Solomon Gold was listed on the London Stock Exchange (AIM code : SOLG) on 10 February 2006.
Solomon Gold is headed up by experienced and committed mining industry professionals with demonstratable track records of mineral discovery and providing valuable shareholder return. The Board of Directors include accomplished professionals with experience in exploration, mine development, investment, finance and law. The Board and Management have significant vested interests in the Company, holding approximately 17.5% of its issued share capital. The Company currently has 284,623,489 shares in issue.
Solomon Gold has Exploration tenements in Queensland, Australia and the Solomon Islands.
Solomon Gold PLC increases resource at Rannes, in search of 2m ounces of gold bounty
With a target of 2m gold ounces at Rannes in Central Queensland and 21 defined prospects to drill, the increase in inferred resource sends a strong signal. Solomon has a 200km long exploration license area at Rannes and A$9m in cash. Discovery cost to date is just A$6.28 an ounce.
Solomon Gold PLC (LON:SOLG) has announced a 24% increase to 676,000 ounces of gold in the inferred gold resource of its Rannes project in Central Queensland, Australia.
With an inferred gold resource target of over 2 million ounces at Rannes, Solomon Gold has set a cracking pace - drilling is planned at 21 defined prospects at Rannes, providing strong news flow and potential to reach the target resource given cash reserves of A$9 million.
Additional drill rigs are being sourced to accelerate the program at Rannes, which is located 150 kilometres west of port city of Gladstone.
What is significant is that the total Solomon Gold project discovery cost to date (Inferred Resource ounces) for Rannes is just A$6.28 an ounce.
The new resource estimate contains the maiden resource at the Brother and Cracklin Rosie prospects as well as a further upgrade at the Kauffmans-Homestead prospect.
The total inferred mineral resource has been upgraded to 21.7 million tonnes of material at 1.0 gramme per tonne gold equivalent for 675,779 ounces of contained gold equivalent - with a 1:40 gold to silver ratio and a 0.30 g/t gold equivalent cut‐off grade - at Crunchie, Kauffmans-Homestead, Brother and Cracklin Rosie.
The new figure includes the Brother and Cracklin Rosie prospects for the first time, which contribute 35,000oz and 24,000oz contained gold equivalent, respectively.
Interestingly, the Brother prospect is open to the south and at depth. Further drilling is required at the Cracklin Rosie prospect to define the extent of the prospect area. The Kauffmans-Homestead resource component remains open at depth, to the north, east and south.
The resources are all close to or at surface and the prospective stripping ratios are very low, Solomon said. Suggesting a future mining scenario would have favourable project economics.
Drilling will continue at Kauffmans-Homestead with shallow, percussion drilling and deeper diamond drilling, and at the 21 other prospects so far identified in the Rannes Project area to meet the company's objective of defining two million ounces of gold equivalent.
Resources currently defined at Crunchie, Kauffmans, Brother and Cracklin Rosie Prospects should be amenable to open-pit mining and processing in a central plant, subject to the outcomes of a feasibility study, the group added.
