Solitario Resources Corp. (XPL) received a Decision Memo from the U.S. Forest Service – Northern Hills District – on February 26, 2026, approving its Ponderosa drilling program on the Golden Crest property in South Dakota. The memo confirms that the company’s National Environmental Policy Act (NEPA) review has been completed and that the project is cleared to proceed with drilling operations once the company incorporates additional design features and submits the required modifications.
The approval removes a major regulatory hurdle for Solitario’s South Dakota exploration efforts, allowing the company to move forward with its planned drilling schedule. Drilling is expected to begin in mid‑May 2026, with the drilling season permitted from May 15 to December 15. The Ponderosa prospect is the largest high‑grade gold area discovered to date on Golden Crest, with surface samples showing multi‑gram gold over an area of approximately 2.0 × 1.5 km and the program permitting 49 drill platforms.
Solitario’s Golden Crest property lies along the western and southwestern extensions of the historic Homestake‑Wharf mining district, which has produced roughly 52 million ounces of gold. The Ponderosa approval is a key milestone in the company’s broader exploration strategy, which also includes the Lik zinc deposit in Alaska (50 % joint venture with Teck Resources), the Florida Canyon zinc project in Peru (39 % joint venture with Nexa Resources), and interests in critical‑metals projects such as Cat Creek and Bright Angel.
By clearing the NEPA review and securing the Forest Service’s approval, Solitario can accelerate the definition of resources at Ponderosa, potentially shortening the timeline to a definitive resource estimate and opening the door to future partnership or sale opportunities. The company’s management has expressed confidence that the drilling program will provide a clearer picture of the gold potential and strengthen its portfolio of high‑grade prospects.
The decision also underscores Solitario’s ability to navigate complex regulatory processes, a competitive advantage in the exploration sector where timely permitting can be a decisive factor. With the approval in place, the company is positioned to advance its exploration program without additional permitting delays, supporting its long‑term growth objectives.
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