Welcome to our dedicated page for Solis Minerals news (Ticker: SLMFF), a resource for investors and traders seeking the latest updates and insights on Solis Minerals stock.
Solis Minerals Ltd (SLMFF), quoted on the ASX as SLM, generates frequent exploration and corporate news as it advances its South American copper portfolio. Company announcements describe Solis as an emerging exploration company focused on copper and copper-gold projects in Peru, including its flagship Ilo Este project, the Ilo Norte project, the 100%-owned Cinto Copper Project and the Cucho Copper Project, where it has a staged earn-in agreement.
News updates commonly cover the start and progress of diamond drilling campaigns, the receipt of drilling permits from Peru's Ministry of Energy & Mines, and technical results from geophysical and geochemical programs. Examples include drilling commencing at Ilo Este to test magnetic and induced polarisation anomalies, visual observations of extensive copper mineralisation in drill core, and the granting of drilling permits and mobilisation of drill rigs at Cinto.
Investors can also expect announcements on project acquisitions and land position changes, such as the agreement to acquire an interest in the Cucho Copper Project and applications for additional exploration concessions around Cucho. Financing and corporate updates, including equity placements to fund exploration across the Peruvian portfolio and changes to the company’s financial year-end or corporate domicile, are also regular features of Solis Minerals’ news flow.
Because Solis is at an exploration stage, its news releases place strong emphasis on technical information: surface sampling results, geophysical modelling, historical drill data and the design of upcoming drilling programs. For readers tracking SLMFF, this news page provides a consolidated view of these updates, allowing close monitoring of how the company progresses its copper and copper-gold targets in Peru and manages its broader exploration pipeline.
Solis Minerals (ASX: SLM, TSXV: SLMN, OTCQB: SLMFF) has successfully completed Tranche 1 of its Placement, raising A$1,866,703.70 through the issuance of 21,961,220 CHESS Depositary Interests (CDIs) at A$0.085 per New Share. Following this allotment, the company's total issued equity capital stands at 109,806,103 shares.
Assisting brokers received aggregate fees of 6% (A$112,002.22) for funds raised under Tranche 1. Tranche 2 of the Placement requires shareholder approval at a Special Shareholder Meeting scheduled for early April 2025. CDIs issued on ASX have a four-month and one-day holding period before conversion into common shares for Canadian trading.
Solis Minerals (SLMFF) has secured firm commitments for a A$4.5 million placement from institutional and sophisticated investors, including A$205,000 from Directors pending shareholder approval. The placement consists of CHESS Depository Interests at A$0.085 per share with a 1:2 unlisted option exercisable at 16c with a two-year term.
The funds will support:
- Drilling at Ilo Este and Chancho al Palo copper targets in Peru
- Pre-drilling work at the Cinto Project
- Regional target definition work
- General working capital
The placement will be executed in two tranches: Tranche 1 raising A$1.87 million through 21,961,220 shares, and Tranche 2 raising A$2.63 million through 30,979,957 shares, subject to shareholder approval in March 2025. Drilling permits have been awarded for Chancho al Palo, with remaining approvals expected soon.
Solis Minerals has announced significant findings at its Chocolate Project in southern Peru, revealing four exploration targets - two copper porphyry and two vein-hosted iron oxide copper gold (IOCG) targets. Notable geochemical assays include samples with up to 4.92% copper and 2.47g/t gold from IOCG Target 1, and 1.92% copper from Porphyry Target 2.
The project, spanning 6,100 hectares, has only had 10% of its area investigated to date. The geology at Chocolate shares similarities with Solis' neighboring projects Ilo Este and Chancho Al Palo, forming a 'mega-target' zone of 20km length. The company has completed a magnetometer drone geophysical survey and collected 151 rock samples, analyzed at ALS Global laboratories in Lima.
Further geophysics and geochemistry surveys are planned to refine drill targets. The company expects to commence drilling in late 2025, with permits already granted for the Chancho al Palo project.
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.