HIGHLIGHTS
Solis has contracted a drone airborne magnetometry survey at the recently staked Guaneros Project area
Program will start in early August with results expected during the month
Identified anomalies are anticipated to be followed up where practical with ground based Induced Polarisation surveys to assist with the final target and drill design programmes
Geochemical sampling and mapping will continue to gain a better understanding of any alteration and mineralisation styles present and assist with targeting of the first drill programmes
Guaneros is the fourth project area being progressed to drill status for copper porphyry targeting in Southern Peru and is situated on the prospective Coastal Belt between the Ilo Este and Chancho Al Palo drill targets
West Leederville, Western Australia--(Newsfile Corp. - July 23, 2024) - Solis Minerals Limited (ASX: SLM) (TSXV: SLMN) (OTCQB: SLMFF) ("Solis" or the "Company") is pleased to announce an update on exploration activities at the Guaneros Project in Peru (see Figures 1, 2 & 3). Solis has contracted a geophysical contractor to carry out a maiden drone airborne magnetometry survey to assist in fast-tracking target generation, identify zones for further geophysical follow- up, and formulate the drill permitting application. Airborne magnetometry is useful in detecting the presence of magnetite in the subsurface that can be a vector for porphyry alteration.
Executive Director, Matthew Boyes, commented: "We are starting to gain some real momentum now in the exploration programmes on our quality copper portfolio in Peru. Airborne mag surveys are a great tool to assist with the initial targeting of the first drillholes at Guaneros. In conjunction with IP surveys and geochemical surveys we hope to start to see target generation similar to our Ilo Este and Chancho Al Palo targets on a prospective trend a few kilometres to the south-east and north-west respectively. Ilo Este in particular has an outstanding magnetic and IP geophysical signature combined with surface mineralisation in altered porphyry rocks1.
"Guaneros is a new project for Solis, which was pegged in early May. I am looking forward to seeing the first results and advancing the target. We are advancing our four project areas in Peru and aim to have them aligned to be drilled sequentially, starting firstly with Chancho Al Palo as early as December this year, depending on permitting."
1 Refer ASX release 30th January 2024.
Figure 1: Map of Guaneros Project tenements together with Ilo Este and Ilo Norte. Blue = granted exploration licences. Green = applications.
To view an enhanced version of this graphic, please visit:
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Guaneros Project
The Guaneros Project comprises 6,400 hectares of recently submitted applications for exploration licences which are expected to be granted in due course as per Peruvian mining regulations (see Figure 1). Non-invasive activities such as geophysics, geochemistry, and mapping are permitted during this initial tenure phase. Solis' exploration crews have reported from ground visits that the area remains largely unexplored with no prior geochemical or geophysical data available.
The Guaneros Project sits astride a prospective coastal belt identified by Solis (see Figure 2) where the coastal batholith rocks are largely juxtaposed to the west of Jurassic rocks that potentially act as hosts to porphyry copper mineralisation. Within this belt, the Ilo Este Project, a copper porphyry occurrence, is situated 6km south-east of the Guaneros area and the Chancho Al Palo Prospect (porphyry and IOCG target) is some 8km to the north-west.
Geological mapping data to hand, and structural analysis and interpretation by Solis' geologists, confirm that substantial "Arc Oblique" structures are present that trend north-east and intercept the dominant "Arc Parallel" north-west trending structures and steep angle lineaments (see Figure 3). The intersection of these major structural trends is considered significant as pathways for the emplacement of porphyry deposits throughout the Andes2. Both Ilo Este and Chancho Al Palo are localised next to Arc Oblique structures. Guaneros has a distinct Arc Oblique zone that is covered by Quaternary sediments estimated to be up to 75m thick in places. In this area, hornfels alteration associated with Cu oxides has been observed in sparse outcrops3. The area is considered to have compelling similarities to Ilo Este, and to be much less eroded, rendering it a greenfields exploration priority in the Solis portfolio.
2 "A Model for the Lithospheric Architecture of the Central Andes and the Localization of Giant Porphyry Copper Deposit Clusters," A Farrar et al, Econ Geol, V118, 2023.
Figure 3: Structural Map (interpretation) of Guaneros in relation to other Solis prospects and batholith occurrences.
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Drone Magnetic Survey
Real Eagle Exploraciones geophysical contractors have been contracted to carry out a programme of approximately 500 line kilometres of airborne magnetics over the Guaneros project (see Figure 4). Daily advancement is estimated to be between 15-50km, and the initial programme is estimated to be completed in August with data processing and interpretation expected to complete shortly after. Once all data is received and analysed, Solis is expected to plan additional IP surveys where practical and submit drill permitting applications if warranted.
