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Solid Resources (SRW.V) - a new resource estimate released
Comment by Objective Capital , Oct 27, 2011
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Solid Resources has received an independent, NI 43-101-compliant resource estimate for the northern portion of its Doade-Presqueiras (Alberta-1) rare metals project in northwestern Spain. This estimate is restricted to Presqueiras, the northern, larger portion of the 3,690-hectare concession. The resource estimate is based on 29 core holes completed in 2003, 2005 and 2011, covering an area 750 metres long by 350 metres wide, deemed amenable to mining by open pit.
Based on the assay data, Presqueiras hosts a measured resource of 0.2 million tonnes, averaging 79.7 parts per million Ta2O5, 585 parts per million tin, 79.8 parts per million Nb2O5 (niobium) and 0.55% Li2O (lithium). The deposit also contains an indicated resource of 1.4 million tonnes, averaging 86.1 parts per million tantalum, 584 parts per million tin, 80.2 parts per million niobium and 0.43% lithium. Presqueiras also hosts an inferred resource of 4.0 million tonnes, averaging 93 parts per million tantalum, 594 parts per million tin, 84.9 parts per million niobium and 0.35% lithium.
The Presqueiras deposit holds considerable blue-sky potential. The deposit remains totally open to the south, and current indications suggest the deposit extends a further 100 metres to the north and 200 metres to the east.
The southern, Doade portion of the rare metals project also hosts significant mineralisation, potentially at a higher grade than the resource outlined at Presqueiras. Doade is considered a candidate for underground mining.
We view the delineation of a formal, NI 43-101-compliant resource as an encouraging development, one in line with our previous projections. We continue to value Solid Resources and its Doade-Presqueiras project as indicated in our initiation note of September, 2011.