Solis Expands Peruvian Copper Exploration Portfolio with Canyon Project
October 04, 2024 1:20 PM EDT | Source: Solis Minerals Ltd.
HIGHLIGHTS
Large, new 25,600Ha project prospective for porphyry copper mineralisation
Canyon Project is located 675km NW of Ilo Este in Coastal Intrusive Belt
New project is bracketed along strike by porphyry Cu occurrences
Application made for 27 exploration concessions, providing low cost entry
Chancho al Palo drilling to commence by year end
West Leederville, Western Australia--(Newsfile Corp. - October 4, 2024) - Latin American focused copper-gold explorer, Solis Minerals Limited (ASX: SLM) ("Solis" or "the Company") is pleased to announce an update on exploration activities in Peru.
Solis has made applications for 27 exploration concessions, totalling 25,600Ha, in a contiguous block known as the Canyon Project. The target is copper porphyry mineralisation, principally oxides, situated on a NW-SE prospective trend with known porphyry occurrences just outside the application area, as well as reported exploration activities within the area itself.
The application area contains a belt of intrusive rocks known as the Coastal Batholith that stretches from the Ecuadorian border in the north to the Chilean border in the south along the coast of Peru (refer Figure 1).
Mike Parker, Executive Director of Solis, commented:
"This is a significant opportunity for Solis to continue exploring for copper in its area of expertise, the intrusive belts of the coast of Peru. This large prospective block is bracketed by porphyry copper projects along strike, which are localised by cross faulting.
In the application area, similar structures were identified in previous exploration, which will be the immediate area of focus. The relative lack of cover rocks will enable us to use geochemistry as a rapid and efficient tool to focus in on follow-up areas. Our focused staking strategy is the most cost-effective way of adding to our exploration pipeline.
In addition, we believe this area adds another element to our copper strategy in providing an opportunity to explore for near surface heap-leachable copper oxide resources* that offer relatively less expensive and easier fast-track copper production." (*refer JORC Tables).
These rocks, of Late Jurassic to Cretaceous age, host (from south to north) Solis' Ilo projects (Ilo Este, Guaneros, Chancho Al Palo) as well as important copper deposits of Tia Maria and Zafranal in Arequipa, the Almacen prospect 8km south-east of the applications, and the Los Pinos project 4km north-west, plus several other Cu projects and prospects (refer Figure 1). Additionally, the concessions are bound to the east by the operating Cerro Lindo VMS mine.
Figure 1: Coastal Intrusive Belt as indicated in green. Canyon is located in the NW of the figure, with Solis' other projects (Ilo Este, Chancho Al Palo, Guaneros) located in the SE. Other intrusive belts shown in different colours. Geology and data points derived from USGS* (*refer JORC tables).
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1134/225607_solisfig1.jpg
The application area is approximately 22km by 12km and the geology predominantly consists of granodiorite and tonalite. These intrusive rocks dip steeply to the west with structures aligned along NW-SE strike. Prominent high-angle faults cut across strike and seem to localise the occurrences of porphyry style mineralisation within the intrusive rocks (refer Figure 2).
Figure 2: Local geology and Cu prospects with cross faults and Cu prospects bracketing applications.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1134/225607_solisfig2.jpg
Rapid reconnaissance in zones of interest will consist of geological mapping and geochemistry sampling, commencing in areas of previously reported exploration* (*refer JORC tables). In the medium term, remote sensing will be used to vector further exploration. Targets identified will be permitted and incorporated into the Solis' project pipeline (refer Table 1).
Exploration and Drilling Pipeline
Solis is advancing its portfolio of targets in the Coastal Belt of Peru to targeted drilling programs as shown in the table below. The data in red indicates progress since the last announcement on 17 September 20241.
Table 1: Solis Project Portfolio Pipeline
Project | Target | Mapping | Magnetometry | Induced Polarisation | Drill Targeting | Drill Permitting | Expected Drilling Date* |
Chancho al Palo | Porphyry Cu - Au and IOCG | 100% | 100% | 100% | 100% | Underway | Q4/24 |
Ilo Este | Porphyry Cu - Au | 100% | 100% | 100% | 100% | Underway | Q1/25 |
Cinto | Porphyry Cu - Mo | 45% | 100% | 50% | Q3-4/25 | ||
Guaneros | Porphyry Cu - Au | 20% | 100% | 30% | Q4/25 | ||
Regional Norte Phase 1 | Porphyry Cu-Au | 25% | 100% | N/A | 75% | Q1/26 | |
Canyon | Porphyry Cu | 5% | Q3/26 |
* Dependent upon securing permits from authorities.
