Solis Minerals Ltd has rapidly discovered four new copper-gold targets at the Chocolate Project in the Peruvian Coastal Copper Belt, identifying two new copper porphyry and two vein-hosted iron-oxide copper-gold (IOCG) targets.
The company used geochemical assays of rock samples to identify each target zone, with analysis done by ALS Global laboratories in Lima, Peru.
Porphyry target 1 peaked at 0.71% copper and 0.60 g/t gold and target 2 at 1.92% copper and 0.03 g/t gold, while the IOCG targets peaked at 4.92% copper and 2.47 g/t gold and 2.78% copper and 0.21 g/t gold, respectively.
Investors have welcomed the progress with shares as much as 30% higher on the ASX to A$0.13.
SLM is now moving to undertake further geophysical and geochemical surveys over the target areas to refine the drill targets and rank them by prospectivity.
Copper province with outsized potential
“As our exploration teams continue investigating the extensive land package at Chocolate, we are discovering increasing evidence of mineralisation exposed at surface, with geophysical data indicating the potential for large mineral systems,” Solis Minerals executive director Mike Parker said.
“Surface copper and gold grades, including IOCG sample 17397 (4.92% copper and 2.47 g/t gold), highlight the exciting exploration potential as we refine our plans for further work at Chocolate.
“Even at this early exploration stage, we believe that Chocolate’s position between Ilo Este and Chancho Al Palo, along the same geological trend, is already enhancing the prospectivity of our Coastal Belt target zone.
“We will continue systematic exploration to identify drill targets and expand our highly prospective pipeline of drilling opportunities in the area.”
20-kilometre mega-target zone showing Chocolate bracketed between drill-ready targets at Chancho Al Palo and Ilo Este. Similar structures across the project areas, including arc-oblique structures (cross faults).
Solis is also preparing to drill at the Ilo Este and Chancho al Palo projects, having already been granted a permit for the Chancho al Palo Project by Peru's Ministry of Energy and Mines – the remaining permits are expected imminently.