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High Grade Copper Samples Identified at Cinto

09.07.2024  |  Newsfile

HIGHLIGHTS

  • Solis has signed an access agreement with local Carumbraya community at the Cinto Project and initiated systematic mapping and sampling of outcropping copper mineralisation

  • Surface grab samples from Cinto report assays up to 7.14% Cu with mineralisation mapped over a 200m x 100m area in historical workings associated with significant alteration and structural deformation

  • Significant structures evident in 100m wide exposed area with abundant copper oxide mineralisation in historical artisanal workings

  • Positioned on boundary of regional scale transcurrent Incapuquio fault system which forms structural corridor related to massive Toquepala porphyry system 10km to the north-west

  • Geochemical signature and base metal concentration ratios assayed in very similar ranges to metals content in Toquepala indicating porphyry-style mineralisation1

  • Drone magnetometer and follow up geological mapping is underway to guide drill permitting

West Leederville, July 9, 2024 - Solis Minerals Ltd. (ASX: SLM) ("Solis" or the "Company") is pleased to announce an update on exploration activities at the Cinto Project Peru. Solis has recently completed a first pass geochemical programme at the Cinto Project and has finalised an access agreement with the local community to fast-track drill exploration at this location.

Executive Director, Matthew Boyes, commented: "We are very pleased to have commenced exploration activities at Cinto, its location and initial geochemical rock chip results are extremely compelling. I am most excited about the geochemical signature we are seeing which demonstrates that copper mineralisation is present with associated metals in very similar corresponding concentrations to the mineralisation present at the massive Toquepala deposit, potentially indicating that the mineralisation at surface is located in close proximity to a large porphyry system.

"I am looking forward to commencing geophysical programmes in conjunction with a detailed mapping programme and applying for permits for the first pass drill programme. Our Peruvian assets have been significantly underexplored for too long. We now have a pipeline of very high-quality drill targets at Ilo Este and Chancho al Palo which are both being permitted for drilling. Cinto is now shaping up to be an equally significant high quality exploration target".

1 FIGMMG-UNMSM Vol 20 Enere-Junio 2017, Diego Cossio Sanchez, Hugo Rivera Mantilla "Caracterizacion Geoquimica delElemento Zinc en la Mina Toquelpala y sus implicaciones en el traamiento metalurgico."



Figure 1: Cinto Project surface grab sample 17142 with visible copper oxides and silicification returned 7.14% Cu (see Appendix 1 for details) 2

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1134/215766_figure1.jpg



Figure 2: Grab sample 17181 (1.00% Cu) with copper oxides from outcropping historical workings at Cinto Project (see Appendix 1 for details)2

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1134/215766_figure2.jpg

2 Grab samples give point indications of mineral content only and as such should not be considered representative of continuity of mineralisation or potential tonnage (mass) of mineralised bodies.

Cinto Geology and mineralisation

The Cinto Project is traversed by the transcurrent Incapuqio fault system which is a major regional structure trending N125E (NW-SE) that is at least 400km long and up to 10km wide in places. Late Cretaceous-Early Palaeogene intrusions related to the formation of major porphyries (Cuajone, Quellaveco, Toquepala) were probably favoured by the transcurrent nature of the Incapuquio fault and the zone and its margins form a focus of mining and exploration in southern Peru. The Cinto Project is situated in Toquepala Group volcanic and volcanosedimentary rocks which are coeval (same period) as the intrusives in the area and host the Toquepala porphyry (see Figure 3). The fault is the limit of the Oligocene Moquegua Formation basin to the south-west and conglomerates occur in the southern margin of the project.



