Solitario Files Drilling Plan of Operations for Its Bright Angel Gold - Copper Project
Rhea-AI Summary
Solitario (NYSE American: XPL) filed a Plan of Operations with the U.S. Forest Service to conduct maiden core drilling at its Bright Angel gold-copper project in Colorado on March 10, 2026. Surface mineralization is reported across an area ~750m by 600m and historical core was last drilled in 1970.
The plan emphasizes limited surface impact, state and federal abandonment standards to protect groundwater, and follow-up geophysics (drone magnetics, possible IP). Solitario holds ~US$8.2M cash and management owns ~8.0% of 92.4M shares.
Positive
- Maiden core drilling planned — first since 1970
- Surface mineralization traced ~750m by ~600m
- Company cash position of ~US$8.2M
- Management and directors own ~8.0% of shares
- Follow-up geophysics planned: drone magnetics and possible IP
Negative
- Historic drill assays from 1960s–1970s are unverified
- Anaconda core intersected only 0.1%–0.3% Cu in six holes
- Previous programs generally did not assay for gold
Key Figures
Market Reality Check
Peers on Argus
While XPL was up 1.87%, momentum peers ATLX, WWR, and FURY appeared in scanners with gains of about 4.01%, 2.92%, and 4.31% respectively. Sector context shows multiple metals names higher, but the scanner flag of false for sector move and lack of same-direction linkage to XPL suggest this reaction was more company-specific to the Bright Angel update.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Feb 27 | Conference participation | Neutral | -1.3% | PDAC 2026 attendance and meetings highlighting core projects and cash position. |
| Feb 26 | Drilling approval | Positive | +3.6% | USFS Decision Memo completing NEPA for Golden Crest Ponderosa drilling. |
| Jan 22 | Project acquisition | Positive | +4.4% | Acquisition of Bright Angel copper-gold project and strong surface assays. |
| Dec 08 | Investor presentation | Neutral | -1.6% | Virtual conference presentation covering portfolio, ownership, and cash. |
| Oct 21 | New metals project | Positive | -4.7% | Cat Creek drilling permits and high-grade rhenium-molybdenum surface data. |
Project advancement and permitting news for Solitario often coincided with positive or modestly negative single-day moves, with one notable selloff on a new critical-metals project announcement.
Over the last six months, Solitario has highlighted portfolio growth and permitting progress. On Oct 21, 2025, it advanced the Cat Creek critical metals project, yet shares fell 4.74%. Subsequent portfolio and conference updates on Dec 8, 2025 and Feb 27, 2026 saw modest declines of 1–2%. In contrast, news on Jan 22, 2026 adding Bright Angel and the Feb 26, 2026 USFS approval for Ponderosa drilling produced gains of 4.40% and 3.62%. Today’s Plan of Operations filing for Bright Angel fits this pattern of advancing U.S. exploration assets.
Market Pulse Summary
This announcement advances Solitario’s Bright Angel project by formally filing a Plan of Operations to restart core drilling on a porphyry system last drilled in 1970. Historic work outlined mineralization over 750 x 600 meters, but grades remain unverified, making new drilling essential. In recent months, the company expanded Bright Angel, progressed Golden Crest permitting, and detailed portfolio risks in its 10-K. Investors may focus on upcoming drill approvals, survey results, and the company’s reported cash position of US$8.2 million when assessing exploration and funding risk.
Key Terms
porphyry technical
ni 43-101 regulatory
esg technical
AI-generated analysis. Not financial advice.
DENVER, CO / ACCESS Newswire / March 10, 2026 / Solitario Resources Corp. ("Solitario" or the "Company") (NYSE American:XPL) (TSX:SLR) is pleased to announce that it has filed a Plan of Operations with the USFS to conduct core drilling on its Bright Angel gold-copper project in Colorado. Solitario's proposed maiden drilling program represents the first drilling to be conducted on the property since 1970 when Anaconda Copper drilled 11 core holes. At Bright Angel, mineralized porphyry stockwork contains significant values of gold and copper at surface. Mineralization has been traced over an area approximately 750 meters long and up to 600 meters wide.
Chris Herald, President and CEO of Solitario, stated, "With both gold and copper trading near all-time highs, and copper being designated as a critical metal by the U.S. government, we are very excited to move this project forward. Results from previous drilling point to a definitive, and potentially significant, gold-copper porphyry target.
"We believe that Bright Angel represents an alkalic pipe-like porphyry characterized by high grades for both gold and copper with deep roots. Over the years, the industry's understanding of porphyry copper systems has evolved considerably. It is now recognized that an alkalic subclass, first clearly documented at the world-class Ridgeway-Cadia system in Australia, commonly hosts pipe-like geometries, with higher copper and gold grades than calc-alkaline copper porphyry systems common in the Arizona and Chilean copper belts.