ENDS
1 SLM ASX Announcement dated 17 September 2024 - Guaneros Drone Mag and Geochemistry Identifies Targets.
This announcement is authorised by Michael Parker, Executive Director of Solis Minerals Ltd.
Contact
Michael Parker
Executive Director
Solis Minerals Limited
+61 8 6117 4795
Media & Broker Enquiries:
Andrew Rowell & Jason Mack
Investor Relations
White Noise Communications
andrew@whitenoisecomms.com
jason@whitenoisecomms.com
+61 400 466 226
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 Limited
Solis Minerals is an emerging exploration company, focused on unlocking the potential of its South American critical minerals portfolio. The Company is building a significant copper portfolio around its core tenements of Ilo Este and Ilo Norte and elsewhere in the Coastal Belt of Peru and currently holds 77 exploration concessions for a total of 66,100Ha (40 concessions granted with 37 applications in process). The Company is led by a highly-credentialled and proven team with excellent experience across the mining lifecycle in South America. Solis is actively considering a range of new opportunities across varied commodities and jurisdictions. South America is a key player in the global export market for critical minerals and Solis, under its leadership team, is strategically positioned to capitalise on growth the opportunities within this mineral-rich region.
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 Michael Parker, 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 Michael Parker, a Competent Person who is a Fellow of the Australasian Institute of Mining and Metallurgy. Mr Parker 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 Parker consents to the inclusion in this report of the matters based on information in the form and context in which it appears. Mr Parker 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 in Peru as of 10 September 2024
Solis Permit Status - September 2024 | ||||||
Date | Concession | Project | Status | Ha | Interest Held | |
CANYON | ||||||
1. | 10/09/2024 | Solis C01 | Canyon | Application | 1,000 | 0% |
2. | 10/09/2024 | Solis C02 | Canyon | Application | 1,000 | 0% |
3. | 10/09/2024 | Solis C03 | Canyon | Application | 900 | 0% |
4. | 10/09/2024 | Solis C04 | Canyon | Application | 900 | 0% |
5. | 10/09/2024 | Solis C05 | Canyon | Application | 800 | 0% |
6. | 10/09/2024 | Solis C06 | Canyon | Application | 1,000 | 0% |
7. | 10/09/2024 | Solis C07 | Canyon | Application | 1,000 | 0% |
8. | 10/09/2024 | Solis C08 | Canyon | Application | 1,000 | 0% |
9. | 10/09/2024 | Solis C09 | Canyon | Application | 1,000 | 0% |
10. | 10/09/2024 | Solis C10 | Canyon | Application | 1,000 | 0% |
11. | 10/09/2024 | Solis C11 | Canyon | Application | 600 | 0% |
12. | 10/09/2024 | Solis C12 | Canyon | Application | 1,000 | 0% |
13. | 10/09/2024 | Solis C13 | Canyon | Application | 1,000 | 0% |
14. | 10/09/2024 | Solis C14 | Canyon | Application | 1,000 | 0% |
15. | 10/09/2024 | Solis C15 | Canyon | Application | 1,000 | 0% |
16. | 10/09/2024 | Solis C16 | Canyon | Application | 1,000 | 0% |
17. | 10/09/2024 | Solis C17 | Canyon | Application | 1,000 | 0% |
18. | 10/09/2024 | Solis C18 | Canyon | Application | 1,000 | 0% |
