Solis Minerals Provides Exploration Update for Peru, Borborema, Brazil
Solis Minerals provides an exploration update for Peru and Borborema, Brazil, with drill permitting underway, significant geophysical targets identified, and a growing copper asset portfolio. The company continues to review new opportunities and cost-cutting measures while reviewing assay data from recent drilling programs. Positive signs for copper targets at Ilo Este and Chancho al Palo, with plans for drill permit applications. No significant lithium mineralization reported at Estrela and Mina Vermelha projects.
Significant geophysical targets identified at Chancho al Palo and Ilo Este
Continual growth in the copper asset portfolio
Reviewing multiple new opportunities across varied commodities and jurisdictions
No significant lithium mineralization reported at Estrela and Mina Vermelha projects
Reduction in the regional team amidst the review of new opportunities
HIGHLIGHTS
Drill permitting underway at Ilo Este with initial drill programme design underway, Chancho al Palo drill permitting commencing in May
Significant geophysical targets identified at Chancho al Palo and Ilo Este following up from excellent initial IP results, surface exposure at Chancho confirms copper mineralisation
Copper asset portfolio continually growing with an additional licence pegged at Ilo Este and several other large packages under review
Solis continues to review multiple new opportunities across varied commodities and jurisdictions
West Leederville, Western Australia--(Newsfile Corp. - April 29, 2024) - Solis Minerals Limited (ASX: SLM) ("Solis" or the "Company") announces an update on the recently completed drilling programme at both the Estrela and Mina Vermelha prospects in Borborema, regional geochemical soil programme in Brazil and geophysical target generation in Peru.
Executive Director, Matthew Boyes, commented:
"Our Peruvian copper assets are quickly moving to the fore and we have some very promising targets generated by our team on the ground. Ilo Este and Chancho al Palo both look to be excellent copper targets and we look forward to getting the permitting granted and start drilling as soon as possible"
"Solis is also constantly reviewing potential acquisitions and has implemented a series of cost cuts across the group with only essential expenditure being maintained until a new project is secured."
"The final assays have now been received for the Estrela and Mina Vermelha drilling but no lithium mineralisation of significance was reported. We are now undertaking a final review of all assay data from both Estrela and Mina Vermelha before deciding the next steps with regards to follow up exploration. Our first pass mapping and geochemical programmes have also advanced following access restrictions caused by high rainfall earlier in the year".
Peru Copper
A detailed magnetic drone survey has been completed over extensions of Ilo Este; and an induced polarisation (IP) geophysical survey has been undertaken at Chancho al Palo (Ilo Norte) which followed-up a previous magnetic drone survey.
IP at Chancho Al Palo (Ilo Norte)
To complement the extensive geological mapping campaign carried out during 2023 and the drone magnetometry survey of May 2023, an area in Chancho al Palo was covered by 8 lines of time-domain IP geophysical surveys of 16.7km total length. Dipole interval was 100m and line spacing 250m. The lines were oriented WNW to ESE and were limited to the east by the presence of recent sediments including caliche (calcrete). The survey was carried out by the Peruvian company Deep Sounding EIRL.
Figure 1; IP chargeability anomalies identified at Ilo Norte, Chancho al Palo project, Target 1 and Target 2 are coincident with Magnetic anomalies previously identified (see Figure 2, below).
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The focus of the survey was an eastern zone of Jurassic volcano-sedimentary rocks intruded by the Cretaceous coastal batholith, and similar rocks to the west displaying development of extensive hornfels alteration. The eastern area is considered prospective for porphyry mineralisation whilst the western area is prospective for IOCG (Iron oxide copper gold) style mineralisation. The areas are separated by a north-south fault with interpreted downthrow to the west with the IOCG zone being considered a higher-emplaced more distal expression of potential porphyry mineralisation to the east.
Figure 2; Drone magnetic RTP anomaly coincident with IP anomaly at Ilo Norte, Chancho al Palo project.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1134/207248_figure2.jpg
Copper mineralisation occurrences discovered during the geology mapping program in both the IOCG and porphyry target areas are shown in Figures 3 & 4 below.
Figure 3; Tourmaline breccias1 at Chancho al Palo with copper oxides in tuffs - eastern porphyry zone (Coordinates 254930E, 8068540N).
