Solis Minerals Ltd (ASX:SLM, TSX-V:SLMN, OTCQB:SLMFF) is making steady progress in South America with promising geophysical target generation in Peru as well as the completion of drilling at the Estrela and Mina Vermelha prospects in Borborema and a regional geochemical soil program in Brazil.
Copper in Peru
After some excellent initial IP survey results, geophysical targets have been picked out at the Chancho al Palo and Ilo Este projects in Peru.
At Chancho al Palo, surface exposure has confirmed copper mineralisation.
Tourmaline breccias at Chancho al Palo with copper oxides in tuffs – eastern porphyry zone.
Drill permitting is underway at Ilo Este with the initial drill program design underway and the Chancho al Palo drill permitting application process commencing in May.
The company’s copper asset portfolio continues to expand with an additional licence pegged at Ilo Este and several other large packages under review. The company now has 37,100 hectares either granted and under application in the coastal copper belt of Peru.
Solis plans to prioritise the advancement of the drill permitting process in Peru at its Ilo Este and Chancho Al Palo project areas while continuing to review lithium and copper opportunities in South America.
Brazilian endeavours
Some 270 assays are pending for its initial geochemical program at Borborema.
Once received, anomalous areas of mineralisation will be followed up with additional sampling and ground checking.
The regional team has been reduced significantly while the company reviews new opportunities and prepares for the next drill program.
Although the company found no lithium of significance in its final assays from Estrela and Mina Vermelha, it is conducting a review of all its data to assess its chances in the region.
Constantly reviewing opportunities
Executive director Matthew Boyes said: “Our Peruvian copper assets are quickly moving to the fore and we have some very promising targets generated by our team on the ground.
"Ilo Este and Chancho al Palo both look to be excellent copper targets and we look forward to getting the permitting granted and start drilling as soon as possible.
“Solis is also constantly reviewing potential acquisitions and has implemented a series of cost cuts across the group with only essential expenditure being maintained until a new project is secured.
“The final assays have now been received for the Estrela and Mina Vermelha drilling but no lithium mineralisation of significance was reported. We are now undertaking a final review of all assay data from both Estrela and Mina Vermelha before deciding the next steps with regard to follow-up exploration.
“Our first-pass mapping and geochemical programs have also advanced following access restrictions caused by high rainfall earlier in the year.”
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