Solis Minerals (ASX:SLM) is aiming to uncover new drill targets over its Estrela and Mina Vermelha projects in the Borborema Province of Brazil through a geochemical sampling program.
The $15.81 million market capitalisation company says 25% of the major regional geochemical soil program has been completed in the northern Borborema Province area.
Samples are currently being prepared for submission for Inductively Coupled Plasma (ICP) analysis, and assays are anticipated to support the company’s objective of finding new targets for drilling, which is scheduled for early 2024.
Meanwhile, as previously reported, Solis’s maiden diamond drilling program is underway at both Brazilian projects, with 2,500m of drilling completed to date.
At Estrela, 4 holes have been processed and submitted for chemical analysis at SGS laboratories in Belo Horizonte, while the remaining 11 holes are expected to be completed later this month.
At Mina Vermelha, 2 holes have been completed from an initial 8-hole program to test a 2km-long strike of known pegmatites at the project.
Solis reports that drillhole MVDDH0002 has returned the most ‘encouraging’ early results so far, with 168.8m of pegmatite intersected, indicating the potential for a ‘larger’ system.
Solis Minerals Executive Director Matthew Boyes says both programs are on schedule and all cores will be processed and submitted before the Christmas break.
“Initial signs are encouraging, with visible spodumene-bearing pegmatites intersected in several target areas, including significant widths of pegmatite reported, especially in the initial holes at Mina Vermelha.
“Initial signs are encouraging, with visible spodumene-bearing pegmatites intersected in several target areas, including significant widths of pegmatite reported, especially in the initial holes at Mina Vermelha“
We are looking forward to receiving our first assay results which will assist the team gaining a full understanding of the distribution of the mineralisation within the system and also direct the next round of drilling at both projects.”
Following today’s (7 December) announcement, Solis Minerals’ share price has increased by 9.37% to $0.175 as of 10:45am AEDT.
Solis Minerals is an emerging lithium explorer focused on critical minerals in South America. The company wholly owned the Borborema Lithium Project in northeast Brazil, which covers a 26,100-hectare area.
As of 30 September 2023, the company had $10.4 million cash at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Solis Minerals