Solis Announces Mineralisation Intersected At Chancho Al Palo, Peru

2025-06-23 03:12:29

(MENAFN- Newsfile Corp) HIGHLIGHTS

Diamond drilling commenced at Chancho al Palo (100% Solis Minerals) with the first drill hole completed at a depth of 713 metres. A second drill hole is scheduled to commence shortly, approximately 200 metres west of the first drill pad.
The first drill hole intersected fault-bounded iron oxide copper-gold ("IOCG") style mineralisation at 184 metres including visible chalcopyrite ¹ .
Porphyry style mineralisation has been encountered from 451 metres including the presence of chalcopyrite mineralisation. From 586 metres, IOCG-style mineralised breccias increase in frequency. Visible gold was observed at 620 metres.
Assays from Chancho al Palo are due from ALS Global ("ALS") in July / August 2025.
The Chancho al Palo drill rig and team will be mobilised to Ilo Este (100% Solis Minerals) once the planned 2,500 metre drill programme is completed.

West Leederville, Western Australia--(Newsfile Corp. - June 23, 2025) - Solis Minerals Limited (ASX: SLM) (TSXV: SLMN) (OTCQB: SLMFF) ("Solis Minerals" or "the Company") is pleased to announce an update on its 100 per cent owned Chancho al Palo prospect.

Chancho al Palo has not been previously explored. Geochemical and geophysical studies identified the presence of IOCG and porphyry copper targets¹. Chancho al Palo is in the coastal copper belt of Peru and is situated approximately nine kilometres from the coast where Southern Copper's refinery and smelter are located. The area has access to excellent infrastructure supporting nearby copper mines including Quellaveco (Anglo American) and Toquepala (Southern Copper Corporation)².

Figure 1: CAP-001-2025 drill core from 184.20 to 184.75 metres displaying tourmaline/specularite breccia with chalcopyrite mineralisation hosted in diorite intrusive. Visually estimated grade 0.5% Cu1. Assays are due for release in July / August 2025.

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Note 1: Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Visual estimates also potentially provide no information regarding impurities or deleterious physical properties relevant to valuations. Assays are due for release in July / August 2025.

¹ Refer to SLM:ASX announcement 29 April 2024
² Refer to SLM:ASX announcement 21 April 2025

Chief Executive Officer, Mitch Thomas, commented:

"We're excited by the early signs of a mineralised system at Chancho al Palo, with our first drill hole intersecting visible chalcopyrite with some gold. Assays are expected in July / August 2025.

The presence of IOCG and porphyry style mineralisation, supported by alteration and geochemical pathfinders, is highly encouraging at this early stage and validates the quality of our surface exploration to vector in drill targets.

As the first company to drill this area, we are excited to assess the assays for Chancho al Palo. Early signs indicate that this project is very much aligned with our strategy of identifying copper-gold resources that have potential to host large-scale mining in one of the world's leading copper producing regions."

The first diamond drill hole, CAP-001-2025, concluded at a depth of 712.90 metres. Narrow, fault- bounded IOCG-style mineralisation was encountered in a breccia from 184.20 to 184.75 metres (Figure1). From 451.0 metres to 585.80 metres, a diorite intrusive was observed with trace sulphides including chalcopyrite, some higher portions more localised, in a more porphyritic setting (Figure 3). From 585.8 to 636.0 metres, the intrusive is traversed by narrow (0.5 - 1.0 metre width) IOCG breccias with more locally abundant sulphides, including chalcopyrite. At 619.90 metres, visible gold was observed in feldspathic alteration in the intrusive (Figure 2). From 673.0 to 712.90m (EOH) a structurally altered hornfels was encountered with silicification and magnetite alteration, some zones of abundant pyrite, and traces of chalcopyrite.

Figure 2: Drillhole CAP-001-2025 @ 619.90m. Visible gold (circled) in K-feldspar altered diorite. Circumference of circle approximately 2mm. Visually estimated grade at 0.10 g/t Au. Assays are due for release in July / August 2025.

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The second drill hole, located approximately 200 metres west of the first, will target a similar anomaly. The total programme at Chancho al Palo is planned for 2,500 metres or approximately four to five drill holes. Core has been logged and cut with samples to be sent to ALS for assaying in the coming weeks. Results are expected in July / August 2025.

Chancho al Palo

The drilling program at Chancho al Palo is designed to test priority geophysical and geochemical anomalies interpreted to represent IOCG and porphyry-style mineralization systems³. Key objectives of the planned 2,500 metre campaign include:

Target validation: confirm geological and structural interpretation of induced polarisation and magnetic anomalies that vector targeting for potential IOCG and porphyry-style copper systems.

Mineralisation confirmation: intersect and characterise primary copper mineralisation, with associated alteration halos (e.g., sodic-calcic, potassic), sulphide zoning, and potential pathfinder elements (Fe, Au, Mo, REEs) within targeted lithological and structural settings.

