Solis Minerals Ltd (ASX:SLM, TSX-V:SLMN, OTCQB:SLMFF) has begun a 5,000-metre diamond drilling program at its wholly owned Ilo Este copper-gold project in southern Peru.
The company secured all required permits to start drilling and is targeting a series of high-priority zones.
The campaign will test areas of known copper-gold mineralisation and assess new targets identified through recent mapping, surface sampling and reinterpretation of historical geophysical data. Drilling has started on a northern magnetic anomaly and will later shift to a southern anomaly.
Ilo Este, Peru concession area showing location of drill hole one (P-15) targeting the northern magnetic anomaly labelled. Please refer to the Note on page four in relation to non-JORC compliant
historical exploration results.
Work will also follow up on historical intercepts of broad porphyry-style copper-gold mineralisation.
Ilo Este lies within a prolific copper district that hosts major producers and advanced projects owned by Southern Copper, Teck and Anglo American. The company’s targets are considered comparable to AusQuest Limited’s Cangallo prospect in southern Peru, where wide zones of copper mineralisation have been encountered.
“We are very excited to commence drilling at Ilo Este. This project represents a compelling exploration opportunity in a highly prospective geological setting,” SLM CEO, Mitch Thomas said.
“The existence of historical drilling, including YAR001 with an intersection of 158 metres @ 0.20% copper and 0.16 g/t gold from surface and IE-DDH-005-15 with an intersection of 291 metres @ 0.21 g/t gold from 102 metres, highlight the attractive prospectivity of the Ilo Este project. Technical studies completed over the past 24 months have identified additional untested attractive targets.
“Our team has worked diligently to refine a five thousand metre work programme and secure all necessary approvals, and we look forward to updating shareholders as results become available.”
Located in Peru’s world-class coastal copper belt
The 3-square-kilometre project has recorded visible copper oxides such as malachite at surface and previous drilling has confirmed sulphide mineralisation.
Recent geophysical surveys have identified a large, high-chargeability anomaly between 100 and 500 metres depth, indicating the potential for a substantial sulphide system.
Well-supported by infrastructure, Ilo Este is located near the port city of Ilo, providing ready access to transport and services that could enhance the project’s development economics.
The project is considered a highly prospective but underexplored copper-gold system with strong potential for resource growth.
The company’s broader regional strategy centres on advancing copper and gold targets across southern Peru’s coastal copper belt, with Ilo Este and Ilo Norte as its key holdings.
In parallel, Solis is progressing drilling at the nearby Chancho al Palo copper-gold project.
