RONDÔNIA, BRAZIL - MANGANESE PROPERTY View Presentation
On March 23, 2009, the Company signed an option agreement with Abora Participacões Ltda. and Acara Participacões Ltda. pursuant to which the company has an option to acquire an 80-per-cent interest in a manganese mineral property comprising approximately 3,274.97 hectares located in the state of Rondônia, Brazil. In consideration, the company has paid an initial $125,000 (U.S.) to acquire the option, and will pay a further $575,000 (U.S.) and issue eight million shares in stages once a small mining permit is issued.
On April 14, 2009, an expanded exploration program for manganese deposits in the state of Rondônia resulted in the discovery of an area with extensive manganese dioxide mineralization near surface. Six sampling pits were sunk on the new deposit and these all revealed massive, high-grade manganese mineralization. Currently the mineralized area extends to approximately 6,140 square metres and the deposit is open in all lateral directions. Further pitting will soon be underway to ascertain the volume and grade of this new manganese mineral deposit.
On April 28, 2009, the Company announced high grades of manganese (as predominantly manganite) in the new deposit, attaining up to 58.1% Mn from the first pits. The Company is now working towards the acquisition of a Guia (Small Mining Licence) for this new property.
Preliminary regional prospecting by Sola's crew has already revealed six more new occurrences of pyrolusite mineralization in the region.
On May 25, 2010, the company reported it has signed a Non-Binding Memorandum of Understanding, ("MOU"), to purchase 50% of Rio Madeira Comercio Importacao E Exportacao De Minerios, ("Rio Madeira").
Rio Madeira presently produces approximately 2,000 tons of Manganese per month and will be ramping up this production in the coming months. There are approximately 40 hectares of land under management that Rio Madeira mine Manganese from. In the past, Rio Madeira has produced as much as 4,000 tons of Manganese per month, but this production has been unpredictable. The average grade of the Manganese produced is 52%, as reported by Rio Madeira.
LILLOOET, BRITISH COLUMBIA - GOLD PROPERTY View Tech Report
On June 9, 2009, the Company announced that it had signed an agreement for an option to purchase 100% of a property showing potential for the discovery of gold deposits in British Columbia. The property is located 105 kilometers northwest of Lillooet, British Columbia. Previous drilling in 1987 by Esso Resources Canada had revealed some significant gold intersections. The terms of the agreement are that the Company will complete a $950,000 exploration and drilling project. The optionor will receive 8.3 million common shares of the Company, in stages, and acquire an overriding 2% NSR.
CAROLINA PROPERTY, BRAZIL - DIAMOND PROPERTY View Tech Report
The Carolina Property (the "Property") comprises tenure within a major diamond-producing region in the State of Rondônia, northwestern Brazil. Reported artIsanal diamond production from the alluvials proximal to this property totaled approximately 12,000 carats. Exploration by other companies to the east of the Property, within what is referred to as the Pimenta Bueno area, has resulted in the discovery of more than 32 kimberlites, many of which are diamondiferous.
The mineral exploration permits that comprise the Carolina Property were held by Bantu-Mineração Ltda. Sola Resource Corporation has an option to earn up to a 90 % interest in these permits from Bantu. Bantu-Mineração Ltda holds underlying agreements with individual groups for some of the Carolina Property permits, all of which are subject to the Sola-Bantu agreement.
In a press release from the Company on October 17, 2007, it was announced that all the initial option terms had been achieved and the Company had acquired 80% interest in the property.
PROPERTIES
