Solis Minerals (ASX:SLM) is lining up drilling in the new year to test a ‘large, high magnitude’ chargeability anomaly at its Ilo Este Project in Peru.
The $12.29 million market capitalisation company has begun the drill permitting process for a semi-detailed environmental impact assessment (EIA). The assessment is expected to be completed in the next 12 months.
Solis reports the new anomaly has been uncovered following an induced polarisation (IP) geophysical study and sits in contact with a previously identified magnetic anomaly.
Combined geophysics and site geology also confirm a ‘highly prospective’ and ‘large-scale’ untested drill zone.
The company notes surface mapping and reconnaissance programs are currently ongoing across all of its Peruvian land package in line with a continuous process of project evaluation.
Solis hopes to grow its already ‘large’, quality exploration portfolio.
Executive Director Matthew Boyes says Ilo Este is emerging as a ‘compelling’ porphyry copper target after discovering the new anomaly.
“The drill program planning has already commenced to allow us to test these anomalies with drilling next year. A semi-detailed environmental impact study will now be undertaken to select drill sites to test these exciting targets.”
Solis Minerals is a lithium explorer focusing on Latin American critical minerals.
The company has advanced exploration at the Ilo Este project in Peru. Based on Worldview-3 satellite imaging acquired in late 2022, exploration has focused on altered areas that have not been subject to any drilling. Detailed geological mapping in this zone combined with rock geochemistry surveys identified an area of strong potassic alteration in porphyry microdiorites with commonly associated malachite (copper oxide mineral).
Ilo Este sits in Peru’s coastal copper belt and represents a ‘large’ copper system with coincident gold, silver, and molybdenum.
Solis Minerals had $10.4 million cash at hand as of 30 September 2023 following an $8.3 million placement during the past quarter, according to its latest quarterly report.
Write to Adam Drought at Mining.com.au
Images: Solis Minerals
