Solis Minerals Ltd (ASX:SLM, TSX-V:SLMN, OTCQB:SLMFF) earlier this week announced it has secured the right to acquire up to 100% of the Cucho Copper Project in Peru’s Ancash Department. The initial agreement gives Solis a 75% interest, with a staged path to full ownership.
The company said Cucho is located 40km from the coast and near major export infrastructure. It noted the project sits on land with low agricultural use and minimal nearby communities, making access and development potentially straightforward.
Solis Minerals highlighted that surface geochemical indicators are widespread across the site. Historical drilling completed in 2014 involved seven holes and more than 2,000m of drilling, all showing significant copper mineralisation. The company said these results are consistent with operating projects in the region.
“The real kicker for us was that the untested geophysical and geochemical anomalies are really actually very attractive,” CEO Mitch Thomas said.
The company outlined its immediate plans for a 90-day exploration phase, which includes permitting, surface sampling, and a drone magnetic survey. Drilling at Cucho is expected before the end of 2025.
Solis also reported that its other assets — including Chancho, El Pollo, and Canyon — remain active. Additional assays are pending, and the Canyon project is expected to be drill-ready by mid-2026.
The company told investors that it aims to maintain a broad exploration portfolio to maximise discovery potential.
Proactive:
Solis Minerals has acquired 75% of the Cucho Copper Project in Peru. This is quite a development. Joining me to discuss it is the company's CEO, Mitch Thomas. Mitch, good to see you after quite some time — you've been very busy behind the scenes.
Mitch Thomas:
Yes, we have. Great to see you again.
Proactive:
The company believes that Cucho has the potential to host a globally significant copper deposit. Can you walk investors through the decision behind this move?
Mitch Thomas:
For sure. The opportunity came up about four months ago. It’s located close to the coast — about 40km from export facilities — and has great infrastructure: access to roads, water, and so on. It's also on low prospectivity agricultural land with few nearby communities.
When we looked at surface mineralisation, we found geochemical indicators widespread across the area. Reviewing the historical drilling from 2014 — seven holes and over 2,000 metres — all intercepted significant mineralisation with grades consistent with operating projects in that region.
But the real kicker for us was the untested geophysical and geochemical anomalies, which are very attractive. So overall, it’s a very enticing project and a strong addition to our portfolio.
Proactive:
In parallel, you've also released assay results from Chancho, El Pollo and Isla Western. What are the key takeaways?
Mitch Thomas:
We remain optimistic, especially about Chancho. But we had to cleanse the market with the assays we had on hand. We tried to tell the story based on that, though we are still awaiting more results. In the next few weeks, as more assays come in, we’ll get a clearer geological picture. It’s still early days for those projects.
Proactive:
Now that you've secured 75% of the Cucho Copper Project and are progressing at El Pollo and Canyon, does that shift focus away from Chancho and Isla Western? What comes next?
Mitch Thomas:
We're an energetic company, and we want to give our shareholders as many chances as possible to hit that large copper-gold discovery. Cucho is an earn-in agreement up to 75%, with an option to go to 100% at any time.
We’re currently in a 90-day period. During this, we’ll start permitting, conduct surface sampling, and run a drone magnetic survey. These activities will help inform our next steps and shape the upcoming drill program.
Our goal is to be drilling Cucho before the end of the year. We’re also advancing Canyon, with drilling hopefully by mid-next year. A lot of irons in the fire — all with the aim of making a large discovery within our portfolio.
Proactive:
Solis Minerals’ Mitch Thomas, thank you very much.
Mitch Thomas:
Thank you.