Solid Resources 2011 Rare Metals Drill Program Substantiates Over 11 KM of Continuous Mineralised Dykes
TSXV: SRW
OTCQX: SLDRF
FRANKFURT: YRS
VANCOUVER, Oct. 12, 2011 /CNW/ - Solid Resources Ltd. ('SOLID' or the 'Company')
(OTCQX: SLDRF) is pleased to provide a summary of highlights from the 2011 Drill Program carried out from January to June 2011.'No other commodity has a greater magnitude of supply shortfall than Tantalum,' commented Greg Pendura, CEO and President. 'Solid is in the unique position to become a non-conflict provider of tantalum and tin, while at the same time develop the first tantalum mine in Europe . The politically stable country of Spain, with an unemployment rate above 20%, is looking for projects that will drive its economic growth. The Spanish Ministry of Industry, Tourism and Trade are strong supporters of our project, as evidenced by the granting of the maximum subsidy (20%) for our 2011 drill program and the upcoming 2012 work program. The development of the Alberta-1 ('Doade-Presqueiras') property will be a win-win situation for both the local community and Solid Resources.'
The Company has now undertaken a resource estimate to be completed by Minarco-MineConsult of Australia for the Presqueiras (the northernmost area) and Taboazas (the southernmost area) in which the 2011 drill program was concentrated. The NI 43-101 resource estimate will be made available during Q4 2011.
Additionally, SGS in the United Kingdom are now conducting a metallurgical study based on the samples of the 2011 drill program. The Company is optimistic that the results will be made available also during Q4 2011.
3D Animated Geophysical Models
To view the 3D animated models of the Presqueiras and Tobazas areas, visit the Solid Resources website home page at www.solidresources.com
The 2011 Drill Program
A total of 3,364 m were drilled in 31 holes with continuous core, with a recovery of almost 100%, and with lengths between 47 and 270 m. Taken together, the mineralised pegmatite dykes have been continuous for over 11 km, running approximately NNW-SSE.
Mineralisation consists mainly of tin (cassiterite), tantalum and niobium (columbo-tantalite), and lithium (mostly as spodumene and petalite).
In the area of Presqueiras, drill holes were in-filled among others made in the scout drilling campaigns of the years 2003 and 2005, and have also served to expand the mineralised surface which covers an area of approximately 750 x 350 m. The deposit could extend a further 100 m to the north and 200 m to the east and is completely open to the south. Two new areas of old mine workings have been discovered just south of the Presquieras area suggesting a continuous mineralised structure from Presqueiras to Tabozas, the southernmost section of the property, 11 kilometres in length.
Interpretation of the results of the 2011 drilling campaign
The Doade-Presqueiras deposit is considerably larger than previously believed prior to this campaign. All 31 drill holes in the 2011 campaign intersected mineralised dykes with thicknesses from 1.5 to 15.6 m in the main dykes. Six other mineralised dykes have been identified, approximately parallel to the principal dykes, and with thicknesses between 0.60 and 11.55 m.
Based on the drilling to date, management believes that there exists continuity between all the previously drilled areas, although there may be disruptions and displacement due to more or less transverse tectonic features. The rare element pegmatites are in a belt approximately 300 m wide and extend the length of the property (14 km) in a NNW-SSE direction conformable to the regional schitosity.
In the northernmost and best-known area, Presqueiras, the zone with the highest grades of tantalum and tin are further to the East than previously known with good continuity from North to South. A new drill program scheduled for 2012 will further our estimation of resources and reserves.
In at least four of the five other areas drilled in 2011, the mineralisation of tantalum, tin, niobium and lithium is significant and consistent.
In the southernmost end of the permit, the area known as Taboazas, where an area of approximately 400 m x 150 m has been drilled, the continuity of several hundred metres of mineralised dykes has been confirmed, with good grades of tantalum, tin, niobium and lithium. The Taboazas area is open to the north and south.
With the results now available the expected average contents of the deposit can be estimated in the order of 150 g/T of tantalum, 800 g/T of tin and approximately 1% of lithium if an appropriate, selective mining operation is carried out.
The maximum grades found have been: 293 ppm tantalum, 2,930 ppm tin, 191 ppm niobium and more than 2% of lithium.
At the edges of the aplo-pegmatite dykes, i.e. in the host rock, the existence of abnormally high concentrations of certain chemical elements such as rubidium, cesium and beryllium has been confirmed, some of which have potential interest as by-products.
Dr. Alfonso S. Gracia Plaza, Doctor of Science in Economic Geology, is the Director of the ALBERTA-1 ('Doade-Presqueiras') Project and supervises the Company's exploration programme on the project. He is responsible for the technical reporting in this news release and is the Company's 'Qualified Person' for the purpose of NI 43-101.
About Solid Resources:
Solid Resources is a Canadian junior mining company focusing on the exploration and development of rare and precious metals and industrial commodities worldwide. The Company is currently quantifying the presence of tantalum, tin, lithium and other rare minerals on its property in north-western Spain. In addition, further exploratory work is being conducted on its gold, copper concession in the Province of Ayabaca in northwest Perú.
Certain statements contained in this press release, including statements which are related to exploration activity and future prospects and profitability and which may contain words such as 'could', 'should', 'expect', 'believe', 'will' and similar expressions and statements relating to matters that are not historical facts are forward-looking statements. Such forward-looking statements involve known and unknown risks and uncertainties which may cause the actual results, performances and/or achievements of Solid to be materially different from any future results, performances or achievements expressed or implied by such forward-looking statements. Such factors include fluctuations in the market conditions and prices of tantalum, lithium, tin, and other metals and related products and services; competition; political and economic conditions in countries in which Solid does business; changes in laws and regulations, including environmental regulations, to which Solid is subject, and other factors which are described in further detail in Solid's filings with the Canadian Securities Regulators.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Solid Resources Ltd.
CONTACT:
Solid Resources Ltd The Howard Group Inc.
Greg Pendura Investor Relations
President & CEO Dave Burwell
Solid Resources Ltd. Toll Free: 1-888-221-0915
Ph: (780) 800-0726 Ph: (403) 410-7907
www.solidresources.com Email: info@howardgroupinc.com
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