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https://images.newsfilecorp.com/files/1134/207248_figure3.jpg
1The presence of copper oxides in surface samples indicate 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.
Figure 4; Copper oxides1 in structures associated with calcic, sodic, and epidote alteration with specularite veining - western IOCG zone, Chancho al Palo (Coordinates 254478E, 8068009N).
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https://images.newsfilecorp.com/files/1134/207248_figure4.jpg
It is planned to submit drill permit applications at Chanco al Palo in May 2024.
Drone magnetometry at Ilo Este.
In December 2023, 56.4 line km of drone magnetometry was carried out by Real Eagle Explorations EIRL at the eastern extension of the Ilo Este licences (see Figure 5, below). The average altitude of the drone was 35m and 25 readings per second were taken at a ground velocity of 10m/second. A mobile 01MagArrow-SX magnetometer was utilised to acquire the data. The area was constrained by the presence of high-tension powerlines to the south-east and a distance of 200m was maintained from the lines for safety and quality control purposes. The data is considered to be unimpacted by potential magnetic fields generated by the powerlines.
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.
Figure 5; Drone magnetometry survey completed at Ilo Este, north-east extension. The area has been successfully staked by Solis and normal final issuance procedures for grant of the licence are underway.
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https://images.newsfilecorp.com/files/1134/207248_figure5.jpg
The area is flanked by the regional Chololo fault to the northwest and is characterized by the accumulation of quaternary sediments in a SW-NE trending structural corridor. Very little outcrop is present. Ground magnetometry carried out in 2014 indicated a buried magnetic susceptibility anomaly in the west of the survey area and the drone survey was a direct follow- up of this in the permit Solis Ilo Este I (Figure 6). The continuation of the anomaly led to the application of permit Solis Ilo Este II immediately prior to the drone survey.
Results of the 2014 ground magnetometry and 2023 drone magnetometry have been analysed and stitched together by Fathom Geophysics of the USA and shown in the Figure 6 below.
Figure 6; View of permits Solis Ilo Este I and II from the SW (minus 45 degrees) with induced magnetic anomalies shown as isosurfaces. A1 and A2 are anomalies in highly favourable structural settings indicating the potential presence of buried intrusives with associated magnetite. A3 is a subtler anomaly, probably more deeply buried than A1 or A2.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1134/207248_figure6.jpg
The results show the presence of potential alteration associated with magnetite that can be interpreted as extensions of the porphyry-style mineralisation encountered at Ilo Este to the west across the Chololo regional fault. Depth to the anomalies is uncertain albeit A1 and A2 appear to be closer to the surface than A3. Follow-up mapping of incised valleys and float will be undertaken to assess drill targets.
The contract for drill permitting of Ilo Este has been awarded to Grupo GyA Soluciones GeoAmbientales SAC of Lima Peru and environmental monitoring programs are currently underway on the permits to support the application (Figure 7 below). Updates on the progress of the drill permitting will be reported as the Company progresses through the process.
Figure 7; Environmental monitoring station at Ilo Este,. April 2024. For drill permitting purposes, this station will remain operational for 24 hours a day for one month.
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https://images.newsfilecorp.com/files/1134/207248_figure7.jpg
Figure 8; Current tenement holding in Peru both granted and applications. Solis now has 37,100 hectares of tenements in Southern Peru.
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https://images.newsfilecorp.com/files/1134/207248_figure8.jpg
Borborema Geochemical programme
A total of 843 geochemical soil samples were taken across three tenements on a 200m x 100m grid spacing in the North eastern portion of the Borborema project. The objective of the programme, in conjunction with field mapping and reconnaissance, was to indentify potential lithium bearing pegmatite sytems within previously unexplorerd terrain. 585 assay results have now been reported, with no material results recorded for lithium suite minerals, base or precious metals. Solis has temporarily halted further expenditure on geochemical sampling until all tenements are mapped and priority target areas identified.
Figure 9; Geochemical sampling undertaken to date on Borborema tenement package.
