Solis Minerals Ltd (TSX-V:SLMN, ASX:SLM) has its eye trained on a US over-the-counter (OTC) listing as it reports on application updates across its copper project portfolio in Peru and Chile.
The base metals explorer has retained New York-based Amvest Capital Inc. to help it cross-list on the US’ OTCQB exchange — a step up from its previous US OTC Grey listing.
Solis hopes the upgraded listing will bolster liquidity and provide a more seamless experience for its US traders.
It comes just under a month since Solis made its ASX debut, listing on the share market following a A$5.5 initial public offering.
Upgraded US listing
By targeting a OTCQB listing, Solis could gain access to certain exemptions from US state securities laws or 'blue sky' exemptions.
In turn, this could further increase liquidity and expand investment advisors’ ability to research and recommend investment in Solis Minerals.
Solis’ advisor, Amvest Capital, is a specialist investment management and corporate finance firm focused solely on the Natural Resources sector and has assisted numerous TSXV and ASX companies with OTCQB cross-listing applications.
Solis will continue to update the market as more information on its cross-listing endeavours become available.
Quebrada Applications at Mostazal
In addition to the moves on the US markets, Solis has been granted exploration concessions adjacent to its Mostazal Copper Project in Chile.
All up, 18 concessions — labelled Quebrada 1-18 — were applied for, totalling 4,764 hectares.
Solis will update its GIS mapping with the new concessions once they are filed with the mining register.
New Peru application
Solis has also made an application for seven concessions in the Tacna Region of southern Peru, 5 kilometres along trend from Southern Copper Corp’s Toquepala Mine.
The area was subject to a number of competitive applications, which are being assessed by INGEMMET — a department of Peru’s Ministry of Energy and Mines.
The applications lie along the Incapuquio Fault in southern Peru, which is associated with three large copper-molybdenum deposits that are currently in production; the Cuajone, Quellaveco and Toquepala properties.
Solis has also been granted its application for the Caruca concession in the Tacna Region of southern Peru, as announced mid-last year.
Located in the same region as the company’s Ilo Norte and Ilo Este copper projects, Caruca covers copper and molybdenum anomalies, including the Pampa M copper-molybdenum porphyry showing.
The company plans to conduct an initial sampling and mapping program at Caruca, in conjunction with exploration slated for the Ilo Norte and Ilo Este assets.
About Solis
Solis Minerals is targeting three large-scale copper exploration assets in Chile and Peru.
The recently-acquired Mostazal Project in Chile has a drill-ready, multi-kilometre porphyry target to be drill-tested this year, underneath a high-grade mantos-style copper-silver historical resource.
Solis also owns the Ilo Este and Ilo Norte projects in Peru’s southern coastal copper belt, which is prospective for porphyry and iron oxide copper-gold discoveries.