Solomon Gold says sampling at its Fauro Island project in the Shortland Islands, West Solomons, indicates 'significant' gold mineralization.Based in Brisbane and focused on prospects in the Solomon Islands and Australia, the Solomon Gold indicates surface sampling has shown high-grade intersections of up to 173 grammes of gold per tonne of ore at Fauro's Meriguna prospect.
Headed by chief executive Nicholas Mather, Solomon Gold says the first 58 out of 215 samples taken suggest gold mineralization 'similar in style' to the major Lihir Island gold deposit in Papua New Guinea.
Fauro lies 82 km southeast of the giant copper gold mine on Bougainville, in neighboring PNG, and Solomon Gold geologists believe Fauro to represent a gold rich high level variant sitting above a porphyry system similar to Bougainville.
Fauro's geological setting is similar to the giant 40m oz Lihir deposit, 560km to the northwest. Lihir and Fauro show similar mineralogy and geological setting, and Solomon Gold believes Fauro to have potential to host a world class gold deposit with geological similarities to Lihir.
An exploration licence, covering over 70 km squared, of Fauro Island was granted to Solomon Gold on 30 November 2009 for a period of three years.
Meanwhile, Gold rose to $1269 an ounce, with dealers noting a growing number of investors have been buying the precious metal in recent weeks.