CORRECTION FROM SOURCE: Solis Bolsters Copper Landholding in Peru

Rhea-AI Summary

Solis Minerals (ASX: SLM) has expanded its copper exploration landholding in Peru by successfully acquiring a 6,400-hectare package of underexplored areas. The company now holds a total of 43,500 hectares, establishing itself as a significant landholder in a highly prospective copper belt in Peru. Solis is advancing drill permits for key areas and continues to review potential acquisitions in South America. The company's focus remains on copper and lithium projects.

Positive

• Solis Minerals has expanded its copper exploration landholding in Peru, positioning itself as a significant player in the highly prospective copper belt in the region.

• The company has successfully applied for a 6,400-hectare package comprising largely underexplored areas, previously held by Anaconda Copper, showcasing its commitment to growth and exploration.

• Solis continues to review potential acquisitions in South America, focusing on drill-ready copper and lithium projects, which demonstrates a proactive approach to expanding its portfolio.

Negative

• The presence of copper mineralization, while promising, does not guarantee the presence of associated porphyry mineralization, highlighting the uncertainties and risks involved in exploration activities.

• The company's reliance on non-invasive exploration methods and ongoing approvals for drilling activities may lead to delays in commencing actual drilling operations, impacting the pace of project advancement.

HIGHLIGHTS

• New applications cover 6,400 hectares of highly prospective copper ground across a coastal belt located directly between Ilo Norte and Ilo Este

• Areas were previously held by Anaconda Copper. Ground visits indicate the area has received limited exploration

• Total of 43,500 hectares pegged, mostly in the coastal belt, establishing Solis as a significant landholder in a highly prospective and emerging belt with porphyry copper potential

• Two drill permit applications now underway over Ilo Este and Ilo Norte (Chancho al Palo). Cinto application in planning phase

• Copper mineralisation in association with silicification and alteration identified outcropping at surface on new application areas

• Follow-up mapping and initial geophysical studies to commence immediately

• Solis continues to review potential acquisitions in various jurisdictions and commodity spaces with a focus on copper and lithium projects which are drill ready or with mineralised systems already identified

West Leederville, Western Australia--(Newsfile Corp. - May 10, 2024) - Solis Minerals Limited (ASX: SLM) ("Solis" or the "Company") is pleased to announce an update on recent applications for new copper exploration licences in Peru. Solis has successfully applied for a 6,400-hectare package comprising of seven licences of largely underexplored exploration areas in a highly prospective coastal belt, which were pegged on the 2nd of May (see Figure1). The areas were previously held by Anaconda Copper. Field visits by Solis teams indicate minimal ground exploration has been carried out in recent times.

The Company now holds a significant landholding of 43,500 hectares principally along a coastal belt bounded to the west by batholiths of Jurassic and Cretaceous age (see Figure 2). Based on the outcropping porphyry copper mineralisation at Ilo Este, Solis considers that the eastern margins of the batholiths represent highly prospective areas for porphyry copper occurrences emplaced in volcanic or volcaniclastic rocks. 

Executive Director, Matthew Boyes, commented: "We are very pleased to further bolster our portfolio through the addition of a large land package containing highly prospective copper exploration ground in Peru. Solis is building a compelling portfolio of exploration properties in an underexplored porphyry belt, with excellent access and existing infrastructure. Drill permits are advancing as quickly as possible in conjunction with our ongoing non-invasive exploration efforts, preparing us to commence drilling once all necessary approvals are obtained and first drill sites are finalised.

"Solis continues to review and progress potential acquisitions in the copper and lithium space across targeted areas of South America and has two teams dedicated to the evaluation process, which is now bearing significant fruit. In the next 6-12 months will see advancements across our pipeline of copper exploration projects in Peru as we continue to look to add to our Brazilian portfolio of lithium properties."

Figure 1: Solis tenement map in northern area showing new application areas between Ilo Este and Ilo Norte

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1134/208869_solis1.jpg

Figure 2: Solis tenements in the prospective coastal belt with existing deposits and regional geology shown

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1134/208869_solis2.jpg 

New Applications: Site Visits

Solis' geologists have visited the area of recent applications and identified alteration and copper mineralisation1 in outcrops 8km north-west along strike and in a similar geological setting to known porphyry-style mineralisation at Ilo Este (see Figures 3 & 4 below).