19. | 10/09/2024 | Solis C19 | Canyon | Application | 1,000 | 0% |
20. | 10/09/2024 | Solis C20 | Canyon | Application | 1,000 | 0% |
21. | 10/09/2024 | Solis C21 | Canyon | Application | 1,000 | 0% |
22. | 10/09/2024 | Solis C22 | Canyon | Application | 1,000 | 0% |
23. | 10/09/2024 | Solis C23 | Canyon | Application | 1,000 | 0% |
24. | 10/09/2024 | Solis C24 | Canyon | Application | 1,000 | 0% |
25. | 10/09/2024 | Solis C25 | Canyon | Application | 1,000 | 0% |
26. | 10/09/2024 | Solis C26 | Canyon | Application | 500 | 0% |
27. | 10/09/2024 | Solis C27 | Canyon | Application | 900 | 0% |
Canyon Total Application | 25,600 | |||||
CHANCHO AL PALO | ||||||
1. | 13/10/2009 | LATIN ILO NORTE 8 | Chancho Al Palo | Granted | 1,000 | 100% |
2. | 1/03/2011 | MADDISON 1 | Chancho Al Palo | Granted | 1,000 | 100% |
3. | 1/03/2011 | BRIDGETTE 1 | Chancho Al Palo | Granted | 1,000 | 100% |
4. | 1/03/2011 | ESSENDON 26 | Chancho Al Palo | Granted | 1,000 | 100% |
5. | 16/11/2022 | SOLIS NORTE 1 | Chancho Al Palo | Granted | 1,000 | 100% |
6. | 16/11/2022 | SOLIS NORTE 2 | Chancho Al Palo | Granted | 500 | 100% |
Chancho Al Palo Total Granted | 5,500 | |||||
CINTO | ||||||
1. | 4/01/2022 | SOLIS06 | Cinto | Granted | 1,000 | 100% |
2. | 4/01/2022 | SOLIS04 | Cinto | Granted | 400 | 100% |
3. | 4/01/2022 | SOLIS03 | Cinto | Granted | 500 | 100% |
4. | 4/01/2022 | SOLIS05 | Cinto | Granted | 500 | 100% |
5. | 4/01/2022 | SOLIS02A | Cinto | Granted | 100 | 100% |
6. | 4/01/2022 | SOLIS02 | Cinto | Granted | 200 | 100% |
7. | 4/01/2022 | SOLIS07 | Cinto | Application | 300 | 0% |
8. | 4/01/2022 | SOLIS07A | Cinto | Application | 200 | 0% |
Cinto Total Granted | 2,700 | |||||
Cinto Total Application | 500 | |||||
GUANEROS | ||||||
1. | 2/05/2024 | SOLIS NORTE 18 | Guaneros | Application | 1,000 | 0% |
2. | 2/05/2024 | SOLIS NORTE 19 | Guaneros | Application | 1,000 | 0% |
3. | 2/05/2024 | SOLIS NORTE 20 | Guaneros | Application | 1,000 | 0% |
4. | 2/05/2024 | SOLIS NORTE 21 | Guaneros | Application | 700 | 0% |
5. | 2/05/2024 | SOLIS NORTE 22 | Guaneros | Application | 400 | 0% |
6. | 2/05/2024 | SOLIS NORTE 17 | Guaneros | Application | 1,000 | 0% |
7. | 2/05/2024 | SOLIS NORTE 23 | Guaneros | Application | 1,000 | 0% |
Guaneros Total Application | 6,100 | |||||
Ilo Este | ||||||
1. | 22/08/2008 | LATIN ILO ESTE III | Ilo Este | Granted | 600 | 100% |
2. | 22/08/2008 | LATIN ILO ESTE I | Ilo Este | Granted | 800 | 100% |
3. | 22/08/2008 | LATIN ILO ESTE II | Ilo Este | Granted | 900 | 100% |
4. | 5/03/2014 | LATIN ILO ESTE IX | Ilo Este | Granted | 900 | 100% |
5. | 2/10/2023 | SOLIS ILO ESTE I | Ilo Este | Granted | 400 | 100% |
6. | 14/12/2023 | SOLIS ILO ESTE II | Ilo Este | Application | 1,000 | 0% |
Ilo Este Total Granted | 3,600 | |||||
Ilo Este Total Application | 1,000 | |||||
Ilo Norte | ||||||
1. | 11/03/2009 | LATIN ILO NORTE 4 | Ilo Norte | Granted | 1,000 | 100% |
2. | 11/03/2009 | LATIN ILO NORTE 3 | Ilo Norte | Granted | 1,000 | 100% |
3. | 13/10/2009 | LATIN ILO NORTE 7 | Ilo Norte | Granted | 1,000 | 100% |
4. | 13/10/2009 | LATIN ILO NORTE 6 | Ilo Norte | Granted | 700 | 100% |
Ilo Norte Total Granted | 3,700 | |||||
REGIONAL NORTH TOTAL | ||||||
1. | 16/11/2022 | SOLIS NORTE 4 | Regional North | Granted | 900 | 100% |
