Solis Minerals Ltd Stock Price, News & Analysis

Solis Minerals has appointed Mitch Thomas as its new Chief Executive Officer, expected to commence in March 2025. Thomas brings significant experience as former CFO of Latin Resources and Battery Materials for Rio Tinto, including notable work in South America and a key role in the A$0.6 billion divestment of Latin Resources' Salinas Lithium Project.

Mike Parker, current Executive Director, will transition to Technical Director, leveraging his geological expertise and previous experience as country manager for First Quantum Minerals in Peru. The company has outlined a comprehensive performance rights package for Thomas, including targets tied to continuous service, drilling programs, JORC resource establishment, and market capitalization goals.

Thomas's remuneration includes A$300,000 plus statutory superannuation. The performance rights package includes five tranches, with conditions ranging from completion of a 5,000-metre drilling programme to achieving a market capitalization of A$100m within 24 months.

Solis Minerals (SLMFF) has confirmed extensive copper porphyry mineralization at its Cinto Project in Peru, with significant channel sampling results including 23.4m @ 0.88% Cu and 16.83m @ 0.52% Cu. The project is located 15km SE of Peru's major Toquepala copper mine.

The mineralization spans approximately 1.75 square kilometers, correlating with a large magnetic low geophysical anomaly indicating widespread hydrothermal alteration. The copper mineralization is predominantly found in breccias, similar to the mineralization style at Toquepala.

The company has initiated planning for an Induced-Polarisation survey following successful geochemical results. Drill target definition is underway, with drilling planned for the second half of 2025. The project's location on the Incapuquio Fault System is favorable for large-scale porphyry copper deposits.

Solis Minerals has confirmed widespread copper oxide mineralisation during initial reconnaissance at its Canyon Project in Peru. Rock grab samples from road-cuts over 400m revealed significant copper and molybdenum values, with assays reaching 0.74% Cu/0.07% Mo and 0.53% Cu/0.02% Mo. The mineralisation was found in joints and faults of porphyritic quartz granodiorites. The company plans follow-up remote sensing, mapping, and rock geochemistry across the 25,600 Ha tenement package, with targeted drilling programs scheduled from Q1 2025.

Solis Minerals has completed a combined drone and ground magnetometry survey at its Cinto Project in southern Peru. The survey revealed magnetic anomalies south of an intrusive batholith contact, corresponding with alteration detected from WorldView 3 remote sensing work. Key findings include:

1. A high magnetic response zone (4km x 1km) along the batholith's southern flank.
2. Alteration signatures in a 6km long, 1km wide area south of the magnetic anomaly.
3. A SW-NE oriented magnetic anomaly zone partly covered by Cenozoic sediments.
4. A zone of propylitic alteration on the batholith's north-east flank, encompassing a previously reported high-grade copper sample area.

The company plans to conduct follow-up mapping, geochemistry, and IP surveys to accelerate permitting for drilling these targets during 2025. Solis is advancing its portfolio of targets in the Coastal Belt of Peru, with drilling expected to commence at various projects between Q1 2025 and Q3 2026.

Solis Minerals (ASX: SLM) has expanded its Peruvian copper exploration portfolio by applying for 27 exploration concessions totaling 25,600Ha, known as the Canyon Project. The project, located 675km NW of Ilo Este in the Coastal Intrusive Belt, targets copper porphyry mineralization. The area is bracketed by porphyry Cu occurrences along strike and contains a belt of intrusive rocks known as the Coastal Batholith.

Executive Director Mike Parker highlighted the opportunity to explore for near-surface heap-leachable copper oxide resources. The company plans to use geochemistry as a rapid and efficient tool to focus on follow-up areas. Solis is advancing its portfolio of targets in the Coastal Belt of Peru, with drilling at Chancho al Palo expected to commence by year-end.

Solis Minerals (ASX: SLM) has announced a management restructure to reflect its exploration focus. Michael Parker has been appointed as Executive Director, transitioning from his role as Non-Executive Director. Parker, a geologist with extensive experience in exploration and project development, will oversee the company's Latin American exploration operations. His background includes senior positions at First Quantum Minerals, where he was responsible for major copper discoveries and corporate strategy implementation in Latin America.

The company is focusing on copper exploration in the Peruvian coastal belt, with drilling planned for later this year and into 2025. Matt Boyes has resigned as director and officer, effective August 30, 2024. This restructuring aligns with Solis Minerals' strategy to create shareholder value through its exploration activities.

Solis Minerals (ASX: SLM) (TSXV: SLMN) (OTCQB: WMRSF) has released its Quarterly Report for the period ending 31 May 2024. Key highlights include:

• Submission of copper drill targets for permitting in Chanco al Palo and Ilo Este, Southern Peru
• Scheduled magnetometry surveys at the newly acquired Guaneros project
• Identification of surface copper mineralisation at Cinto
• Development of a pipeline for drill testing multiple targets, with the first permit expected in Q4 2024

The company has expanded its copper exploration portfolio in southern Peru, adding the 6,400-hectare Guaneros project. Drilling at Chancho Al Palo is expected to commence in late 2024, subject to permitting. Solis has also made progress at Ilo Este, analyzing results from a drone magnetometry survey. At Cinto, high-grade copper samples up to 7.14% were identified. The company's cash balance stands at approximately AUD $4.4 million.

Solis Minerals (ASX: SLM, TSXV: SLMN, OTCQB: SLMFF) has announced plans for an extensive drone magnetometry survey at its Guaneros Project in Peru. Key points include:

- Survey to start in early August with results expected during the month
- Identified anomalies to be followed up with Induced Polarisation surveys
- Geochemical sampling and mapping to continue
- Guaneros is the fourth project area being progressed to drill status for copper porphyry targeting in Southern Peru
- Located on the prospective Coastal Belt between Ilo Este and Chancho Al Palo drill targets

The survey aims to fast-track target generation and assist in drill permitting. Solis is advancing four project areas in Peru, with drilling planned to start at Chancho Al Palo as early as December 2024, subject to permitting.

Solis Minerals has signed an access agreement with Carumbraya community at the Cinto Project in Peru, initiating systematic mapping and sampling of outcropping copper mineralization. Initial surface grab samples reported assays up to 7.14% Cu, with mineralization spread across a 200m x 100m area. The Cinto Project is positioned on a significant geological fault system, linked to the massive Toquepala porphyry system. Ongoing drone magnetometer and geological mapping aim to guide drill permitting. Other Solis assets in Peru, including Ilo Este and Chancho al Palo, are also being prepared for drilling, with geophysical surveys identifying promising targets.