Figure 3: Hornfels with fine quartz veinlets, weak disseminated biotite, Fe oxides (goethite) in fractures, green Cu oxides (malachite) and black Cu oxides in fractures and disseminated (262120E, 8060419N)

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1134/208869_solis3.jpg

Figure 4: Hornfels, some with secondary biotite, with green and black copper oxides in fractures associated with quartz. Multiple generations of fine quartz veining indicate more than two hydrothermal events (262100E, 8060641N).¹

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1134/208869_solis4.jpg

¹The presence copper oxide samples indicates a mineral species only and should not be considered a substitute for analytical results. Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analysis where concentrations or grades are the factor of primary economic interest

 

Sample	Estimated Cu%	Expected Date of Assay Result
Fig. 3	0.1	1/7/24
Fig. 4 area	0.1	1/7/24

 

The copper mineralisation identified, and its associated alteration, is considered a "pathfinder" exploration indicator for the potential presence of associated porphyry copper mineralisation in the tenements. Such mineralisation and alteration do not guarantee the presence of associated porphyry mineralisation and thus the significance of the images and estimates are strictly in the context of exploration potential.

The mapping crews are now mobilising to site to systematically cover the entire tenement package and identify areas of highest prospectivity. Low-cost drone magnetic studies in conjunction with remote sensing data interpretation will be carried out and followed up with Induced Polarisation (IP) studies over areas of interest to identify and evaluate primary drill targets.

Drill permitting

Both Ilo Este and Ilo Norte have been recently covered by magnetic and IP surveys that have identified drill targets and drill permitting to test these targets is underway.

Community engagement has commenced at Cinto as part of the process to advance the drill permitting over the project area. Cinto is located 15km SE of the major Toquepala Cu porphyry deposit in northern Tacna which has seen many benefits from the mining canon associated with existing mines. 

Figure 5: Current tenement holding in Peru both granted and applications. Solis now has 43,500 hectares of tenements in Southern Peru

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1134/208869_solis5.jpg

Next Steps

Solis is prioritising the advancement of the drill pemitting process in Peru over its Ilo Este, Chancho Al Palo (Ilo Norte) and Cinto project areas, while continuing to review and advance targeted lithium and copper opportunities in South America.

ENDS

This announcement is authorised by Matthew Boyes, Executive Director of Solis Minerals Ltd.

Australia
Matt Boyes
Executive Director
Solis Minerals Limited
+61 8 6117 4795

Stephanie Richardson & Cameron Gilenko
Investor Relations
Morrow Sodali
+61 (8) 6160 4900

Neither the TSX Venture Exchange nor its Regulation Service Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of accuracy of this news release.

About Solis Minerals Ltd.

Solis Minerals is an emerging lithium explorer focusing on Latin American critical minerals.

The Company owns a 100% interest or option to acquire 100% interest in the Borborema Lithium Project in NE Brazil, covering 26,100ha.

Brazil is rapidly growing in global importance as an exporter of lithium to supply increasing demand of battery manufacturers. Both projects cover highly prospective, hard-rock lithium ground on which early-stage reconnaissance mapping and sampling have verified. Drilling programmes are either underway or due to commence shortly.

In addition, Solis also holds a 100% interest in 35,700ha of combined licences and applications of highly prospective IOCG (iron oxide copper/gold) and porphyry copper projects in southwestern Peru within the country's prolific coastal copper belt - a source of nearly half of Peru's copper production.

Forward-Looking Statements

This news release contains certain forward-looking statements that relate to future events or performance and reflect management's current expectations and assumptions. Such forward- looking statements reflect management's current beliefs and are based on assumptions made and information currently available to the Company. Readers are cautioned that these forward- looking statements are neither promises nor guarantees and are subject to risks and uncertainties that may cause future results to differ materially from those expected, including, but not limited to, market conditions, availability of financing, actual results of the Company's exploration and other activities, environmental risks, future metal prices, operating risks, accidents, labour issues, delays in obtaining governmental approvals and permits, and other risks in the mining industry. All the forward-looking statements made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof, and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required by applicable law. 

Qualified Person Statement

The technical information in this news release was reviewed by Matthew Boyes, a Fellow of the Australian institute of Mining and Metallurgy (AusIMM), a qualified person as defined by National Instrument 43-101 (NI 43-101).

Competent Person Statement

The information in this ASX release concerning Geological Information and Exploration Results is based on and fairly represents information compiled by Mr Matthew Boyes, a Competent Person who is a Fellow of the Australasian Institute of Mining and Metallurgy. Mr Boyes is an employee of Solis Minerals Ltd. and has sufficient experience which is relevant to the style of mineralisation and types of deposit under consideration and to the exploration activities undertaken to qualify as a Competent Person as defined in the 2012 Edition of the "Australian Code for Reporting of Mineral Resources and Ore Reserves". Mr Boyes consents to the inclusion in this report of the matters based on information in the form and context in which it appears. Mr Boyes has provided his prior written consent regarding the form and context in which the Geological Information and Exploration Results and supporting information are presented in this Announcement.

