Drilling update: Solis Minerals targets Peru copper
Published: 12:05 20 Jun 2025 AEST
Solis Minerals Ltd (ASX:SLM, TSX-V:SLMN, OTCQB:SLMFF) earlier this week provided an update on its exploration activities in Peru and strategic listing changes.
Highlights
- Solis Minerals completed the first drill hole at Chancho al Palo in Peru to 600m.
- Visual chalcopyrite mineralisation was encountered from 180m depth.
- Early indications are consistent with a porphyry-style copper system.
- Assay results are expected by end of July 2025.
- The company is withdrawing from the TSX due to low shareholder representation (8%) and shifting focus to the ASX.
- Resources saved from TSX compliance will be redirected to exploration in Peru.
- Drilling at the Cinto Project is planned to follow completion at Chancho al Palo.
- Cinto shows visible copper and gold at surface; described as an attractive and unique target.
- Exploration at Ilo Este is also in the pipeline.
- Management is optimistic about delivering a large copper-gold discovery.
Assays coming
The company said drilling at the Chancho al Palo Project had reached 600 metres with visual chalcopyrite mineralisation seen from around 180 metres depth. It highlighted these as early signs consistent with a porphyry-style system. Assay results are expected before the end of July 2025.
Focusing on ASX
The company told investors that it had decided to withdraw from the TSX listing, citing that only 8% of its shareholder base resides in Canada. Solis Minerals said the administrative and financial requirements of maintaining the TSX listing were disproportionate to its value and that it would now focus on its ASX listing.
It said this would allow more capital to be directed toward on-the-ground exploration. The company noted that work at its second project, Cinto, located near Chancho al Palo, would begin shortly after the current program concludes. Permitting for Cinto is nearly complete.
