Solis Minerals (ASX:SLM) has intersected iron oxide copper-gold mineralisation at its first drillhole in a diamond drilling program at its wholly owned Chancho al Palo in the Southern Coastal Belt of Peru.
From the total drillholes depth of 713m, visible signs of chalcopyrite mineralisation is present at 184m, as well as in porphyry style mineralisation at 451m.
Solis, which has a market capitalisation of $13.54 million, notes iron oxide copper-gold mineralised breccias intensify from 586m downwards, and visible gold prominent at 620m.
The next target is located 200m west, which aims to identify similar anomalous patterns of the first drillhole.
The company expects assay results from the entire program spanning 2,500m of four to five drillholes will be returned by ALS Global in July or August 2025.
CEO Mitch Thomas says that identifying this mineralisation, along with its alteration and geochemical pathfinders, is “highly encouraging” and is validating the quality of surface exploration.
“As the first company to drill this area, we are excited to assess the assays for Chancho al Palo,” Thomas says.
“Early signs indicate that this project is very much aligned with our strategy of identifying copper-gold resources that have potential to host large-scale mining in one of the world’s leading copper producing regions.”
With prospects spanning South America, Solis is focused on expanding its portfolio of copper projects in the Coastal Belt of Peru, including the Ilo Este and Ilo Norte tenements.
Write to Maddison Elliott at Mining.com.au
Images: Solis Minerals
