Solis Minerals Ltd (TSX-V:SLMN, ASX:SLM) has commenced diamond drilling operations at its flagship Mostazal Copper Project, 80 kilometres northeast of Copiapo, Chile, and within the Domeyko fault — a major structural control for some of the world's largest and most productive copper mines and 40 kilometres south of Codelco's El Salvador mine.
The Latin American-focused mining exploration company is fully funded to undertake this highly anticipated maiden drilling program.
It recently raised a total of A$5.5 million through the issue of 27.5 million Chess Depository Interests (CDIs) at A$0.20 and has more than A$7.0 million cash at bank.
Exciting milestone
Solis Minerals CEO Jason Cubitt said: “We are very pleased to be on the ground and drilling at our flagship Mostazal Copper Project in Chile.
“Our initial diamond drill holes are targeting near-surface high-grade manto style copper mineralisation, as well as the interpreted feeder system (porphyry) structures at depth.
“With the geology and drilling crews mobilising to the site earlier last week, the drill bit has hit the ground, and we are now coring.
“This is an exciting milestone for the company following our recent, strongly supported capital raising and listing on the ASX.
“To be up and running so soon after listing reflects the hard work by our Chilean-based team.
“We will continue to keep the market informed of our progress, as we put our first holes into this highly prospective project.”
Drill plans
The initial phase of drilling will comprise four holes for an estimated 2,000 metres of drilling and will initially target both porphyry and manto-style copper mineralisation as well as the interpreted feeder system (porphyry) structures at depth.
Site preparations commenced in late December, with the mobilisation of earth-moving equipment and the construction of suitable drilling platforms and access tracks where required.
All planned drill sites have been established, ready for drilling the Phase I and Phase II campaigns.
Field crews and drilling equipment mobilised earlier last week to set up on the program's first hole, which will target a series of near-surface manto-style copper mineralisation ‘lenses’ defined by historic diamond drilling.
The central target (Target Area 2) is characterised by a series of known stacked manto copper lenses where historical, relatively shallow drilling to a depth of around 150 metres, has encountered wide zones of high-grade copper mineralisation.
The proposed drilling is planned to penetrate through these lenses to confirm the existing mineralisation models and test for additional stacked manto lenses at depth.
As well as testing the near-surface copper manto mineralisation, the company intends to undertake the first-ever drill testing of the interpreted porphyry feeder system at depth.
Recent independent geophysical modelling of existing Induced Polarization (IP) survey data has highlighted a strong chargeability anomaly extending for over 1.6 kilometres along strike down dip to the west of the surface copper mineralisation.
Solis Minerals interprets this to represent the potential location of the primary feeder structured for the widespread copper mineralisation.
Following the completion of MODD001, Solis has planned three additional holes as part of its Phase I drilling campaign to test this compelling IP geophysical target.