Solis Minerals (ASX:SLM) is focusing on drilling at the southern magnetic anomaly within the Ilo Este Project in Peru, after receiving the first assays from an ongoing diamond drilling campaign.
Drilling is targeting coincident porphyry indicators including high induced polarisation chargeability, strong geochemistry, and mapped alteration. The assay results from the southern magnetic anomaly are expected in November 2025.
At Ilo Este, diamond drilling will continue testing priority targets for 5,000m of drilling.
This news comes after holes IE-001 and IE-002 identified broad zones of elevated copper, gold, and molybdenum anomalism across multiple intervals, confirming the presence of a ‘large’ mineralised system.
Solis, which has a market capitalisation of $11.57 million, says there is disseminated, variably anomalous copper-gold-molybdenum mineralisation present over the entire length of both holes.
Some of the latest results include 18m @ 0.09% copper, 0.15 grams per tonne gold, 7 parts per million (ppm) molybdenum from 50m; and 18m @ 0.11% copper, 0.10g/t gold, 22ppm molybdenum from 102m.
Managing Director Mitch Thomas says the identification of bornite in the second drillhole suggests the company is vectoring in on the higher grade core of the porphyry system.
A follow-up drillhole is planned to test a higher grade gold zone identified at surface and depth in a historical drillhole. The historical hole IE-JDD-003 previously encountered gold and copper mineralisation over an 84m interval at 0.24% copper from surface.
Solis notes together, these results and future drilling will help delineate the core of the system and refine targeting for additional discoveries.
The Ilo Este Project is a copper porphyry system with coincident gold, silver, and molybdenum located within Southern Peru’s coastal belt.
Solis Minerals is a copper-focused junior explorer building a portfolio of assets around South America.
Write to Aaliyah Rogan at Mining.com.au
Images: Solis Minerals
