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CORRECTION FROM SOURCE: Solis Bolsters Copper Landholding in Peru

11.05.2024  |  Newsfile

HIGHLIGHTS

  • New applications cover 6,400 hectares of highly prospective copper ground across a coastal belt located directly between Ilo Norte and Ilo Este

  • Areas were previously held by Anaconda Copper. Ground visits indicate the area has received limited exploration

  • Total of 43,500 hectares pegged, mostly in the coastal belt, establishing Solis as a significant landholder in a highly prospective and emerging belt with porphyry copper potential

  • Two drill permit applications now underway over Ilo Este and Ilo Norte (Chancho al Palo). Cinto application in planning phase

  • Copper mineralisation in association with silicification and alteration identified outcropping at surface on new application areas

  • Follow-up mapping and initial geophysical studies to commence immediately

  • Solis continues to review potential acquisitions in various jurisdictions and commodity spaces with a focus on copper and lithium projects which are drill ready or with mineralised systems already identified

West Leederville, May 10, 2024 - Solis Minerals Ltd. (ASX: SLM) ("Solis" or the "Company") is pleased to announce an update on recent applications for new copper exploration licences in Peru. Solis has successfully applied for a 6,400-hectare package comprising of seven licences of largely underexplored exploration areas in a highly prospective coastal belt, which were pegged on the 2nd of May (see Figure1). The areas were previously held by Anaconda Copper. Field visits by Solis teams indicate minimal ground exploration has been carried out in recent times.

The Company now holds a significant landholding of 43,500 hectares principally along a coastal belt bounded to the west by batholiths of Jurassic and Cretaceous age (see Figure 2). Based on the outcropping porphyry copper mineralisation at Ilo Este, Solis considers that the eastern margins of the batholiths represent highly prospective areas for porphyry copper occurrences emplaced in volcanic or volcaniclastic rocks.

Executive Director, Matthew Boyes, commented: "We are very pleased to further bolster our portfolio through the addition of a large land package containing highly prospective copper exploration ground in Peru. Solis is building a compelling portfolio of exploration properties in an underexplored porphyry belt, with excellent access and existing infrastructure. Drill permits are advancing as quickly as possible in conjunction with our ongoing non-invasive exploration efforts, preparing us to commence drilling once all necessary approvals are obtained and first drill sites are finalised.

"Solis continues to review and progress potential acquisitions in the copper and lithium space across targeted areas of South America and has two teams dedicated to the evaluation process, which is now bearing significant fruit. In the next 6-12 months will see advancements across our pipeline of copper exploration projects in Peru as we continue to look to add to our Brazilian portfolio of lithium properties."



Figure 1: Solis tenement map in northern area showing new application areas between Ilo Este and Ilo Norte

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1134/208869_solis1.jpg



Figure 2: Solis tenements in the prospective coastal belt with existing deposits and regional geology shown

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1134/208869_solis2.jpg

New Applications: Site Visits

Solis' geologists have visited the area of recent applications and identified alteration and copper mineralisation1 in outcrops 8km north-west along strike and in a similar geological setting to known porphyry-style mineralisation at Ilo Este (see Figures 3 & 4 below).



Figure 3: Hornfels with fine quartz veinlets, weak disseminated biotite, Fe oxides (goethite) in fractures, green Cu oxides (malachite) and black Cu oxides in fractures and disseminated (262120E, 8060419N)

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1134/208869_solis3.jpg



Figure 4: Hornfels, some with secondary biotite, with green and black copper oxides in fractures associated with quartz. Multiple generations of fine quartz veining indicate more than two hydrothermal events (262100E, 8060641N).1

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1134/208869_solis4.jpg

1The presence copper oxide samples indicates a mineral species only and should not be considered a substitute for analytical results. Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analysis where concentrations or grades are the factor of primary economic interest

Sample Estimated Cu% Expected Date of Assay Result
Fig. 3 0.1 1/7/24
Fig. 4 area 0.1 1/7/24

The copper mineralisation identified, and its associated alteration, is considered a "pathfinder" exploration indicator for the potential presence of associated porphyry copper mineralisation in the tenements. Such mineralisation and alteration do not guarantee the presence of associated porphyry mineralisation and thus the significance of the images and estimates are strictly in the context of exploration potential.

The mapping crews are now mobilising to site to systematically cover the entire tenement package and identify areas of highest prospectivity. Low-cost drone magnetic studies in conjunction with remote sensing data interpretation will be carried out and followed up with Induced Polarisation (IP) studies over areas of interest to identify and evaluate primary drill targets.

