Solis Minerals Identifies Promising Targets at Guaneros Project in Peru
SLM (SLM) Share Update September 2024 Monday 16th
Solis Minerals Identifies High Priority Targets at Guaneros Project
Solis Minerals Limited (ASX: SLM) has announced promising results from their recent drone magnetometry and geochemical surveys at the Guaneros Project in Southern Peru, highlighting significant copper and gold anomalies.
Instant Summary:
- Drone surveys reveal magnetic anomalies in favorable geological settings at Guaneros Project.
- Rock grab samples show anomalous copper and gold values.
- Guaneros established as a high priority exploration area.
- Ground-based Induced Polarisation (IP) surveys planned for further exploration.
- Continued geochemical sampling and mapping to understand mineralization styles.
- Drilling at Guaneros expected to commence in Q4 2024 and continue through 2025.
Survey Results
Solis Minerals Limited has completed a comprehensive drone magnetometry survey over the Guaneros Project area in Southern Peru. The survey identified magnetic anomalies in geological settings similar to those at the nearby Ilo Este project. These anomalies are located near the intrusive batholith contact, which is known for its potential to host significant mineral deposits.
Rock grab samples from outcrops in the area returned notable copper and gold values, with copper assays of 0.37% Cu and 0.14% Cu, and gold assays of 0.17g/t Au and 0.11g/t Au. These results are encouraging and suggest the presence of mineralization similar to that found in porphyry copper deposits.
Exploration Strategy
The combination of magnetometry, geochemistry, and mapping has established Guaneros as a high priority exploration area for Solis Minerals. The company plans to follow up the identified anomalies with ground-based Induced Polarisation (IP) surveys, which will help refine the targets for drilling. These surveys are expected to assist in the final design of drill programs.
Continued geochemical sampling and mapping will be conducted to gain a better understanding of the alteration and mineralization styles present at Guaneros. This will aid in the targeting of the first drill programs, which are scheduled to commence in Q4 2024 and continue through 2025.
Project Significance
Guaneros is the fourth of five Solis project areas being progressed to drill status for copper porphyry targeting in Southern Peru. The project is situated on the prospective Coastal Belt between the Ilo Este and Chancho Al Palo drill targets, making it a key focus area for Solis Minerals' exploration efforts.
The drone magnetometry surveys, completed by Real Eagle Explorations, covered 360km of drone lines and were conducted using a GEM GSMP-25u mobile magnetometer supported by a Matrice 300RTK drone. The results from these surveys have provided valuable insights into the underlying geology of the area, particularly when combined with extensive ground-truthing at Ilo Este.
Future Plans
Solis Minerals is advancing its portfolio of targets in Southern Peru to targeted drilling programs. The company is planning to commence drilling at Guaneros in Q4 2024, with the aim of continuing through 2025. The exploration and drilling pipeline for the Southern Peru target portfolio includes other projects such as Chancho al Palo, Ilo Este, and Cinto, all of which are at various stages of exploration and drill permitting.
Interpretation of the magnetic survey results at Guaneros is ongoing, and evaluations will be conducted to determine which areas are suitable for IP surveys. Drill permitting is planned to start in Q1 2025 to enable drilling at the end of the year.
The identification of high priority targets at Guaneros is a significant development for Solis Minerals. The promising copper and gold values from rock grab samples suggest the potential for a substantial mineral deposit. This could positively impact the company's stock as investors react to the potential for future discoveries and increased resource estimates.
Investor Reaction:
Analysts are likely to view the results from the Guaneros Project positively, given the promising copper and gold values identified. The planned follow-up surveys and drilling programs indicate a strategic approach to exploration, which could enhance investor confidence in Solis Minerals' ability to unlock the potential of their South American mineral portfolio.
Conclusion:
Investors should keep an eye on Solis Minerals' progress at the Guaneros Project, as the upcoming ground-based surveys and drilling programs could yield significant results. The company's strategic focus on copper porphyry targets in Southern Peru positions it well for future growth and potential discoveries.