Permitting Delays Could Impact Solis’ Ambitious 2025 Drilling Timeline in Peru

Solis Advances Copper Exploration in Peru

Solis Minerals Limited (ASX: SLM) has reported significant progress in its copper exploration activities across southern Peru’s Coastal Belt, a region known for its prolific copper deposits. The company is preparing to initiate drilling programs at key projects starting in the first quarter of 2025, pending final permitting.

Central to Solis’ strategy is the Peru Copper Project, now expanded to cover 65,100 hectares through the addition of the Canyon Project. This expansion consolidates Solis’ position in a highly prospective geological setting, with 76 exploration concessions either granted or under application.

Drilling Plans and Target Development

The company plans to commence diamond drilling at Chancho El Palo in Q1 2025, followed by a 5,000-meter program at Ilo Este in Q2. Both sites have completed target definition, with permitting expected to be finalized by late Q1. Further drilling is scheduled for later in 2025 at the Cinto and Chocolate projects, where ongoing geophysical and geochemical surveys have identified compelling targets.

At Cinto, Solis has reported surface grab samples with copper grades as high as 7.14%, supported by drone and ground magnetometry surveys that reveal extensive hydrothermal alteration zones indicative of porphyry copper systems. The company aims to have Cinto drill-ready by the third quarter of 2025.

Expanding the Portfolio with Canyon Project

The recently acquired Canyon Project adds a substantial 25,600 hectares to Solis’ portfolio. Initial reconnaissance sampling has confirmed widespread copper oxide mineralisation, with assays showing up to 0.74% copper and notable molybdenum content. The project lies along a NW-SE trending structural corridor with known porphyry occurrences nearby, enhancing its exploration potential.

Follow-up work at Canyon will include detailed mapping, remote sensing, and geochemical programs to refine drill targets. The presence of high-angle cross faults and intrusive rocks similar to those hosting major regional deposits underscores the prospectivity of this new addition.

Geophysical Insights at Chocolate and Other Projects

The Chocolate Project, situated between Chancho El Palo and Ilo Este, has yielded encouraging results from drone magnetometry surveys and rock sampling, with copper and gold anomalies detected near magnetic alteration zones. These findings suggest potential porphyry-style mineralisation analogous to nearby deposits.

Solis is advancing IP surveys and further geochemical sampling at Chocolate to delineate drill targets for late 2025. Similarly, ongoing exploration at Cinto and other regional prospects aims to build a continuous pipeline of high-impact drilling opportunities through 2025 and beyond.

Corporate and Financial Position

As of November 2024, Solis held approximately AUD 1.58 million in cash to support its exploration activities. The company continues to review additional acquisition opportunities in copper and gold, focusing on drill-ready projects in South America and other jurisdictions.

Executive Director Michael Parker highlighted the company’s strong technical foundation and strategic land position, emphasizing the potential for high-impact discoveries in an underexplored yet highly prospective region.