Solitario Intersects 1,445 Grams/Tonne Silver Over 1.2 Meters; Completes Phase 1 Drilling Campaign at Golden Crest; Awaiting Drilling Permits to Begin Phase 2 Drilling at Ponderosa

Rhea-AI Summary

Solitario Resources (NYSE:XPL) has announced significant drilling results from its Golden Crest project, highlighted by an exceptional intercept of 1,445 grams per tonne silver over 1.2 meters in drill hole GC-012. This high-grade silver mineralization, found between 164.0 to 165.2m depth, represents a unique style of precious metal mineralization for both the project and the historic Homestake and Wharf mining areas.

The company has completed its Phase 1 drilling campaign, totaling 18 holes (7,000 meters), with seven of the first 15 holes intersecting significant mineralization. The latest summer season added seven holes covering 2,653 meters. Additional results from GC-012X and GC-013 showed multiple intervals exceeding 30 ppb gold, reaching up to 0.57 g/t Gold.

Solitario is now preparing for Phase 2 drilling at Ponderosa, pending U.S. Forest Service permits, with plans to begin in late October. The program includes over 40 planned drill hole locations.

Positive

• Exceptional high-grade silver intercept of 1,445 g/t over 1.2 meters in hole GC-012
• 7 out of 15 holes intersected significant mineralization in Phase 1
• Multiple intervals exceeding 30 ppb gold with peaks of 0.57 g/t Gold in GC-012X and GC-013
• Extensive Phase 2 drilling program planned with over 40 drill hole locations

Negative

• Drilling permits for Phase 2 Ponderosa program still pending approval
• Limited drilling window (May 15 to December 15) for operations

Insights

Mining Geologist

Solitario's unexpected high-grade silver discovery at Golden Crest represents significant exploration potential despite modest Phase 1 gold results.

The discovery of 1,445 g/t silver over 1.2 meters in hole GC-012 is quite significant, representing an exceptionally high-grade intercept by industry standards. For context, silver grades above 300 g/t are typically considered high-grade in most mining operations. This intercept (46.5 oz/t) falls into the bonanza-grade category that can dramatically impact project economics.

What makes this discovery particularly notable is that it represents an unrecognized style of mineralization for both the project area and the historic Homestake and Wharf mining districts. The association with clay-rich alteration in the Winnipeg Formation suggests a potential epithermal system rather than the typical structural or intrusion-related gold deposits common to the Black Hills region.

The Phase 1 drilling results appear mixed. While the silver discovery stands out, the gold results mentioned are relatively modest, with values up to 0.57 g/t gold. In exploration terms, these gold values represent anomalous mineralization but fall below economic cut-off grades for most modern mining operations. However, the presence of \"highly elevated pathfinder elements\" suggests the drilling may be intersecting the periphery of a larger mineralized system.

The pending Ponderosa drilling phase represents the more promising target, described as having \"the strongest and largest surface gold mineralization on the property.\" With 40+ permitted drill locations and two core rigs planned, Solitario is positioning for a significant exploration push once permits are received.

The QA/QC protocols described are industry-standard, including appropriate sample handling, chain of custody, and assay verification procedures, which lends credibility to the reported results. The use of third-party laboratories and insertion of control samples indicates reliable analytical data.

DENVER, CO / ACCESS Newswire / September 15, 2025 / Solitario Resources Corp. ("Solitario" or the "Company") (NYSE American:XPL)(TSX:SLR) is pleased to announce that it intersected 1,445 grams per tonne silver (46.5 oz) in drill hole GC-012. This high-grade interval represents an unrecognized style of precious metal mineralization not only for the Golden Crest project, but unique compared to mineralization in the historic Homestake and Wharf mining areas.

The high-grade silver intercepted in hole GC-012 between 164.0 to 165.2 m (538 and 542 feet, see photo below) appears to be associated with a clay-rich alteration zone of the Winnipeg Formation. Core above and below this mineralized intercept is currently being assayed.

Chris Herald, President and CEO of Solitario, stated: "We were surprised to intersect this very high-grade silver intercept in GC-012. The mineralized core interval, although clay-altered, was not visually that impressive to host such high-grade mineralization. We are reviewing adjacent core holes to sample potentially similar mineralization.

