Solis Minerals (ASX:SLM) has identified 3 new lithium-bearing pegmatite drill targets, via mapping and rock chip sampling conducted at the Estrella prospect, within the Borborema Project in Brazil.
The $33.81 million market capitalisation company reports float and rock chip samples confirmed these pegmatite bodies are lithium bearing, with assay results returning up to 7.6% lithium oxide (Li2O).
Two additional drill rigs are being mobilised to explore the Borborema Project, as well as the Jaguar Project.
The company has completed 12 holes to date from the drilling program at the Jaguar Project and 3 drillholes are at the laboratory and awaiting assays.
Meanwhile, re-negotiations are also in place for an extension to its due diligence period at the Jaguar Lithium Project. To date, initial drilling rates and progress have not been sufficient for Solis to test all available target areas over the 300 hectare lease area.
Solis says in order to adequately test all available targets, the company is negotiating an additional 6 months before committing to the binding option agreement currently in place.
Commenting on the recent activities, Solis Minerals Executive Director Matthew Boyes says: “The identification of 3 new lithium bearing outcropping pegmatites and rock chip samples returning up to 7.60% Li2O, is highly encouraging.
The team is looking forward to completing the full geochemical soil program in the area, and then drilling the 3 outcropping pegmatite dykes.
We are currently re-negotiating an extension for our due diligence period on the Jaguar Project which will allow the necessary time to evaluate the asset more adequately and systematically.
With a large track mounted drill rig currently on its way to site, we will begin to see some tangible progress at Jaguar over the coming months. We are located in the right region at the right time as Brazil continues to grow into a leading, tier one, high-grade lithium region.”
Both the Borborema and Jaguar projects are located in Brazil, which is rapidly developing into an ‘exciting’ and ‘globally significant high-grade’ lithium region, according to Solis.
Solis Minerals is a Latin American battery mineral focused mining exploration company. As of 30 June 2023, the company had $5.4 million cash at hand, according to its latest quarterly report.
The company owns a 100% interest in the Borborema Lithium Project in Brazil, covering 24,800ha. It has recently executed an option to acquire 100% of the Jaguar Lithium project in Bahia state, Brazil. In addition, Solis also holds a 100% interest in 32,000ha of combined licences and applications of highly prospective IOCG (iron oxide copper/gold) and porphyry copper projects in southwestern Peru within the country’s prolific coastal copper belt — a source of nearly half of Peru’s copper production.
Write to Aaliyah Rogan at Mining.com.au
Images: Solis Minerals