Solis Minerals Drills Into Peru Copper-Gold Potential Amid Strategic Moves

Exploration Momentum Builds in Southern Peru

Solis Minerals Limited (ASX, SLM) has reported a productive quarter ending 31 May 2025, marked by the commencement of diamond drilling at its flagship Chancho al Palo copper-gold project in Peru. This milestone follows extensive geophysical surveys and surface sampling that identified multiple high-priority targets. Early visual inspections of drill core have revealed copper mineralisation and visible gold, a promising sign for the project’s potential.

The first drill hole at Chancho al Palo reached a depth of nearly 713 metres, intersecting narrow zones of iron oxide copper gold (IOCG)-style mineralisation and porphyritic intrusives with trace chalcopyrite. Notably, visible gold was observed at 619.9 metres, underscoring the prospectivity of the deposit. While laboratory assay results are pending, expected in August 2025, these visual findings provide an encouraging early indication of the mineralisation style and grade.

Expanding the Copper Portfolio

Beyond Chancho al Palo, Solis Minerals confirmed additional copper porphyry mineralisation at its Cinto project through channel sampling, with highlights including 26.5 metres at 0.28% copper, including a higher-grade interval of 5.4 metres at 1.0% copper. An induced polarisation (IP) geophysical survey has further refined drill targets, and permitting is underway to enable a maiden drilling campaign planned for the fourth quarter of 2025.

Meanwhile, the Ilo Este project, another key asset in the company’s southern Peru portfolio, received drill permit approval from the Peruvian Ministry of Energy and Mines. A substantial 5,000-metre diamond drilling program is slated to commence in August 2025, following the completion of drilling at Chancho al Palo. These developments collectively position Solis Minerals to accelerate exploration across multiple promising copper-gold targets in the region.

Corporate and Financial Developments

On the corporate front, Solis Minerals successfully closed the second tranche of a placement, raising approximately A$2.63 million at A$0.085 per share, bolstering its cash reserves to around A$3.7 million. This funding is earmarked to support ongoing exploration activities and general working capital needs. The company also voluntarily delisted from the TSX Venture Exchange in June 2025, signaling a strategic shift to focus on its Australian listing and operations.

Supporting this transition, Solis Minerals appointed HLB Mann Judd as its new external auditor and welcomed Rachel Kogiopoulos as Chief Financial Officer. Kogiopoulos brings over 25 years of mining sector experience, including leadership roles in finance transformation and business planning, which will be instrumental as the company advances its exploration and corporate objectives.

Looking Ahead

With drilling underway and permits secured, Solis Minerals is well-positioned to unlock value from its extensive copper-gold portfolio in Peru’s mineral-rich southern coastal belt. The upcoming assay results from Chancho al Palo and planned drilling at Cinto and Ilo Este will be critical in defining the scale and quality of these deposits. Meanwhile, the company’s strategic corporate moves aim to streamline operations and enhance shareholder value as it pursues growth opportunities in South America.