On completion of the survey, it is anticipated the drone will move to the Cinto Project to undertake a survey over recently described copper mineralisation4.
3 Refer ASX release 10 May 2024.
4 Refer ASX release 9th July 2024. The Company is not aware of any new information or data that materially affects the information included in the 9 July 2024 market announcement.
Figure 4: Real Eagle contractor with drone mounted magnetometer operating at Ilo Este
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Figure 2: Solis tenements in the prospective coastal belt of Peru with existing deposits and regional geology.
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Peru Project Pipeline
Solis is prioritising the advancement of the drill planning and pemitting processes in Peru over its flagship Ilo Este target, Chancho Al Palo (Ilo Norte), Guaneros, and Cinto project areas, and expects to commence drilling at Chancho Al Palo later this year, subject to permitting, followed by Ilo Este, Cinto, and Guaneros from 2025 onwards. Solis will also continue to develop it's extensive Peruvian coastal area portfolio into further drill targets in a progressive pipeline based on geological prospectivity. Additionally, the Company continues to review and advance targeted lithium and copper opportunities throughout 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 41,400ha 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 in Peru as of 2nd May 2024
36 granted
Date | Concession | Project | Owner | Status | Area (Ha) |
22/08/2008 | LATIN ILO ESTE III | ILO ESTE | WESTMINSTER PERU S.A.C. | Granted | 600 |
22/08/2008 | LATIN ILO ESTE I | ILO ESTE | WESTMINSTER PERU S.A.C. | Granted | 800 |
22/08/2008 | LATIN ILO ESTE II | ILO ESTE | WESTMINSTER PERU S.A.C. | Granted | 900 |
11/03/2009 | LATIN ILO NORTE 4 | ILO NORTE | WESTMINSTER PERU S.A.C. | Granted | 1000 |
11/03/2009 | LATIN ILO NORTE 3 | ILO NORTE | WESTMINSTER PERU S.A.C. | Granted | 1000 |
13/10/2009 | LATIN ILO NORTE 7 | ILO NORTE | WESTMINSTER PERU S.A.C. | Granted | 1000 |
13/10/2009 | LATIN ILO NORTE 8 | ILO NORTE | WESTMINSTER PERU S.A.C. | Granted | 1000 |
13/10/2009 | LATIN ILO NORTE 6 | ILO NORTE | WESTMINSTER PERU S.A.C. | Granted | 700 |
1/03/2011 | MADDISON 1 | ILO NORTE | WESTMINSTER PERU S.A.C. | Granted | 1000 |
1/03/2011 | BRIDGETTE 1 | ILO NORTE | WESTMINSTER PERU S.A.C. | Granted | 1000 |
1/03/2011 | ESSENDON 26 | ILO NORTE | WESTMINSTER PERU S.A.C. | Granted | 1000 |
5/03/2014 | LATIN ILO ESTE IX | ILO ESTE | WESTMINSTER PERU S.A.C. | Granted | 900 |
28/01/2021 | CARUCA | CARUCA | WESTMINSTER PERU S.A.C. | Granted | 600 |
4/01/2022 | SOLIS06 | CINTO | WESTMINSTER PERU S.A.C. | Granted | 1000 |
4/01/2022 | SOLIS04 | CINTO | WESTMINSTER PERU S.A.C. | Granted | 400 |
4/01/2022 | SOLIS03 | CINTO | WESTMINSTER PERU S.A.C. | Granted | 500 |
4/01/2022 | SOLIS05 | CINTO | WESTMINSTER PERU S.A.C. | Granted | 500 |
4/01/2022 | SOLIS02A | CINTO | WESTMINSTER PERU S.A.C. | Granted | 100 |
4/01/2022 | SOLIS02 | CINTO | WESTMINSTER PERU S.A.C. | Granted | 200 |
16/11/2022 | SOLIS SUR 2 | REG ILO NORTE | WESTMINSTER PERU S.A.C. | Granted | 900 |
16/11/2022 | SOLIS NORTE 1 | ILO NORTE | WESTMINSTER PERU S.A.C. | Granted | 1000 |
16/11/2022 | SOLIS NORTE 4 | REG ILO NORTE | WESTMINSTER PERU S.A.C. | Granted | 900 |
16/11/2022 | SOLIS NORTE 6 | REG ILO NORTE | WESTMINSTER PERU S.A.C. | Granted | 1000 |
