Solis Expands Peruvian Copper Exploration Portfolio with Canyon Project

HIGHLIGHTS

• Large, new 25,600Ha project prospective for porphyry copper mineralisation

• Canyon Project is located 675km NW of Ilo Este in Coastal Intrusive Belt

• New project is bracketed along strike by porphyry Cu occurrences

• Application made for 27 exploration concessions, providing low cost entry

• Chancho al Palo drilling to commence by year end

West Leederville, Western Australia--(Newsfile Corp. - October 4, 2024) - Latin American focused copper-gold explorer, Solis Minerals Limited (ASX: SLM) ("Solis" or "the Company") is pleased to announce an update on exploration activities in Peru.

Solis has made applications for 27 exploration concessions, totalling 25,600Ha, in a contiguous block known as the Canyon Project. The target is copper porphyry mineralisation, principally oxides, situated on a NW-SE prospective trend with known porphyry occurrences just outside the application area, as well as reported exploration activities within the area itself.

The application area contains a belt of intrusive rocks known as the Coastal Batholith that stretches from the Ecuadorian border in the north to the Chilean border in the south along the coast of Peru (refer Figure 1).

Mike Parker, Executive Director of Solis, commented:

"This is a significant opportunity for Solis to continue exploring for copper in its area of expertise, the intrusive belts of the coast of Peru. This large prospective block is bracketed by porphyry copper projects along strike, which are localised by cross faulting.

In the application area, similar structures were identified in previous exploration, which will be the immediate area of focus. The relative lack of cover rocks will enable us to use geochemistry as a rapid and efficient tool to focus in on follow-up areas. Our focused staking strategy is the most cost-effective way of adding to our exploration pipeline.

In addition, we believe this area adds another element to our copper strategy in providing an opportunity to explore for near surface heap-leachable copper oxide resources* that offer relatively less expensive and easier fast-track copper production." (*refer JORC Tables).

These rocks, of Late Jurassic to Cretaceous age, host (from south to north) Solis' Ilo projects (Ilo Este, Guaneros, Chancho Al Palo) as well as important copper deposits of Tia Maria and Zafranal in Arequipa, the Almacen prospect 8km south-east of the applications, and the Los Pinos project 4km north-west, plus several other Cu projects and prospects (refer Figure 1). Additionally, the concessions are bound to the east by the operating Cerro Lindo VMS mine.

Figure 1: Coastal Intrusive Belt as indicated in green. Canyon is located in the NW of the figure, with Solis' other projects (Ilo Este, Chancho Al Palo, Guaneros) located in the SE. Other intrusive belts shown in different colours. Geology and data points derived from USGS* (*refer JORC tables).

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1134/225607_solisfig1.jpg

The application area is approximately 22km by 12km and the geology predominantly consists of granodiorite and tonalite. These intrusive rocks dip steeply to the west with structures aligned along NW-SE strike. Prominent high-angle faults cut across strike and seem to localise the occurrences of porphyry style mineralisation within the intrusive rocks (refer Figure 2).

Figure 2: Local geology and Cu prospects with cross faults and Cu prospects bracketing applications.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1134/225607_solisfig2.jpg

Rapid reconnaissance in zones of interest will consist of geological mapping and geochemistry sampling, commencing in areas of previously reported exploration* (*refer JORC tables). In the medium term, remote sensing will be used to vector further exploration. Targets identified will be permitted and incorporated into the Solis' project pipeline (refer Table 1).

Exploration and Drilling Pipeline

Solis is advancing its portfolio of targets in the Coastal Belt of Peru to targeted drilling programs as shown in the table below. The data in red indicates progress since the last announcement on 17 September 20241.

Table 1: Solis Project Portfolio Pipeline

* Dependent upon securing permits from authorities.

ENDS

1SLM ASX Announcement dated 17 September 2024 - Guaneros Drone Mag and Geochemistry Identifies Targets.

This announcement is authorised by Michael Parker, Executive Director of Solis Minerals Ltd.

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.

About Solis Minerals Limited

Solis Minerals is an emerging exploration company, focused on unlocking the potential of its South American critical minerals portfolio. The Company is building a significant copper portfolio around its core tenements of Ilo Este and Ilo Norte and elsewhere in the Coastal Belt of Peru and currently holds 77 exploration concessions for a total of 66,100Ha (40 concessions granted with 37 applications in process). The Company is led by a highly-credentialled and proven team with excellent experience across the mining lifecycle in South America. Solis is actively considering a range of new opportunities across varied commodities and jurisdictions. South America is a key player in the global export market for critical minerals and Solis, under its leadership team, is strategically positioned to capitalise on growth the opportunities within this mineral-rich region.

Forward-Looking Statements

This news release contains certain forward-looking statements that relate to future events or performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made 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, labour 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.sedarplus.ca. 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

The technical information in this news release was reviewed by Michael Parker, a Fellow of the Australian institute of Mining and Metallurgy (AusIMM), a qualified person as defined by National Instrument 43-101 (NI 43-101).

Competent Person Statement

The information in this ASX release concerning Geological Information and Exploration Results is based on and fairly represents information compiled by Mr Michael Parker, a Competent Person who is a Fellow of the Australasian Institute of Mining and Metallurgy. Mr Parker 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 Parker consents to the inclusion in this report of the matters based on information in the form and context in which it appears. Mr Parker has provided his prior written consent regarding the form and context in which the Geological Information and Exploration Results and supporting information are presented in this Announcement.

APPENDIX 1

Mining Concessions table

Westminster Peru SAC ‐ Concessions and Applications in Peru as of 10 September 2024

APPENDIX 2

JORC Code, 2012 Edition - Table 1

Section 2 Reporting of Exploration Results (Criteria listed in the preceding section also apply to this section)

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