Solis Minerals (ASX:SLM) has completed maiden drilling programs at both the Estrela and Mina Vermelha lithium pegmatite projects in Borborema, Brazil.
The $11.41 million market capitalisation company says assays have been received for the first 8 holes, however, no ‘significant’ lithium has been uncovered at either project.
Assays are pending for the final 16 holes and will undergo review before a decision to restart additional exploration at the projects. Results are expected in March this year.
The company is also continuing to evaluate new potential acquisitions in Minas Gerais, Brazil and in Peru through earn-in option agreements to allow for prioritisation of exploration and drilling spending.
Executive Director Matthew Boyes says: “Drilling has now been completed and rigs are demobilising from the Borborema project area. The initial results have not met expectations from either Estrela or Mina Vermelha projects despite the early potential demonstrated by surface exploration and the proximity to known lithium bearing systems.
Both projects represented a relatively low cost option for the company with funds directed predominantly into the drilling programs. This targeting funding has allowed us to efficiently evaluate the potential of the assets before committing to subsequent payments.
Solis is continually evaluating new potential acquisitions, including opportunities in Borborema, Minas Gerais to the south, and expansion of our copper portfolio in Peru. This strategy of using earn-in option agreements will continue to be used, allowing exploration and drilling spending to be prioritised.”
Solis Minerals is a lithium explorer focused on Latin American critical minerals.
The company holds the option to acquire a 100% interest in the Borborema Lithium Project in northeast Brazil, which covers 26,100 hectares.
As of 30 November 2023, Solis Minerals had $7.239 million cash at hand, according to its latest financial statement.
Write to Adam Drought at Mining.com.au
Images: Solis Minerals