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https://images.newsfilecorp.com/files/1134/207248_figure9.jpg
Mina Vermelha and Estrela
All assay results have now been reported from the maiden drill programmes at Mina Vermelha and Estrela projects. No material assays for Lithium or any Lithium suite elements were reported. A full review of all geochemical data and logged pegmatites is being completed to assist with future exploration activities at Estrela. The proximity and strike of the Estrela pegmatite bodies are consistent with larger, well mineralised, pegmatite systems such as Salgadinho (located 350m to NE) and although drilling to date has not intersected lithium bearing dykes below mineralised outcrop, Solis believes potential still exists for discovery of Lithium bearing pegmatite systems on the extensive Estrela project.
Mina Vermelha has also not reported any material Lithium assays and a final field investigation will be carried out before a decision to continue with the option agreement at Mina Vermelha is taken by the Board. At this stage, considering the results obtained, it is unlikely Solis will contiune with any additional expenditure at this project.
Next Steps
Solis is prioritising the advancement of the drill pemitting process in Peru over its Ilo Este and Chancho Al Palo (Ilo Norte) project areas while continuing to review lithium and copper opportunities in South America.
Approximately 270 assays are pending for the initial geochemical programme in Borborema. Once received, anomalous areas of mineralisation will be followed up with additional sampling and ground checking. The regional team has been reduced significantly while the company review new opportunities and prepare for the next drill program.
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
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
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
Table 1: Drillholes collar table of completed drilling at Mina Vermelha and Estrela
| Hole_id | x | y | Z (m) | max_depth (m) | tenement | date_started |
| ESDDH00001 | 763725.3 | 9271183.9 | 457.9 | 203.7 | 848223/2015 | 07/10/2023 |
| ESDDH00002 | 763560.6 | 9270735.9 | 474.6 | 158.5 | 848223/2015 | 16/10/2023 |
| ESDDH00003 | 763498.7 | 9270373.7 | 509.0 | 138.0 | 848223/2015 | 20/10/2023 |
| ESDDH00004 | 764115.1 | 9271230.2 | 453.4 | 135.7 | 848223/2015 | 25/10/2023 |
| ESDDH00005 | 763393.8 | 9270741.5 | 473.0 | 96.3 | 848223/2015 | 26/10/2023 |
| ESDDH00006 | 763458.5 | 9270515.0 | 508.1 | 119.7 | 848223/2015 | 28/10/2023 |
| ESDDH00007 | 764153.6 | 9271126.1 | 457.5 | 179.9 | 848223/2015 | 01/11/2023 |
| ESDDH00008 | 763926.7 | 9270966.9 | 464.4 | 143.9 | 848223/2015 | 03/11/2023 |
| ESDDH00009 | 763563.8 | 9271219.6 | 448.3 | 156.0 | 848223/2015 | 08/11/2023 |
| ESDDH00010 | 762964.2 | 9271400.1 | 454.6 | 117.7 | 848223/2015 | 15/11/2023 |
| ESDDH00011 | 763067.2 | 9271330.8 | 455.5 | 141.0 | 848223/2015 | 17/11/2023 |
| ESDDH00012 | 763031.7 | 9271330.8 | 457.7 | 69.4 | 848223/2015 | 21/11/2023 |
| ESDDH00013 | 763724.8 | 9271183.2 | 459.0 | 150.4 | 848223/2015 | 24/11/2023 |
| ESDDH00014 | 762932.1 | 9270743.4 | 476.0 | 150.3 | 848223/2015 | 29/11/2023 |
| ESDDH00015 | 762479.5 | 9272029.2 | 405.1 | 121.1 | 848223/2015 | 05/12/2023 |
| MVDDH00001 | 760015.1 | 9246136.9 | 392.9 | 176.4 | 840041/1985 | 03/11/2023 |
