Solis Minerals (ASX:SLM) is continuing to review potential acquisitions in various jurisdictions in the copper and lithium space after pegging an additional 6,400 hectares in Peru.
Solis, which is also listed on the TSX Venture Exchange under the ticker (TSX-V:SLMN), says its new applications cover prospective copper ground across a coastal belt located directly between its Ilo Norte and Ilo Este projects.
The areas were previously held by American miner Anaconda Copper. Field visits by Solis indicate minimal ground exploration has been undertaken in recent times.
Copper mineralisation in association with silification and alteration has been identified as outcropping at surface on the new application areas.
Solis now holds 43,500 hectares principally along the coastal belt, establishing the company as a major landholder in the region.
The company is currently prioritising the advancement of drilling permits over the Ilo Este, Ilo Norte, and Cinto project areas, while continuing to review and advance targeted lithium and copper opportunities in South America.
Solis has also begun community engagement at Cinto as part of the process to advance the drilling permit process. Cinto sits 15km southeast of the Toquepala copper porphyry deposit in northern Tacna.
Toquepala is an open pit mine with a 120,000-tonne-per-day ore copper-molybdenum concentrator, according to Wood Mackenzie.
Executive Director Matthew Boyes says the company expects to see advancements across its pipeline of copper exploration in the next six to 12 months.
“Solis is building a compelling portfolio of exploration properties in an underexplored porphyry belt, with excellent access and existing infrastructure,” Boyes says.
“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.
“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.”
Solis Minerals holds the option to acquire a 100% interest in the Borborema Lithium Project in northeast Brazil, which covers 26,100 hectares.
Write to Adam Drought at Mining.com.au
Images: Solis Minerals
