25 May 2012

Grade cheer for Solomon Gold

22/08/2011 Robert Tyerman

Solomon Gold (SOLG) says drilling at Queensland's Kauffmans Homestead prospect has shown 'encouraging high-grade gold and silver'.

The Brisbane-based company, which is drilling for gold, silver and copper in the Pacific Solomon Islands and Australia, reports that 18 holes recently drilled include 10 metres with 4.02 grammes of gold and 24.5 grammes of silver per tonne of ore, with four metres with 9.65 grammes of gold and 30.7 grammes of silver a tonne.

The Kauffmans-Homestead prospect is part of AIM-quoted Solomon's Central Rannes project, where chief executive officer Nick Mather says the company plans further drilling to meet its target for the area of two million oz of gold. He argues that the board is 'confident that the currently defined gold and silver system at Central Rannes gives way to deeper high-grade epithermal gold mineralisation in the boiling zone of these epithermal gold-silver systems'.

Floated at 50p in 2006, Solomon shares had a torrid time, falling to 5p during the past 12 months. Highlighted by Growth Company Investor at 10.75p last September, they have so far rallied to 18.63p, valuing the company at £53 million.

Partial profit taking might be prudent, but it could well be worth holding a fair chunk for further progress. 

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Tags: AIM market, Gold, Nick Mather, Queensland, Solomon IsIands

Sector: Mining

Companies: SolGold (formerly Solomon Gold)

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