Solis Minerals Ltd is on the brink of an extensive exploration campaign across its 100%-owned copper assets in southern Peru, with drill programs set to commence at multiple targets during 2025.
Prolific coastal copper belt
The company holds over 69,000 hectares in the prolific coastal copper belt, the source of more than half of Peru’s annual copper production.
Ilo Este mineralisation at surface.
The company has assembled a seasoned team that includes former First Quantum and Rio Tinto executives to prosecute the campaign across projects situated in one of the world’s top copper-producing nations.
Solis’ key drill-ready targets – Ilo Este, Chancho al Palo, and Cinto – lie in close proximity to some of the country’s largest operating and development-stage copper mines, including Toquepala, Cerro Verde and Zafranal.
The Ilo Este project, the company’s flagship asset, is scheduled for drilling in the second quarter of 2025.
Previous drilling from 2014–2016 intersected broad copper-gold mineralisation, including 472 metres at 0.11% copper and 0.09 g/t gold.
Recent geophysical surveys and geochemical work have defined a 1,250-metre-long anomaly, which will be the focus of a 5,000-metre RC and diamond drill campaign.
At Chancho al Palo, 17 kilometres northwest of Ilo Este, Solis will conduct a 2,500-metre drill program to test geophysical targets generated from drone magnetometry and induced polarisation surveys.
The tenement, which has not been historically drilled, hosts surface mineralisation and features both iron oxide copper-gold (IOCG) and porphyry-style signatures.
The third high-priority target, Cinto, lies 15 kilometres southeast of the major Toquepala copper mine. Channel sampling has returned promising results including 23.4 metres at 0.88% copper and 16.8 metres at 0.52% copper.
Solis has secured a local community agreement and will carry out further induced polarisation work before planning drill targets for the second half of 2025.
Cashflow from placement
Funding for the exploration push was secured through a A$4.5 million placement completed in February 2025.
The capital raise positions the company to unlock value across its large-scale copper-gold footprint and will give Solis the firepower to deliver on its multi-asset strategy at a time of strong long-term demand fundamentals for copper and gold.
Pilbara Minerals Ltd, which recently acquired Latin Resources’ Brazilian lithium project for A$600 million, is Solis’ largest shareholder, holding 9% of issued capital.
Beyond its 2025 focus, Solis also holds emerging prospects at Chocolate and Canyon, where surface samples have returned grades up to 4.92% copper and 2.47 grams per tonne gold. These targets are earmarked for IP surveys and follow-up drilling in 2026.