Solis Minerals Ltd V.SLMN

Solis Commences Drilling at Mostazal Copper Project, Chile

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Drilling Commences, Mostazal Copper Project Chile

Solis Minerals Ltd. (ASX: SLM, TSXV: SLMN, FSE: 08W) (“Solis Minerals” or “the Company”) is pleased to announce the commencement of diamond drilling operations at the Company’s Mostazal Copper Project in Chile (“Mostazal” or “the Project”).

The Company recently raised a total of A$5.5 million through the issue of 27,500,000 Chess Depository Interests (“CDIs”) at A$0.20; and with over A$7.0 million cash at bank, is fully funded to undertake this highly anticipated maiden drilling program at the Mostazal Copper Project in Chile, one of the largest copper production nations in the world. 

CEO Jason Cubitt commented:
“We are very pleased to be on the ground and drilling at our flagship Mostazal Copper Project in Chile. Our initial diamond drill holes are targeting near-surface high-grade manto style copper mineralisation, as well as the interpreted feeder system (porphyry) structures at depth.  With the geology and drilling crews mobilising to the site earlier last week, the drill bit has hit the ground, and we are now coring. 

“This is an exciting milestone for the Company following our recent, strongly supported capital raising and listing on the ASX.  To be up and running so soon after listing reflects the hard work by our Chilean based team. We will continue to keep the market informed of our progress, as we put our first holes into this highly prospective project.”

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 will comprise four holes for an estimated 2,000 metres of drilling and will initially target both porphyry and manto-style copper mineralisation as well as the interpreted feeder system (porphyry) structures at depth. Site preparations commenced in late December, with the mobilisation of earth moving equipment and the construction of suitable drilling platforms and access tracks where required.  All planned drill sites have been established, ready for drilling the Phase I and Phase II campaigns.

Field crews and drilling equipment mobilised earlier last week to set up on the program's first hole (Figure 1), which will target a series of near-surface manto-style copper mineralisation “lenses” defined by historic diamond drilling (Figure 2, Target Area 2). 


Figure 1: Mostazal Copper Project - diamond drill rig on site - MODD001

The central target (Target Area 2) is characterised by a series of known stacked manto copper lenses where historical, relatively shallow drilling to a depth of approximately 150 metres, has encountered wide zones of high-grade copper mineralisation (Table 1). The proposed drilling is planned to penetrate through these lenses to confirm the existing mineralisation models and test for additional stacked manto lenses at depth.

Table 1: Selected significant intersections from historic drilling at the Mostazal Copper Project

• DDH-MZ-32: 11m @ 2.52% Cu from 84m 
• DDH-MZ-08: 16m @ 1.48% Cu from 56m
• DDH-MZ-30: 16m @ 1.27% Cu from 74m
• DDH-Z-10: 13m @ 1.23% Cu from 91m
• DDH-MZ-27: 10m @ 1.59% Cu from 40m
• DDH-MZ-13:   8m @ 1.83% Cu from 55m

As well as testing the near-surface copper manto mineralisation, the Company intends to undertake the first-ever drill testing of the interpreted porphyry feeder system at depth.  Recent independent geophysical modelling of existing Induced Polarization (“IP”) survey data has highlighted a strong chargeability anomaly extending for over 1.6 km along strike down dip to the west of the surface copper mineralisation.  The Company interprets this to represent the potential location of the primary feeder structured for the widespread copper mineralisation.

Following the completion of MODD001, Solis has planned three additional holes as part of its Phase I drilling campaign to test this compelling IP geophysical target

(Figure 2).

 

Figure 2: Mostazal Copper Project - initial diamond drilling target locations over TMI magnetic image and showing historic drill collar locations
 

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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]

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 3: Mostazal Copper Project location

 

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