Magnetic Survey Completed-Field Season Is Underway in Peru
HIGHLIGHTS
- Drone magnetic survey completes magnetic data acquisition at Ilo Norte
- Multiple new targets developed from 3D modelling and reprocessing of historical magnetic data in addition to newly acquired drone survey data at Ilo Norte
- Ground checking of targets at Ilo Norte is now underway
- Mapping and sampling at Ilo Este identified undrilled prospective zones
Vancouver, British Columbia--(Newsfile Corp. - August 10, 2023) - Solis Minerals Limited (TSXV: SLMN) (ASX: SLM) ("Solis" or the "Company") is pleased to announce the completion of a new magnetic drone survey and the reprocessing of historical magnetic data at Ilo Norte culminating in the identification of multiple high-priority targets. In addition to the survey completion, and as previously announced1, Solis has applied for an additional 3,700 hectares of highly prospective ground in the Ilo Norte region (Figure 1) and is also ground-checking new anomalies in both Ilo Norte and Ilo Este.
Executive Director, Matt Boyes, commented:
"The Peruvian exploration season has well and truly moved into high gear. We have now identified and secured additional tenements at Ilo Norte. We have also undertaken remote satellite data acquisition and processing, enabling us to focus on the most prospective areas now that exploration access is available.
Our tenements occupy what we believe to be a very prospective corridor for copper porphyry-hosted mineralisation within an Andean belt that hasn't been fully explored. Recent significant improvements in geophysical data processing technologies have enabled us to generate high-priority, undrilled targets from existing data sets. We are now ground-checking at both Ilo Norte and Ilo Este. These will be drill tested as soon as permitted."
1 See ASX release "Quarterly Activities Report" of 31 July 2023.
Ilo Norte Project, Peru (Solis
Figure 1: Ilo Norte Project expanded area showing Solis' exploration tenements and applications. Coincident magnetic and radial symmetry anomalies from reprocessed historical datasets are identified with letter/number combinations. Solis' recent aerial magnetic survey area is in the SE of the tenement package.
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Figure 2: Oblique northwest-southeast A-A section of Ilo Norte Project area, viewed from the north and showing reprocessed magnetic data showing magnetic anomalies (yellow) and radial symmetry filters (green-blue) - considered more prospective of intrusive bodies where coincident (S2 and S4)
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Solis has undertaken a magnetic vector inversion (MVI) with Fathom Geophysics of historical aerial magnetic data in the Ilo Norte area using modern software and filters. Analysis of the results, including structure analysis, has outlined several magnetic susceptibility anomalies associated with high-angle cross-structures across the main Andean structural trend. Some of these occur in ground acquired by Solis after its 2023 WorldView-3 (WV-3) satellite spectral imagery program. Other magnetic anomalies undercover have been identified in the southeast of the area and were applied for during June 2023 (Figure 1). Magnetic anomalies are often associated with magnetite-bearing intrusions or skarns in porphyry settings and are a valuable vector for porphyry copper-style mineralisation.
Figure 2 shows a northwest-southeast oblique section, viewed from the northeast, of the four magnetic anomalies S1-S4 shown in Figure 1. Magnetic anomalies (yellow) coincide with radial symmetry filter results at anomalies S2 and S4 and are considered more prospective. The radial symmetry filter highlights round features in the data, allowing the location of areas more likely to be intrusive bodies or discrete alteration zones. The radially symmetric features in the MVI area appear to line up along the NW-trending (Andean structures) and NNE- to NE-trending structures (cross-structures). This is consistent with what is expected for intrusive activity in the area.
Figure 3: Drone magnetometry survey underway at Ilo Norte
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Solis has recently flown a drone magnetometry survey over the southern portion of the Ilo Norte tenement package, an area previously not covered by historical surveys. Some 150 km lines of east-west and four north-south tie lines were flown in four days, covering an area of approximately 31km2 (Figures 3 & 4). The survey focused on following previous exploration, including remote sensing anomalies, prospective structures, and geological mapping. The objective was to identify structural architecture and magnetic highs and lows potentially associated with covered porphyries or their associated alteration. Four targets (M1-4, see Figure 5) were identified, and geological mapping and geochemical sampling are underway. Once field checked, induced polarisation geophysical surveys may be undertaken over areas considered more favourable as drilling targets.
