Solis Announces Exploration Update for Peru Copper Projects

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April 20, 2023 11:17 AM EDT

Highlights

  • Solis has 42 mining concessions and applications totalling 32,400 Ha in prospective areas of Southern Peru, 17 concessions fully granted with a further 25 currently being processed.
  • New target areas now identified on both Ilo Norte and Ilo Este through processing and interpretation of new remote sensing Worldview-3 data in conjunction with historic data sets.
  • Extensive historic dataset recently acquired, data includes airborne geophysics plus ground magnetics and geochemistry for updated interpretation and review.
  • Boots on the ground with field season now commencing, follow up ground checking of recently identified remote sensing anomalies and field mapping at Ilo Este, Cinto and Ilo Norte.
  • Areas to be identified for potential drilling will lead to submission of environmental permitting applications.
  • Exploration season commencing in Peru.

Vancouver, British Columbia--(Newsfile Corp. - April 20, 2023) - Solis Minerals Ltd. (ASX: SLM) (TSXV: SLMN) (OTCQB: SLMFF) (FSE: 08W) ("Solis Minerals" or "the Company") is pleased to provide shareholders with an update on the commencement of the field season in Peru. Recently acquired and interpreted Worldview-3 remote sensing data has identified numerous targets to follow up on the Ilo Este, Ilo Norte, and Cinto project areas and the expansion of the Solis tenement portfolio with the addition of a further 17 mining concession applications since November 2022.

Executive Director Matthew Boyes quoted:

"It's great to see exploration commencing again in Peru on what I see as a very large and prospective land position. There has been a considerable amount of ground acquired by major copper producers and developers close to and around our Cinto and Ilo projects demonstrating the importance of expanding large land position in what we consider to be a significantly unexplored region within this major copper bearing district. I look forward to moving into the next phase of exploration and continuing to add value to our Peruvian assets while we look to grow and advance the Brazilian lithium portfolio."

Peru Copper Projects

Ilo Este

Recently acquired Worldview-3 ("WV3") remote sensing data has been processed and interpreted and resulted in the delineation of a large high priority area never drill tested. The focus on previous campaigns of drilling was targeting zones of argillic alteration and porphyry dykes towards the eastern border of the Ilo Este tenement. The newly acquired higher resoultion WV3 remote sensing data, however, has identified an area approximatley 500m to the west of an historic drill hole IE-DDH-005-15 with a moderate to strong phyllic alteration halo approximately 2km by 1.5km in size with associated jarosite alteration.

The team is now mobilising to site and will commence follow up ground checking and surface sampling of the area to better locate and target drill sites which will commence subject to obtaining the environmental permits scheduled for Q1 2024.

Cannot view this image? Visit: https://images.newsfilecorp.com/files/1134/163174_picture%201_550.jpg

Figure 1: Worldview-3 remote sending alteration model overlain on topography
and regional geology at Ilo Este

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1134/163174_picture%201.jpg

Additional Tenement pegging

Solis has continued to grow its footprint in Peru with the pegging of additional mining applications in the areas adjacent to the Ilo Norte and Kelly project areas. These additonal applications increase the total project area to approximately 32,400 hectares (42 mining concessions) in a highly prospective district which has attracted significant interest from major copper producers such as First Quantum and Southern Copper - the latter owning major infrastructure and processing facilities in the region.

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Figure 2: Newly applied exploration concessions and existing concessions in Solis Portfolio Peru

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1134/163174_picture%202.jpg

About Solis Minerals Ltd.

Solis Minerals is a Latin American battery mineral-focused mining exploration company. The Company recently acquired a 100% interest in the Borborema Lithium Project in NE Brazil, covering 24,800 ha, and holds a 100% interest in 32,400 ha of combined licences and applications 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.

This Announcement has been authorised for release to ASX by the Board of Solis Minerals.

For further information, please contact:

Australia

Matt Boyes
Chief Executive Officer
Solis Minerals Limited
+61 8 6117 4798

Stephen Moloney
Investor Relations
Corporate Storytime
+61 (0) 403 222 052

North America

Jason Cubitt
Non-Executive Director
Solis Minerals Limited
+01 (604) 209 1658

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 or accuracy of this news release.

