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Vancouver, British Columbia--(Newsfile Corp. - June 30, 2022) - Solis Minerals Limited(TSXV: SLMN) (ASX: SLM) (OTCQB: SLMFF) ("Solis" or the "Company")announces that it has elected to withdraw from its option agreement on the Mostazal Project in Chile. Accordingly, Solis will have no future claim on the Mostazal Project, or any contiguous exploration ground acquired through staking, and will be released from any further obligations to the vendor.
Pursuant to the Option Agreement dated June 23rd, 2021, Solis, through its wholly owned subsidiary Westminster Chile SpA, was granted the right to earn up to a 100% interest in the Mostazal Project in Chile's Atacama Desert by spending US$5m on exploration and making payments of US$5m to the vendor over four years.
Jason Cubitt, Solis' president and CEO, stated: "Mostazal presented an exciting prospect for us with a known copper mineralised system at surface and historical data supported an exploration thesis testing deeper targets. However, results from our first phase of drilling and geophysical surveys undertaken by the Company in 2022 ultimately did not meet our minimum expectations and management determined that it is in the best interest of shareholders to re-allocate the Company's resources."
With a current cash balance of approximately A$3m, the Company remains in a strong position to advance its portfolio of porphyry and IOCG copper projects in Peru, including Ilo Norte and Ilo Este, and will provide updates on these and other projects currently under review as developments occur.
In early 2022 the Company expanded its footprint in Peru through the application of seven concessions in the Tacna Region of Southern Peru0F[1] (Figure 1), 15kms along trend from Southern Copper Corporation's Toquepala Mine. The applications lie along the regional Incapuquio Fault system in southern Peru, which is associated with three large copper-molybdenum deposits currently in production: Cuajone, Quellaveco and Toquepala.
The Company owns a 100% interest in a number of copper-focused projects located in the Departments of Moquegua and Tacna, in southern Peru.
The Company's Ilo Este Copper Project (Figure1) is located approximately 20 kilometres northeast of the port city of Ilo, and is hypothesised to be a large, eroded porphyry containing copper, gold, silver and molybdenum, with an identified mineralised trend over 3 square kilometres.
The Ilo Norte Copper Project is located approximately 20 kilometres north-northeast of the city of Ilo and consists of a 10km long alteration system, hosting iron-oxide-copper-gold mineralisation (IOCG), (Figure 1).
Figure 1: Solis Minerals Ltd - Peruvian Projects' Location Plan
To view an enhanced version of this graphic, please visit: https://orders.newsfilecorp.com/files/1134/129621_solis_figure1.jpg
The Ilo Este and Ilo Norte projects represent a portfolio of exploration concessions in the highly prospective coastal IOCG/porphyry copper belt of southern Peru. Solis believes that the mineralisation identified on Ilo Norte is part of an IOCG system, with a high-grade copper-skarn target; while the mineralisation at Ilo Este is part of a copper-gold-molybdenum porphyry system.
The Company intends to undertake remote sensing surveys on sections of the Ilo project areas using WorldView-31F[2] data acquisition to guide regional alteration mapping and target generation and complement the extensive ground mapping carried out to date. Combined with previous drilling, these exploration tools are aimed to provide a strong vector for identification of new drill targets in the short to medium term on the permits.
The Company applied for new tenements 15km south, and on the trend of, the Toquepala Mine and is in the process of being granted 3,025 Ha of largely contiguous exploration ground in eight concessions2F[3] after some subdivisions for overlapping applications were effected.
The Company is currently compiling all of the available historic exploration and regional government data for the project area. This prospective area will also be subject to WorldView-3 data acquisition to assist in target generation and future exploration.
Solis Minerals is a Latin American-focused mining exploration company. The Company 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 - a source of nearly half of Peru's copper production.
This Announcement has been authorised for release to ASX by the Board of Solis Minerals Ltd.
For further information please contact:
Jason Cubitt President and CEO Solis Minerals Ltd. +01 (604) 209 1658
Stephen Moloney Investor Relations Corporate Storytime +61 (0) 403 222 052
Neither the TSX Venture Exchange nor its Regulation Service Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of accuracy of this news release.
This news release contains certain forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by 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, labor 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.sedar.com. 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.
Fred Tejada, P. Geo., is a qualified person as defined by National Instrument 43-101 (NI 43-101) and a consultant to the Company and has reviewed and approved the technical content of this news release.
The information in this ASX release in relation to Geological Information and Exploration Results is based on and fairly represent information compiled by Mr Anthony Greenaway, a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Greenaway is an employee 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 Greenaway consents to the inclusion in this report of the matters based on information in the form and context in which it appears. Mr Greenaway has provided his prior written consent as to the form and context in which the Geological Information and Exploration Results and supporting information are presented in this Announcement.
All information relating to exploration results that have been previously released to the market is appropriately referenced in this document.
Table 1 Mostazal Copper Project Drill Collar Table
Table 2 Mostazal Copper Project significant copper intersections
Table 3 Recent Peruvian Project tenement application details
Figure 2: Mostazal Copper Project location
To view an enhanced version of this graphic, please visit: https://orders.newsfilecorp.com/files/1134/129621_solis_figure2.jpg
Figure 3: Mostazal Copper Project drill hole location plan
To view an enhanced version of this graphic, please visit: https://orders.newsfilecorp.com/files/1134/129621_solis_figure3.jpg
APPENDIX 2 Mostazal Project JORC Tables
JORC Code, 2012 Edition - Table 1 Section 1 Sampling Techniques and Data (Criteria in this section apply to all succeeding sections)
Section 2 Reporting of Exploration Results (Criteria listed in the preceding section also apply to this section)
APPENDIX 3 Peruvian Project JORC Tables
JORC Code, 2012 Edition - Table 1 Section 1 Sampling Techniques and Data (Criteria in this section apply to all succeeding sections)
Section 2 Reporting of Exploration Results (Criteria listed in the preceding section also apply to this section)
[1] Refer to ASX Announcement dated 19 January 2022
[2] WorldView-3 is an imaging and environment monitoring commercial satellite
[3] Refer to ASX Announcement dated 19 January 2022
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/129621
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