Solis Minerals (ASX:SLM) is set to begin a 5,000m diamond drilling program at its Cucho Copper Project in Peru this month, targeting a potential porphyry system about 40km from the Peruvian coastline.
The initial phase comprises about 10 holes across three target zones. A total of 34 holes have been permitted, giving the company flexibility to scale up the program depending on assay results.
The program follows a 2014 scout campaign that drilled seven holes for about 2,000m and intersected broad copper-molybdenum-silver mineralisation in every hole.
Highlights included 169.7m @ 0.24% copper (Cu) from surface in COP14-01, 175.4m @ 0.28% Cu from surface in COP14-06, and 269.1m @ 0.25% Cu from surface in COP14-07.
New work expands the target area
Recent mapping and geochemical sampling have confirmed mineralisation about 1,000m northeast of that historical drilling, expanding the target area.
The work outlined a 3km by 1.8km mineralised footprint, with surface samples returning copper grades up to 0.49% and molybdenum (Mo) up to 0.63%.
The company cautions that the rock chip samples are selective and not necessarily representative of the broader system.
The new data, integrated with drone-borne magnetic and induced polarisation (IP) surveys, has defined three priority targets. A southwestern corridor carries a northeast-southwest molybdenum trend coinciding with copper and sulphur anomalism, alongside a northern stockwork and an eastern intrusive target.
The drilling will assess whether these targets represent a mineralised feeder zone, test whether the stockwork strengthens at depth, and establish the system’s eastern extent.
Beside the majors, and beyond Cucho
Cucho is one of several porphyry systems along the Coastal Batholith of Peru. The geological belt also hosts operations from Fortescue (ASX:FMG), Vale (NYSE:VALE), and Newmont (ASX:NEM).
On the corporate side, Solis has the right to acquire up to 100% of Cucho under a joint venture.
Element 29 Resources’ (TSX-V:ECU) Elida Project, 40km from Cucho, holds an inferred resource of 321 million tonnes @ 0.32% Cu, 0.03% Mo, and 2.61g/t silver.
Solis CEO Mitch Thomas says the recent work has “strengthened the case” for a larger system.
“Historical drilling has already demonstrated broad copper-molybdenum-silver mineralisation, while our recent mapping, surface sampling, and geophysical interpretation have expanded the target area,” Thomas adds.
“The initial program will test three distinct target zones across the existing mineralised corridor and newly defined intrusive targets.”
Cucho is one of several active workstreams for Solis, with drilling underway at the Cinto Copper Project in Peru. Meanwhile, at the Campo Grande Lithium Project in Brazil, drilling is nearing completion with assays pending for Mandacaru and Campo Grande.
Results from all three programs are expected over the coming months.
Solis Minerals is an Australian explorer advancing porphyry copper projects in Peru alongside lithium assets in Brazil.
Write to JC Villarba at Mining.com.au
Main image: Solis Minerals
