Solitario Discovers New Area of ​​Significant Multi-gram Gold and Silver Mineralization; Increases land position in South Dakota to over 33,000 acres


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DENVER, CO / ACCESSWIRE / November 16, 2022 / Solitario Zinc Corp. (“Solitario”) (NYSE American:XPL)(TSX:SLR) is pleased to announce that it has discovered a new area of ​​high-grade gold and silver mineralization at surface and has significantly expanded its land position in the South Dakota. Assay results on the new property for eight samples range from 1.1 grams per tonne (“gpt”) gold to 94.2 gpt gold. The average gold grade for these samples is 29.8 gpt and the average silver mineralization is 71.1 gpt. The new high-grade gold occurrence is called Geyser and sampling to date covers an area of ​​approximately 90 meters by 60 meters.

The following table summarizes all new rock grab sample assay results for the Geyser prospect, located entirely within the newly acquired Ponderosa property east of the Golden Crest claim block, discussed in previous news releases. These results can be viewed on a Google Earth image on the attached geyser zone image.

Select rock grab sample analysis results
for the Geysir Prospect

geyser

sample #

gold gpt

silver gpt

2857

20.3

57.2

2858

24.6

12.3

2859

43.0

113.0

2860

2.0

98.0

2861

36.0

59.4

2862

1.1

100.0

2863

94.2

86.7

2864

17.3

47.1

avg for 8 samples

29.8

71.7

1Reconnaissance rock grab/float samples are selective in nature and are therefore reported

Mineralization and assay results may not be representative or reflect economics

Chris Herald, President and CEO of Solitario, explained: “While Solitario’s evaluation of the Ponderosa property and Geyser prospect is still early, it is clear that the extremely high-grade nature of the mineralization at Geyser rivals that of the downpour area at Golden Crest. It is interesting to note that the initial samples collected at the Downpour discovery began with a smaller footprint than Geyser, but have increased in size with additional work to cover an area over 800 meters long and up to 500 meters wide (see Solitario press release dated November 3, 2022).

However, Geyser differs from Downpour in two key ways. First, the Geyser mineralization is hosted in a structural zone; and second, its geochemical signature is different, one attribute being higher grade silver. A significant number of additional samples were collected in the Geyser area, which extends for hundreds of meters in all directions. We look forward to releasing the results of these samples as they become available.”

Solitario increases its land position
With the acquisition of the Ponderosa property, Solitario increased its property position in South Dakota from approximately 28,000 to 33,280 acres totaling over 1,700 mining claims.

Sample type, sampling methodology, chain of custody, quality control and assurance
The Geyser rock assays reported are all surface rock samples/float samples and are not collected from a bedrock source. However, these samples are believed to have originated from underlying bedrock in the immediate area. All sampling reported in this news release has been supervised by project geologists, including chain of custody. Rock samples are selected reconnaissance grab samples that show alteration, typically silicification and hydrothermal brecciation.

The significance of these results is limited to determining whether gold or trace elements normally associated with gold are present in rocks affected by hydrothermal alteration fluids and the assay results may not be representative of or confirm economically mineable mineralization this. Samples were analyzed by ALS Laboratories of Reno, NV, a laboratory accredited to ISO 17025:2017 standards. Samples were crushed and pulverized and the sample slurry analyzed using industry standard fire assay methods. At least every 20th sample was a certified retained sample or duplicate.

Walter Hunt, COO of Solitario, is a Qualified Person as defined by NI 43-101, Standards of Disclosure for Mineral Projects, and is responsible for approving the scientific and technical information contained in this news release.

Well permit and project overview
Well permitting on Solitario’s Golden Crest property has continued to progress since its initiation in February 2022 when an operational plan was submitted to the US Forest Service. Environmental baseline studies in support of permitting documentation required for drilling are nearing completion. Final core drilling environmental impact assessment work is expected to be completed in the second quarter of 2023.