16/11/2022 | SOLIS NORTE 2 | ILO NORTE | WESTMINSTER PERU S.A.C. | Granted | 500 |
16/11/2022 | SOLIS NORTE 3 | REG ILO NORTE | WESTMINSTER PERU S.A.C. | Granted | 1000 |
16/11/2022 | SOLIS NORTE 5 | REG ILO NORTE | WESTMINSTER PERU S.A.C. | Granted | 1000 |
16/11/2022 | SOLIS NORTE 7 | REG ILO NORTE | WESTMINSTER PERU S.A.C. | Granted | 1000 |
Date | Concession | Project | Owner | Status | Area (Ha) |
16/11/2022 | SOLIS SUR 3 | REG ILO NORTE | WESTMINSTER PERU S.A.C. | Granted | 900 |
21/02/2023 | SOLIS NORTE 10 | REG ILO NORTE | WESTMINSTER PERU S.A.C. | Granted | 1000 |
21/02/2023 | SOLIS NORTE 11 | REG ILO NORTE | WESTMINSTER PERU S.A.C. | Granted | 400 |
21/02/2023 | SOLIS NORTE 8 | REG ILO NORTE | WESTMINSTER PERU S.A.C. | Granted | 1000 |
21/02/2023 | SOLIS NORTE 12 | REG ILO NORTE | WESTMINSTER PERU S.A.C. | Granted | 1000 |
21/02/2023 | SOLIS KELLY 01 | KELLY | WESTMINSTER PERU S.A.C. | Granted | 1000 |
21/02/2023 | SOLIS KELLY 02 | KELLY | WESTMINSTER PERU S.A.C. | Granted | 1000 |
22/06/2023 | SOLIS NORTE 15 | REG ILO NORTE | WESTMINSTER PERU S.A.C. | Granted | 800 |
22/06/2023 | SOLIS NORTE 13 | REG ILO NORTE | WESTMINSTER PERU S.A.C. | Granted | 1000 |
29600 | |||||
7 applications | |||||
4/01/2022 | SOLIS07 | CINTO | WESTMINSTER PERU S.A.C. | Application | 300 |
4/01/2022 | SOLIS07A | CINTO | WESTMINSTER PERU S.A.C. | Application | 200 |
21/02/2023 | SOLIS NORTE 9 | REG ILO NORTE | WESTMINSTER PERU S.A.C. | Application | 1000 |
22/06/2023 | SOLIS NORTE 14 | REG ILO NORTE | WESTMINSTER PERU S.A.C . | Application | 900 |
22/06/2023 | SOLIS NORTE 16 | REG ILO NORTE | WESTMINSTER PERU S.A.C. | Application | 1000 |
2/10/2023 | SOLIS ILO ESTE I | SOL ILO ESTE | WESTMINSTER PERU S.A.C. | Application | 400 |
14/12/2023 | SOLIS ILO ESTE II | SOL ILO ESTE | WESTMINSTER PERU S.A.C. | Application | 1000 |
4800 | |||||
7 new applications May 2nd 2024 | |||||
2/05/2024 | SOLIS NORTE 18 | GUANEROS | WESTMINSTER PERU S.A.C. | Application | 1000 |
2/05/2024 | SOLIS NORTE 19 | GUANEROS | WESTMINSTER PERU S.A.C. | Application | 1000 |
2/05/2024 | SOLIS NORTE 20 | GUANEROS | WESTMINSTER PERU S.A.C. | Application | 1000 |
2/05/2024 | SOLIS NORTE 21 | GUANEROS | WESTMINSTER PERU S.A.C. | Application | 700 |
2/05/2024 | SOLIS NORTE 22 | GUANEROS | WESTMINSTER PERU S.A.C. | Application | 700 |
2/05/2024 | SOLIS NORTE 17 | GUANEROS | WESTMINSTER PERU S.A.C. | Application | 1000 |
2/05/2024 | SOLIS NORTE 23 | GUANEROS | WESTMINSTER PERU S.A.C. | Application | 1000 |
7000 | |||||
Hectares | |||||
Total titles | 54 | 41400 | |||
Granted | 37 | 29600 | |||
In Application | 17 | 11800 |
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 |
| ||
Orientation of data in relation to geological structure |
|
|
Sample security |
|
|
Audits or reviews |
|
|
Criteria | JORC Code explanation | Commentary |
Sampling techniques |
|
|
Criteria | JORC Code explanation | Commentary |
Drilling techniques |
|
|
Drill sample recovery |
|
|
Logging |
|
|
Sub-sampling techniques and sample preparation |
|
|
Quality of assay data and laboratory tests |
|
|
Criteria | JORC Code explanation | Commentary |
and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established. | ||
Verification of Sampling and assaying |
|
|
Location of data points |
|
|
Data spacing and distribution |
|
|
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 |
|
|
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/217385
SOURCE: Solis Minerals Ltd.