Bolstering its copper landholding in Peru, Solis Minerals Ltd (ASX:SLM, TSX-V:SLMN, OTCQB:SLMFF) has successfully applied for a 6,400-hectare package comprising seven licences of largely underexplored exploration areas across a coastal belt that lies directly between the company’s Ilo Norte and Ilo Este projects.
Adding the new areas brings Solis’ landholding in Peru to 43,500 hectares pegged and establishes the company as a significant landholder in a highly prospective and emerging belt with porphyry copper potential.
Solis tenement map in northern area showing new application areas between Ilo Este and Ilo Norte.
Solis executive director Matthew Boyes said: “We are very pleased to further bolster our portfolio through the addition of a large land package containing highly prospective copper exploration ground in Peru.
“Solis is building a compelling portfolio of exploration properties in an underexplored porphyry belt, with excellent access and existing infrastructure.
"Drill permits are advancing as quickly as possible in conjunction with our ongoing non-invasive exploration efforts, preparing us to commence drilling once all necessary approvals are obtained and first drill sites are finalised.
Exploration a priority
These licence areas were pegged on May 2, 2024, and were previously held by Anaconda Copper.
The company’s landholding largely sits along a coastal belt bounded to the west by batholiths of Jurassic and Cretaceous age. Based on the outcropping porphyry copper mineralisation, Solis considers that the eastern margins of the batholiths represent highly prospective areas for porphyry copper occurrences emplaced in volcanic or volcaniclastic rocks.
Solis plans to immediately commence follow-up mapping and initial geophysical studies, which is believed to have seen minimal ground exploration in recent times.
A visit to the site by Solis geologists identified alteration and copper mineralisation in outcrops 8 kilometres northwest along strike and in a similar geological setting to known porphyry-style mineralisation at Ilo Este.
Mapping crews are now mobilising to site to systematically cover the entire tenement package and identify areas of highest prospectivity.
Low-cost drone magnetic studies in conjunction with remote sensing data interpretation will be carried out and followed up with induced polarisation (IP) studies over areas of interest to identify and evaluate primary drill targets.
Two drill permit applications are underway over the Ilo Este and Ilo Norte (Chancho al Palo) projects, while the Cinto project application is in the planning phase.
New opportunities
While prioritising the advancement of this drill permitting process in Peru, Solis continues to review and advance targeted lithium and copper opportunities in South America.
The company also continues to review potential acquisitions in various jurisdictions and commodity spaces, with a focus on copper and lithium projects that are drill ready or have mineralised systems already identified.
“Solis continues to review and progress potential acquisitions in the copper and lithium space across targeted areas of South America and has two teams dedicated to the evaluation process, which is now bearing significant fruit,” said Boyes.
“In the next 6-12 months will see advancements across our pipeline of copper exploration projects in Peru as we continue to look to add to our Brazilian portfolio of lithium properties.”
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