Solis seeks additional acquisitions as exploration continues 

Solis Minerals (ASX:SLM) is negotiating potential new acquisitions within the Borborema Province of Brazil as it continues a maiden drilling program at the Estrela prospect.

The $18 million market capitalisation company says a second drill rig has been delivered to aid the ongoing maiden 3,600m drilling program, which is designed to target 4 outcropping pegmatite bodies. 

Spodumene has been recorded from rock samples taken from the bodies. 

Solis reports the drill rig has begun testing these outcropping pegmatites, with drillholes designed to intersect the pegmatite bodies at between 60m-120m below surface to determine if pegmatites have the potential to host ‘economically viable’ volumes and grades of mineralisation. 

The maiden program is expected to be completed before the end of the year. 

Solis has not provided any details regarding potential new acquisitions in the area but says negotiations are ongoing. 

Meanwhile, the company has employed local exploration consultancy Mountain GMT to complete a surface mapping and geochemical soil sampling program within an area comprising 8 tenements. 

The tenements cover about 12,200 hectares of ‘underexplored’ greenfields ground within the northern Borborema lithium district. About 2,500 soil samples covering close to 4,000 hectares will be collected as part of the program, with completion scheduled in the first quarter of 2024.     

Solis Minerals Executive Director Matthew Boyes says these ongoing activities will lay the foundation for future exploration heading into 2024.     

“Solis is exploring the lithium potential within the Borborema Province, with primary targets at Estrela and Mina Vermelha. Both prospects are located ~15km from the town of Parelhas, where the company has established a base to facilitate operational management and engage with local communities. 

A second large-capacity drill rig has now commenced drilling at the Estrela prospect which will accelerate the program. Between the 2 rigs, all currently known pegmatites on the Estrela tenements will be tested before year-end. 

“Between the 2 rigs, all currently known pegmatites on the Estrela tenements will be tested before year-end”

In addition to the Estrela drilling program, Solis is pleased to have contracted Mountain GMT to commence a large geochemical program on several northern tenements in the Borborema Project package. The collection of 8 tenements, located near the town of Cerro Cora, covers a significant portion of the northern Borborema lithium corridor. This initial program includes geochemical soil sampling and will guide drill targeting during 2024.”

Solis Minerals is a lithium explorer focusing on Latin American critical minerals. 

Solis Minerals had C$9.1 million cash at hand as of 31 August 2023, according to its latest financial report.

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Images: Solis Minerals
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Written By Adam Drought
Born and raised in the UK, Adam is a sports fanatic with an interest in Rugby League and UFC/MMA. When not training in Muay Thai and Brazilian Jiu Jitsu, Adam attends Griffith University where he is completing his final year of a Communication & Journalism degree.