Solis Minerals Ltd SLMFF

Solis Completes 4th hole - planning drilling at Mostazal

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Solis Completes 4^th hole - planning follow-up drilling at  Mostazal Copper Project, Chile

• Hole four successfully intersected widespread copper sulphide mineralisation from surface to bottom of hole at 446 metres.
• First phase drilling now complete, with all holes intersecting copper sulphides, supporting potential for a very large copper system at Mostazal.
• All holes logged and sampled - assay results pending.
• Detailed deeper-penetrating geophysical survey to begin 

Solis Minerals Ltd. (ASX: SLM, TSXV: SLMN, FSE: 08W) (“Solis Minerals” or “the Company”) is pleased to announce it has completed the fourth hole in the first phase drilling campaign at the Company’s Mostazal Copper Project in Chile (“Mostazal” or “the Project”).  All four holes have now successfully encountered broad zones of copper sulphide mineralisation, for the most part starting from surface, supporting potential for the existence of a large copper system at Mostazal.
 
Logging of the Company’s fourth diamond hole (MODD004) is now complete and indicates that the hole has intersected mainly porphyritic amygdaloidal and andesitic volcanic rocks, lesser volcanic breccia and aphanitic andesite to the bottom of the hole.  Core logging highlighted widespread sulphide mineralisation from traces to +1% sulphides observed from the surface to the bottom of the hole.  The sulphide minerals observed include chalcopyrite, bornite, primary chalcocite and lesser pyrite.

CEO Jason Cubitt commented:

“Drilling of our initial campaign at Mostazal was completed on time, on budget, and with significant intersections of copper sulphide mineralisation in all four holes.  This first phase of drilling was designed to test the presence and extent of copper sulphide mineralisation in both previously explored near surface manto structures as well as a deeper “feeder” target. 

“It’s clear from mineralisation observed in drill core that a large copper bearing system is present at depth and appears to be related to mineralisation reported near surface.  We are encouraged by the potential size of the mineralised system at Mostazal, especially at depths never before tested on the project.  We’re looking forward to receipt of assay results, and have commenced planning the second phase of drilling.”

Hole MODD004 was a deep vertical hole drilled to 446.1m located due east of the main zone of the mantos mineralisation, where mineralisation is observed on surface and exposed in the small-scale underground mines.  The fourth hole was designed to test the continuity of the manto style mineralisation to the eastern part of the Mostazal manto deposit area where very little drilling has previously occurred (see Figure 1 below). 

Figure 1: Mostazal Copper Project - Solis Minerals Ltd. diamond drill hole location plan


Figure 2: Hole 4 - Chalcocite veining encountered at depth of 35m


Figure 3: Excavations made by artisanal miners near MODD004 showing the presence of copper oxide mineralisation (green staining)

Next Steps
While the Company awaits assays from the first four holes, it is currently conducting a more detailed and deeper-penetrating geophysical program, together with detailed structural and geological mapping, which, when combined with the pending assay results, will refine the targeting strategy for the second round of drilling at Mostazal. 

Southernrock Geophysics based in Santiago, Chile has been engaged to conduct a geophysical survey, consisting of 12.9 line kilometres of Pole-Dipole Induced Polarisation (“PDIP”) and Magnetotellurics (“MT”), and an additional 10.5 line kilometres of MT over previously surveyed IP lines.  The program of combined PDIP and MT is now underway; the PDIP will provide resistivity and chargeability sections to an effective depth of investigation well below 500m from surface, while the MT will allow much deeper resistivity sections. This survey is expected to be completed by mid-April.
 

Figure 4: Mostazal Copper Project area, with proposed PDIP-MT survey lines (green), MT only lines (blue), property outline (in red)

This survey is designed to produce higher-fidelity modelling of the interpreted deep mineralised feeder system along the four-kilometre northeast trending IP chargeability zone identified in historic work.  The survey will also provide a more comprehensive and deeper penetrating data set for the entire project area which will enhance the identification of both existing and new deep targets.
 
The Company has begun the drill permitting process for its second phase in anticipation of the resumption of drilling.
 
The high level of exploration activity across the industry, as well as ongoing impacts of COVID and the pressures that has placed on workforces and service providers has meant assays for the first holes are yet to be received by the Company.  The Company is confident we will start to see these results in the next few weeks.

 

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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 [phone]

Stephen Moloney Investor Relations Corporate Storytime [phone]

Figure 5: Mostazal Copper Project location

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