Solis Minerals Ltd (ASX:SLM, TSX-V:SLMN, OTCQB:SLMFF) has reported initial assay results from the first diamond drill holes at Ilo Este (IE-001 and IE-002) and Chancho al Palo (CAP-001) in southern Peru, confirming a large mineralised system at Ilo Este and identifying near-surface gold at Chancho al Palo. Further results are due in the next 20–25 business days.
At Ilo Este, assays from holes drilled near the northern magnetic anomaly show disseminated, variably anomalous copper-gold-molybdenum mineralisation along the entire length of both holes. High-tenor copper sulphides — bornite and chalcopyrite — in IE-002 indicate possible proximity and vectors to a higher-grade porphyry source.
IE-002-2025 drill core demonstrating visual bornite. Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Visual mineralisation observed at isolated points may not be representative of the overall grades of the drillhole intervals of interest. Visual estimates also potentially provide no information regarding impurities or deleterious physical properties relevant to valuations.
Elevated gold values correlate with increased pyrrhotite and later albitisation and chloritisation of potassic-altered diorite and microdiorite. The rig has moved to test the untested southern magnetic anomaly targeting co-incident geophysical and geochemical anomalies.
Key intercepts (metres (m), grams per tonne (g/t), parts per million (ppm))
IE-001
- 18 m @ 0.09% Cu, 0.15 g/t Au, 7 ppm Mo from 50 m
- 35 m @ 0.09% Cu, 0.11 g/t Au, 11 ppm Mo from 82 m
- 57 m @ 0.10% Cu, 0.10 g/t Au, 10 ppm Mo from 169 m, including 13 m @ 0.07% Cu, 0.15 g/t Au, 5 ppm Mo
- 21 m @ 0.10% Cu, 0.10 g/t Au, 27 ppm Mo from 237 m
- 120 m @ 0.13% Cu, 0.07 g/t Au, 17 ppm Mo from 268 m, including 8 m @ 0.16% Cu, 0.20 g/t Au, 3 ppm Mo
IE-002
- 18 metres (m) @ 0.11% copper (Cu), 0.10 grams per tonne (g/t) gold (Au), 22 parts per million (ppm) molybdenum (Mo) from 102 metres
- 16 m @ 0.11% Cu, 0.07 g/t Au, 6 ppm Mo from 140 metres
- 43 m @ 0.10% Cu, 0.08 g/t Au, 16 ppm Mo from 176 metres
- 32 m @ 0.11% Cu, 0.06 g/t Au, 46 ppm Mo from 240 metres
- 29 m @ 0.12% Cu, 0.07 g/t Au, 16 ppm Mo from 446 metres
- 16 m @ 0.06% Cu, 0.12 g/t Au, 10 ppm Mo from 566 metres
- 39 m @ 0.04% Cu, 0.20 g/t Au, 3 ppm Mo from 712 metres
- including: 10 m @ 0.08% Cu, 0.31 g/t Au, 4 ppm Mo from 716 metres
- including: 9 m @ 0.03% Cu, 0.23 g/t Au, 2 ppm Mo from 738 metres
At Chancho al Palo, CAP-001 returned 19m @ 0.31 g/t Au from 57m.
“We are encouraged by initial results from Ilo Este, which confirm the presence of broad zones of copper, gold, and molybdenum mineralisation across multiple intervals in our first two drill holes,” SLM CEO Mitch Thomas said.
“The identification of bornite in the second drill hole is particularly exciting, as it suggests we are vectoring in on the higher-grade core of the porphyry system. Drilling of the southern magnetic anomaly is now the focus for Ilo Este which presents as a very attractive untested target for copper-gold exploration.”
Ilo Este: southern drilling advances
Solis’ first two diamond drill holes at Ilo Este’s northern magnetic anomaly (IE-001 to 482 metres and IE-002 to 758 metres) returned broad intervals of elevated copper, gold and molybdenum, indicating a large mineralised system. High-tenor copper sulphides — bornite and chalcopyrite — identified in IE-002 are significant pathfinders to porphyry core zones, while elevated gold associated with increased pyrrhotite and later albitisation and chloritisation of potassic-altered diorite and microdiorite further supports vectoring to a higher-grade source.
Ilo Este drillhole locations across northern and southern magnetic anomalies. Refer to ASX:SLM announcements of 11 August 2025 and 13 December 2023 for more information on historical drillhole and geochemistry results. Key intercepts for drillholes IE-001 and IE-002 are included above
Follow-up drilling will target a higher-grade gold zone defined at surface and at depth near historical hole IE-JDD-003, which reported 84 metres at 0.24% copper from surface. Results to date, consistent with historical grades, are refining vectors toward the suspected copper-gold core.
Drilling has progressed to the southern magnetic anomaly, where coincident indicators include high Induced Polarisation (IP) chargeability, strong copper-gold geochemistry and mapped alteration. Hole IE-003 is complete to 433.20 metres; IE-004 is at 328.00 metres toward a planned depth of about 500 metres, with assays expected in November 2025.
Chancho al Palo: early assays highlight gold zone; copper intervals limited
Assays from first hole CAP-001 at Chancho al Palo did not return any contiguous copper (Cu) intervals longer than six metres grading above 0.1% Cu. However, the hole delivered a significant gold (Au) intercept:
- CAP-001: 19 metres @ 0.31 grams per tonne (g/t) Au from 57 metres
- including 4 metres @ 1.1 g/t Au from 57 metres
- including 14 metres @ 0.45 g/t Au from 78 metres
Chancho al Palo drillhole locations.
The company emphasises this is an early-stage result from the first drillhole, with geological and geochemical datasets to inform refined targeting.
Assay results for CAP-002 and CAP-003 are expected within the next 20–25 business days.
What’s next?
Additional assay results from Ilo Este and Chancho al Palo are expected within 20–25 business days.
Diamond drilling at Ilo Este will continue to test priority targets as part of a planned five thousand metres campaign.
The company will provide further updates as results are received and interpreted.