Latin American focused copper-gold explorer Solis Minerals (ASX:SLM) has several workstreams underway in preparation to begin drilling in H2 2025 at the Cinto Project in Peru.
The company is currently planning to conduct induced polarisation programs to define drilling targets. Once completed, drill permitting including archaeological surveys will be carried out.
Extensive copper porphyry mineralisation has been identified in rock and channel sampling at Cinto.
Solis is continuing to investigate Cinto’s potential by testing the unexplored low magnetic anomalies through mapping and rock geochemistry. Further areas for IP follow-up and drill target definition are expected to become apparent once all the tenement is explored.
Executive Director Mike Parker says this year will be a year of building on all the ground work of uncovering drill targets in 2024.
“We will start drilling at two of our projects, Chancho al Palo and Ilo Esta, later this quarter depending on permits, while the Cinto Project will be advanced to drill in the second half of 2025,” Parker says.
This news comes after Solis identified extensive copper porphyry mineralisation in rock and channel sampling at the project. The results returned 23.4m @ 0.88% copper and 16.83m @ 0.52% copper.
Solis says these results confirm the presence of porphyry-style copper mineralisation in favourable structural locations, expands the area of interest, and demonstrates a strong spatial correlation of copper mineralisation with the magnetic low geophysical anomaly that suggests a zone of hydrothermal alteration.
Further, the results also demonstrate the potential for associated polymetallic mineralisation around the copper-dominated area with the discovery of highly mineralisation, narrow structures — 2.5km east of the original site and adjacent rock samples.
Parker adds that Solis has considerably expanded its porphyry copper mineralisation footprint.
“Equally exciting is that we are observing styles of copper mineralisation that resemble the main mineralisation styles of the massive Toquepala mine only 15km to the northwest,” he says.
“As a stand-alone project, Cinto is shaping up well as a significant mineralised copper porphyry target.”
The Cinto Project comprises eight tenements covering 3,169 hectares in the Cenozoic Porphyry Belt of southern Peru.
Global copper demand is forecast to grow by around 3% in 2025 and 2026. Growth will primarily be driven by growth in low emission technology and data centre deployment. Australian copper export earnings are forecast to reach around $15.3 billion in 2024–25 and $16.2 billion in 2025–26.
Global mine production reached 16.8Mt in the first nine months of 2024 — a 2.4% increase compared to the same period in 2023. Mine output rose in Chile (up 2%), the Democratic Republic of Congo (up 9.6%), and Indonesia (up 6.9%). This growth was due to improved output at major mines in Chile, recovery of constrained output in Indonesia and better power supply in the DRC.
Peru’s output fell by 0.6% in the first nine months of 2024, driven by community blockades and weather issues.
Write to Aaliyah Rogan at Mining.com.au
Images: Solis Minerals