"We look forward to working with the US Forest Service in executing an environmentally sound program that protects surface and water resources. The plan envisions very limited surface impacts with all drill holes completed to state and federal abandonment standards to protect ground water systems."
History and Geology of the Bright Angel Project
Drilling at Bright Angel began in the late-1960s when its initial owner completed 186 very shallow (~16 meters) and widely spaced drill holes. Twelve of the more mineralized holes were deepened to depths of up to 200 meters. Two of the holes reportedly intersected significant grades of gold and copper but are not reported here as Solitario is unable to verify the historic drill hole assay results. However, Solitario's surface rock sampling produced gold/copper grades (see Solitario news release dated January 22, 2026) consistent with the grades in the upper 20 meters of the reported historic drill holes. Drilling will be required to confirm drill hole grades reported in the historic files.
Anaconda Copper, formerly one of the largest mining companies in the world, leased the property in 1970 and drilled 11 widely spaced core holes ranging in depth from 270 to 783 meters. Anaconda's exploration program was designed to test for a classic large-scale mushroom-shaped, calc-alkaline copper porphyry system common in the Arizona and Chilean copper belts. Calc-alkaline copper systems tend to be laterally extensive but gold poor.
Anaconda intersected significant sections of
Plans are also underway to conduct a drone magnetic survey and possibly an Induced Polarization geophysical survey in the upcoming field season.
Qualified Person
The scientific and technical information contained in this news release has been reviewed and approved by Walter Hunt, a qualified person as defined by Canadian instrument NI 43-101, Standards of Disclosure for Mineral Projects.
About Solitario
Solitario is a natural resource exploration company focused on high-quality Tier-1 gold, copper, zinc and critical metals (molybdenum and rhenium) projects. Solitario's
In addition to its Bright Angel and Golden Crest projects, Solitario holds a
The Company is traded on the NYSE American ("XPL") and on the Toronto Stock Exchange ("SLR"). Solitario's Management and Directors hold approximately
Solitario has a long history of committed Environmental, Social and Responsible Governance ("ESG") of its business. We realize ESG issues are also important to investors, employees, and all stakeholders, including communities in which we work. We are committed to conducting our business in a manner that supports positive environmental and social initiatives and responsible corporate governance. Importantly, we work with joint venture partners that not only value the importance of ESG issues in the conduct of their business on our joint venture projects but are leaders in the industry in this important segment of our business.
For More Information, Please Contact:
Chris Herald, President and CEO | 303-534-1030 Ext. 1 |
Cautionary Statement Regarding Forward-Looking Information
This press release contains forward-looking statements within the meaning of the U.S. Securities Act of 1933 and the U.S. 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), that are 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 on the date the statements are made and address activities, events or developments that Solitario expects or anticipates will or may occur in the future, and are based on current expectations and assumptions. Technical data from the Bright Angel project was derived primarily from historic Anaconda files thought to be accurate, but have not verified by QAQC quality controls as defined by NI 43-101, Standards of Disclosure for Mineral Projects. Forward-looking statements involve numerous risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Such forward-looking statements include, without limitation, statements regarding the Company's expectation of the projected timing and outcome of engineering studies; expectations regarding the receipt of all necessary permits and approvals to implement a mining plan, if any, at any of its mineral properties. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, among others, risks relating to risks that Solitario's and its joint venture partners' exploration and property advancement efforts will not be successful; risks relating to fluctuations in the price of gold, silver, copper, zinc, lead, and molybdenum; the inherently hazardous nature of mining-related activities; uncertainties concerning reserve and resource estimates; availability of outside contractors, and other activities; uncertainties relating to obtaining approvals and permits from governmental regulatory authorities; the possibility that environmental laws and regulations will change over time and become even more restrictive; and availability and timing of capital for financing the Company's exploration and development activities, including uncertainty of being able to raise capital on favorable terms or at all; as well as those factors discussed in Solitario's filings and reports with the U.S. Securities and Exchange Commission (the "SEC"), including Solitario's latest Annual Report on Form 10-K and its other SEC filings (and Canadian filings) including, without limitation, its latest Quarterly Report on Form 10-Q. The Company does not intend to publicly update any forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities laws.
SOURCE: Solitario Resources Corp.
View the original press release on ACCESS Newswire
FAQ
What did Solitario announce about drilling at Bright Angel (XPL) on March 10, 2026?
How large is the reported mineralized area at Bright Angel and what metals are targeted by XPL?
What environmental safeguards did Solitario describe for the Bright Angel drilling plan (XPL)?
How is Solitario funded for its 2026 exploration programs and what is XPL's cash position?
What uncertainties exist about historic drill results at Bright Angel that investors should know (XPL)?
