Solis unveils plans for South American assets  

Solis Minerals (ASX:SLM) is prioritising advancing drill permitting in Peru over its Ilo Este and Chancho al Palo project areas while continuing to review lithium and copper opportunities in South America.

Executive Director Matthew Boyes says the company has implemented a series of cost cuts to aid in a potential future acquisition.

The contract for drill permitting of Ilo Este has been awarded to Grupo GyA Soluciones GeoAmbientales SAC. Chancho al Palo drill permitting is slated to begin in May.  

Drill permitting has begun following the identification of geophysical targets from initial induced polarisation results. 

Boyes says the company’s copper assets “are quickly moving to the fore with some very promising targets”.  

“Ilo Este and Chancho al Palo both look to be excellent copper targets and we look forward to getting the permitting granted and start drilling as soon as possible,” he says.  

Solis, which has an $8.78 million market capitalisation, is also continuing to grow its copper asset portfolio after pegging an additional licence at Ilo Este, with several other packages under review. 

Meanwhile, the company has reported all assays from maiden drilling programs at the Mina Vermelha and Estrela prospects, part of Solis’ Borborema Project in Brazil. No lithium or any lithium suite elements were reported from either prospect. 

A final field investigation will be carried out before a decision to continue with the option agreement at Mina Vermelha is made by the board.  

A full review of all geochemical data and logged pegmatites is being completed to assist with future exploration activities at Estrela. Solis believes potential still exists for the discovery of lithium-bearing pegmatite systems at the project.  

“We are now undertaking a final review of all assay data from both Estrela and Mina Vermelha before deciding the next steps with regards to follow up exploration,” Boyes says. 

“Our first pass mapping and geochemical programs have also advanced following access restrictions caused by high rainfall earlier in the year.”

About 270 assays are pending for the initial geochemical program at Borborema. Once received the company will begin additional sampling and ground checking. 

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

Write to Adam Drought at Mining.com.au

Images: Solis Minerals
Author Image
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.