Alteration system mapping: delineate the extent and geometry of hydrothermal alteration systems, to vector toward the core of mineralised zones and assess potential fluid pathways.

Structural controls: evaluate the role of faulting, brecciation, and intrusive contacts in localizing mineralization, particularly within interpreted feeder zones or structural corridors.

Resource potential assessment: collect sufficient geological, mineralogical, and geochemical data to guide future step-out drilling and preliminary evaluation of the project's resource potential.

Geological Description of Drillhole CAP-001-2025

Start date	9 June 2025
End date	21 June 2025

Survey:
Platform	P-01
Azimuth	250
Dip	75
Depth	712.90m (final)

Collar:
East UTM 19S	255693
North UTM 19S	8069234
Elevation (m)	1292
Datum	WGS-84 19S

Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Visual estimates also potentially provide no information regarding impurities or deleterious physical properties relevant to valuations. Assays are due for release in July / August 2025.

The hole was collared on a coincident magnetic and chargeability (IP) anomaly with favourable surface geological indicators some 200 metres north-west of a regional cross-fault. Such faults are known vectors for porphyry mineralisation at Solis Minerals' Ilo Este property located 17 kilometres to the south-east⁴.

The hole has traversed several units to date, including:

Hole depth (metres)	Mineralisation type	Visual estimate (grade %)
0.0- 184.20	Fine-grained diorite with chloritic (propylitic) alteration, occasional feldspathic veining, disseminated magnetite and specularite.	Trace % Cu
184.20- 184.75	Brecciated diorite with tourmaline, specularite, calcite and pyrite and chalcopyrite as sulphides (Fig. 1). Probable late IOCG.	0 - 0.5% Cu
184.75- 451.00	Tuffs and volcanosedimentary units of the Jurassic Chocolate Formation. Disseminated chlorite and specularite alteration with patches of epigenetic pyrite increasing to moderate abundance around a structure at 411.90m where alteration changes to epidote and calcite with disseminated traces of pyrite and chalcopyrite.	Trace % Cu
451.00- 585.80	Fine-grained propylitic altered diorite with sporadic chalcopyrite and pyrite associated with K-feldspar, calcite, and magnetite veinlets. Some breccias with locally abundant tourmaline, silicification, and sulphides. Propylitic alteration zone of potential porphyry system.	0 - 0.5% Cu

³ Refer to SLM:ASX announcement 29 April 2024
⁴ Refer to SLM:ASX announcement 21 April 2025

585.80- 636.0	Diorite as above, traversed by late-stage narrow breccias (0.5-1.0m width) with specularite, tourmaline, K-feldspar with moderate increase in sulphides including pyrite and chalcopyrite. Locally, very fine-grained gold was observed at 619.90m in felspathic alteration in diorites.	0 - 0.5% Cu 0 - 0.1 g/t Au
636.0- 668.50	Volcanosedimentary unit in fault. Tourmaline breccia. Weak to moderate pyrite.	Trace % Cu
668.5- 712.90	Hornfels, some brecciation silicified and altered with magnetite. Patches of moderate sulphides (pyrite) with occasional chalcopyrite veins and patches. From 701m, less alteration and sulphides.	0-0.3% Cu

The drill hole has intersected several units that support the known magnetic and chargeability anomalies (Figure 4).

The geology is showing the presence of a mineralised system with epigenetic pyrite from 184.8 metres and traces of chalcopyrite in intrusive rocks from 451.0 to 585.8 metres (Figure 3). From 585.8 to 636.0m the intrusives are cut by narrow IOCG-style veins with some sulphides (including chalcopyrite) and one occurrence of visible gold observed to date (Figure 2). From 668.5m to EOH hornfels rocks (altered volcanics) are cut by magnetite breccias with magnetite and pyrite. The interpretation is that the hole is traversing the margin of a yet unidentified porphyry system (propylitic zone) that has been impacted locally by separate IOCG brecciation with mineralisation. The vectoring value of the hole will be augmented by the second drillhole, to be located 200 metres west, which is expected to enable the architecture of a potential porphyry system to be better understood.

Figure 3: Drillhole CAP-001-2025 @ 520.0m. Core displays disseminated chalcopyrite in propylitic altered fine- grained diorite. Visually estimated grade 0.3% Cu. Assays are due for release in July / August 2025.

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Figure 4: Chancho al Palo drill targets over magnetic susceptibility plot. Targets include IP (1A and 1B) and magnetometry (M1 - M3) anomalies. Initial drill programme of 2,500 meters reflects a portion of the planned drill holes shown. Sequence and number of actual drill holes to be determined subject to programme results (refer to ASX Announcement 29 April 2024).

To view an enhanced version of this graphic, please visit:

ENDS

This announcement is authorised for release by the Board.

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