VANCOUVER, Feb. 17 /CNW/ - Solid Resources Ltd. ("Solid" or the "Company") (TSXV: SRW) (Frankfurt: YRS) is pleased to report assay results from its optioned 1,000 hectare Gold and Copper
concession in the Province of Ayabaca in northwest Perú.
An option agreement covering the 1000 hectare concession in Suyo
Township, Ayabaca Province near the city of Piura in northwestern Peru
was announced on June 4, 2010. Under the terms of the option agreement, Solid has the right to purchase the licence, during the three-year term, by
paying the optionor a total of $500,000 (U.S.), to be paid in tranches
over the course of the period ending in December, 2012. The Company has
completed the cash payment requirements to the optionor for 2010 and
The 1,000 hectare gold and copper concession is situated just 30 km south of the Ecuadorian
border and 1200 km northwest of Lima with good access and weather
conditions. The property is situated along the coastal range
(Cordillera Del Condor) of Peru and Ecuador hosting the most important
gold-bearing areas in Ecuador and Peru since pre-Inca times.
Geology and Mineralization
The geology consists of Cretaceous volcanics and related tuffs cut by
northeast-southwest shear zones hosting gold and copper sulphides.
Forty grab samples from random outcrops were collected over the
previous two years within this 1.5 km length structural belt by two
professional geologists associated with the previous optionor. This
returned gold values ranging from 0.05 to 30 g/t gold and copper values
from 0.1 to over 1% copper/t. The assays defined several broad areas of gold and base metal
anomalies. Small scale hand mining has been carried out in the past by
local prospectors and no drilling has been reported on this property to
date. Modern exploration on the Ecuadorian side of the border has
recently delineated a number of world class gold and copper deposits. A
scout drilling program from a minimum of 500 meters of core is strongly
recommended on this property, based on the very encouraging gold and
copper assays from the preliminary grab sampling of a strong shear
Certificate of Analysis # LIM09000269 reports the assays on the 40 grab
samples by Acme Analytical Laboratories, Santiago, Chile and stipulates
the quality control measures. The samples were crushed and pulverized
to 200 mesh and subjected to standard gold fire assay with gravimetric
finish and ICP Aqua Regia Digestion.
John R. Goodwin, MSc, P. Geol, an independent qualified person as
defined by National Instrument 43-101 has reviewed the reports, the
statements of the previous optionor and Acme Laboratories Certificate
of Analysis dated October 4, 2009 and has approved the technical
disclosure in this news release.
"These are very encouraging early results," stated Mr. Greg Pendura,
President and CEO. "We are in the process of obtaining the necessary
permitting to initiate phase one of our exploration program."
The Company would also like to announce that it has launched its new
website, which will highlight the developments for its current 2011
Drill Program on the Doade-Presqueira Rare Metals property in Spain.
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, silver 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.
SOURCE Solid Resources Ltd.
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