Solis Minerals Ltd has the green light to set the drills turning on a 2,500-metre diamond drilling program at its 100%-owned Chancho al Palo copper-gold project in southern Peru. This will be shortly followed by a 5,000-metre diamond drilling program at the copper-gold Ilo Este (100% owned) with drilling permits expected imminently.
This marks an extensive exploration campaign targeting large-scale mineral systems in one of the world’s premier copper-producing regions.
Ilo region of the Department of Moquegua, Peru showing Solis Minerals’ exploration project areas including Ilo Este, Chancho al Palo, Cinto and Chocolate as well as exploration ground held by major mining companies. Values for operations and projects sourced from company websites.
"Exciting" phase of growth
CEO Mitch Thomas said: “Drilling commencement at Chancho al Palo marks the start of an exciting phase of growth for the company.
“Following 12 months of detailed technical and permitting work by the experienced Solis minerals team, targets will now be tested through a diamond core drilling program of up to 7,500 metres in Southern Peru.
“Chancho al Palo and Ilo Este exhibit strong potential to contain large scale porphyry and iron oxide copper-gold (IOCG) systems consistent with nearby operating mines.
“Solis Minerals expects to deliver a steady stream of updates over the next two to four months as assay results become available.
“With copper prices nearing US$10,000 per tonne and gold surpassing US$3,000 per ounce – both near all-time highs – this is an optimal time for exploration.
“We aim to leverage this strong macroeconomic environment to drive shareholder value.”
The company has engaged a leading Peruvian drilling contractor which will be hitting the ground imminently, initially drilling five holes at Chancho al Palo across 2,500 metres.
Geophysical surveys at Chancho al Palo have defined compelling chargeability anomalies, supported by surface mineralisation and structural features consistent with iron oxide copper-gold (IOCG) and porphyry-style systems.
Capital raise for Ilo Este
The start of drilling at Chancho al Palo follows a A$4.5 million capital raising announced in February and precedes an anticipated drill program at Solis’ Ilo Este project, where permitting is in its final stages.
Both projects are near the Peruvian coast and benefit from low elevations, access to infrastructure and proximity to major operations owned by Southern Copper, Teck and Anglo American.
The dual-drilling approach is expected to generate sustained news flow over coming months as Solis advances its portfolio of copper-gold assets.
Assay samples will be processed by ALS Global in Lima.