Solis Minerals Ltd (ASX:SLM, TSX-V:SLMN, OTCQB:SLMFF) has laid claim to more ground along the Coastal Copper Belt in Peru, staking out the Canyon Project with 27 exploration concession applications covering 25,600 hectares.
The new project area is about 675 kilometres northwest of the Ilo Este Project, within the same intrusive trend (the Coastal Batholith) that stretches from the border with Ecuador to the border with Chile, bracketed by porphyry copper occurrences.
Coastal Intrusive Belt as indicated in green. Canyon is located in the NW of the figure, with Solis’ other projects located in the SE. Other intrusive belts shown in different colours.
Read: Copper on the rise: Solis Minerals snaps up copper permits in fertile Peruvian coastal belt amidst heating metal market
Rapid, cost-effective copper pipeline
“This is a significant opportunity for Solis to continue exploring for copper in its area of expertise, the intrusive belts of the coast of Peru,” Solis Minerals executive director Mike Parker said.
“This large prospective block is bracketed by porphyry copper projects along strike, which are localised by cross faulting.
“In the application area, similar structures were identified in previous exploration, which will be the immediate area of focus.
“The relative lack of cover rocks will enable us to use geochemistry as a rapid and efficient tool to focus in on follow-up areas.”
Parker says SLM’s acquisition and staking strategy is a focused, cost-effective approach to build its exploration pipeline.
“In addition, we believe this area adds another element to our copper strategy in providing an opportunity to explore for near surface heap-leachable copper oxide resources that offer relatively less expensive and easier fast-track copper production,” he said.
Local geology and copper prospects with cross faults and copper prospects bracketing applications.
Solis has also been hard at work exploring its other Peruvian projects, having outlined several new copper targets at the Guaneros Project and collecting grab samples up to 7.14% copper from outcropping mineralisation at the Cinto Project.
Read: Solis Minerals finds high-grade copper in samples from Cinto Project in Peru