Nick Mather has taken a very different purpose Solomon Gold traded around London this week, with the help of John Meyer, team aos Fairfax. Different is, the company that was here in March last couple of years. At that time Solomon has focused on Guadalcanal, the largest of the Solomon Islands, where he had 3000 kilometers square of exploration permits. Those of a certain age will remember the lengthy battle of Guadalcanal, the largest of the Solomon Islands, which took place in the Second World War and was the first major offensive by the Allies against Japan in 1942. The Solomon Islands lie in an easterly direction south of Papua New Guinea, Fiji and right on the edge of the fire. As such it was considered to have potential similar copper gold as large deposits in the area such as Bougainville, Grasberg, Ok Tedi and Lihir, but these large deposits are not hand over their secrets easily. Much money must be poured into holes in the ground and taken a lot of disappointment on the chin. There are good moments too, and Solomon was when such a high grade discovery was made during skarn Sutakiki following a corner from 32 meters grading 9.45 grams per tonne.
Solomon Gold has now spent around A $ 20 million to Guadalcanal on building a large database of geological, geochemical and aeromagnetic on buildings, and the net result is that the major porphyry copper deposits of gold are very similar on cards. In early 2009, however, Nick Mather decided to share the burden of financing with Newmont Exploration, and Newmont have agreed to spend U.S. $ 6 million by March 2012 on society, aos draft Guadalcanal win 51 per cent interest. He can take this interest to 70 percent in spending over the same during the two years following. The good news is that this time it looks like Newmont completed the first part of the operation a year earlier, and there is every sign that its findings so far, which included a comprehensive set of sediment streams bulk leaching test of gold over the Whole area, the incentive to advance to drill this year. It would certainly be a disappointment if it was not, as stated on Guadalcanal list of Newmont, aos 10 projects exploring the most promising.
Meanwhile, Nick Mather has decided that his company will no longer be one-trick pony, and therefore Solomon Gold has acquired two exploration companies operating gold in Queensland to 86.8 million shares, A $ 1 million in cash, and the same amount in convertible notes. Companies have been previously associated to D, ÄôAguilar Gold, Nick Mather, aos another company, and with Nick himself, but the advanced nature of Mt Perry, Rannie, Normandy Clermont and projects owned by companies This was essential for transactions. Matthew Perry and Normanby located 15 kilometers north-west of Lihir, aos one million ounces Mt Rawdon project, which currently produces 120,000 ounces of gold per year. There has been much activity in the past, with 60 named historic mines and old workings located on Mount Perry, but no use has been made there are modern exploration techniques.
Matthew Perry offers more Normanby target as it lies on the intersection of two major fault structures. Several high-style note of the vein and lower tonnage high-grade porphyry style targets of gold have already been identified by mapping, sampling, geophysics and drilling exploration. A drilling program of 3,000 meters, will start in April. Solomon Gold, which amount to approximately $ 3 million in kitty, is not under financial pressure. This program will cost $ 350,000 in order to delineate a resource to one million ounces Chinese, aos Creek which is five kilometers by three kilometers of the mineralized zone, where the qualities of a gram per tonne were recovered from soil sampling surface and 18 grams per ton from samples of rock chip. A similar drilling program will be conducted at Ranni. Five prospects in the central area Rannes were subjected to first pass drilling by previous owners, and potentially economic intersections were encountered at all. In addition, 13 other gold targets were identified in the vicinity.
At about the same time as Solomon Gold picked up on Australian soil, Solomon was also picking up additional ground exploration over 70 square kilometers on Fauro Island, which is one of the most northerly of the Solomon Islands. In fact, only 82 kilometers south of the Giant Gold Mine Copper in Bougainville in Papua New Guinea. She aos 560 kilometers southeast of Lihir, for that matter. The theory is that Fauro represents a variant rich in gold, similar to the epithermal mineralization at Lihir, sitting above a porphyry system Bougainville-style. There are certainly similarities between the mineralogy and geological setting of Lihir and Fauro and, if the theory proves correct, Nick Mather could be another big. The support comes from the fact that samples of silicified volcanic host rocks showed visible gold grading up to 169 grams of gold per tonne. An airborne magnetic survey and electromagnetic currently underway to identify the resistance which may account for these rocks and drilling will follow.
Following exploration programs currently 100 percent owned projects such there will be a latest news much more frequent than before Solomon Gold. Nick, aos confidence that an economic project in May is reflected in its decision to take on John Bovard as a director. John is President of the Mt Isa Metals and was director of the Australian Solomon Gold until it succumbs to a bid from Allied Gold recently. More important for Solomon Gold, it is a civil engineer with 40 years experience in heavy construction and development projects, an experience that is valuable if one projects aqdvance Queensland development, especially as he saw that four hours drive from Brisbane. Nick is a geologist who has earned the respect of Newmont, but he appreciates that there are limits when production trades and he also took over Alex Thin as COO. Alex is also an engineer, has the right attributes for a company with production in mind. And that is what Solomon Gold is now on – will advance cash Queensland to fund its exploration spending to Guadalcanal and Fauro.
Source: Mine Site
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