Solis Minerals Shares Surge On Sampling 7.14% Copper In Peru

Solis Minerals Ltd (ASX:SLM) shares surged ~34% higher intra-day to A$0.12 after sampling up to 7.14% copper at the Cinto Project in Peru.

The result is from the company’s recently completed first-pass geochemical sampling program.

Several assays >1% copper

The program has identified a zone within and bordering the Incapuquio Fault system that shows the presence of abundant copper oxides with artisanal workings.

Several assays returned copper values greater than 1% and one high-grade sample returned 7.14% copper in a highly mineralised oxide zone.

Near large porphyry system

Solis Executive Director Matthew Boyes said: “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.”

Next steps

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.

Meanwhile, 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.

The company has already finalised an access agreement with the local community to fast-track drilling at Cinto.

Pipeline of high-quality drill targets

Boyes added: “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.”

 

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