High-grade gold was discovered at the Downpour Zone over an area measuring approximately 170 by 70 meters in extent and open in all directions (see Figure 1 and Table 1 below). To date, Solitario has received assay results for eleven surface reconnaissance grab samples in the central part of the Downpour Zone (see map). The average gold content for these eleven samples was 12.6 g/t gold, including 50.2, 47.7, 12.2, 8.1, 7.2 and 5.9 g/t gold.

Chris Herald, President and CEO, commented: “These initial surface results at Downpour are stunning. In our team’s 40-year history of very successful grass roots exploration, we have never encountered undiscovered gold mineralization with these grades at surface. Equally striking to this evolving story, is the fact that nearly all of the reported Downpour high-grade samples came from rocks exposed in the tracks of a primitive jeep roadbed. This demonstrates the total lack of both modern-day and historical exploration in an area immediately west of the nearby supergiant Homestake-Wharf gold mining district, and strongly suggests that our work to date is literally, just starting to scratch the surface.”

Initial assay results for rock sampling at the high-grade Downpour zone were not received until late in the 2021 field season. Consequently, work was suspended in early December before Solitario could complete another phase of evaluation. However, the company was able to collect 14 additional rock samples and 24-metres of channel sampling, before weather forced the cessation of activities.

In addition to the Downpour zone, Solitario has identified another 13 separate zones of gold-bearing mineralization, many of which contain surface gold grades in excess of 1.0 g/t gold. Nine of these zones are clustered within an area measuring7 by 5 km. Based on these results, and our ongoing exploration program, Solitario has expanded its mineral claim position from approximately 21,300 acres to nearly 28,000 acres of mineral rights, or 44 square miles (113 km2).Initial assay results for rock sampling at the high-grade Downpour zone were not received until late in the 2021 field season. Consequently, work was suspended in early December before Solitario could complete another phase of evaluation. However, the company was able to collect 14 additional rock samples and 24-metres of channel sampling, before weather forced the cessation of activities.

During the 2021 field season, Solitario collected 972 reconnaissance grab samples of rock and 5,575 soil samples (B-horizon). At Golden Crest there is almost a total lack of outcropping rocks, but generally, there is less than 30 cm of soil cover on top of sub-crop and bedrock. Consequently, sampling bedrock is difficult, but soils provide an excellent alternative medium to sample. Solitario’s work to date has defined multiple areas of significant anomalous trace elements.

The 2022 exploration program will be one of the most active programs in Solitario’s history. Other important work scheduled for 2022 is geophysical surveying of select target areas, permitting drilling sites, and drilling (permitting dependent).

Chris Herald commented further, “The results of our 2021 exploration work at Golden Crest strongly supports our belief that a large gold endowment could exist at depth in limestone covered terrain west of the Super Giant Homestake-Wharf gold district. We are excited about our planned 2022 exploration program and are confident that multiple new high-quality drill targets will be identified. Collecting multi-gram gold samples in the shadow of a +70-million-ounce gold district, in an area with virtually no evidence of any past exploration, is truly remarkable. We firmly believe that the Golden Crest project could emerge into one of the most important greenfield exploration projects in North America.”

The 28,000-acre Golden Crest property is located in southwestern South Dakota. Solitario’s property position constitutes a 100%-owned strategic land position along the western extension of the Homestake-Wharf mining district that has produced well in excess of 55 million ounces of gold with another 20-30 million ounces in historical resources. Approximately 60% of the land position is subject to a mining lease with a private party. Solitario’s cash balance and marketable securities stand at approximately US$6.7 million.

In February 14 morning trading, Solitario shares gained $0.11 to $0.78.


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