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alphaflight on Feb 07, 2022 8:29pm
Widespread copper sulphides logged in first two holes
Widespread copper sulphides logged in first two holes at Mostazal Copper Project | | Solis Minerals Ltd. (ASX: SLM, TSXV: SLMN, FSE: 08W) (“Solis Minerals” or “the Company”) is pleased to provide an interim update in relation to the diamond drilling underway at the Company’s Mostazal Copper Project in Chile (“Mostazal” or “the Project”).
Copper sulphides, sometimes locally abundant, have been observed during logging of the first two holes completed from surface down to 362m (in hole 1) and 444m (in hole 2), as part of an initial 2,000m diamond drilling program at the flagship Mostazal Copper Project in Chile. Solis' maiden drill program is targeting both near surface manto-style copper mineralisation and an interpreted primary copper porphyry mineralisation feeder structure at depth.
Drilling has encountered visible copper sulphide mineralisation in both of the first two holes completed (MODD001 and MODD002), comprising several mineralised zones from surface consisting of chalcoite+/- bornite occurring as amygdale's, fracture fillings on in veinlets (with quartz-epidote-chlorite-calcite) and/or chalcopyrite.
Figure 1: Altered andesitic basalt with fine grained disseminated pyrite and chalcopyrite (copper sulphide) (MODD002)
Detailed logging of MODD001 indicates successful intersection of the targeted "manto" type copper mineralisation from the surface with disseminated sulphides logged extending from surface to the end of the hole (362m) and from surface to at least 444m depth in MODD002. Individual "mantos' are less than 2m thick and encountered in stacked packages that may reach approximately 10m in thickness. Final mineralised intervals remain to be defined based on pending assay results.
CEO Jason Cubitt commented:
“Drilling is progressing very well, with our first two drill holes now completed, and we are off to a fantastic start at Mostazal. These first drill holes were designed to test the near surface manto-style mineralisation encountered in the historic drilling, and our logging has confirmed the presence of widespread alteration and disseminated copper sulphide mineralisation throughout both holes.
“Assay sampling of MODD001 is now well underway, with an expected laboratory turnaround time of at least four weeks from the receipt of samples.
“The drill rig has now moved and commenced drilling at the third planned hole (MODD003). This drillhole is targeting the heart of the interpreted IP chargeability geophysical anomaly, which we believe may represent a feeder structure for the extensive manto-style copper mineralisation found closer to surface at Mostazal and drilled in our first two holes."
Mostazal Copper Project Summary
The Mostazal property is located 80 kilometres (km) northeast of Copiapo, Chile (Appendix 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 initial phase of drilling comprises four holes for an estimated 2,000m of drilling and will initially target both porphyry and manto-style copper mineralisation as well as the interpreted feeder system (porphyry) structures at depth. | | | About Solis Minerals Ltd.
Solis Minerals is a Latin American-focused mining exploration company. The Company is earning into a 100% interest in the Mostazal copper project in Chile’s Atacama Desert, one of the world’s premier copper production jurisdictions. The Company also holds a 100% interest in a package 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.
Issued on the directive of the board of Solis.
For further information please contact: Jason Cubitt
President and CEO
Solis Minerals Ltd
+01 (604) 209 1658 | Stephen Moloney
Investor Relations
Corporate Storytime
+61 (0) 403 222 052 | Neither the TSX Venture Exchange nor its Regulation Service Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of accuracy of this news release.
Forward-Looking Statements
This news release contains certain forward-looking statements, which relate to future events or future performance and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected including, but not limited to, market conditions, availability of financing, actual results of the Company’s exploration and other activities, environmental risks, future metal prices, operating risks, accidents, labor issues, delays in obtaining governmental approvals and permits, and other risks in the mining industry. All the forward-looking statements made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required by applicable law.
Qualified Person Statement
Derrick Strickland, P. Geo. (1000315), is a qualified person and has reviewed and approved the technical content of this news release. *The qualified person has been unable to verify the information on the adjacent properties. Mineralisation hosted on adjacent and/or nearby and/or geologically similar properties is not necessarily indicative of mineralisation hosted on the Company property.
Competent Person Statement
The information in this ASX release in relation to Geological Information and Exploration Results is based on and fairly represent information compiled by Mr Anthony Greenaway, a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Greenaway is an employee of Solis Minerals Ltd. and has sufficient experience which is relevant to the style of mineralisation and types of deposit under consideration and to the exploration activities undertaken to qualify as a Competent Person as defined in the 2012 Edition of the “Australian Code for Reporting of Mineral Resources and Ore Reserves”. Mr Greenaway consents to the inclusion in this report of the matters based on information in the form and context in which it appears. Mr Greenaway has provided his prior written consent as to the form and context in which the Geological Information and Exploration Results and supporting information are presented in this Announcement.
All information relating to exploration results that have been previously released to the market is appropriately referenced in this document.
APPENDIX 1
Figure 6: Mostazal Copper Project location | | |
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