APPENDIX 1

Mining Concessions table
Westminster Peru SAC‐ Concessions and Applications as of 2nd May 2024

37 granted
Date	Concession	Owner	Status	Area (Ha)
22/08/2008	LATIN ILO ESTE III	WESTMINSTER PERU S.A.C.	Granted	600
22/08/2008	LATIN ILO ESTE I	WESTMINSTER PERU S.A.C.	Granted	800
22/08/2008	LATIN ILO ESTE II	WESTMINSTER PERU S.A.C.	Granted	900
11/03/2009	LATIN ILO NORTE 4	WESTMINSTER PERU S.A.C.	Granted	1000
11/03/2009	LATIN ILO NORTE 3	WESTMINSTER PERU S.A.C.	Granted	1000
13/10/2009	LATIN ILO NORTE 7	WESTMINSTER PERU S.A.C.	Granted	1000
13/10/2009	LATIN ILO NORTE 8	WESTMINSTER PERU S.A.C.	Granted	1000
13/10/2009	LATIN ILO NORTE 6	WESTMINSTER PERU S.A.C.	Granted	700
1/03/2011	KELLY 00	WESTMINSTER PERU S.A.C.	Granted	700
1/03/2011	MADDISON 1	WESTMINSTER PERU S.A.C.	Granted	1000
1/03/2011	BRIDGETTE 1	WESTMINSTER PERU S.A.C.	Granted	1000
1/03/2011	ESSENDON 26	WESTMINSTER PERU S.A.C.	Granted	1000
5/03/2014	LATIN ILO ESTE IX	WESTMINSTER PERU S.A.C.	Granted	900
28/01/2021	CARUCA	WESTMINSTER PERU S.A.C.	Granted	600
4/01/2022	SOLIS06	WESTMINSTER PERU S.A.C.	Granted	1000
4/01/2022	SOLIS04	WESTMINSTER PERU S.A.C.	Granted	400
4/01/2022	SOLIS03	WESTMINSTER PERU S.A.C.	Granted	500
4/01/2022	SOLIS05	WESTMINSTER PERU S.A.C.	Granted	500
4/01/2022	SOLIS02A	WESTMINSTER PERU S.A.C.	Granted	100
4/01/2022	SOLIS02	WESTMINSTER PERU S.A.C.	Granted	200
16/11/2022	SOLIS SUR 2	WESTMINSTER PERU S.A.C.	Granted	900
16/11/2022	SOLIS NORTE 1	WESTMINSTER PERU S.A.C.	Granted	1000
16/11/2022	SOLIS NORTE 4	WESTMINSTER PERU S.A.C.	Granted	900
16/11/2022	SOLIS NORTE 6	WESTMINSTER PERU S.A.C.	Granted	1000
16/11/2022	SOLIS NORTE 2	WESTMINSTER PERU S.A.C.	Granted	500
16/11/2022	SOLIS NORTE 3	WESTMINSTER PERU S.A.C.	Granted	1000
16/11/2022	SOLIS NORTE 5	WESTMINSTER PERU S.A.C.	Granted	1000
16/11/2022	SOLIS NORTE 7	WESTMINSTER PERU S.A.C.	Granted	1000
16/11/2022	SOLIS SUR 3	WESTMINSTER PERU S.A.C.	Granted	900
21/02/2023	SOLIS NORTE 10	WESTMINSTER PERU S.A.C.	Granted	1000
21/02/2023	SOLIS NORTE 11	WESTMINSTER PERU S.A.C.	Granted	400
21/02/2023	SOLIS NORTE 8	WESTMINSTER PERU S.A.C.	Granted	1000
21/02/2023	SOLIS NORTE 12	WESTMINSTER PERU S.A.C.	Granted	1000
21/02/2023	SOLIS KELLY 01	WESTMINSTER PERU S.A.C.	Granted	1000
21/02/2023	SOLIS KELLY 02	WESTMINSTER PERU S.A.C.	Granted	1000
22/06/2023	SOLIS NORTE 15	WESTMINSTER PERU S.A.C.	Granted	800
22/06/2023	SOLIS NORTE 13	WESTMINSTER PERU S.A.C.	Granted	1000
				30300
10 applications
28/01/2021	UCHUSUMA B	WESTMINSTER PERU S.A.C.	Application	400
28/01/2021	PALLAGUA1	WESTMINSTER PERU S.A.C.	Application	600
28/01/2021	UCHUSUMA A	WESTMINSTER PERU S.A.C.	Application	1000
4/01/2022	SOLIS07	WESTMINSTER PERU S.A.C.	Application	300
4/01/2022	SOLIS07A	WESTMINSTER PERU S.A.C.	Application	200
21/02/2023	SOLIS NORTE 9	WESTMINSTER PERU S.A.C.	Application	1000
22/06/2023	SOLIS NORTE 14	WESTMINSTER PERU S.A.C.	Application	900
22/06/2023	SOLIS NORTE 16	WESTMINSTER PERU S.A.C.	Application	1000
2/10/2023	SOLIS ILO ESTE I	WESTMINSTER PERU S.A.C.	Application	400
14/12/2023	SOLIS ILO ESTE II	WESTMINSTER PERU S.A.C.	Application	1000
				6800
7 new applications May 2nd 2024
2/05/2024	SOLIS NORTE 18	WESTMINSTER PERU S.A.C.	Application	1000
2/05/2024	SOLIS NORTE 19	WESTMINSTER PERU S.A.C.	Application	1000
2/05/2024	SOLIS NORTE 20	WESTMINSTER PERU S.A.C.	Application	1000
2/05/2024	SOLIS NORTE 21	WESTMINSTER PERU S.A.C.	Application	1000
2/05/2024	SOLIS NORTE 22	WESTMINSTER PERU S.A.C.	Application	1000
2/05/2024	SOLIS NORTE 17	WESTMINSTER PERU S.A.C.	Application	1000
2/05/2024	SOLIS NORTE 23	WESTMINSTER PERU S.A.C.	Application	1000
				7000