| MVDDH00002 | 760014.6 | 9246139.6 | 390.7 | 347.9 | 840041/1985 | 10/11/2023 |
| MVDDH00003 | 759946.1 | 9245945.5 | 400.7 | 37.2 | 840041/1985 | 27/11/2023 |
| MVDDH00004 | 759945.1 | 9245946.5 | 400.7 | 95.4 | 840041/1985 | 29/11/2023 |
| MVDDH00005 | 759942.3 | 9245952.9 | 398.1 | 303.4 | 840041/1985 | 04/12/2023 |
| MVDDH00006 | 760040.2 | 9246304.4 | 400.2 | 198.4 | 840041/1985 | 08/12/2023 |
| MVDDH00007 | 760102.1 | 9246072.5 | 377.3 | 150.4 | 840041/1985 | 13/12/2023 |
| MVDDH00008 | 760057.7 | 9246822.5 | 389.3 | 150.0 | 840041/1985 | 16/12/2023 |
| MVDDH00009 | 760594.6 | 9245649.4 | 333.9 | 150.5 | 840041/1985 | 19/12/2023 |
APPENDIX 2
Mining Concessions table
Westminster Peru SAC‐ Concessions and Applications as of 24th April 2024
| NUMBER | CONCESSION NO. | CONCESSION | REGISTERED OWNER | Area Ha | STATUS | PROJECT |
| 1 | 10012221 | UCHUSUMA A | WESTMINSTER PERU S.A.C. | 1000 | Application | REGIONAL |
| 2 | 10012321 | UCHUSUMA B | WESTMINSTER PERU S.A.C. | 400 | Application | REGIONAL |
| 3 | 10012421 | PALLAGUA1 | WESTMINSTER PERU S.A.C. | 600 | Application | REGIONAL |
| 4 | 10012521 | CARUCA | WESTMINSTER PERU S.A.C. | 600 | Granted | REGIONAL |
| 5 | 10013422 | SOLIS02 | WESTMINSTER PERU S.A.C. | 200 | Granted | CINTO |
| 6 | 10013522 | SOLIS03 | WESTMINSTER PERU S.A.C. | 500 | Granted | CINTO |
| 7 | 10013622 | SOLIS04 | WESTMINSTER PERU S.A.C. | 400 | Granted | CINTO |
| 8 | 10013722 | SOLIS05 | WESTMINSTER PERU S.A.C. | 500 | Granted | CINTO |
| 9 | 10013822 | SOLIS06 | WESTMINSTER PERU S.A.C. | 1000 | Granted | CINTO |
| 10 | 10013922 | SOLIS07 | WESTMINSTER PERU S.A.C. | 300 | Application | CINTO |
| 11 | 10032323 | SOLIS NORTE 8 | WESTMINSTER PERU S.A.C. | 1000 | Granted | REGIONAL |
| 12 | 10032423 | SOLIS NORTE 9 | WESTMINSTER PERU S.A.C. | 1000 | Application | REGIONAL |
| 13 | 10032523 | SOLIS NORTE 10 | WESTMINSTER PERU S.A.C. | 1000 | Application | REGIONAL |
| 14 | 10032623 | SOLIS NORTE 11 | WESTMINSTER PERU S.A.C. | 400 | Application | REGIONAL |
| 15 | 10032723 | SOLIS NORTE 12 | WESTMINSTER PERU S.A.C. | 1000 | Application | REGIONAL |
| 16 | 10032823 | SOLIS KELLY 01 | WESTMINSTER PERU S.A.C. | 1000 | Granted | REGIONAL |
| 17 | 10032923 | SOLIS KELLY 02 | WESTMINSTER PERU S.A.C. | 1000 | Application | REGIONAL |
| 18 | 10083009 | LATIN ILO NORTE 3 | WESTMINSTER PERU S.A.C. | 1000 | Granted | ILO NORTE |
| 19 | 10083109 | LATIN ILO NORTE 4 | WESTMINSTER PERU S.A.C. | 1000 | Granted | ILO NORTE |
| 20 | 10144523 | SOLIS NORTE 13 | WESTMINSTER PERU S.A.C. | 1000 | Application | REGIONAL |
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FAQ
What is the update provided by Solis Minerals ?
Solis Minerals provides an exploration update for Peru and Borborema, Brazil, with significant geophysical targets identified and ongoing drill permitting.
What are the key projects mentioned in the press release?
The key projects mentioned are the Ilo Este and Chancho al Palo projects, showing promising copper targets.
Are there plans for drill permit applications?
Yes, drill permit applications are planned for Chanco al Palo in May 2024.
Is there any significant lithium mineralization reported?
No, significant lithium mineralization was reported at the Estrela and Mina Vermelha projects.
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