Solis Minerals Unveils Promising High-Grade Copper Discoveries at Cinto Project
SLM (SLM) Share Update July 2024 Monday 8th
Solis Minerals Identifies High-Grade Copper at Cinto Project
Solis Minerals Limited (ASX: SLM) has announced significant findings from its initial exploration activities at the Cinto Project in Peru, revealing high-grade copper mineralization in surface samples.
Instant Summary:
- Solis signed an access agreement with the local Carumbraya community.
- Surface grab samples report assays up to 7.14% Cu.
- Copper mineralization mapped over a 200m x 100m area.
- Positioned on the boundary of the regional Incapuquio fault system.
- Geochemical signatures similar to the Toquepala porphyry system.
- Drone magnetometer and geological mapping underway to guide drill permitting.
Exploration and Initial Findings
Solis Minerals Limited has commenced systematic mapping and sampling at the Cinto Project in Peru, following the signing of an access agreement with the Carumbraya community. Initial surface grab samples have shown promising results, with assays reporting up to 7.14% copper (Cu).
The mineralization has been mapped over a 200m x 100m area, with significant structural deformation and alteration evident. Historical artisanal workings in the area have revealed abundant copper oxide mineralization, indicating the potential for a larger porphyry system nearby.
Geological Context
The Cinto Project is strategically located on the boundary of the regional Incapuquio fault system, which is related to the massive Toquepala porphyry system located 10km to the northwest. The geochemical signature and base metal concentration ratios in the samples are similar to those found in the Toquepala deposit, suggesting porphyry-style mineralization.
Executive Director Matthew Boyes expressed excitement over the initial findings, highlighting the compelling geochemical signatures and the potential proximity to a large porphyry system. He emphasized the importance of the ongoing geophysical and detailed mapping programs in guiding future drilling efforts.
Next Steps
Solis Minerals is currently conducting drone magnetometer surveys and follow-up geological mapping to guide drill permitting. The company is also advancing drill permitting processes at its other Peruvian assets, Ilo Este and Chancho al Palo, which have been underexplored for too long.
The mapping crews are mobilizing to systematically cover the entire tenement package and identify areas of highest prospectivity. Induced Polarisation (IP) geophysical studies will be carried out over areas of interest to evaluate primary drill targets.
The discovery of high-grade copper at the Cinto Project is a significant development for Solis Minerals, potentially boosting investor confidence and the company's stock price. The similarity to the Toquepala porphyry system further enhances the project's attractiveness. However, the actual impact will depend on the outcomes of the ongoing geophysical and drilling programs.
Investor Reaction:
Investors and analysts have reacted positively to the news, with many highlighting the potential for a significant porphyry system. The initial high-grade assays have generated optimism about the project's future prospects.
Conclusion:
Investors should keep a close eye on Solis Minerals' progress at the Cinto Project, particularly the results of the upcoming geophysical surveys and drilling programs. The company's strategic focus on advancing its Peruvian assets could yield substantial returns if the promising initial findings are confirmed.