Figure 4: Ilo Norte Project showing drone magnetometry survey results in the previously unsurveyed area
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Figure 5: Geophysical targets M1-M4 identified from drone magnetometry survey over the southern portion of the Ilo Norte tenement package
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Ilo Este Project, Peru (Solis
Geochemical mapping and sampling are underway at Ilo Este (Figures 6-8). Analysis of WV-3 satellite imagery in conjunction with previous data has focused exploration on a relatively unexplored western area of Ilo Este. An exposure of porphyritic quartz diorite with strong potassic alteration containing copper oxide minerals was located in an area previously untested by drilling (see Figures 7 & 8). Drill permitting will initiate shortly.
Figure 6: Sampling underway at Ilo Este on previously identified targets as part of ground checking of anomalies for drill testing
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Figure 7: Copper oxide minerals in hand specimen from potassic altered porphyritic diorites at Ilo Este # containing approximately
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Figure 8: Location map Ilo Este showing the position of grab sample from Figure 7; and nearby historical drill assay3
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Brazilian Lithium Projects
Jaguar Lithium Project
Solis has negotiated an extension to the due diligence period2 over the Jaguar asset until 1 September 2023 due to slow production rates experienced during the current drilling programme.
Borborema Lithium Project
An exploration team will mobilise in August to commence fieldwork on the Borborema Lithium Project. Solis controls more than 25,600ha of prospective tenements in the northern Brazilian states of Rio Grande do Norte and Paraiba.
About Solis Minerals Ltd.
Solis Minerals is a Latin American battery mineral-focused mining exploration company. The Company owns a
This announcement has been authorised for release to the TSX-V and ASX by the Board of Solis Minerals.
For further information, please contact:
Australia
Matt Boyes
Executive Director
Solis Minerals Limited
+61 8 6117 4798
Stephen Moloney
Investor Relations
Corporate Storytime
+61 (0) 403 222 052
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.
2 Refer to ASX announcement 31 May 2023 for further details of the Jaguar Lithium Project acquisition terms.
3 Refer to ASX announcement 22 December 2021, Solis' Prospectus and Independent Expert's Report p67, for details of historical drilling programs at Ilo Este. The Company confirms that it is not aware of any new information or data that materially affects the Prospectus and Independent Expert's Report.
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.sedarplus.ca. 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 Fred Tejada, P.Geo, 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.
All information about exploration results previously released to the market is appropriately referenced in this document.
Dislcaimer
In relying on the above mentioned ASX announcement and pursuant to ASX Listing Rule 5.23.2, the Company confirms that it is not aware of any new information or data that materially affects the information included in the above-mentioned announcement.
APPENDIX 1
Mining Concessions table
Westminster Peru SAC‐ Concessions and Applications as of April 17th 2023 | |||||
Number | Concession No | Registered Owner | Name | Size (Ha) | Status |
1 | 01‐05005‐08 | Westminster Peru Sac | LATIN ILO ESTE I | 800 | Granted |
2 | 01‐05003‐08 | Westminster Peru Sac | LATIN ILO ESTE II | 900 | Granted |
3 | 01‐05001‐08 | Westminster Peru Sac | LATIN ILO ESTE III | 600 | Granted |
4 | 01‐01952‐14 | Westminster Peru Sac | LATIN ILO ESTE IX | 900 | Granted |
5 | 01‐00830‐09 | Westminster Peru Sac | LATIN ILO NORTE | 1,000 | Granted |
6 | 01‐00831‐09 | Westminster Peru Sac | LATIN ILO NORTE | 1,000 | Granted |
7 | 01‐02511‐09 | Westminster Peru Sac | LATIN ILO NORTE | 700 | Granted |
8 | 01‐01844‐11 | Westminster Peru Sac | BRIDGETTE 1 | 1,000 | Granted |
9 | 01‐01849‐11 | Westminster Peru Sac | ESSENDON 26 | 1,000 | Granted |
