Solid Resources Reports Additional NI 43-101 Resource Estimate for Southern Zone of Rare Metals Property
TSXV: SRW
OTCQX: SLDRF
FRANKFURT: YRS
VANCOUVER, Oct. 25, 2011 /CNW/ - Solid Resources Ltd. ('SOLID' or the 'Company')
(OTCQX: SLDRF) is pleased to provide the results of the recently completed independent National Instrument 43-101 compliant resource estimate for the southern section of its Alberta-1 ('Doade-Presqueiras') 100% wholly owned rare metals property in northwestern Spain. The independent NI 43-101 technical report has been completed by Dr. Jose Manuel Canto Romera, B.Sc. Honors, M.Sc., Ph.D Geology. He is a 'Qualified Person' for the purpose of NI 43-101.The National Instrument 43-101 compliant technical report related to the resource estimation will be filed on SEDAR by the Company within 45 days of this announcement. This estimate is restricted to the Taboazas (southernmost area) deposit, which is part of the larger 3,690 hectare, 14 km long Doade-Presqueiras concession. This particular estimate does not include any of the additional northern zones, included in the recently completed 2011 drill campaign. The results of the NI 43-101 reserve estimate for Prequeiras, the northernmost area, were announced on October 24, 2011.
The deposit has been interpreted to comprise of a mineralised zone striking approximately northwest to southeast. The resource calculation utilized the wireframe construction method using previous interpretations from geology sections.
The resource estimates for the Taboazas area incorporate all drilling data used from the 7 diamond core drill holes (1,216 m) completed in 2003 and 2011. The approximate 400 m x 150 m area which has been drilled is still open to the north and south.
Highlights of the resource estimate are as follows: (No Cut-Off)
______________________________________________________________
|Resource Class| Tonnes | Ta205 | Sn | Li20 | Nb205 |
| |(Millions)|(Tantalum)|(Tin)|(Lithium)|(Niobium)|
| | | ppm | ppm | % | ppm |
|______________|__________|__________|_____|_________|_________|
|Indicated | 0.2 | 150.8 |708.2| 0.81 | 115.3 |
|______________|__________|__________|_____|_________|_________|
|Inferred | 4.0 | 144.7 |646.1| 0.77 | 109.2 |
|______________|__________|__________|_____|_________|_________|
1 ppm= 1 g/t; 1% = 22.4 lbs.
Current prices of metals: Tin - $10 /lb; Tantalum (Ta(2)O(5)) - $250 /lb; Lithium (Li(2)O)- $2-3 /lb;
Niobium (Nb(2)O(5)) - $24 /lb
(October 24, 2011 - US $'s)
The deposit consists of a series of steeply dipping pegmatite dykes. Future work will determine to what depths the dykes will be mined by underground method.
The resource estimates do not incorporate information being generated from the metallurgical studies currently underway with SGS in the United Kingdom.
'The combined drill areas for both Presqueiras and Taboazas sections represents less than 10% of the property's potential mineralised zone', commented Greg Pendura, President and CEO. 'The distance between these two zones reported in the NI 43-101 is approximately 10 km. Past scout drilling in between these two sections has allowed us to believe that the deposit is approximately 250-300 m wide and runs almost the full length of the 14 km property. Management intends to substantially increase the resource estimates of the concession with an extensive 6,000 m drill program throughout 2012.'
Dr. Alfonso S. Gracia Plaza, Doctor of Science in Economic Geology, is the Director of the ALBERTA-1 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
www.howardgroupinc.com