HIGHLIGHTS
West Leederville, Western Australia--(Newsfile Corp. - October 15, 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 at the Cinto Project situated in the prospective Cenozoic Porphyry Belt of southern Peru (Figure 1 - geology).
Figure 1: Cinto Permits and Local Geology with location of nearby Toquepala mine and Incapuquio Fault.
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Solis has completed a combined drone and ground magnetometry survey over its Cinto permits (Figure 2). The survey shows magnetic anomalies south of an intrusive batholith contact with corresponding alteration detected from WorldView 3 remote sensing work (Figure 3). Areas of low magnetic response north-east of the batholith contact represent alteration that contains the area of visible copper mineralisation present at Cinto.
Executive Director Mike Parker commented:
"Cinto has an incredible address on the regional Incapuquio fault system with the giant Toquepala porphyry copper mine only 15km to the north. The magnetometry survey provides excellent insight into the geology and alteration at Cinto.
"Combined with our previous remote sensing work, and mapping and sampling - including our high grade copper sample area in the northeast of the permits - we are forming an exceptional toolbox to extract the maximum benefit from our ongoing porphyry exploration. We will now conduct further assessment using IP surveys to guide our first-pass drill program2."
Figure 2: Total Field magnetic data. High magnetic response in red. Low blue magnetic response shows probable alteration zones.
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Survey Details
Peruvian geophysical contractors Real Eagle Explorations completed 120km of drone lines from 21 to 30 August 2024. A GEM GSMP-25u mobile magnetometer was deployed supported by a Matrice 300RTK drone. The base station was a GEM GSM-19Wv7.0 Overhauser. 200m spaced lines, with appropriately spaced tie-lines, were flown at a maximum velocity of 28km/h with an altitude range of 30-80m above ground. From 11 to 18 of September 2024, 41km of ground magnetometry data acquisition lines were carried out in the north of the permits to complete the survey at 161km of survey lines in total. The change of method was due to unsuitable conditions for drone flying. The geophysical contractors carried out thorough comparative testing on the methods and levelled the data to form one complete magnetometry dataset.
Interpretation and Observations
Figure 3: Total Field magnetic data overlain by WorldView 3 alteration suites and geology/structure. Cu marks zone of high copper oxide samples in old workings.
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For purposes of interpretation, Solis has overlain preliminary Total Field data obtained in the magnetometry surveys with WorldView 3 remote sensing data. Geological features are also referenced. High magnetic response areas are viewed as potentially related to the presence of magnetite - a vector for alteration associated with porphyry copper mineralisation. Low magnetic response areas are viewed as magnetite destruction areas - a common sign of hydrothermal alteration.
Figure 3 shows a central late Cretaceous batholithic intrusive, (interpreted to be a structural outlier of the Cretaceous batholith related to the Toquepala porphyry deposit), which has a zone of high magnetic response of dimensions 4km x 1km striking WNW-ESE along its southern flank. On the southern flank of the magnetic anomaly itself, several zones of alteration were detected by WorldView 3 remote sensing in a broad swathe 6km long and 1km wide. Alteration signatures include propylitic, phyllic, argillic, and jarositic mineralisation predominantly in fine-grained tuffs. A low magnetic response area with associated WorldView 3 argillic alteration zones indicates a zone of more intense hydrothermal alteration.
Additionally, a SW-NE orientated magnetic anomaly zone was identified partly covered by Cenozoic forearc basin sediments of the Moquegua Group (M1-M3 on Figure 2). This zone has a partial remote sensing response only due to the recent cover rocks and resembles a high angle fault intersection with the Incapuquio fault zone. Cross-faulting zones are considered to be potentially more prospective in Andean porphyry belts1.
The north-east flank of the batholith has a zone of propylitic alteration defined by Worldview 3, which encompasses the high grade copper sample area previously reported2. To the east of this, the low magnetic response area coincident with an associated jarosite alteration halo indicates a zone of more intense hydrothermal alteration.
1 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.
2 SLM ASX Quarterly Report dated 28 April 2023 - Quarterly Activities Report
Conclusions and Next Steps
The high magnetic anomaly south of the batholith is flanked by alteration to the south which represents a high priority target for immediate follow-up mapping and geochemistry. To the north-east of the batholith, the known high Cu grade area potentially extends into an area of alteration to the east. Evaluation of areas for follow-up IP programs will be carried out to accelerate permitting for drilling these first-class targets during 2025.
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 3 October 20243.
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 | Q1/25 |
Ilo Este | Porphyry Cu - Au | 100% | 100% | 100% | 100% | Underway | Q1/25 |
Cinto | Porphyry Cu - Mo | 50% | 100% | 60% | Q3-4/25 | ||
Chocolate |
Porphyry Cu - Au | 25% | 100% | 35% | Q4/25 | ||
Regional |
Porphyry Cu-Au | 50% | 100% | N/A | 75% | Q1/26 | |
Canyon | Porphyry Cu | 10% | Q3/26 |
* Dependent upon securing permits from authorities
ENDS
3 SLM ASX Announcement dated 3 October 2024 - Canyon Project Expands Solis Peruvian Exploration Portfolio
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
+61 400 643 799
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.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 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 |
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Drilling techniques |
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Drill sample recovery |
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Logging |
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Criteria | JORC Code explanation | Commentary |
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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Criteria | JORC Code explanation | Commentary |
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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/226681