10 | 01‐02513‐09 | Westminster Peru Sac | LATIN ILO NORTE | 1,000 | Granted |
11 | 01‐01845‐11 | Westminster Peru Sac | MADDISON 1 | 1,000 | Granted |
12 | 01‐02512‐09 | Westminster Peru Sac | LATIN ILO NORTE 7 | 1,000 | Granted |
13 | 01‐01840‐11 | Westminster Peru Sac | KELLY 00 | 700 | Granted |
14 | 01‐00125‐21 | Westminster Peru Sac | CARUCA | 600 | Granted |
15 | 01‐00134‐22‐A | Westminster Peru Sac | SOLIS 02A | 100 | Granted |
16 | 01‐00134‐22 | Westminster Peru Sac | SOLIS 02 | 200 | Granted |
17 | 01‐00135‐22 | Westminster Peru Sac | SOLIS03 | 500 | Granted |
18 | 01‐00136‐22 | Westminster Peru Sac | SOLIS04 | 400 | Granted |
19 | 01‐00137‐22 | Westminster Peru Sac | SOLIS05 | 500 | Granted |
20 | 01‐003231‐22 | Westminster Peru Sac | SOLIS06 | 1,000 | Granted |
21 | 01‐00139‐22 | Westminster Peru Sac | SOLIS07 | 300 | Application Submitted |
22 | 01‐00139‐22A | Westminster Peru Sac | SOLIS 07A | 200 | Application Submitted |
23 | 01‐00122‐21 | Westminster Peru Sac | UCHUSUMA A | 1,000 | Application Submitted |
24 | 01‐00123‐21 | Westminster Peru Sac | UCHUSUMA B | 400 | Application Submitted |
25 | 01‐00124‐21 | Westminster Peru Sac | PALLAGUA 1 | 600 | Application Submitted |
26 | 01‐02999‐22 | Westminster Peru Sac | SOLIS NORTE 1 | 1,000 | Application Submitted |
27 | 01‐03000‐22 | Westminster Peru Sac | SOLIS NORTE 2 | 500 | Granted |
28 | 01‐03001‐22 | Westminster Peru Sac | SOLIS NORTE 3 | 1,000 | Application Submitted |
29 | 01‐03002‐22 | Westminster Peru Sac | SOLIS NORTE 4 | 900 | Application Submitted |
30 | 01‐03003‐22 | Westminster Peru Sac | SOLIS NORTE 5 | 1,000 | Application Submitted |
31 | 01‐03004‐22 | Westminster Peru Sac | SOLIS NORTE 6 | 1,000 | Application Submitted |
32 | 01‐03005‐22 | Westminster Peru Sac | SOLIS NORTE 7 | 1,000 | Application Submitted |
33 | 01‐03008‐22 | Westminster Peru Sac | SOLIS SUR 2 | 900 | Application Submitted |
34 | 01‐03006‐22 | Westminster Peru Sac | SOLIS SUR 3 | 900 | Application Submitted |
35 | 01‐00232‐23 | Westminster Peru Sac | SOLIS NORTE 8 | 1,000 | Application Submitted |
36 | 01‐00324‐23 | Westminster Peru Sac | SOLIS NORTE 9 | 1,000 | Application Submitted |
37 | 01‐00325‐23 | Westminster Peru Sac | SOLIS NORTE 10 | 1,000 | Application Submitted |
38 | 01‐00326‐23 | Westminster Peru Sac | SOLIS NORTE 11 | 400 | Application Submitted |
39 | 01‐00327‐23 | Westminster Peru Sac | SOLIS NORTE 12 | 1,000 | Application Submitted |
40 | 01‐00328‐23 | Westminster Peru Sac | SOLIS KELLY 01 | 1,000 | Application Submitted |
41 | 01‐00329.23 | Westminster Peru Sac | SOLIS KELLY 02 | 1,000 | Application Submitted |
42 | 01-01445-23 | Westminster Peru Sac | SOLIS NORTE 13 | 1,000 | Application Submitted |
43 | 01-01446-23 | Westminster Peru Sac | SOLIS NORTE 14 | 900 | Application Submitted |
44 | 01-01447-23 | Westminster Peru Sac | SOLIS NORTE 15 | 800 | Application Submitted |
45 | 01-01448-23 | Westminster Peru Sac | SOLIS NORTE 16 | 1,00 | Application Submitted |
Total Ha | 35,700 | ‐ |
APPENDIX 2
JORC Code, 2012 Edition - Table 1
Section 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections)
Criteria | JORC Code explanation | Commentary |
Sampling techniques |
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Drilling techniques |
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Drill sample recovery |
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Logging |
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Sub-sampling techniques and sample preparation |
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Quality of assay data and laboratory tests |
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Verification of sampling and assaying |
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Location of data points |
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Data spacing and distribution |
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Orientation of data in relation to geological structure |
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Sample security |
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Audits or reviews |
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Other Substantive Data |
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