Solid Resources Ltd. (TSXV:SRW,OTCQX:SLDRF,FWB:YRS), thru its subsidiary Solid Mines España, S.A.U., entered a binding option agreement with Lorente Y Pallares SL, to acquire 62 iron ore concessions and metallic mining licenses covering 1,030 hectares in south eastern Spain.
As quoted in the press release:
The magnetite concessions are located in the province of Murcia, region of Cehegín, in the triangle formed by the towns of Calasparra, Cehegín and Mula in south eastern Spain. The geological formation where the magnetite mineralization is located in the various fields is a Triassic Keuper facies associated with ophitic sub volcanic rock. The concessions were formally owned by the Spanish ironworks company, Altos Hornos de Vizcaya, which was the largest industrial company in Spain for much of the twentieth century. In 1975, all 62 concessions were grouped together in one single subsidiary of Altos Hornos de Vizcaya called Agrupacion Minera, SA, who exploited one of the open pit mines – Mina Maria, for its own needs until 1985.
The 62 separate concessions, which were mined for iron ore during the 20th century, offer excellent infrastructure, including hydro, water and a railway, approximately 12 km away, connecting at the rail station in the municipality of Calasparra, to the deep sea port of Cartagena, 100 km away.
Solid Resource President and CEO Greg Pendura said:
Located in the south eastern area of the mineral rich Iberian Peninsula, this is a region with a long history of iron ore production that was once the dominant supplier to all of Europe. We are fortunate to have obtained all of the detailed historical mining and exploration data, compiled by the previous operational owner, Altos Hornos de Vizcaya. This valuable data will save our Company millions of dollars in exploration costs and advance our timeline to production.