Solis Minerals Ltd (ASX:SLM, TSX-V:SLMN, OTCQB:SLMFF) has entered into a binding agreement to acquire up to a 100% interest in the Cucho Copper Project in Peru’s Ancash Department, through a staged earn-in arrangement with an option to move to full ownership.
Cucho is just 40 kilometres from Element 29 Resources’ Elida Project, which hosts an inferred resource of 321 million tonnes at 0.32% copper, 0.03% molybdenum and 2.61 g/t silver. Element 29 currently holds a market capitalisation of around C$157 million. It is also around 120 kilometres from the world-class Antamina operation.
Map of Peru and Solis Minerals’ exploration portfolio. (Illustrative puroposes only.)
The district is active: Fortescue Metals Group (ASX: FMG), Vale S.A. (NYSE: VALE) and Newmont Corporation (NYSE: NEM) are all exploring for copper and gold. FMG holds adjacent tenure 1 kilometre north-east of Cucho, Vale is exploring 4 kilometres to the south-east and Newmont has discovered the Illari copper-gold project 50 kilometres south-west of Cucho.
Cucho location with reference to key infrastructure and Element 29’s Elida project among exploration properties held in October 2025 by other active international mining and exploration companies including Fortescue, Vale and Newmont.
Surface land is held by a single community landholder, substantially streamlining permitting for drilling. The site is serviced by existing provincial roads and is strategically located about 100 kilometres from the Chancay mega-port, a newly developed export hub for mineral products.
Cucho expands copper portfolio
Cucho was first discovered by Quippu Exploraciones in 2008 and is interpreted as a large-scale porphyry copper-molybdenum-silver system. The project area, expanded between 2021 and 2022, now covers a 3-by-1.8-kilometre mineralised footprint defined through geophysical and surface work.
Located just 44 kilometres from the Pacific coast, the project benefits from strong infrastructure access and complements Solis Minerals’ existing Peruvian exploration portfolio.
Historic drilling in 2014 confirmed significant copper mineralisation from surface, with both oxide and primary sulphide zones intersected across all drill holes. Key intercepts included:
- 169.7 metres @ 0.24% Cu, 0.012% Mo and 1.0 g/t Ag (COP14-01, from surface)
- 178.7 metres @ 0.23% Cu, 0.022% Mo and 0.9 g/t Ag (COP14-02, from 38.6 metres)
- 96.7 metres @ 0.28% Cu, 0.018% Mo and 1.4 g/t Ag (COP14-05, from 37.2 metres
- 175.4 metres @ 0.28% Cu, 0.012% Mo and 1.3 g/t Ag (COP14-06, from surface)
- 269.1 metres @ 0.25% Cu, 0.011% Mo and 1.1 g/t Ag (COP14-07, from surface)
Summary drillhole assay data from scout drilling program.
The 2014 NI 43-101 Technical Report noted that major geochemical and geophysical anomalies remained untested — targets which Solis now plans to drill in early 2026.
The acquisition is structured through a low-upfront, staged earn-in with no minimum spend commitments, giving Solis a cost-effective pathway to expand its copper portfolio in one of the world’s most prolific mining belts.
“Cucho is a rare opportunity to acquire a large-scale, well-located, advanced copper exploration project in Peru, with demonstrated mineralisation from surface, excellent metallurgical characteristics, and clear potential for a major resource,” CEO Mitch Thomas said. “What excites us is a combination of strong existing data – including drilling, geophysics, and geochemistry – alongside untested anomalies that point to the potential for a project of significant scale. Cucho fits perfectly into Solis Minerals’ strategy of building a portfolio of Tier- 1 copper-gold projects.”
Why Peru?
Peru is one of the world’s leading mining jurisdictions, ranking:
- Third globally in copper production, behind Chile;
- First in Latin America for zinc, lead and molybdenum;
- Top five globally for silver and tin;
- Eleventh globally for gold.
Mining contributes about 8.5% of Peru’s GDP, while minerals make up nearly 64% of total exports. Copper is the largest export metal and is gaining strategic importance with the global energy transition. In 2024, Peru produced 2.74 million metric tons of copper, reaffirming its position as the world’s third-largest producer behind Chile and the DRC.
High expectations
The Cucho Copper Project indicates significant mineralisation within the drilled Central Zone and across undrilled anomalies in the North, West and South Zones. Results to date are based on ~2,000 metres of scout diamond drilling (seven holes) in the Central Zone, which represents about 7% of the interpreted 3 x 1.8 kilometre mineralised footprint, leaving substantial areas untested.
Plan of Cucho exploration concessions showing historical drilling over geology and untested geophysical IP anomalies.
Geophysical datasets (magnetometry, IP chargeability and resistivity) define multiple high-priority targets. A prominent chargeability anomaly to the north and northeast supports the interpretation of a concealed porphyry copper-molybdenum system that may source the mineralisation intersected in drilling. This target has not yet been tested, despite alignment with surface geochemical signatures and mapped geology.
Surface geochemistry shows broad zones of high copper (>1% Cu) that remain undrilled, especially in the Central and North Zones. Molybdenum values are consistently ~0.015%, reinforcing system continuity. Geophysical responses and surface sampling point to enriched copper beneath leached caps, indicating that deeper drilling could encounter higher grades than those reported so far.
Drill core from historical hole COP14-06 showing quartz veining, copper sulphides and stockwork. Core shown commences at a depth of 122.00 metres and ends at 125.00 metres. Associated drillhole assay results: 175.4 metres @ 0.28% Cu, 0.012% Mo and 1.3 g/t Ag (from surface) inc. 91.2 metres @ 0.33% Cu, 0.007% Mo and 0.8 g/t Ag (from surface).
Cucho lies within the Coastal Batholith and hosts granodioritic and porphyritic intrusions, a setting comparable to other large porphyry copper systems in the Americas.
Strategic step forward
The acquisition of the Cucho Copper Project marks a strategic and exciting step forward for Solis Minerals.
With its proven mineralisation, favourable location, and strong exploration potential, Cucho enhances the company’s copper portfolio and aligns perfectly with its vision to build a pipeline of Tier-1 assets in Peru.
The staged earn-in structure provides a cost-effective pathway to growth, positioning Solis for meaningful value creation in one of the world’s most prolific mining jurisdictions.