Solis Minerals Ltd (TSX-V:SLMN, ASX:SLM) has listed on the ASX following a well-supported IPO, which raised A$5.5 million through the issue of more than 27 million Chess Depository Interests at A$0.20 each.
The company now has more than A$7.0 million to play with and is well placed to start its maiden drilling program at the Mostazal Copper Project in Chile, one of the largest copper-producing nations in the world.
“We were pleased to see the support of past shareholders and we welcome many new shareholders to the company in the IPO,” CEO Jason Cubitt said.
“I’d like to thank the administrative and legal teams in both Canada and Australia for supporting this achievement. Thanks also go to our lead manager in Australia, Euroz Hartleys, for managing distribution of the IPO.”
Drill testing imminent
The company plans to test the copper near-surface but will also conduct the first-ever drill testing of an interpreted porphyry feeder system underlying a 4-kilometre by 2.5-kilometre north-south-trending belt of outcropping copper mineralisation, small-scale mine workings and geochemical and geophysical anomalies.
SLM has pinpointed four main target areas based on historical drilling, geochemical and geophysical surveys, and structural interpretation and modelling.
These include the Mostazal West target, immediately west of stacked copper-bearing manto lenses and characterised by the presence of a magnetic low and chargeability high geophysical anomalies.
The company has its sights trained on a potential source of copper mineralisation beginning at a depth of 300 metres - about 100 metres deeper than prior drilling and immediately adjacent to the area of recent exploitation.
SLM will also explore the Central target, immediately beneath known manto copper lenses where historical, relatively shallow drilling encountered wide zones of high-grade copper mineralisation.
New directors
Effective today, SLM welcomes Michael Parker and Chaifika Eddine to the board as non-executive directors while Fred Tejada has stepped down from the board. The company thanks Tejada for his significant contributions and welcomes his continued role as a technical advisor.
About Solis Minerals
Solis Minerals is a Latin American-focused mining exploration company, earning into a 100% interest in the Mostazal Copper Project in Chile’s Atacama Desert, one of the world’s premier copper production jurisdictions.
The company also holds a 100% interest in a package of highly prospective IOCG (iron oxide copper-gold) and porphyry copper projects in southwestern Peru within the country’s prolific coastal copper belt - a source of nearly half of Peru’s copper production.