Solomon Gold (AIM: SOLG) has received high-grade samples, up to 169 grams per tonne (gpt) of gold, from reconnaissance work and systematic stream sampling at the wholly-owned Fauro Island project in Papua New Guinea.
The company said the gold mineralisation is dominant in highly silicified volcanic breccias and agglomerates. An airborne Electro-Magnetic (EM) survey of Fauro began on 18 February, designed to identify resistors indicating highly silicified bodies, which are believed to be gold bearing.
The northern peninsular of Fauro island represents a 20 square kilometre volcanic rim which acts as a host for high level gold mineralisation. According to Solomon it is very similar to the epithermal style mineralisation at the 40Moz (million ounces) Lihir Gold Mine in Papua New Guinea. According to Solomon, Lihir and Fauro show similar mineralogy and geological setting, as such the company believes that Fauro has the potential to host a world class gold deposit, similar to Lihir.
Bulk leach extractable gold (BLEG) sampling of streams draining the peninsular have returned extremely high grade value up to 400 parts per billion, equating to 0.4gpt gold. As such theses sample are between 2 and 6 times those encountered in the highly mineralised areas of Guadalcanal, on the main island, 530km to the south east.
The airborne EM and magnetic coverage exploration is expected to identify high priority drill targets which Solomon will test over the next 6 months.