Solis Minerals (ASX:SLM) has expanded its footprint by pegging additional mining concessions in the areas adjacent to the Ilo Norte and Kelly projects in Peru.
According to the latest quarterly report released yesterday (31 July 2023), the $33.95 million market capitalisation says these additional concessions increase the project area to about 32,400 hectares.
Solis says a team is currently on site at the Ilo Norte Project carrying out follow-up ground checking and surface sampling of the area to locate better target drill sites, which is anticipated to be tested in Q1 2024, subject to acquiring environmental permits.
During the past quarter, the company entered into a binding agreement to acquire the Jaguar Lithium Project in northeast Brazil.
Initial drilling has begun at the project to test the depth, strike, extent, thickness, orientation, and down dip extent of the pegmatites which confirmed spodumene grades in oxidised pegmatite up to 4.95% Li2O from rockchip samples.
On 22 June 2023, the company also began diamond drilling at the project, with a total of 328m drilled to date and 3 drillholes completed. Drillhole JADDH00002 and JADDH00003 intersected broad intervals of shallow dipping pegmatite below the existing artisanal workings at Jaguar.
In addition, Solis also conducted a placement during the quarter, raising about $8.155 million through the issue of just over 14.827 new shares at an issue price of $0.55 per new share.
The placement will be completed in 2 tranches. Tranche 1 raised $3.5 million, whilst tranche 2 is set to raise about $5.105 million, which is subject to shareholder approval at a general meeting scheduled for 11 August 2023.
As of 30 June 2023, the company had $5.4 million cash at hand, according to its latest quarterly report. The company adds that these funds will be used to advance its portfolio of exploration assets, before the receipt of tranche 2 placement funds.
Solis Minerals is an ASX-listed battery mineral-focused mining exploration company, which wholly owns the Borborema Lithium Project in northeast Brazil covering 25,644 hectares.
Images: Solis Minerals