Drill permitting

Both Ilo Este and Ilo Norte have been recently covered by magnetic and IP surveys that have identified drill targets and drill permitting to test these targets is underway.

Community engagement has commenced at Cinto as part of the process to advance the drill permitting over the project area. Cinto is located 15km SE of the major Toquepala Cu porphyry deposit in northern Tacna which has seen many benefits from the mining canon associated with existing mines.



Figure 5: Current tenement holding in Peru both granted and applications. Solis now has 43,500 hectares of tenements in Southern Peru

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1134/208869_solis5.jpg

Next Steps

Solis is prioritising the advancement of the drill pemitting process in Peru over its Ilo Este, Chancho Al Palo (Ilo Norte) and Cinto project areas, while continuing to review and advance targeted lithium and copper opportunities in South America.

ENDS

This announcement is authorised by Matthew Boyes, Executive Director of Solis Minerals Ltd.

Australia
Matt Boyes
Executive Director
Solis Minerals Ltd.
+61 8 6117 4795

Stephanie Richardson & Cameron Gilenko
Investor Relations
Morrow Sodali
+61 (8) 6160 4900

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 Ltd.

Solis Minerals is an emerging lithium explorer focusing on Latin American critical minerals.

The Company owns a 100% interest or option to acquire 100% interest in the Borborema Lithium Project in NE Brazil, covering 26,100ha.

Brazil is rapidly growing in global importance as an exporter of lithium to supply increasing demand of battery manufacturers. Both projects cover highly prospective, hard-rock lithium ground on which early-stage reconnaissance mapping and sampling have verified. Drilling programmes are either underway or due to commence shortly.

In addition, Solis also holds a 100% interest in 35,700ha 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.

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 Matthew Boyes, 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 Matthew Boyes, a Competent Person who is a Fellow of the Australasian Institute of Mining and Metallurgy. Mr Boyes 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 Boyes consents to the inclusion in this report of the matters based on information in the form and context in which it appears. Mr Boyes 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 as of 2nd May 2024