2. | 16/11/2022 | SOLIS NORTE 6 | Regional North | Granted | 1,000 | 100% |
3. | 16/11/2022 | SOLIS NORTE 3 | Regional North | Granted | 1,000 | 100% |
4. | 16/11/2022 | SOLIS NORTE 5 | Regional North | Granted | 1,000 | 100% |
5. | 16/11/2022 | SOLIS NORTE 7 | Regional North | Granted | 1,000 | 100% |
6. | 21/02/2023 | SOLIS NORTE 10 | Regional North | Granted | 1,000 | 100% |
7. | 21/02/2023 | SOLIS NORTE 11 | Regional North | Granted | 400 | 100% |
8. | 21/02/2023 | SOLIS NORTE 8 | Regional North | Granted | 1,000 | 100% |
9. | 21/02/2023 | SOLIS NORTE 9 | Regional North | Granted | 1,000 | 100% |
10. | 21/02/2023 | SOLIS NORTE 12 | Regional North | Granted | 1,000 | 100% |
11. | 22/06/2023 | SOLIS NORTE 14 | Regional North | Granted | 900 | 100% |
12. | 22/06/2023 | SOLIS NORTE 15 | Regional North | Granted | 800 | 100% |
13. | 22/06/2023 | SOLIS NORTE 16 | Regional North | Granted | 1,000 | 100% |
14. | 22/06/2023 | SOLIS NORTE 13 | Regional North | Granted | 1,000 | 100% |
Regional North Total Granted | 13,000 | |||||
1. | 28/01/2021 | CARUCA | Regional South | Granted | 600 | 100% |
2. | 16/11/2022 | SOLIS SUR 2 | Regional South | Granted | 900 | 100% |
3. | 16/11/2022 | SOLIS SUR 3 | Regional South | Granted | 900 | 100% |
4. | 21/02/2023 | SOLIS KELLY 01 | Regional South | Granted | 1,000 | 100% |
5. | 21/02/2023 | SOLIS KELLY 02 | Regional South | Granted | 1,000 | 100% |
Regional South Total Granted | 4,400 | 100% | ||||
Concession Overview | ||||||
Granted | 40 | |||||
Granted Ha | 32,900 | |||||
In Application | 37 | |||||
In Application Ha | 33,200 |
Concessions released 01 July 2024 | ||||
Date | Concession | Project | Status | Ha |
1/03/2011 | KELLY 00 | Released | Granted | 700 |
28/01/2021 | UCHUSUMA B | Released | Application | 400 |
28/01/2021 | PALLAGUA1 | Released | Application | 600 |
28/01/2021 | UCHUSUMA A | Released | Application | 1000 |
APPENDIX 2
JORC Code, 2012 Edition - Table 1
Criteria | JORC Code explanation | Commentary |
Sampling techniques |
|
|
Drilling techniques |
|
|
Drill sample recovery |
|
|
Logging |
|
|
Criteria | JORC Code explanation | Commentary |
| ||
Sub-sampling techniques and sample preparation |
|
|
Quality of assay data and laboratory tests |
|
|
Verification of Sampling and assaying |
|
|
Location of data points |
|
|
Data spacing and distribution |
|
|
Criteria | JORC Code explanation | Commentary |
distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.
| ||
Orientation of data in relation to geological structure |
|
|
Sample security |
|
|
Audits or reviews |
|
|
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 |
|
|
Exploration done by other parties |
|
Version 1.0 "Porphyry Copper Deposits of the World: Database, Map, and Grade and Tonnage Models By Donald A. Singer, Vladimir I. Berger, and Barry C. Moring 2005".
Tamerlane Ventures Inc, June 11, 2013. |
Geology |
|
|
Drill hole Information |
|
|
Criteria | JORC Code explanation | Commentary |
Data aggregation methods |
|
|
Relationship between mineralisation widths and intercept lengths |
|
|
Diagrams |
|
|
Balanced reporting |
|
|
Other substantive exploration data |
|
|
Further work |
|
|
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/225607