Solid Resources Ltd.- Targeting Tin & Tantalum in Spain

Solid Resources Ltd.

Overview

Solid Resources Ltd. (TSXV:SRW,OTCQX:SLDRF,FSE:YRS) is an exploration company focused on Tin, Tantalum, Lithium and additional rare metals. The company’s flagship property is the 100% owned Alberta-1 (Doade-Presqueiras) concesssion located in northwest Spain. The Company is currently in the final phase of their work/drill program in preparation for a mining permit in early 2013 with production anticipated for late 2013.

Investment Highlights

  • NI 43-101 complaint Reserve Estimate (2011)
  • Final phase exploration program underway
  • 2012 Metallurgy Report: Tantalum – minimal recovery of 65%; Tin – minimum recovery of 80%
  • Spanish Mining Authority approval to expedite the 2012 work/drill program in preparation for a mining permit in early 2013
  • Production of a 1,500 tpd plant anticipated for late 2013
  • Local community support for on-going work and future development
  • Key infrastructure in place – 25 km from deep sea port, paved roads, hydro & water on property
  • Solid Resources plan to be the first Tantalum mine in Europe

Key Projects

Doade-Presqueira Property – Northwestern Spain

The Doade-Presqueira Property covers 3,690 hectares overlying two mica schist belts 25 kilometers east of the deep sea port of Pontevedra in the Galicia province of northwest Spain. It is well served by infrastructure with an all-weather road network, access to water, and a power line running through the property.

Historical exploration revealed that many of the pegmatite dykes within the property’s two mica schist belts host significant concentrations of rare metals like tantalum, tin, lithium, cesium, and niobium. In their 2003 reconnaissance drill program, Solid Resources drilled 10 holes in three target areas in the north, south, and central part of the property. Results confirmed the geological structure of the ore bodies as tabular pegmatite dykes, up to 10 m in depth and several hundred meters in length, and yielded concentrations of up to 400 ppm of tantalum pentoxide (Ta2O5). The follow up 2005 program concentrated on the northern Presqueira area of the property, where seven holes were drilled to confirm the depth, length, and grade of the ore body.

The 2011 drill program, 31 holes, totaling 3,365 metres, is now complete. 18 of the 31 holes, totaling ~2,000 metres were aimed at upgrading the Presqueiras (northern zone) pegmatites to a NI 43-101 compliant indicated resource estimate, add tonnage, and determine the continuity of mineral grades of tin, tantalum, and lithium. This would potentially lead to low cost Open Pit operation.

The remaining 13 drill holes, totaling ~1,500 metres targeted the southern zones of the 12,108 acre concession, which would lead to an underground mining operation. A NI 43-101 compliant indicated resource estimate for the  southern extension of the concession referred to as the Toboazas area was completed in 2011 . The Company is hoping to have all permits by Q1, 2013.

Assay results for the Presqueiras area (northern zone) included:

  • 10.15 m averaging 679 ppm tin, 115 ppm tantalum, .37% lithium, 996 ppm rubidium, and 106 ppm niobium
  • 11.75 m averaging 999 ppm tin, 124 ppm tantalum, and 1.15% lithium oxide
  • 11 m averaging 761 ppm tin and 174 ppm tantalum
  • 7.6 m averaging 997 tin and 166 ppm tantalum

This program significantly expanded the resource depth and lateral extent of the Presqueiras area, with thicknesses up to 26 m and averaging 16.25 m.  The drill program extended the continuity of the mineralization by approximately 94 metres to an entirely new area, where the best results to date were yielded by hole SO-11-12, with 1 m of grades of more than 2kg per tonne of tin, more than 2% lithium oxide, and 183 ppm tantalum pentoxide.

Assay results for the southern areas of the concession included:

  • 11 m averaging 838 ppm tin and 168 ppm tantalum
  • 5.7 m averaging 1,216 tin and 205 ppm tantalum
  • 11.5 m averaging 1,272 tin and 128 ppm tantalum
  • 2.2m averaging 1,320 tin and 250 ppm tantalum

Many of the high grade mineralized dykes are almost at surface level, between 3 m to 12 m below ground.

2011 Drill Program Summary

When the 2011 drilling campaign was initiated, it was assumed that the majority of dykes mineralized with tin and tantalum were seldom wider than 5 m and longer than 100-200 m. It can now be concluded, as a result of the 2011 drill program, that the intersections of the main mineralized dykes consistently have widths near or above 10m, extending well over several kilometres.

Management

Greg Pendura – CEO, President, and Director
Mr. Pendura has more than 35 years of experience in founding, financing, and advising emerging private and public companies. Greg Pendura was the original founder of Resin Systems Inc., which achieved remarkable success, and he retired from there in 2007 after attaining the position of President, CEO and Chairman.

Rick Gliege – COO, CFO, and Director
Rick Gliege previously has 20+ years of leadership and advisory experience as a senior manager in the public and private sector. Mr.Gliege brings to Solid Resources valuable knowledge in strategic planning, operations, marketing, development, and the raising of capital through his international connections.

Board of Directors

D. Randy Hayward – Director and Chairman of the Board
Mr. D. Randy Hayward, B. Comm, LLB. has maintained a successful law practice in Edmonton, Alberta, Canada for 20 years. During the latter phase of his law practice, he founded and managed Canadian Dispute Resolution (Alberta) Ltd. and marketed the service of mediation to the legal community and the insurance industry.

Harry A. McKinders – Director and Member of the Audit Committee
Harry A. McKinders joined Solid Resources in 1995 and became a Director in 1998. He has had broad experience in the investment field and has provided consulting services to numerous public and private companies over the years. Previously, he was an account executive with Burns Brothers and Denton Ltd., which later became BMO Nesbitt Burns.

Ven Côté – Director
Mr. Côté, born in Cabano, Quebec, graduated from the l’Institut de Technologie de Lauzon in 1969 with a diploma in Applied Sciences. Mr. Côté is one of the original founders of ZCL Composites Inc., the largest manufacturer and distributor of Fiberglass Underground Storage Tanks and accessories in North America. As the President and CEO since the company was founded in 1987, Mr. Côté had the remarkable ability to make ZCL Composites into a true Canadian success story, with revenues in excess of $100 million per year.

Rick Gliege – COO and Director

Greg Pendura – CEO, President, and Director

Advisory Board

Tony Spat – Director and Geologist
Tony Spat M.SC., P. Eng., has had a truly remarkable career as an international exploration geologist and engineer. Noted for being the first one up the hill, it would be difficult to find a mineral project or prospect where he does not have some first hand knowledge.

David Henstridge – Geologist
Mr. Henstridge is a Professional Geologist and brings over 37 years in the mining industry including 20 years in managing public-listed companies. Mr. Henstridge holds a Bachelor of Science (Honours) degree from the University of Adelaide in Australia and professional designations from each of the Australasian Institute of Mining and Metallurgy, the Australian Institute of Geoscientists and the Geologists and the Geological Society of Australia.

Geological Team

Tony Spat – Director and Geologist
Tony Spat M.SC., P. Eng., has had a truly remarkable career as an international exploration geologist and engineer. Noted for being the first one up the hill, it would be difficult to find a mineral project or prospect where he does not have some first hand knowledge.

Dr. Alfonso S. Garcia Plaza – Geologist
Dr. Alfonso S. Gracia Plaza graduated in Geological Science at the University of Salamanca. He was subsequently made a Doctor in Economic Geology and has both taught and done research at the University, where he still imparts specific courses as a visiting professor. He has also undertaken further studies in Business Administration and Environmental Engineering.