Solis Minerals Ltd (ASX:SLM, TSX-V:SLMN, OTCQB:SLMFF) has applied for 4,000 hectares of new exploration ground around its Cucho Copper Project in Peru, expanding its footprint in Peru’s prolific Coastal Copper Belt. The concessions sit next to Fortescue’s copper tenure to the north-east, in a district where Element 29 and Vale are also advancing copper projects.
Element 29’s Elida project is a large porphyry copper–molybdenum–silver system in west-central Peru, about 40 km from Cucho and near the world-class Antamina mine. Elida hosts an Inferred Resource of 321 Mt at 0.32% Cu, 0.03% Mo and 2.61 g/t Ag. It sits at a low elevation (~1,500 m) with access to roads, power and ports, and recent work has focused on growing the resource.
Vale’s Umami project, also in the Ancash region near Cucho and Elida, is at an early exploration stage. Its Ficha Técnica Ambiental (FTA) was approved in late 2022 for 59 diamond drill holes from 20 platforms, with further adjustments and expansions to the FTA in 2024 and 2025, indicating active work.
Alpayana S.A.’s Antarumi project, in San Pedro (Ocros, Ancash) close to Cucho, received FTA approval in October 2023 for 17 drill platforms and 33 holes (200–300 m each), totalling 8,800 m of planned drilling. CEO Fernando Arrieta has flagged Antarumi as a key focus for 2025.
Fortescue (ASX: FMG) is also exploring for copper in Ancash and holds concessions about 1 km northeast of Cucho.
Cucho Project area and surrounding exploration and development projects.
Here is what Mitch Thomas, CEO of Solis Minerals has to say about the project:
“Cucho continues to gain momentum. Applications for additional concessions are a strategic move that strengthens our position in a world-class copper district.
“With Fortescue, Element 29, and Vale all active in the region, our team is energised and focused on delivering value through disciplined, high-impact exploration. Cucho complements a very active period of exploration for Solis Minerals with Ilo Este being drilled currently, Cinto planned to commence December 2025, Cucho Q2 2026 and then Canyon.”
Cucho progress
Planning is underway for about 20 drill pads across Cucho, targeting the central, western and north-eastern extents of the known mineralised system. The layout is designed to test high-priority geophysical and geochemical anomalies, including zones not covered by historical drilling.
The program aims to systematically assess potential extensions of the porphyry system and evaluate the broader project area, including newly applied-for concessions. Objectives are twofold: expand the exploration footprint and generate data to support a potential maiden JORC resource in 2026.
Drill permitting
Solis has also initiated the FTA permitting process, a key step before the next drilling phase. Based on recent regulatory timelines in Peru, the company expects approval to take roughly five to six months. Engagement with local stakeholders and authorities is ongoing to facilitate timely approvals.
Geological modelling
In parallel, detailed geological modelling is advancing using extensive historical surface and drill datasets. The work focuses on refining controls on mineralisation and vectoring into the most prospective zones for resource-definition drilling. By integrating geophysics, geochemistry and drilling data, the company is designing a targeted program intended to accelerate Cucho towards a potential maiden JORC resource estimate in 2026.
Plan of large geophysical chargeability anomalies at Cucho with drill hole traces overlaid with geochemistry sample assays. Priority drill targets presented.
Long pipeline
Solis is advancing exploration at Ilo Este (100% Solis Minerals), where a fourth diamond hole is now being completed. Assays for outstanding samples from IE-003 and IE-004 are expected in 30–45 days. At Cinto (100% Solis Minerals), permitting has progressed, with all drilling approvals anticipated before year-end 2025.
Cucho underpins continuous drilling through late 2025 and into 2026. After starting diamond drilling at Chancho al Palo (100% Solis Minerals) in June 2025—assays pending for CAP-002 and CAP-003—the same rig was mobilised to Ilo Este in August 2025. Drilling will shortly begin from a fifth pad aimed at a higher-grade, surface-supported gold zone identified in historical work.
A ~5-kilometre diamond drilling program at Cinto (100% Solis Minerals), located ~5 kilometres from the operating Toquepala mine, is slated to commence in December 2025. Drilling is scheduled to start at Cucho in Q2 2026, then transition to Canyon (100% Solis Minerals) in Q3 2026, where surface work has outlined widespread copper and molybdenum mineralisation.
Exploration pipeline Q4 2025 – Q4 2026.
With regional copper activity intensifying across Peru’s prolific Coastal Copper Belt, the company has assembled a disciplined, near-term pipeline across Ilo Este, Cinto, Cucho, Chancho al Palo and Canyon, as it pursues copper-gold discoveries capable of supporting large-scale development in one of the world’s leading copper-gold districts. As permitting advances and drilling ramps up, Solis Minerals is strategically positioning itself for growth and is poised to deliver sustained exploration momentum into 2026 and beyond.