CORRECTION FROM SOURCE: Solis Bolsters Copper Landholding in Peru
May 10, 2024 7:27 PM EDT | Source: Solis Minerals Ltd.
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
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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
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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)
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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
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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
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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 |
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Ilo Este magnetometry survey sample regime described in the body of this release. | ||||||||||||||||||||||
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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Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section)
Criteria | JORC Code explanation | Commentary |
Mineral tenement and land tenure status |
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Exploration done by other parties |
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Geology |
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Drill hole Information |
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Criteria | JORC Code explanation | Commentary |
Data aggregation methods |
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Relationship between mineralisation widths and intercept lengths |
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Diagrams |
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Balanced reporting |
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Other substantive exploration data |
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Further work |
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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/208869