Mr. Jason Cubitt reports:
Mostazal Copper Project, Chile
Vancouver, British Columbia–(Newsfile Corp. – February 24, 2022) – Solis Minerals Ltd. (ASX: SLM) (TSXV: SLMN) (FSE: 08W) (“Solis Minerals” or “the Company“) is pleased to provide further updates in relation to the current diamond drilling campaign at the Company’s Mostazal Copper Project in Chile (“Mostazal” or “the Project“).
Drilling of the Company’s third diamond hole MODD003 is now complete, and logging indicates that the hole has potentially intersected a large, deep copper sulphide mineralisation system of over 250m in thickness, with the field team logging pyrite, chalcopyrite, bornite and chalcocite sulphides occurring as amygdales, disseminations, fracture fillings (Figure 1), or in veinlets throughout this zone. The significance of this sulphide mineralisation is under assessment by the Company’s geology team, with detailed logging underway and assays yet to be received.
Hole MODD003, a deep vertical hole (drilled to 528m) to the southeast of the previous two holes drilled by the Company, was designed to test a broad IP geophysical target which the Company has interpreted to represent a potential feeder system for the widespread near surface manto copper mineralisation (Figure 2 and Figure 3).
Figure 1: Brecciated fine-grained diorite with chlorite +/- pyrite-chalcopyrite-bornite fracture fill (MODD003: 362m)
CEO Jason Cubitt commented:
“Drilling of our initial campaign of diamond holes at Mostazal is progressing very well. We have intersected widespread copper sulphide mineralisation in all three holes completed to date, with our latest hole MODD003 the deepest hole drilled at the project thus far.
“We are working to understand the significance of the over 250m sulphide zone in MODD003 and, while we have not yet seen the typical alteration system that we would expect to see associated with our original porphyry target, we are extremely encouraged by the significant size of the mineralisation system we have intersected. The addition of detailed down hole geophysical data together with the assay results from sampling of this core will be required to better understand the extent of the mineralised system at Mostazal. The Company is also planning to conduct Induced Polarization (IP) and/or Magnetotellurics (MT) geophysical surveys down to 500m depth or more to better assist in the hunt for the main feeder system.
“These first drill holes were designed to test the near surface manto-style mineralisation encountered in the historical drilling, and our logging has confirmed the presence of widespread alteration and disseminated copper sulphide mineralisation throughout all three holes completed so far.
“The drill rig has now moved onto MODD004, our last planned hole of this initial phase of drilling. This drillhole is targeting a high-tenor copper-in-soil anomaly to the east of the main manto mineralisation and mining area and may represent the eastern extension of the known mineralisation or the surface expression of a separate mineralised system below the main manto stacked lenses.”
Preliminary assessments of the core from MODD003 show copper sulphides over an interval of approximately 250m starting from a depth of approximately 270m, which appears to correlate with the core of the modelled geophysical IP chargeability anomaly (Figure 2).
Figure 2: Cross section 7049400mN, showing IP chargeability modelling, historical drill collars and MODD003 drill trace
Similar to holes MODD001 and MODD002, sulphide mineralisation in MODD003 comprises chalcopyrite, chalcocite+/-bornite occurring as amygdales, disseminations, fracture fillings or in veinlets throughout the sulphide zone. Final mineralised intervals remain to be defined based on pending assay results.
Figure 3: Mostazal Copper Project – Solis Minerals Ltd. diamond drill hole location plan
The Company is currently engaged in discussions with local down-hole geophysical contractors in Chile in order to undertake a detailed physical property survey. This data will assist the Company in matching the logged lithologies and sulphide mineralisation to the surface IP response. This data in conjunction with the final assay results will enable the development of a detailed model for the observed mineralisation.
Lithologies intersected in MODD003, were again similar to those in MODD001 and MODD002 with a series of altered (haematite/chlorite/albite), amygdaloidal to fragmental porphyritic andesites throughout the hole; with a zone of approximately 20m containing a series of fine grained, locally highly fractured micro-diorite intrusive dykes from 344m (Figure 1).
Drilling has now commenced on MODD004 located to the east of the Company’s previous holes, where existing surface geochemistry has highlighted a large high-tenor copper-in-soil anomaly (Figure 3 and Figure 4). Recent reconnaissance of this area has confirmed the presence of artisanal mining in the area, with a number of separate manto lodes being exploited. Despite these obvious signs of mineralisation, this eastern area has remained relatively untested by previous explorers.
Figure 4: Mostazal Copper Project – copper-in-soil contours and drill collar locations
This area lies well to the east of the main mining area at Mostazal and may be interpreted to potentially represent the eastern extension of the known manto system, or the surface expression of a separate deeper manto system below the main stacked manto lenses being exploited by artisanal miners. MODD004 has a planned depth of up to 500m and will further test the near surface manto environment as well as the potential blind system at depth.
While the Company is waiting for assay results from this initial phase of drilling, a program of detailed structural surface mapping and relogging 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 mineralisation and supporting the estimation of a maiden JORC Resource at Mostazal.
About Solis Minerals Ltd.
Solis Minerals is a Latin American-focused mining exploration company. The Company is earning into a 100% interest in the 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 – a source of nearly half of Peru’s copper production.
Issued on the directive of the board of Solis.
For further information please contact:
President and CEO
Solis Minerals Ltd.
+01 (604) 209 1658
+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.
Qualified Person Statement
Derrick Strickland, P. Geo. (1000315), is a qualified person and has reviewed and approved the technical content of this news release. *The qualified person has been unable to verify the information on the adjacent properties. Mineralisation hosted on adjacent and/or nearby and/or geologically similar properties is not necessarily indicative of mineralisation hosted on the Company property.
Competent Person Statement
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.
Mostazal Copper Project Drill Collar Table
Figure 5: Mostazal Copper Project location*
JORC Code, 2012 Edition – Table 1
Section 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections)
JORC Code explanation
Drill sample recovery
Sub-sampling techniques and sample preparation
Quality of assay data and laboratory tests
Verification of sampling and assaying
Location of data points
Data spacing and distribution
Orientation of data in relation to geological structure
Audits or reviews
Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section)
JORC Code explanation
Mineral tenement and land tenure status
Exploration done by other parties
Drill hole Information
Data aggregation methods
Relationship between mineralisation widths and intercept lengths
Other substantive exploration data
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