Solis Minerals Provides Exploration Update from Estrela and Mina Vermelha Prospects, Borborema Province, Brazil
HIGHLIGHTS
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Maiden drilling programmes underway at both the Estrela and Mina Vermelha lithium pegmatite projects with 2,500m completed to date.
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Successful pegmatite intersections with visible spodumene identified in six of the fourteen drillholes completed to date.
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The most encouraging so far is from MVDDH0002, which intersected 168.8m1 (true width 48-75m) of pegmatite in Mina Vermelha indicating potential for a large system.
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Four drillholes have been submitted for analysis to date.
West Leederville, December 7, 2023 - Solis Minerals Ltd. (ASX: SLM) ("Solis" or the "Company") is pleased to announce an update on the drilling programme currently underway at the Estrela and Mina Vermelha projects in the Borborema Province, Brazil.
Executive Director, Matthew Boyes, commented:
"Drilling crews have steadily performed on schedule over the past four weeks at Estrela and are now also operating at the Mina Vermelha Prospect. The crews are on course to complete both programmes within the scheduled timeframe and have all core processed and submitted with the laboratories before the Christmas break.
"Initial signs are encouraging with visible spodumene bearing pegmatites intersected in several target areas including significant widths of pegmatite reported especially in the initial holes at Mina Vermelha. We are looking forward to receiving our first assay results which will assist in the team gaining a full understanding of the distribution of the mineralisation within the system and also direct the next round of drilling at both projects."
1 True width of the intersected pegmatite is estimated at 35-45% of the overall intersected interval. The drillhole intersected east west trending pegmatites sub parallel to strike and dipping at 55 degrees.
Estrela Project
Twelve of the initial 23 drillholes planned (targeting a total 3,600m) have now been completed into the recently identified Estrela targets. Four of the drill holes intersecting subvertical pegmatites at depth. Limited fine grained spodumene2 has been identified visually in the core to date. Four drillhole have been processed and submitted for chemical analysis at SGS laboratories in Belo Horizonte. Results will be reported once available. The remaining 11 drillholes in the programme are on schedule to be completed with and all core processed in late December.
Figure 1: Drillhole programme Estrela plan view showing holes completed to date and remaining design drillholes
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2 The presence Spodumene in drill core samples indicates a mineral species only and should not be considered a substitute for analytical results. Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analysis where concentrations or grades are the factor of primary economic interest. The Company expects to receive assays from the samples over the next quarter.
Figure 2; Estrela section showing ESDDH00001 and interpreted geology, 2 separate pegmatite bodies intersected.
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Mina Vermelha Project
Two drillholes have now been completed from an initial 8-hole programme (targeting a total 1,420m). This programme will test the 2km long strike of known pegmatites at Mina Vermelha. MVDDH00002 intersected multiple stacked pegmatites from 9.7m to 314m downhole. A total of 168.8m of pegmatite was intersected with 64.8m logged as spodumene bearing. The hole is interpreted to have been drilled oblique to the strike of the interpreted pegmatite bodies with a second set of pegmatites now interpreted to be east west trending a follow up north south oriented drillhole will be completed if assays justify follow up the initial hole. The true width of the mineralisation in MVDHH00002 is estimated to be approximately 48-75m.
The size of this interval is encouraging and demonstrates potential for a large tonnage system to be hosted within the Mina Vermelha Project. Fine grained visible spodumene and pollucite mineralisation3 has been logged, although in minor quantities. The results from geochemical assays are awaited to confirm the extent of mineralisation.
3 The presence Spodumene in drill core samples indicates a mineral species only and should not be considered a substitute for analytical results. Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analysis where concentrations or grades are the factor of primary economic interest. The Company expects to receive assays from the samples over the next quarter. MVDDH00002 has been logged as containing trace or 1% Spodumene only assays are awaited to confirm the extent of mineralisation.
Figure 3; Planview of Mina Vermelha drilling with interpreted geology and outcropping mapped pegmatites
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The drill rig has now moved South to test the third site before moving to the Northern-most known pegmatite outcrop. In total, nine outcropping pegmatites have been identified on the Mina Vermelha site including a second set of pegmatites orientated in east west strike, all targets will be drill tested by conclusion of this programme E-W orientated sets of pegmatites in the region are commonly spodumene-bearing and are currently being mined at Mina Paraiba approximately 16km to the north of Mina Vermelha.
Figure 4; Mina Vermelha section showing MVDDH00002 and interpreted geology with multiple pegmatites intersected downhole, several pegmatites have been logged as containing visible Spodumene in trace quantities form 1-5%. Overall true width of mineralisation estimated at 48-75m
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Figure 5: Pegmatite from Estrela drilling ESDDH00001 115.01m to 122.72m
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Geochemical sampling programme
GMT exploration services have now completed approximately 25% of a major regional geochemical soil programme in northern Borborema Province has been completed. Samples are currently being prepared for submission for ICP analysis. Assay results are expected to assit in identifying new drill targets in over the Company's large tenement holding in the northern Borborema province, the programme is scheduled to be completed in early 2024.
Figure 6; Geochemical sampling crew carrying out soil programme in northern Borborema province (Refer to Figure 3 in ASX: SLM Release 17th October 2023, Exploration update)
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ENDS
This announcement is authorised by Matthew Boyes, Executive Director of Solis Minerals Ltd.
Australia
Matt Boyes
Executive Director
Solis Minerals Ltd.
+61 8 6117 4795
Jonathan van Hazel
Investor Relations
Citadel-MAGNUS
+61 (0) 411 564 969
Neither the TSX Venture Exchange nor its Regulation Service Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of accuracy of this news release.
About Solis Minerals Ltd.
Solis Minerals is an emerging lithium explorer focusing on Latin American critical minerals.
