Solis Minerals Ltd has had a busy quarter, progressing works across its Peruvian copper-gold exploration portfolio over the three months to the end of February, backed by a successful A$4.5 million capital raise.
Key approvals granted
During the quarter, the company moved forward with key drilling approvals at its flagship Ilo Este and Chancho al Palo projects, in the highly prospective Southern Coastal Belt of Peru.
Drilling at Chancho al Palo has been given the green light and operations are set to begin in the second quarter of 2025, alongside Ilo Este, once permitting is finalised.
At the Chocolate Project, reconnaissance rock sampling and geophysical surveys confirmed four copper-gold targets, consisting of two porphyry-style and two iron oxide copper gold (IOCG) style anomalies.
Notable assays included 0.71% copper and 0.60 g/t gold from Porphyry Target 1 and 4.92% copper and 2.47g/t gold from IOCG Target 1.
Meanwhile, the Cinto Project returned encouraging channel sampling results, including 23.4 metres at 0.88% copper and 16.83 metres at 0.52% copper.
A follow-up induced polarisation survey is being planned to further define drill targets, with exploration expanding the area of interest to newly discovered mineralised zones.
CEO brings South American know-how
During the quarter, Mitch Thomas was appointed as CEO, bringing his extensive corporate and project development experience from across South America.
His appointment is expected to further strengthen the company’s operational capabilities ahead of upcoming drilling programs.
“I am thrilled to join Solis Minerals during such an exciting time,” Thomas said.
“I appreciate shareholder support as we prepare to drill our high-potential copper-gold targets at Ilo Este and Chancho al Palo.
“Solis holds a substantial land package with multiple copper-gold targets in Peru’s underexplored and highly prospective coastal belt, backed by strong geophysical and geochemical results.
“Following our well supported placement, we are funded to begin drilling in the coming weeks and advance our copper-gold targets. With copper and gold prices at near all-time highs, Solis is well positioned to advance large-scale resource opportunities in one of the world’s leading copper producing regions.”
In the March quarter Solis Minerals also progressed work across its broader Peruvian tenement package, which comprises 81 exploration concessions spanning 69,200 hectares, and continued its assessment of strategic options for its non-core Brazil lithium projects.
Funding for exploration
Post quarter, Solis finalised the placement that raised A$4.5 million through the issue of 52.9 million CHESS Depository Interests (CDIs), with accompanying options.
These funds will be used to advance drilling at Ilo Este, Chancho al Palo and Cinto, as well as for general working capital.
At the close of the quarter, the company reported a cash balance of A$0.8 million, with additional proceeds from the placement boosting its financial position.
Solis is also evaluating a potential re-domiciliation to Australia and a simplification of its listing structure by delisting from the TSX Venture Exchange.
