Solis Minerals Ltd.: Solis Expands Peruvian Copper Exploration Portfolio with Canyon Project

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
[phone]

Media & Broker Enquiries:
Andrew Rowell & Jason Mack
Investor Relations
White Noise Communications
[e-mail]
[e-mail]
[phone]

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	Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. Include reference to measures taken to ensure sample representativity and the appropriate calibration of any measurement tools or systems used. Aspects of the determination of mineralisation that are Material to the Public Report. In cases where 'industry standard' work has been done this would be relatively simple (e.g. 'reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a30 g charge for fire assay'). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information.	No sampling reported in this announcement.
Drilling techniques	Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face- sampling bit or other type, whether core is oriented and if so, by what method, etc).	No historical or new drilling has been reported in this announcement.
Drill sample recovery	Method of recording and assessing core and chip sample recoveries and results assessed. Measures taken to maximise sample recovery and ensure representative nature of the samples. Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	No drilling reported herein.
Logging	Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.	No drilling reported in this announcement.

Criteria	JORC Code explanation	Commentary
	The total length and percentage of the relevant intersections logged.
Sub-sampling techniques and sample preparation	If core, whether cut or sawn and whether quarter, half or all core taken. If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. For all sample types, the nature, quality and appropriateness of the sample preparation technique. Quality control procedures adopted for all sub-sampling stages to maximise representativity of samples. Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling. Whether sample sizes are appropriate to the grain size of the material being sampled.	No drill core or systematic rock channel sampling is reported in this announcement.
Quality of assay data and laboratory tests	The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.	No assays reported in this announcement.
Verification of Sampling and assaying	The verification of significant intersections by either independent or alternative company personnel. The use of twinned holes. Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. Discuss any adjustment to assay data.	No sampling in this announcement.
Location of data points	Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. Specification of the grid system used. Quality and adequacy of topographic control.	Data points referring to location of mines and prospects obtained by the CP from published references as noted.
Data spacing and distribution	Data spacing for reporting of Exploration Results. Whether the data spacing and	No set sample spacing or pattern has been reported in this release.

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. Whether sample compositing has been applied.
Orientation of data in relation to geological structure	Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	No drilling data is reported in this announcement.
Sample security	The measures taken to ensure sample security.	No samples in this announcement.
Audits or reviews	The results of any audits or reviews of sampling techniques and data.	There have been no detailed external audits or reviews undertaken. Solis has conducted an internal technical review of the available geological and other publicly available data.

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	Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	Mineral tenure in Peru held by Solis is currently in good standing. A table of tenements currently under application or which have been granted is included in this release as APPENDIX 1 "Mining concessions table".
Exploration done by other parties	Acknowledgment and appraisal of exploration by other parties.	The Canyon Project has been sporadically previously explored as marked in Figure 2 as evidenced by public records of environmental permits in Peru. No results of this exploration are to hand. The porphyry belts shown in Figure1 are derived from the following report: "Quantitative Mineral Resource Assessment of Copper, Molybdenum, Gold, and Silver in Undiscovered Porphyry Copper Deposits in the Andes Mountains of South America" Open-File Report 2008- 1253, version 1.0 US Dept of Interior US Geological Survey. The presence of porphyry occurrences mentioned are substantially derived from U.S. Geological Survey Open-File Report 2005-1060 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". The copper oxide nature of the deposits is principally derived from information contained in SEDAR FORM 51-102F3 MATERIAL CHANGE REPORT, Tamerlane Ventures Inc, June 11, 2013.

Geology	Deposit type, geological setting and style of mineralisation.	Prospective potential mineralisation is interpreted to be hosted along the eastern margin of the coastal Jurassic and Cretaceous batholiths, porphyry style mineralisation has the potential to form along this major regional trend.
Drill hole Information	A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: easting and northing of the drill hole collar elevation or RL (Reduced Level - elevation above sea level in metres) of the drill hole collar dip and azimuth of the hole hole length If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.	No drillhole data is reported in this release.

Criteria	JORC Code explanation	Commentary
Data aggregation methods	In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated. Where aggregate intercepts incorporate short lengths of high-grade results and longer lengths of low-grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. The assumptions used for any reporting of metal equivalent values should be clearly stated.	No data aggregation was used in reported exploration results.
Relationship between mineralisation widths and intercept lengths	These relationships are particularly important in the reporting of Exploration Results. If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g. 'down hole length, true width not known').	No drillhole or intercept data is reported in this announcement.

Diagrams	Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	No drilling reported in this announcement.
Balanced reporting	Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced avoiding misleading reporting of Exploration Results.	No drill assay results were reported in this announcement.
Other substantive exploration data	Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples - size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	Geological observations and mine or prospect localities obtained by the CP from referenced documents.
Further work	The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large-scale step-out drilling). Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	The priority for Solis is the EIA and drill permitting which will progress on the Chancho al Palo and Ilo Este assets throughout the year. Solis will commence drill permitting processes at Cinto and advance where possible utilising non- invasive techniques on application areas and whilst awaiting drill permitting. Canyon will be subject to rapid evaluation with additional resources which will not negatively impact other Solis priorities.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/225607

SOURCE: Solis Minerals Ltd.