Figure 3: Map of Solis' exploration tenements over regional geology of Cinto Project with the major Incapuquio fault and location of Toquepala mine located 10km to the north west.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1134/215766_figure3.jpg

Local geology of the project is dominated by the Incapuquio fault system in the north-west that juxtaposes Cretaceous batholith rocks to the north against coeval volcanosedimentary shales, lavas and tuffs to the south. Splays and parallel structures cross the permits in the south. A zone of hydrothermal alteration crosses the centre of the permits. In late 2022, Solis carried out Worldview-3 satellite imaging and identified several distinct zones of alteration3. The south of the permits are covered by the edge of the Oligocene basin with shallow to moderate thicknesses of conglomerates. The altered rocks extend beneath this cover and are considered valid exploration targets (see Figure 4).



Figure 4: Cinto Project local surface geology map showing mapped hydrothermal alteration and rock types in proximity of sampling area. Other alteration is derived from Worldview-3 survey.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1134/215766_figure4.jpg

Initial mapping programs have identified a zone within and bordering the Incapuquio Fault system that shows the presence of abundant copper oxides with artisanal workings (see grab samples in Figures 1 & 2 and Figures 4, 5 & 6 for copper occurrence location).

The zone, approximately 200 x 100m in extent, consists of shales and tuffs with argillic and propylitic alteration showing considerable multi-directional faulting and brecciation with Cu oxides occurring in distinct patches (see Figure 5 for sample results map). Several assays returned copper values greater than 1% and one high grade sample returned 7.14% Cu in a highly mineralised oxide zone. Some mineralised structures are at high angles to a bounding splay of the Incapuquio fault to the north. The nature of the occurrence (mineralisation breccias, abundant copper oxide mineralisation in places) suggests a proximal source. Geochemical results (associated Ag, Au, Mo and zinc) reflect a chemistry similar to the neighbouring Toquepala deposit1. The copper occurrence is being considered as a marker for a potential porphyry style mineralisation in the area.

3 Refer ASX release 31st January 2023.



Figure 5: Grab sample IDs and locations at Cinto Project, shown with large scale regional geology. Detailed geological mapping will now be completed over the entire licence area.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1134/215766_figure5.jpg



Figure 6: Cinto Project licence areas both under application and granted shown with location of Toquepala mine, owned by Southern Copper Corp..

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1134/215766_figure6.jpg

The mapping crews are now mobilising to site to systematically cover the entire tenement package and identify areas of highest prospectivity. No geophysical data is available for the project and first-pass drone magnetometry will be carried out to target magnetite occurrences potentially related to porphyry alteration. The thin conglomerate cover in the south of the granted permits will be covered by drone magnetometry as field observations indicate the alteration continues southwards in this area. Follow-up Induced Polarisation (IP) geophysical studies will be carried out over areas of interest to evaluate primary drill targets.

Drill permitting at Ilo Este and Ilo Norte

Both Ilo Este and Ilo Norte (Figure 7) have been recently covered by magnetic and IP surveys that have identified drill targets and drill permitting to test these targets is underway4.

4 Refer ASX release 30thJanuary 2024.



Figure 7: Solis tenements in the prospective coastal belt with existing deposits and regional geology

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1134/215766_figure7.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 Limited
+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 41,400ha 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

Surface Grab Samples at Cinto Project

Grab samples give point indications of mineral content only and as such should not be considered representative of continuity of mineralisation or potential tonnage (mass) of mineralised bodies.

