Solid Resources Announces Assay Results for Tin/Tantalum Project, Spain; Results Include 11.25m Averaging 960 ppm Tin, 143 ppm Tantalum
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/23/13 -- Solid Resources Ltd. (TSX VENTURE: SRW)(OTCQX: SLDRF)(FRANKFURT: YRS) ("Solid" or the "Company") announced today the complete assay results from its 2012 Drill Program on its 100% owned Alberta-1 (Doade-Presqueiras) concession located in north-western Spain, 25 km east of the port city of Pontevedra.
The 2012 Drill Program, previously announced on September 10, 2012, was initiated on September 5, 2012. The drilling campaign was programmed with infill drilling to complete a 50 m x 50 m grid in just the northern zone of the deposit (Presquerias). This would allow those resources previously classified as indicated and inferred to meet the directives of the Spanish mining authorities for classification as NI 43-101 compliant "measured resources" and enable commencement of exploitation of the entire 3,690 Ha concession. The systematic geological continuity and consistency found in the mineralized pegmatite dykes allowed for the reduction of the number of drill holes originally scheduled in order to meet the measured reserve requirements for permit application. In total, eighteen holes were drilled for a total of 1,570.2 meters.
The tonnage of the measured resource estimates is easily in excess of requirements to proceed with the application for an Exploitation Permit.
Drill hole intersections with weighted average assay results:
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FROM TO LENGTH Sn Ta2O5 Nb2O5 Li2o Rb
DRILL HOLE ID: (m) (m) (m) (ppm) (ppm) (ppm) (%) (ppm)
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SO-12-26 23.2 24.65 1.45 934 232 172 0.02 630
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25.75 29.3 3.55 975 123 139 0.02 804
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31.3 33.8 2.5 769 134 154 0.03 698
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85.5 86.7 1.2 526 61 96 0.01 339
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93.4 94.5 1.1 527 122 144 0.03 640
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111.5 116.85 5.35 671 78 114 1.02 836
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PRE-12-07 25.95 30.30 4.35 1434 76 134 0.07 770
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53.5 54.60 1.10 2050 134 222 0.04 640
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SO-12-14 35.45 42.1 6.65 934 81 118 0.58 841
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53.15 55.65 2.5 953 127 152 0.06 688
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SO-12-25 27.60 32.20 4.60 1365 146 146 0.16 1022
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84.45 85.40 0.95 1170 49 116 0.02 630
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94.20 98.75 4.55 1024 80 117 0.98 906
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PRE-12-18 17.25 18.60 1.35 1080 122 133 0.05 1030
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23.25 24.75 1.50 1280 171 189 0.12 790
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27.90 29.35 1.45 1470 122 144 0.08 540
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88.25 91.65 3.40 896 60 115 0.54 657
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102.80 105.90 3.10 1412 74 122 0.88 620
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SO-12-10 48.30 59.30 11.00 828 113 121 0.75 977
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60.20 60.75 0.55 728 147 147 0.09 427
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61.30 61.80 0.50 232 85 92 0.05 363
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SO-12-11 55.50 66.75 11.25 960 143 145 0.17 818
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SO-12-06 36.65 48.10 11.45 769 119 120 0.72 1043
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SO-12-15 41.30 51.40 10.10 875 137 129 0.73 1012
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SO-12-18 38.00 41.00 3.00 865 171 163 0.21 893
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41.65 43.10 1.45 768 122 133 0.08 730
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62.55 65.55 3.00 651 126 129 .28 887
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72.50 77.20 4.70 787 124 140 0.75 756
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SO-12-16 65.30 77.90 12.60 883 131 132 0.49 903
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SO-12-20 47.80 52.45 4.65 865 140 142 0.62 1083
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53.80 54.35 .55 641 73 76 0.26 750
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56.95 57.60 0.65 859 183 177 0.03 412
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95.50 103.50 8.00 960 96 123 0.48 1015
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SO-12-06B 44.30 55.65 11.35 852 129 127 0.28 883
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SO-12-13 1.00 2.90 1.90 1141 103 163 0.04 419
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51.70 61.60 9.90 780 121 134 0.61 1111
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67.10 68.55 1.45 525 110 120 0.06 353
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SO-12-07 24.60 26.95 2.35 861 167 137 0.01 494
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27.85 29.00 1.15 1100 208 137 0.02 490
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SO-12-21 8.70 11.35 2.65 1041 126 124 0.08 541
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17.05 18.40 1.35 417 159 116 0.04 540
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31.00 32.30 1.30 585 159 137 0.02 490
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SO-12-12 17.40 24.80 7.40 734 148 133 0.02 665
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26.10 26.70 0.60 429 147 122 0.03 560
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SO-11-12-CONT 145.00 158.40 13.40 469 78 113 1.02 971
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Intercepts represent 90% true thickness.
The Company is now undertaking a Scoping Study, in addition to bulk sampling 100 tons for concentration tests at the designated pilot plant, following the recommendations of the SGS metallurgical report.
"This latest drill program is on time and below budget," stated Greg Pendura, president and CEO. "With economical average grades of 800 ppm of tin, 110 ppm of tantalum and 0.5% lithium, we are anticipating making our submission to the Spanish Mining Authority by the end of February, 2013. We are excited about entering the final phase of the project and working towards the implementation of a commercially viable mining operation once this permit has been obtained."
The Company will report the results of the reserve estimate and Scoping Study very shortly.
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 program 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.
Solid Resources is a Canadian junior mining company focused in Spain on the exploration and development of rare and precious metals and industrial commodities worldwide. The Company is currently in the late stage of quantifying the presence of tantalum, tin, lithium and other rare minerals on its Alberta-1 property in north-western Spain and re-opening 62 iron ore concessions in south-eastern Spain.
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.
Contacts:
Solid Resources Ltd.
Greg Pendura
President & CEO
780-800-0726
www.solidresources.com