Solitario’s 100% owned properties in South Dakota total over 33,000 acres and represent strategic land positions along the western and southwestern extensions of the Homestake-Wharf mining district which has produced approximately 52 million ounces of gold and an additional 30 million ounces of historic mining contains resources. The project area is located in a secure jurisdiction with a highly developed infrastructure, an uninterrupted 145 year record of continuous gold mining, skilled miners and a history of high grade underground mineable gold deposits.

About solitaire
Solitario is a natural resource exploration and development company focused on high quality Tier 1 gold and zinc projects. The Company is traded on the NYSE American (“XPL”) and the Toronto Stock Exchange (“SLR”). In addition to its property holdings in South Dakota, 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 holds the remaining 61%) . at the high-grade Florida Canyon Zinc Project in Peru. Solitario is brought to production through its joint venture agreement with Nexa. Solitario’s management and directors own approximately 9.3% (excluding options) of the company’s 62 million shares outstanding. Solitario’s cash and marketable securities are approximately $5.0 million. More information about Solitario is available online at www.solitariozinc.com.

Solitario has a long history of committed environmental, social and responsible corporate (“ESG”) governance at its company. We know that ESG issues are also important to investors, employees and all stakeholders, including the communities in which we work. We are committed to conducting our business in a manner that supports environmental and social initiatives and responsible corporate governance. Importantly, we have selected joint venture partners who not only appreciate the importance of ESG issues in conducting their business in our joint venture projects, but are industry leaders in this important segment of our business.

For more information, please contact:

Christopher E Herold
President and CEO
(303) 534-1030, ext. 14
Anne Hite
Director – Investor Relations
(303) 519-5149
[email protected]

Cautionary Statement Regarding Forward-Looking Information
This press release contains forward-looking statements within the meaning of the US Securities Act of 1933 and the US Securities Exchange Act of 1934 and as defined in the United States Private Securities Litigation Reform Act of 1995 (and the equivalent under Canadian securities laws). , intended to be covered by the safe harbor created by such sections. Forward-looking statements are statements that are not historical facts. They are based on the beliefs, estimates and opinions of the company’s management at the time the statements are made and relate to activities, events or developments that Solitario expects or foresees in the future and are based on current expectations and assumptions. Forward-looking statements involve numerous risks and uncertainties. Consequently, there can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. The land position of Solitario Golden Crest does not cover any of the areas of historical gold production or historical unmined resources. Certain historical information regarding exploration and gold production in the Black Hills region has been obtained from both public and private sources and is believed to be materially factual, but Solitario cannot guarantee the accuracy of such information. The existence of historic mines and resources near Solitario’s tenures does not necessarily support the existence of economic mineral deposits on Solitario’s tenures. Such forward-looking statements include, but are not limited to, statements about the Company’s expectations regarding anticipated timing and the results of technical studies; Expectations regarding receipt of all necessary permits and permits to implement a mining plan, if any, on any of its mineral properties. Important factors that could cause actual results to differ materially from those contained in the forward-looking statements include, among others, risks related to risks that exploration and property development efforts by Solitario and its joint venture partners will not be successful will be; risks related to fluctuations in the price of zinc, gold, lead and silver; the inherently hazardous nature of mining-related activities; uncertainties related to reserve and resource estimates; availability of outside contractors and other activities; uncertainties related to obtaining approvals and approvals from governmental regulators; the possibility that environmental laws and regulations will change over time and become more restrictive; and the availability and timing of capital to fund the Company’s exploration and development activities, including the uncertainty of being able to raise capital on favorable terms or at all; risks related to the effects of Covid-19 or similar variants; and those factors set forth in Solitario’s filings with the US Securities and Exchange Commission (the “SEC“), including Solitario’s most recent annual report on Form 10-K and its other SEC (and Canadian) filings, including but not limited to its most recent quarterly report on Form 10-Q. The Company does not intend to publicly endorse any forward-looking statements update, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.

SOURCE: Solitario Zinc Corp.

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