37 granted
Date Concession Owner Status Area (Ha)
22/08/2008 LATIN ILO ESTE III WESTMINSTER PERU S.A.C. Granted 600
22/08/2008 LATIN ILO ESTE I WESTMINSTER PERU S.A.C. Granted 800
22/08/2008 LATIN ILO ESTE II WESTMINSTER PERU S.A.C. Granted 900
11/03/2009 LATIN ILO NORTE 4 WESTMINSTER PERU S.A.C. Granted 1000
11/03/2009 LATIN ILO NORTE 3 WESTMINSTER PERU S.A.C. Granted 1000
13/10/2009 LATIN ILO NORTE 7 WESTMINSTER PERU S.A.C. Granted 1000
13/10/2009 LATIN ILO NORTE 8 WESTMINSTER PERU S.A.C. Granted 1000
13/10/2009 LATIN ILO NORTE 6 WESTMINSTER PERU S.A.C. Granted 700
1/03/2011 KELLY 00 WESTMINSTER PERU S.A.C. Granted 700
1/03/2011 MADDISON 1 WESTMINSTER PERU S.A.C. Granted 1000
1/03/2011 BRIDGETTE 1 WESTMINSTER PERU S.A.C. Granted 1000
1/03/2011 ESSENDON 26 WESTMINSTER PERU S.A.C. Granted 1000
5/03/2014 LATIN ILO ESTE IX WESTMINSTER PERU S.A.C. Granted 900
28/01/2021 CARUCA WESTMINSTER PERU S.A.C. Granted 600
4/01/2022 SOLIS06 WESTMINSTER PERU S.A.C. Granted 1000
4/01/2022 SOLIS04 WESTMINSTER PERU S.A.C. Granted 400
4/01/2022 SOLIS03 WESTMINSTER PERU S.A.C. Granted 500
4/01/2022 SOLIS05 WESTMINSTER PERU S.A.C. Granted 500
4/01/2022 SOLIS02A WESTMINSTER PERU S.A.C. Granted 100
4/01/2022 SOLIS02 WESTMINSTER PERU S.A.C. Granted 200
16/11/2022 SOLIS SUR 2 WESTMINSTER PERU S.A.C. Granted 900
16/11/2022 SOLIS NORTE 1 WESTMINSTER PERU S.A.C. Granted 1000
16/11/2022 SOLIS NORTE 4 WESTMINSTER PERU S.A.C. Granted 900
16/11/2022 SOLIS NORTE 6 WESTMINSTER PERU S.A.C. Granted 1000
16/11/2022 SOLIS NORTE 2 WESTMINSTER PERU S.A.C. Granted 500
16/11/2022 SOLIS NORTE 3 WESTMINSTER PERU S.A.C. Granted 1000
16/11/2022 SOLIS NORTE 5 WESTMINSTER PERU S.A.C. Granted 1000
16/11/2022 SOLIS NORTE 7 WESTMINSTER PERU S.A.C. Granted 1000
16/11/2022 SOLIS SUR 3 WESTMINSTER PERU S.A.C. Granted 900
21/02/2023 SOLIS NORTE 10 WESTMINSTER PERU S.A.C. Granted 1000
21/02/2023 SOLIS NORTE 11 WESTMINSTER PERU S.A.C. Granted 400
21/02/2023 SOLIS NORTE 8 WESTMINSTER PERU S.A.C. Granted 1000
21/02/2023 SOLIS NORTE 12 WESTMINSTER PERU S.A.C. Granted 1000
21/02/2023 SOLIS KELLY 01 WESTMINSTER PERU S.A.C. Granted 1000
21/02/2023 SOLIS KELLY 02 WESTMINSTER PERU S.A.C. Granted 1000
22/06/2023 SOLIS NORTE 15 WESTMINSTER PERU S.A.C. Granted 800
22/06/2023 SOLIS NORTE 13 WESTMINSTER PERU S.A.C. Granted 1000
30300
10 applications
28/01/2021 UCHUSUMA B WESTMINSTER PERU S.A.C. Application 400
28/01/2021 PALLAGUA1 WESTMINSTER PERU S.A.C. Application 600
28/01/2021 UCHUSUMA A WESTMINSTER PERU S.A.C. Application 1000
4/01/2022 SOLIS07 WESTMINSTER PERU S.A.C. Application 300
4/01/2022 SOLIS07A WESTMINSTER PERU S.A.C. Application 200
21/02/2023 SOLIS NORTE 9 WESTMINSTER PERU S.A.C. Application 1000
22/06/2023 SOLIS NORTE 14 WESTMINSTER PERU S.A.C. Application 900
22/06/2023 SOLIS NORTE 16 WESTMINSTER PERU S.A.C. Application 1000
2/10/2023 SOLIS ILO ESTE I WESTMINSTER PERU S.A.C. Application 400
14/12/2023 SOLIS ILO ESTE II WESTMINSTER PERU S.A.C. Application 1000
6800
7 new applications May 2nd 2024
2/05/2024 SOLIS NORTE 18 WESTMINSTER PERU S.A.C. Application 1000
2/05/2024 SOLIS NORTE 19 WESTMINSTER PERU S.A.C. Application 1000
2/05/2024 SOLIS NORTE 20 WESTMINSTER PERU S.A.C. Application 1000
2/05/2024 SOLIS NORTE 21 WESTMINSTER PERU S.A.C. Application 1000
2/05/2024 SOLIS NORTE 22 WESTMINSTER PERU S.A.C. Application 1000
2/05/2024 SOLIS NORTE 17 WESTMINSTER PERU S.A.C. Application 1000
2/05/2024 SOLIS NORTE 23 WESTMINSTER PERU S.A.C. Application 1000
7000
Hectares
Total titles 54 43500
Granted 37 30300
In Application 17 13800

APPENDIX 2

JORC Code, 2012 Edition - Table 1

Criteria JORC Code explanation Commentary
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 representativity 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 a30 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.

  • Rock chip and grab samples were taken from outcrop which exhibited visible copper oxide mineralisation, the samples are considered to be as representative as possible of the outcropping although they are grab samples and not representative of the body of mineralisation as a whole.

  • Chanco al Palo Induced Polarisation survey (IP).. Equipment used are: Receptor RX,GDD/ Model GRx8-32-16ch; Transmitter TX 11, model Walcer KW 10; and Generator model 01 Honda EG6500CX 24 HP. Acquisition parameters:

parameter mode of acquisition
measurements time domain
electrode config PDP (multidipole)
dipole extension 100 m
separ'n factor 10
measurement windows 20
delay time 2
Stacks 10
Reps 2
measured Vp range 1 to 5582.4 mV
injected current intensity (mA): 0 to 1990 mA

Ilo Este magnetometry survey sample regime described in the body of this release.
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).

  • All historical drilling carried out at Ilo Este and Ilo Norte has been completed using diamond drilling at NQ core diameters

  • No historic or new drilling has been reported in this announcement
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.
  • No drilling reported herein
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.

