Solis Minerals Ltd (ASX:SLM, TSX-V:SLMN, OTCQB:SLMFF) has provided an update on exploration activities at the Estrella prospect, within the Borborema Project area and the Jaguar Project, with two more drill rigs to explore the projects.
The projects are in Brazil, an increasingly important exporter of lithium to battery manufacturers. Both projects cover highly prospective, hard-rock lithium ground as verified by early-stage reconnaissance mapping and sampling.
Estrella target, Borborema Project
At the Borborema project’s Estrella prospect, Solis has identified three large outcropping pegmatites with confirmed presence of spodumene. Float and rock chip samples confirmed these pegmatite bodies are lithium-bearing, with assay results of up to 7.6% lithium oxide.
As this project has seen notable progress, an additional exploration team has been mobilised to site to commence reconnaissance work on target areas. The work will focus on ground checking and a full geochemical soil program to help develop new targets.
Jaguar Project
A total of 12 holes have now been completed at the Jaguar Project, with the first three at the lab and awaiting assays.
The company is now working to extend its due diligence period as initial drilling rates and progress to date hasn’t allowed for the company to test all available target areas over the 300-hectare lease area.
In order to adequality test all available targets, Solis is negotiating an additional six months before committing to the binding option agreement.
Delivering on expectations
Solis executive director Matthew Boyes said: “We are pleased to advise that exploration at the Borborema Project is delivering on expectations, yielding positive results from the preliminary reconnaissance mapping program.
“The identification of three new lithium-bearing outcropping pegmatites and rock chip samples returning up to 7.60% lithium oxide, is highly encouraging. The team is looking forward to completing the full geochemical soil program in the area, and then drilling the three outcropping pegmatite dykes.
“We are currently re-negotiating an extension for our due diligence period on the Jaguar Project which will allow the necessary time to evaluate the asset more adequately and systematically.
"With a large track-mounted drill rig currently on its way to site, we will begin to see some tangible progress at Jaguar over the coming months.
“We are located in the right region at the right time as Brazil continues to grow into a leading, tier-one, high-grade lithium region. I look forward to keeping shareholders informed of progress on both of our compelling lithium projects over the coming months.”