The Lik deposits are examples of a large group of deposits broadly referred to as sedimenthosted zinc-lead-silver deposits.

The Lik deposit is hosted in the upper part of the Ikalukrok Unit of the Kuna Formation. At Lik, the immediate host rocks are carbonaceous and siliceous black shale, with subordinate black chert and fine-grained limestone. These rocks strike broadly north-south and dip at approximately 25° to 40° to the west . The massive sulfides are overlain conformably by rocks of the Siksikpuk Formation. The sequence is overridden by allochthonous rocks that form high hills north and west of the deposits.

The mineralized sequence is cut by a number of minor faults. Recent drilling has demonstrated that several of the interpreted faults may not exist, or the movement on the fault is minor. The most significant of these faults is the Main Break Fault. While the plunge of the northern end of the Lik deposit increases to approximately 25° to 42°, it is no longer apparent that there is a break separating the Lik South and Lik North deposits. It is also unclear whether there is a change in strike north of the fault, or whether the change is more apparent due to topography.

Recent work appears to show that the fault does not exist, or its effects are very minor. The division into two parts is maintained and the boundary is taken as Section 13800N for this report. As presently tested, the largest lens, the A Lens of the Lik South deposit, is ........

The project is situated approximately 17 kilometers (10.4 miles) northwest of Teck’s operating Red Dog mine, one of the world’s largest, highest grade and lowest cost zinc mines.

In 2014, a PEA has been completed that incorporated a variety of prefeasibility level studies into the analysis. These studies included resource estimation, mining and processing recovery estimates, a preliminary mining and processing plan, infrastructure layout, environmental considerations and economic analysis based on the base case parameters.

The PEA envisioned an open pit mining operation with a 5,500 ton per day floatation mill for processing resulting in a nine-year mine life. Concentrates would be handled through the DeLong Mountain Regional Transportation System (the “DMTS”) road and port system that currently handles all concentrate produced by the nearby Red Dog zinc mine of Teck.

The PEA analyzed the Lik project as a stand-alone operation and assumes construction of its own independent processing, tailings and port facilities. Alternate development scenarios might be developed utilizing infrastructure under the control of the nearby Red Dog operation. However, no agreements are in place to develop such plans and are therefore hypothetical.

As end of 2021 Solitario and Teck are in final discussions to jointly fund a 2022 exploration program, with Teck acting as project manager. The program, if approved, consists of drilling three core holes ........

- subscription is required.

- subscription is required.