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.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

The technical information in this news release was reviewed by Fred Tejada, P.Geo, 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 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 regarding the form and context in which the Geological Information and Exploration Results and supporting information are presented in this Announcement.

All information about exploration results that were previously released to the market is appropriately referenced in this document.

APPENDIX 1

Mining Concessions table

Westminster Peru SAC Concessions and Applications as of April 17th 2023

NumberConcession NoRegistered OwnerNameSize (Ha)Status
1010500508Westminster Peru SacLATIN ILO ESTE I800Granted
2010500308Westminster Peru SacLATIN ILO ESTE II900Granted
3010500108Westminster Peru SacLATIN ILO ESTE III600Granted
4010195214Westminster Peru SacLATIN ILO ESTE IX900Granted
5010083009Westminster Peru SacLATIN ILO NORTE1,000Granted
6010083109Westminster Peru SacLATIN ILO NORTE1,000Granted
7010251109Westminster Peru SacLATIN ILO NORTE700Granted
8010184411Westminster Peru SacBRIDGETTE 11,000Granted
9010184911Westminster Peru SacESSENDON 261,000Granted
10010251309Westminster Peru SacLATIN ILO NORTE1,000Granted
11010184511Westminster Peru SacMADDISON 11,000Granted
12010251209Westminster Peru SacLATIN ILO NORTE
7		1,000Granted
13010184011Westminster Peru SacKELLY 00700Granted
14010012521Westminster Peru SacCARUCA600Granted
15010013422AWestminster Peru SacSOLIS 02A100Granted
16010013422Westminster Peru SacSOLIS 02200Application Submitted
17010013522Westminster Peru SacSOLIS03500Application Submitted
18010013622Westminster Peru SacSOLIS04400Granted
19010013722Westminster Peru SacSOLIS05500Application Submitted
200100323122Westminster Peru SacSOLIS061,000Granted
21010013922Westminster Peru SacSOLIS07300Application Submitted
22010013922AWestminster Peru SacSOLIS 07A200Application Submitted
23010012221Westminster Peru SacUCHUSUMA A1,000Application Submitted
24010012321Westminster Peru SacUCHUSUMA B400Application Submitted
25010012421Westminster Peru SacPALLAGUA 1600Application Submitted
26010299922Westminster Peru SacSOLIS NORTE 11,000Application Submitted
27010300022Westminster Peru SacSOLIS NORTE 2500Application Submitted
28010300122Westminster Peru SacSOLIS NORTE 31,000Application Submitted
29010300222Westminster Peru SacSOLIS NORTE 4900Application Submitted
30010300322Westminster Peru SacSOLIS NORTE 51,000Application Submitted
31010300422Westminster Peru SacSOLIS NORTE 61,000Application Submitted
32010300522Westminster Peru SacSOLIS NORTE 71,000Application Submitted
33010300722Westminster Peru SacSOLIS SUR 1400Application Submitted
34010300822Westminster Peru SacSOLIS SUR 2900Application Submitted
35010300622Westminster Peru SacSOLIS SUR 3900Application Submitted
36010023223Westminster Peru SacSOLIS NORTE 81,000Application Submitted
37010032423Westminster Peru SacSOLIS NORTE 91,000Application Submitted
38010032523Westminster Peru SacSOLIS NORTE 101,000Application Submitted
39010032623Westminster Peru SacSOLIS NORTE 11400Application Submitted
40010032723Westminster Peru SacSOLIS NORTE 121,000Application Submitted
41010032823Westminster Peru SacSOLIS KELLY 011,000Application Submitted
420100329.23Westminster Peru SacSOLIS KELLY 021,000Application Submitted
Total Ha


32,400

APPENDIX 2

JORC Code, 2012 Edition - Table 1

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections)

