| Vancouver, BC – 31 January 2022 – Solis Minerals Limited (ASX: SLM, TSXV: SLMN, FSE: 08W) (“Solis Minerals” or “the Company”) wishes to provide shareholders with its quarterly report for the three-month period ended 30 November 2021 (“the Quarter”).
Highlights - Completion of capital raising for a total of A$5.5 million through the issue of 27,500,000 Chess Depository Interests (“CDIs”) at A$0.20, with a cash position of A$7.0 million upon closing of IPO.
- Successful listing on the Australian Securities Exchange (ASX) following its very well-supported IPO.
- Appointment of Mr. Michael Parker and Ms. Chafika Eddine to the Board as Non-Executive Directors.
- Commencement of its highly anticipated maiden drilling program at the Mostazal Copper Project in Chile, one of the largest copper producing nations in the world.
Subsequent to the end of the quarter, on 24 December 2021, Solis Minerals Limited (ASX: SLM, TSXV: SLMN, FSE: 08W) (“Solis Minerals” or “the Company”) successfully listed on the Australian Securities Exchange (ASX) following its very well-supported IPO.
The Company raised a total of A$5.5 million through the issue of 27,500,000 Chess Depository Interests (“CDIs”) at A$0.20, with one attaching option for every two CDIs subscribed in the IPO with an exercise price of AUD$0.30 for a period of two-years from the date of issue.
Upon closing, the Company had in excess of A$7.0 million cash at bank, and is very well placed to undertake its highly anticipated maiden drilling program at the Mostazal Copper Project in Chile, one of the largest copper producing nations in the world. This drilling commenced in late January.
Net proceeds from the IPO will be primarily allocated to funding the drill program at the Company's 100%-optioned Mostazal Cooper Project in Chile's Atacama Desert, where previous exploration has outlined significant near surface copper mineralisation.
Following the successful listing on ASX, the Company welcomed Mr. Michael Parker and Ms. Chafika Eddine to the Board as Non-Executive Directors. Mr.Fred Tejada stepped down from the Board and continues with Solis in the role of Technical Advisor.
February 2022 Quarter - On the 24th January, the 2,900m drilling program commenced at Mostazal Copper project targetting manto-style copper mineralisation near surface, as well as porphyry structures at depth.
- The Quebrada exploration concessions staked by Solis around Mostazal have been granted and are being registered.
- New Copper-prospective concessions in Peru are under application.
- Solis Minerals has retained Amvest Capital to upgrade its US OTC listing to the OTCQB level.
Mostazal Copper Project Summary The Mostazal property is located 80 kilometres (km) northeast of Copiapo, Chile (Figure 1) and within the Domeyko fault — a major structural control for some of the world's largest and most productive copper mines*, including Chuquicamata and Escondida, and 40 km south of Codelco's El Salvador mine.
The first program of drilling which commenced in late January is expected to continue through until mid-March, with approximately 2,900 metres diamond drilling in two phases, targeting both porphyry and manto-style copper mineralisation.
As well as testing the copper at near surface, the Company will be undertaking the first ever drill testing of an interpreted porphyry feeder system underlying a 4 km by 2.5 km, north-south- trending, belt of outcropping copper mineralisation, small
scale mine workings, and geochemical and geophysical anomalies.
Four main target areas have been identified (Figure 2) on the basis of historical drilling, geochemical and geophysical surveys, and structural interpretation and modelling.
Figure 1: Mostazal Copper Project - historical drill testing of manto copper mineralisation by a previous operator
Figure 2 : Mostazal Copper Project - initial diamond drilling target locations over copper soil geochemistry
The Mostazal West target (Target Area 1) is located immediately west of stacked copper-bearing Manto lenses. It is characterised by the presence of a magnetic low and chargeability high geophysical anomalies. The Company is targeting a potential source of copper mineralisation beginning at a depth of 300 metres - about 100 metres deeper than prior drilling and immediately adjacent to the area of recent exploitation. The Central target (Target Area 2) is located immediately beneath known Manto copper lenses where historical, relatively shallow drilling (Figure 1) to a depth of approximately 150m has encountered wide zones of high-grade copper mineralisation (Table 1). The Company is targeting to penetrate through stacked copper-bearing Manto lenses to test for an interpreted buried porphyry/feeder structure beginning at a depth of approximately 30 metres
Table 1: Selected significant intersections from historic drilling at the Mostazal Copper Project - DDH-MZ-08: 16m @ 1.48% Cu from 56m
- DDH-MZ-10: 13m @ 1.23% Cu from 91m
- DDH-MZ-13: 8m @ 1.83% Cu from 55m
- DDH-MZ-27: 10m @ 1.59% Cu from 40m
- DDH-MZ-30: 16m @ 1.27% Cu from 74m
- DDH-MZ-32: 11m @ 2.52% Cu from 84m
|