SAMPLE Easting Northing Cu % Au_ppm Ag_ppm Mo_ppm Zn_ppm
17142 335107 8079501 7.14 0.12 8.40 1 322
17148 335141 8079516 3.52 0.01 7.70 1 379
17136 335098 8079487 3.23 0.08 6.70 1 146
17160 335548 8080711 2.34 0.30 46.20 34 686
17164 335242 8080500 1.77 0.19 65.70 11 277
17178 335173 8079539 1.00 0.05 7.60 1 515
17179 335145 8079554 1.00 0.02 6.40 1 279
17181 335128 8079541 1.00 0.03 4.90 1 41
17144 335109 8079492 0.99 0.01 3.80 1 305
17147 335122 8079506 0.91 0.02 4.40 1 264
17145 335095 8079506 0.85 0.01 3.00 1 120
17180 335110 8079533 0.81 0.01 0.50 1 718
17143 335105 8079506 0.51 0.01 8.10 1 218
17120 335027 8080868 0.41 0.01 0.80 2 51
17151 335091 8079487 0.15 0.01 3.90 1 186
17146 335095 8079506 0.13 0.01 3.60 1 231
17119 336590 8078888 0.02 0.01 0.50 1 102
17182 334805 8079173 0.01 0.01 0.50 1 39
17166 334797 8079389 0.01 0.01 0.50 1 59
17155 334591 8079724 0.01 0.01 0.50 1 19
17141 335090 8079495 0.01 0.01 0.50 1 262
17171 334875 8079889 0.01 0.01 0.50 1 82
17133 334506 8079718 0.01 0.01 0.50 1 45
17167 334661 8079742 0.00 0.01 0.50 22 78
17172 334837 8079859 0.00 0.01 0.50 1 84
17177 335220 8079624 0.00 0.01 0.50 3 71
17157 334648 8079759 0.00 0.01 0.50 8 185
17134 334629 8079544 0.00 0.01 0.50 1 44
17163 334998 8079549 0.00 0.01 0.50 1 163
17173 335008 8079701 0.00 0.01 0.90 6 15
17158 334833 8079634 0.00 0.01 0.50 1 35
17121 331999 8078016 0.00 0.01 0.50 1 24
17175 335443 8079648 0.00 0.01 0.50 1 206
17138 335342 8079528 0.00 0.01 0.50 2 53
17168 334637 8079809 0.00 0.01 0.50 6 58
17156 334652 8079756 0.00 0.01 0.50 1 9
17135 334936 8079540 0.00 0.01 0.50 2 44
17170 334684 8079899 0.00 0.01 0.50 1 23
17137 335342 8079530 0.00 0.01 0.50 1 94
17122 331991 8078023 0.00 0.01 0.50 1 39
17140 335346 8079326 0.00 0.01 0.50 3 16
17174 335417 8079579 0.00 0.01 1.00 1 43
17139 334793 8078889 0.00 0.01 0.50 1 15
17176 335420 8079657 0.00 0.01 0.50 1 32
17169 334642 8079819 0.00 0.01 0.50 13 7

Table: Table of geochemical assays from first past reconnaissance sampling in and around historical workings at the Cinto Project. Coordinate system WGS 19S.

APPENDIX 2

Mining Concessions table
Westminster Peru SAC‐ Concessions and Applications in Peru as of 2nd May 2024

36 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 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
29600
7 applications
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
4800
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 41400
Granted 37 29600
In Application 17 11800

APPENDIX 3

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.
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).
  • No historical 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 once 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.
 Rock chips were assayed by ALS in Lima. Methods used were
  • Preparation PREP31
  • Analysis Au-AA23 and ME-ICP61
  • OREAS standards were inserted at appropriate intervals and blanks.
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 sample 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.
  • No bias has been introduced in current drilling and sampling.=
Sample security
  • The measures taken to ensure sample security.
  • Samples are bagged onsite under supervision of Solis staff, bags are then sealed and couriered to the relevant laboratories with all relevant submission documentation. 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.
  • Mineral tenure in Peru held by Solis is currently in good standing. A table of tenements currently under application or which have been granted is included in this release as APPENDIX 2 "Mining concessions table".
Exploration done by other parties
  • Acknowledgment and appraisal of exploration by other parties.
  • The Cinto Project has had no systematic exploration carried out by previous owners.
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.
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 drill 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 non- invasive techniques on application areas and whilst awaiting drill permitting.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/215766


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Mineninfo

Solis Minerals Ltd.

Solis Minerals Ltd.
Bergbau
Kanada
A3CXUB
CA83423L1085
www.solisminerals.com
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