Solis Minerals Ltd (ASX:SLM, TSX-V:SLMN, OTCQB:SLMFF) has completed its first diamond drill hole at its 100%-owned Chancho al Palo copper-gold prospect in Peru, intersecting promising iron oxide copper-gold (IOCG) and porphyry-style mineralisation.
The first drill hole, CAP-001-2025, reached a depth of 713 metres, intersecting IOCG-style mineralisation at 184 metres, including visible chalcopyrite. Solis reports that porphyry-style mineralisation was encountered from 451 metres, while an increase in IOCG-style mineralised breccias was observed at 586 metres. Notably, visible gold was identified at 620 metres.
Drillhole CAP-001-2025 @ 619.90m. Visible gold (circled) in K-feldspar altered diorite. Circumference of circle approximately 2mm. Visually estimated grade at 0.10 g/t Au
The drilling campaign at Chancho al Palo is the first-ever exploration at the site, with the presence of IOCG and porphyry mineralisation systems validating the company’s earlier geophysical and geochemical surveys.
Second drill hole to further test mineralisation potential
With the first hole completed, the team will shortly begin drilling a second hole, 200 metres west of the initial drill pad. Solis has mapped out a 2,500-metre drilling program at Chancho al Palo, which aims to further explore these promising targets, with assays expected from ALS Global by August.
Chancho al Palo drill targets over magnetic susceptibility plot. Targets include IP (1A and 1B) and magnetometry (M1 – M3) anomalies. Initial drill programme of 2,500 meters reflects a portion of the planned drill holes shown.
“We’re excited by the early signs of a mineralised system at Chancho al Palo, with our first drill hole intersecting visible chalcopyrite with some gold,” Solis CEO Mitch Thomas said.
Drillhole CAP-001-2025 @ 520.0m. Core displays disseminated chalcopyrite in propylitic altered fine-grained diorite. Visually estimated grade 0.3% Cu.
"The presence of IOCG- and porphyry-style mineralisation, supported by alteration and geochemical pathfinders, is highly encouraging at this early stage and validates the quality of our surface exploration to vector in drill targets,” he added.
“As the first company to drill this area, we are excited to assess the assays for Chancho al Palo. Early signs indicate that this project is very much aligned with our strategy of identifying copper-gold resources that have potential to host large-scale mining in one of the world’s leading copper producing regions."
Strategic location in Peru’s coastal copper belt
Chancho al Palo is situated in Peru’s highly prospective coastal copper belt, about nine kilometres from the coast where Southern Copper’s refinery and smelter are based.
The region is home to major mining projects such as Quellaveco (Anglo American) and Toquepala (Southern Copper), which benefit from well-established infrastructure. Solis is well-positioned to capitalise on these strategic advantages as it moves forward with its exploration program.
The full 2,500-metre drill program is designed to confirm the geological and structural interpretation of the site and validate the geophysical anomalies indicating IOCG and porphyry-style copper systems. The company is targeting key objectives including the confirmation of primary copper mineralisation, structural controls and hydrothermal alteration systems that will help vector towards potential larger-scale mineralised zones.
As the first company to drill at Chancho al Palo, Solis is optimistic about the results and its potential to uncover significant copper-gold resources in one of the world’s leading copper-producing regions.