Solis Minerals (ASX:SLM) is starting maiden drilling at its wholly owned Chancho al Palo Project in Peru, targeting porphyry and iron oxide copper-gold targets previously identified.
A diamond drill rig has been mobilised at the project to undertake 2,500m of drilling to test coincident anomalies identified in surface mapping, sampling, and geophysics.
CEO Mitch Thomas says the company is excited to begin drilling at Chancho al Palo, believing it has “significant” potential for copper production.
“Our team has worked diligently to define high-priority targets, and we look forward to delivering the first-ever drill results from this highly prospective system in the coming weeks,” Thomas says.
“These results will be complemented by the commencement of drilling at Ilo Este and the completion of the induced polarisation program at Cinto. We are committed to maintaining a strong and consistent news flow across our high-quality copper-gold portfolio.”
Solis, which has a market capitalisation of $10.86 million, is also expecting to begin a 5,000m diamond drilling program at the Ilo Este Project in June, following the approval of a drilling permit for the area by the Ministry of Energy and Mines of Peru.
The Ilo Este Project is also wholly owned by the company, located 20km from Chanco al Palo.
Meanwhile, Solis is nearing completion of an induced polarisation survey at the Cinto Project, with results expected next month.
Prior to the survey, Solis identified extensive copper porphyry mineralisation in rock and channel sampling, with results returning 23.4m @ 0.88% copper and 16.83m @ 0.52% copper, as reported by Mining.com.au.
Solis Minerals is an exploration company, focused on the development of copper projects across its portfolio in Peru spanning 65,100 hectares.
Write to Maddison Elliott at Mining.com.au
Images: Solis Minerals
