Solis Minerals Ltd.
Solis Minerals is a Latin American focused mining exploration company. The Company recently acquired an option to purchase a 100% interest in the flagship Mostazal copper project in Chile's Atacama Desert, one of the world's premier copper production jurisdictions. The Company also holds a 100% interest in a package of highly prospective IOCG (iron-oxide-copper/gold) and porphyry copper projects in southwestern Peru within the country's prolific coastal copper belt – source of nearly half of Peru's copper production.
Mostazal Copper Project, Chile – Untapped Potential
The flagship Mostazal Copper Project is located 80 km northeast of Copiapo, Chile and within the Domeyko fault, which is a major structural control for some of the world's largest and most productive copper mines, including Chuquicamata and Escondida, and 40 km south of Codelco's El Salvador mine.
The initial phase of drilling comprises four holes for an estimated 2,000m of drilling and will initially target both porphyry and manto-style copper mineralisation as well as the interpreted feeder system (porphyry) structures at depth.
Chief Executive Officer Jason Cubitt commented:
"Drilling of our initial campaign of diamond holes at Mostazal is progressing very well. We have intersected widespread copper sulphide mineralization in all three holes completed to date, with our latest hole, MODD003, the deepest hole drilled at the project thus far.”
"These first drill holes were designed to test the near-surface manto-style mineralization encountered in the historical drilling, and our logging has confirmed the presence of widespread alteration and disseminated copper sulphide mineralization throughout all three holes completed so far.”
Preliminary assessments of the core from MODD003 show copper sulphides over an interval of approximately 250 m starting from a depth of approximately 270 m, which appears to correlate with the core of the modelled geophysical IP chargeability anomaly.
Similar to holes MODD001 and MODD002, sulphide mineralization in MODD003 comprises chalcopyrite, chalcocite, plus or minus bornite occurring as amygdales, disseminations, fracture fillings or in veinlets throughout the sulphide zone.
While the Company is waiting for assay results from this initial phase of drilling, a program of detailed structural surface mapping and re-logging of the historical drill core will be initiated, with the aim of developing a more robust geological model for the extensive near-surface manto copper mineralization and supporting the estimation of a maiden JORC resource at Mostazal. (See news release dated February 24, 2022)
Ilo Norte and Ilo Este Copper Projects, Peru – Two Different Styles of Deposits
In Peru, Solis owns 100% in two copper projects located in the southern coastal copper belt of Peru, home to a significant proportion of Peru's copper production.
Ilo Norte Project, Peru
Ilo Este Project, Peru
Management and Directors
Chris Gale, Non-Executive Chairman
Mr. Gale has over 20 years' experience in managing and advising public and private companies. He was Chairman of the Council on Australian Latin American Relations (COALAR). He is a member of the Australian Institute of Company Directors (AICD). He is also an Executive Director of Latin Resources Limited.
Jason Cubitt, President & Chief Executive Officer
Mr. Cubitt has 25 years experience as a founder and institutional investor and management consultant. He was director of investments for Vertus Investment Advisory and co-founder of Ascenta Group.
Tony Greenaway, Head of Exploration
Mr. Greenaway is a senior geologist with over 25 years of international mining and exploration experience in Australia, Latin America (Chile & Mexico), Asia (Indonesia) and Africa. He has been involved with the exploration, development and production of copper and gold projects with Hancock Prospecting, Iron Ore Mining, White Star Resources and Talisman Mining.
Angelo Peri, Country Manager for Chilean Operations
Mr. Peri is a professional geologist with 35 years' experience. He was head of generative and exploration operations in Chile for Sumitomo Metal Mining. He held senior management positions with major mining companies in Latin America including Vale, Phelps Dodge, and Cyprus Amax.
Rodney Stevens, CFA, Vice President of Finance
Mr. Stevens is a Chartered Financial Analyst and was Portfolio Manager with Wolverton Securities Ltd.
Rachel Chae, Chief Financial Officer
Ms. Chae has served as CFO for various publicly traded companies, including a number of junior exploration companies based in Vancouver, British Columbia. Ms. Chae is a Chartered Professional Accountant and Certified General Accountant working at Cross Davis & Company LLP.
Michael Parker, Non-Executive Director
Mr. Parker is a geologist by training and was country manager for First Quantum Minerals (FQM) in Peru. He was instrumental in two major copper discoveries, the Lonshi and Frontier mines.
Kevin Wilson, Non-Executive Director
Mr. Wilson has over 30 years' experience in the minerals and finance industries. He is the current Chairman of Navarre Minerals Ltd.
Chafika Eddine, Non-Executive Director
Ms. Eddine has over 20 years of experience in corporate governance and sustainability. She was VP Corporate Affairs for Bear Creek Mining and Director Corporate Social Responsibility for Hudbay Minerals.
On April 7, 2022, Solis Minerals announced that it has completed the fourth hole in the first-phase drilling campaign at the Company's Mostazal copper project in Chile. All four holes have now successfully encountered broad zones of copper sulphide mineralization, for the most part starting from surface, supporting potential for the existence of a large copper system at Mostazal.
Logging of the Company's fourth diamond hole (MODD004) is now complete and indicates that the hole has intersected mainly porphyritic amygdaloidal and andesitic volcanic rocks, lesser volcanic breccia and aphanitic andesite to the bottom of the hole. Core logging highlighted widespread sulphide mineralization from traces to over 1 per cent sulphides observed from the surface to the bottom of the hole. The sulphide minerals observed include chalcopyrite, bornite, primary chalcocite and lesser pyrite.
While the Company awaits assays from the first four holes, it is currently conducting a more detailed and deeper-penetrating geophysical program, together with detailed structural and geological mapping, which, when combined with the pending assay results, will refine the targeting strategy for the second round of drilling at Mostazal.
On March 10, 2022, Solis Minerals announced that it has engaged Corporate Storytime to assist with the Company's investor relations and promotional activities, with a primary focus on the Australian market.