Junior explorer Solis Minerals (ASX:SLM) has begun ground-checking new anomalies at the Ilo Norte and Ilo Este projects in Peru following its recently completed magnetic drone survey.
The company, which has a market capitalisation company of $33.19 million, says 4 targets were uncovered from the drone survey, and once field checks have been completed, induced polarisation geophysical surveys may be conducted over areas considered more favourable as drilling targets.
Commenting on the exploration activities, Solis Minerals Executive Director Matt Boyes says: “The Peruvian exploration season has well and truly moved into high gear. We have now identified and secured additional tenements at Ilo Norte.
“Recent significant improvements in geophysical data processing technologies have enabled us to generate high-priority, undrilled targets from existing data sets”
We have also undertaken remote satellite data acquisition and processing, enabling us to focus on the most prospective areas now that exploration access is available. Our tenements occupy what we believe to be a very prospective corridor for copper porphyry-hosted mineralisation within an Andean belt that hasn’t been fully explored.
Recent significant improvements in geophysical data processing technologies have enabled us to generate high-priority, undrilled targets from existing data sets. We are now ground-checking at both Ilo Norte and Ilo Este. These will be drill tested as soon as permitted.”
At Ilo Este, an analysis of WV-3 satellite imagery in conjunction with previous data has focused exploration on a relatively unexplored western area of the project. An exposure of porphyritic quartz diorite with ‘strong’ potassic alteration containing copper oxide minerals was located in an area previously untested by drilling.
Meanwhile, Solis has negotiated an extension to the due diligence period over the Jaguar Lithium Project until 1 September due to slow production rates experienced during the current drill program.
Further, an exploration team is set to mobilise this month to begin fieldwork on the Borborema Lithium Project in Brazil.
Solis Minerals is a battery mineral-focused mining exploration company. The company wholly owns the Borborema Lithium Project and the Ilo Norte, Ilo Este, and Cinto projects.
As of 30 June 2023, the company had $5.4 million cash at hand, according to its latest quarterly report published on 31 July 2023.
Write to Aaliyah Rogan at Mining.com.au
Images: Solis Minerals
