Solis Announces: Diamond Drill Rig Arrives at Chancho al Palo, Peru
Rhea-AI Summary
Positive
- First-ever drilling program at the Chancho al Palo concession, indicating untapped exploration potential
- Strategic location near Southern Copper's facilities (10km from coast, 25km from smelter)
- Adjacent to Southern Copper's tenements, validating the area's geological potential
- Comprehensive 2,500-meter drilling program targeting multiple identified anomalies
Negative
- Final permits still pending for Ilo Este drilling program
- Results not expected until July 2025, indicating a significant waiting period
- Unproven territory with no previous drilling history
News Market Reaction – SLMFF
On the day this news was published, SLMFF declined 2.55%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
West Leederville, Western Australia--(Newsfile Corp. - May 29, 2025) - Solis Minerals Limited (ASX: SLM) (TSXV: SLMN) (OTCQB: SLMFF) ("Solis Minerals" or "the Company") is pleased to announce an update pertaining to its 100 per cent owned Chancho al Palo project in Peru.
A diamond drill rig has arrived at Chancho al Palo supported by leading local drilling company, AKD International ("AKD"). The Chancho al Palo diamond drill programme comprises approximately 2,500 metres across several priority targets (Figure 2), designed to test multiple anomalies identified during surface mapping, sampling and geophysics1.
Figure 1: Arrival of diamond drill rig to Chancho al Palo, Peru
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Chief Executive Officer, Mitch Thomas, commented:
"The Company is pleased to report that the drill rig has safely arrived at Chancho al Palo. This will be the first time the concession has been drilled, and we're targeting a series of compelling porphyry and IOCG anomalies identified through geochemical and geophysical work.
Importantly, Chancho al Palo is located 10 kilometres from the coast and 25 kilometres from Southern Copper's smelter and refinery complex. Southern Copper is Peru's largest copper producer and holds tenements adjacent to Chancho al Palo, further validating the geological potential of the area.
We expect assay results in July 2025 and look forward to building on this momentum with drilling at Ilo Este, anticipated to commence in June pending final permits. I am travelling to Peru this weekend to oversee commencement of drilling at our Chancho al Palo and Ilo Este projects.
It's an exciting period as we systematically test high-priority targets across our Peruvian portfolio."
1 Refer to ASX:SLM announcement 29 April 2024 "Exploration update for Peru, Borborema, Brazil"
Figure 2: Chancho al Palo drill targets over magnetic susceptibility plot. Targets include IP (1A and 1B) and magnetometry (M1 - M3) anomalies. Initial drill programme of 2,500 metres reflects a portion of the planned drill holes shown. Sequence and number of actual drill holes to be determined subject to programme results (refer to ASX Announcement 29 April 2024).
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1134/253919_3d49e34f84f01ab8_016full.jpg
This announcement is authorised for release by the Board.
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Neither the TSX Venture Exchange ("TSXV") nor its Regulation Service Provider (as the term is defined in the policies of the TSXV) accepts responsibility for the accuracy of this news release.
About Solis Minerals Limited
Solis Minerals is an emerging exploration company, focused on unlocking the potential of its South American copper portfolio. The Company is building a significant copper portfolio around its core tenements of Ilo Este and Ilo Norte and elsewhere in the Coastal Belt of Peru. Solis holds concessions totalling 69,200 hectares.
The Company is led by a highly-credentialled and proven team with excellent experience across the mining lifecycle in South America. Solis is actively considering a range of copper opportunities. South America is a key player in the global export market for copper and Solis, under its leadership team, is strategically positioned to capitalise on growth opportunities within this mineral-rich region.
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.sedarplus.ca. 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 Michael Parker, a Fellow of the Australian institute of Mining and Metallurgy (AusIMM), a qualified person as defined by National Instrument 43-101 (NI 43-101). Michael Parker is Technical Director of the Company.
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 Michael Parker, a Competent Person who is a Fellow of the Australasian Institute of Mining and Metallurgy. Mr Parker is Technical Director 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 Parker consents to the inclusion in this report of the matters based on information in the form and context in which it appears. Mr Parker 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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/253919
FAQ
What is the size of Solis Minerals' (SLMFF) drilling program at Chancho al Palo?
When will Solis Minerals receive assay results from Chancho al Palo drilling?
Where is the Chancho al Palo project located in relation to Southern Copper's facilities?
Has the Chancho al Palo property been drilled before?
What type of anomalies is Solis Minerals targeting at Chancho al Palo?