CriteriaJORC Code explanationCommentary
Sampling techniques
  • Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.
  • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.
  • Aspects of the determination of mineralisation that are Material to the Public Report.
  • In cases where 'industry standard' work has been done this would be relatively simple (e.g. 'reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay'). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information.
  • Sampling across the Ilo Este and Ilo Norte projects has included rock chip sampling from trenches, and rock outcrops, and reverse circulation (RC) and diamond drilling. There is no record of previous exploration at the Cinto Project.
  • There is no detailed record of how outcrop or trench chip sampling was completed or the size of the samples.
  • RC drilling was completed by Peruvian Latin Resources at Ilo Norte (8 holes for 2,690m completed in 2011) and Rio Tinto at Ilo Este (12 holes for 2,128m completed in 2000).
  • Apart from collar locations there are no other records available for the Rio Tinto drilling.
  • The RC holes completed by Peruvian Latin Resources had 1,345 samples collected over 2m intervals.
  • Diamond drilling was completed by Peruvian Latin Resources at Ilo Este (3 holes for 2,073m completed in 2014-15) and Compania Minera Zahena SAC at both Ilo Norte (16 holes for 12,658 m completed in 2014) and Ilo Este (9 holes for 5,322m completed in 2015-16).
  • Diamond core was sampled nominally on 2m (Peruvian Latin Resources) or 3m (Compania Minera Zahena SAC) intervals.
Drilling techniques
  • Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).
  • Reverse circulation samples were collected from a rig-mounted cyclone in large plastic bags before being split down to a 4-5kg sample using a 2-tier riffle splitter and then placed into calico bags for despatch to the lab. There is no record of the bit type used for either of the RC drilling programs but the hole completed by Peruvian Latin Resources used 51/2 inch bit.
  • Diamond drill holes completed by Peruvian Latin Resources at Ilo Este were initially drilled as PQ size (85mm core diameter) to depths varying between 87-109m and were then drilled at HQ size (63.5mm core diameter) until the end of hole. All the holes were completed using a standard tube.
  • Diamond drill holes completed by Compania Minera Zahena SAC at Ilo Este were drilled as HQ size (63.5mm core diameter) until the end of hole. All the holes were completed using a standard tube.
  • Diamond drill holes completed by Compania Minera Zahena SAC at Ilo Norte were drilled using a combination of HQ size (63.5mm core diameter), NQ (core diameter 47.6mm) and in one drill hole BQ (core diameter 36.5mm) for the last 88m. All the holes were completed using a standard tube.
Drill sample recovery
  • Method of recording and assessing core and chip sample recoveries and results assessed.
  • Measures taken to maximise sample recovery and ensure representative nature of the samples.
  • Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.
  • RC sample recovery was assessed visually and from sample weights recorded at the laboratory.
  • Core barrel length and core length measurements were made so that core recoveries could be estimated. Recoveries were good and no significant core loss was experienced.
Logging
  • Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.
  • Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.
  • The total length and percentage of the relevant intersections logged.
  • The RC drill holes completed by Peruvian Latin Resources were qualitatively logged for lithology, alteration, and mineralisation.
  • All of the diamond drill core was qualitatively logged for lithology, alteration and mineralisation which has been inspected qualitatively. No geotechnical logging was performed. Photographs were taken of all the core in sample boxes.
Sub-sampling techniques and sample preparation
  • If core, whether cut or sawn and whether quarter, half or all core taken.
  • If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.
  • For all sample types, the nature, quality and appropriateness of the sample preparation technique.
  • Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.
  • Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling.
  • Whether sample sizes are appropriate to the grain size of the material being sampled.
  • RC samples were collected from a rig-mounted cyclone in large plastic bags before being split down to a 4-5kg sample using a 2-tier riffle splitter. The splitter was cleaned with compressed air between each sample. All the samples were recorded as dry.
  • Diamond core was sampled by company technicians under supervision of company geologists using a diamond saw to cut along the axis of the core taking care to representively split any visible mineralisation. Half core samples over two or three-metre intervals were bagged for dispatch to SGS laboratories in Peru. (SGS del Peru S.A.C laboratory in Arequipa for sample preparation and then to the SGS laboratory in Lima for analysis).
  • Laboratory sample preparation consisted of weighing the samples upon receipt, crushing the samples so 70%


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