 

				Hectares
		Total titles	54	43500
		Granted	37	30300
		In Application	17	13800

 

APPENDIX 2

JORC Code, 2012 Edition - Table 1

Criteria	JORC Code explanation	Commentary
Sampling techniques	Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. Include reference to measures taken to ensure sample representativity and the appropriate calibration of any measurement tools or systems used. Aspects of the determination of mineralisation that are Material to the Public Report. In cases where 'industry standard' work has been done this would be relatively simple (e.g. 'reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a30 g charge for fire assay'). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information.	Rock chip and grab samples were taken from outcrop which exhibited visible copper oxide mineralisation, the samples are considered to be as representative as possible of the outcropping although they are grab samples and not representative of the body of mineralisation as a whole. Chanco al Palo Induced Polarisation survey (IP).. Equipment used are: Receptor RX,GDD/ Model GRx8-32-16ch; Transmitter TX 11, model Walcer KW 10; and Generator model 01 Honda EG6500CX 24 HP. Acquisition parameters: parameter mode of acquisition measurements time domain electrode config PDP (multidipole) dipole extension 100 m separ'n factor 10 measurement windows 20 delay time 2 Stacks 10 Reps 2 measured Vp range 1 to 5582.4 mV injected current intensity (mA): 0 to 1990 mA Ilo Este magnetometry survey sample regime described in the body of this release.
Drilling techniques	Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face- sampling bit or other type, whether core is oriented and if so, by what method, etc).	All historical drilling carried out at Ilo Este and Ilo Norte has been completed using diamond drilling at NQ core diameters No historic or new drilling has been reported in this announcement
Drill sample recovery	Method of recording and assessing core and chip sample recoveries and results assessed. Measures taken to maximise sample recovery and ensure representative nature of the samples. Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	No drilling reported herein
Logging	Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. The total length and percentage of the relevant intersections logged.	No drilling reported in this announcement Rock chip samples are logged and rock type lithologies, oxidation and quantities of and types of mineralisation noted
Sub-sampling techniques and sample preparation	If core, whether cut or sawn and whether quarter, half or all core taken. If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. For all sample types, the nature, quality and appropriateness of the sample preparation technique. Quality control procedures adopted for all sub-sampling stages to maximise representativity of samples. Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling. Whether sample sizes are appropriate to the grain size of the material being sampled.	No drill core or systematic rock channel sampling is reported in this announcem

FAQ

What is the recent update from Solis Minerals regarding its operations in Peru?

Solis Minerals has successfully applied for a 6,400-hectare package of underexplored copper exploration areas in Peru, previously held by Anaconda Copper, further establishing its presence in the region.

How many hectares does Solis Minerals currently hold in Peru?

Solis Minerals now holds a total of 43,500 hectares in Peru, mostly situated along a coastal belt with high copper exploration potential.

What type of projects is Solis Minerals focusing on in South America?

Solis Minerals is focusing on copper and lithium projects in South America, with a particular emphasis on drill-ready properties and mineralized systems.

Are there any upcoming drill permits for Solis Minerals 's projects in Peru?

Drill permit applications are underway for Ilo Este, Chancho Al Palo (Ilo Norte), and Cinto project areas in Peru, indicating the company's progress in advancing its exploration activities.

What exploration indicators have been identified in Solis Minerals 's recent applications in Peru?

Solis Minerals 's geologists have identified copper mineralization and alteration indicators in the recent applications, suggesting the potential presence of porphyry copper mineralization in the tenements.