As we await approval of the Ponderosa drilling permit, Solitario is launching a gravity survey that will cover Ponderosa and several other targets at Golden Crest. This work is designed to sharpen our understanding of the geologic architecture of the district and prioritize the most compelling drill targets as we prepare to resume drilling with two core rigs. Ponderosa continues to demonstrate the strongest and largest surface gold mineralization on the property, and our well-positioned drill sites provide an exceptional opportunity to unlock the potential of these exciting new target areas."

Phase 1 Drilling Completed at Golden Crest

With the seven holes completed during the 2025 summer field season (2,653 meters), a total of 18 holes (7,000 meters) have now been drilled on the Golden Crest property. Seven of the first 15 holes intersected significant mineralization. Most of the drilling was widespread, mainly over the western portion of the property. Assays are pending for the final three holes. Besides the high-grade silver intercept in GC-012; GC-012X and GC-013 had multiple intervals in excess of 30 ppb gold, grading up to 0.57 g/t Gold, with highly elevated pathfinder elements, indicating that gold deposition was active throughout most of the western portion of the property.

Phase 2 Drilling at Ponderosa

Phase 2 drilling on the Ponderosa side of the Golden Crest property is set to begin as soon as permits are received. We are awaiting the U.S. Forest Service's final decision and are targeting a late-October start. With drilling permitted between May 15 and December 15, the upcoming program will provide an excellent opportunity to further advance Golden Crest. Building on the strong results from Phase 1, the Ponderosa Plan of Operations includes more than 40 drill hole locations (see map below), offering significant potential for new discoveries.

Sample Type, Sampling Methodology, Chain of Custody, Quality Control and Assurance

All Golden Crest exploration core samples have been prepared and analyzed at the American Assay Laboratories in Reno, Nevada, which is independent from Solitario. Thorough QA/QC protocols are followed on the Project, including insertion of duplicate, blank and standard samples in the assay stream for all drill holes. The samples are collected directly from the drill rig, logged, photographed, split into two samples, and half of each sample submitted directly to American Assay Labs through secure chain of custody protocols. All activities prior to shipment are directly supervised by Solitario geologists. Samples are pulverized from a 250g sample to 85% passing 75 mesh. Approximately 225g of pulp sample is prepared for fire assay. Assays are based on a 30g fire assay aliquot for gold with Atomic Absorption finish. If the gold value from Atomic Absorption is >10g/t, or >100g/t Ag, an additional 30g of pulp sample is fire assayed for gold and/or silver using a gravimetric finish.

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 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 and zinc projects. Solitario's 100%-owned Golden Crest properties in South Dakota constitute strategic land holdings along the western and southwestern extensions of the Homestake-Wharf mining district that has produced approximately 52 million ounces of gold. The project area is located in a safe jurisdiction with highly developed infrastructure, an unbroken 150-year record of continuous gold mining, a skilled mining workforce, and a history of high-grade, underground mineable gold deposits.

The Company is traded on the NYSE American ("XPL") and on the Toronto Stock Exchange ("SLR"). In addition to its South Dakota property holdings, 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% interest) on the high-grade Florida Canyon zinc project in Peru. Solitario is carried to production through its joint venture arrangement with Nexa.

Solitario's Management and Directors hold approximately 8.4% (excluding options) and Newmont Corporation owns 9.4% of the Company's 90.3 million shares outstanding. Solitario's cash balance and marketable securities stand at approximately US$8.0 million. Additional information about Solitario is available online at www.solitarioresources.com.

For More Information Please Contact:

Christopher 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. 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 zinc, gold, lead and silver; 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 was the significant silver discovery in Solitario's (XPL) Golden Crest drilling program?

Solitario discovered a high-grade silver intercept of 1,445 grams per tonne over 1.2 meters in drill hole GC-012, found between 164.0 to 165.2m depth.

How many drill holes has Solitario (XPL) completed in Phase 1 at Golden Crest?

Solitario has completed 18 total holes (7,000 meters) in Phase 1, with 7 holes (2,653 meters) completed during the 2025 summer field season.

What are the gold grades reported in Solitario's (XPL) recent drilling results?

Holes GC-012X and GC-013 showed multiple intervals exceeding 30 ppb gold, with grades reaching up to 0.57 g/t Gold.

When will Solitario (XPL) begin Phase 2 drilling at Ponderosa?

Solitario plans to begin Phase 2 drilling in late October 2025, pending final approval of permits from the U.S. Forest Service.

How many drill locations are planned for Solitario's (XPL) Phase 2 Ponderosa program?

The Ponderosa Plan of Operations includes more than 40 drill hole locations for the Phase 2 program.