  • No drilling reported in this announcement

  • Rock chip samples are logged and rock type lithologies, oxidation and quantities of and types of mineralisation noted
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 representativity 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.

  • No drill core or systematic rock channel sampling is reported in this announcement

  • Rock chip samples taken are to be considered of appropriate size and representativity to ascertain if copper and or precious metal mineralisation is present at the discovered outcrops, follow up systematic sampling will occur only a granted EIA and permit is obtained to undertake ground disturbing activities.
Quality of assay data and laboratory tests

  • The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.

  • For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.

  • Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.
  • No new assay results are published in this release
Verification of
Sampling and assaying

  • The verification of significant intersections by either independent or alternative company personnel.

  • The use of twinned holes.

  • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.

  • Discuss any adjustment to assay data.
  • All Solis data is verified by the Competent Person. All data is stored in an electronic Access Database.
Location of data points

  • Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.

  • Specification of the grid system used.

  • Quality and adequacy of topographic control.
  • All samples and historic drill hole collar locations were captured using a handheld GPS and DGPS.
Data spacing and distribution

  • Data spacing for reporting of Exploration Results.

  • Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.

  • Whether sample compositing has been applied.
  • No set sample spacing or pattern has been applied due to the preliminary nature of the sampling programme.
Orientation of data in relation to geological structure
  • Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.
  • If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.

  • No drilling data is reported in this announcement all historic drill holes have been designed at all times to cut the orientation of interpreted and mapped outcropping mineralisation perpendicular to strike of the interpreted structures as to accurately as possible estimate the true width of the target bodies.

  • No bias has been introduced in current drilling and sampling
Sample security
  • The measures taken to ensure sample security.
  • All samples are bagged onsite under supervision of Solis staff, all bags are then sealed and couriered to the relevant laboratories with all relevant submission documentation. All samples once received are logged into the lab and notice of each sample received is sent and cross checked with sample dispatch.
Audits or
reviews
  • The results of any audits or reviews of sampling techniques and data.

  • There have been no detailed external audits or reviews undertaken.

  • Solis has conducted an internal technical review of the available geological and other publicly available data.

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

Criteria JORC Code explanation Commentary
Mineral tenement and land tenure status

  • Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.

  • The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.
  • All mineral tenure in Peru is currently in good standing a full table of tenements currently under application and which have been granted is included in this release as APPENDIX 1 "Mining concessions table"
Exploration done by other parties
  • Acknowledgment and appraisal of exploration by other parties.
  • Significant exploration has been carried out by the Company and previous owners on Ilo Este and Ilo Norte tenement packages and all work has been previously publicly disclosed in previous ASX announcements. Minimal historical exploration is believed to have occurred on the recent applications referred to in the announcement.
Geology
  • Deposit type, geological setting and style of mineralisation.

  • Prospective potential mineralisation is interpreted to be hosted along the eastern margin of the coastal Cretaceous batholith, porphyry style mineralisation has the potential to form along this major regional trend

  • Peru- Prospective potential IOCG and porphyry copper-gold deposits.
Drill hole
Information
  • A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes:
    • easting and northing of the drill hole collar
    • elevation or RL (Reduced Level - elevation above sea level in metres) of the drill hole collar
    • dip and azimuth of the hole
    • hole length
  • If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.
  • No drillhole data is reported in this release
Criteria JORC Code explanation Commentary
Data aggregation methods

  • In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated.

  • Where aggregate intercepts incorporate short lengths of high-grade results and longer lengths of low-grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.

  • The assumptions used for any reporting of metal equivalent values should be clearly stated.
  • No data aggregation was used in reported exploration results.
Relationship between mineralisation widths and intercept lengths

  • These relationships are particularly important in the reporting of Exploration Results.

  • If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.

  • If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g. 'down hole length, true width not known').
  • No drillhole or intercept data is reported in this announcement
Diagrams
  • Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.
  • The Company has included various maps and figures showing the location of sampled outcrop including GPOS coordinates on local projection
Balanced reporting
  • Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced avoiding misleading reporting of Exploration Results.
  • No assay results were reported in this announcement
Other substantive exploration data
  • Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples - size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.
  • The Company is not aware of any other substantive exploration data relevant to its activities.
Further work

  • The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large-scale step-out drilling).

  • Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.
  • The Priority for Solis is the EIA and drill permitting which will progress on the Chancho al Palo and Ilo Este assets throughout the year, Solis will commence drill permitting processes at Cinto and advance where possible utilising no invasive techniques on all new applications areas

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/208869


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Solis Minerals Ltd.
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