The Company owns a 100% interest or option to acquire 100% interest in the Borborema Lithium Project in NE Brazil, covering 26,100ha.
Brazil is rapidly growing in global importance as an exporter of lithium to supply increasing demand of battery manufacturers. Both projects cover highly prospective, hard-rock lithium ground on which early-stage reconnaissance mapping and sampling have verified. Drilling programmes are either underway or due to commence shortly.
In addition, Solis also holds a 100% interest in 35,700ha of combined licences and applications of highly prospective IOCG (iron oxide copper/gold) and porphyry copper projects in southwestern Peru within the country's prolific coastal copper belt - a source of nearly half of Peru's copper production.
Forward-Looking Statements
This news release contains certain forward-looking statements that relate to future events or performance and reflect management's current expectations and assumptions. Such forward- looking statements reflect management's current beliefs and are based on assumptions made and information currently available to the Company. Readers are cautioned that these forward- looking statements are neither promises nor guarantees and are subject to risks and uncertainties that may cause future results to differ materially from those expected, including, but not limited to, market conditions, availability of financing, actual results of the Company's exploration and other activities, environmental risks, future metal prices, operating risks, accidents, labour issues, delays in obtaining governmental approvals and permits, and other risks in the mining industry. All the forward-looking statements made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof, and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required by applicable law.
Qualified Person Statement
The technical information in this news release was reviewed by Matthew Boyes a Fellow of the Australian institute of Mining and Metallurgy (AusIMM), a qualified person as defined by National Instrument 43-101 (NI 43-101).
Competent Person Statement
The information in this ASX release concerning Geological Information and Exploration Results is based on and fairly represents information compiled by Mr Matthew Boyes, a Competent Person who is a Fellow of the Australasian Institute of Mining and Metallurgy. Mr Boyes is an employee of Solis Minerals Ltd. and has sufficient experience which is relevant to the style of mineralisation and types of deposit under consideration and to the exploration activities undertaken to qualify as a Competent Person as defined in the 2012 Edition of the "Australian Code for Reporting of Mineral Resources and Ore Reserves". Mr Boyes consents to the inclusion in this report of the matters based on information in the form and context in which it appears. Mr Boyes has provided his prior written consent regarding the form and context in which the Geological Information and Exploration Results and supporting information are presented in this Announcement.
APPENDIX 1
Table 1; Drillholes collar table of completed drilling at Mina Vermelha and Estrela
Hole | y | x | z | Depth | Finish |
ESDDH00001 | 9271183.9 | 763725.3 | 457.9 | 203.67 | 13/10/2023 |
ESDDH00002 | 9270735.9 | 763560.6 | 474.6 | 158.51 | 20/10/2023 |
ESDDH00003 | 9270373.7 | 763498.7 | 509.0 | 138.02 | 25/10/2023 |
ESDDH00004 | 9271230.2 | 764115.1 | 453.4 | 135.74 | 27/10/2023 |
ESDDH00005 | 9270741.5 | 763393.8 | 473.0 | 96.33 | 30/10/2023 |
ESDDH00006 | 9270515.0 | 763458.5 | 508.1 | 119.7 | 1/11/2023 |
ESDDH00007 | 9271126.1 | 764153.6 | 457.5 | 179.93 | 3/11/2023 |
ESDDH00008 | 9270966.9 | 763926.7 | 464.4 | 143.93 | 8/11/2023 |
ESDDH00009 | 9271219.6 | 763563.8 | 448.3 | 155.96 | 13/11/2023 |
ESDDH00010 | 9271400.1 | 762964.2 | 454.6 | 117.73 | 16/11/2023 |
ESDDH00011 | 9271330.8 | 763067.2 | 455.5 | 141.02 | 20/11/2023 |
ESDDH00012 | 9271330.8 | 763031.7 | 457.7 | 69.41 | 20/11/2023 |
ESDDH00013 | 9271183.2 | 763724.8 | 459.0 | 150 | |
MVDDH00001 | 9246136.9 | 760015.1 | 392.9 | 176.38 | 9/11/2023 |
MVDDH00002 | 9246139.6 | 760014.6 | 393.7 | 347.86 | 24/11/2023 |
MVDDH00003 | 9245945.5 | 759946.1 | 400.7 | 150 |
Table 2; Lithological logging for drillholes ESDDH00001 and MVDDH00002
Hole_id | From | To | Length | Lith | Est Spod % |
ESDDH00001 | 0 | 2.85 | 2.85 | SAPR | |
ESDDH00001 | 2.85 | 84.08 | 81.23 | SCHI | |
ESDDH00001 | 84.08 | 89.19 | 5.11 | PPEG | |
ESDDH00001 | 89.19 | 113.19 | 24 | SCHI | |
ESDDH00001 | 113.19 | 114.48 | 1.29 | PPEG | |
ESDDH00001 | 114.48 | 115.22 | 0.74 | KPEG | |
ESDDH00001 | 115.22 | 117.2 | 1.98 | QPEG | |
ESDDH00001 | 117.2 | 120.18 | 2.98 | KPEG | |
ESDDH00001 | 120.18 | 121.79 | 1.61 | QPEG | |
ESDDH00001 | 121.79 | 123.25 | 1.46 | KPEG |
ESDDH00001 | 123.25 | 126.17 | 2.92 | SPEG | 2 |
ESDDH00001 | 126.17 | 127.66 | 1.49 | PPEG | |
ESDDH00001 | 127.66 | 203.67 | 76.01 | SCHI | |
MVDDH00002 | 0 | 9.75 | 9.75 | MTCG | |
MVDDH00002 | 9.75 | 10.53 | 0.78 | KPEG | |
MVDDH00002 | 10.53 | 16.49 | 5.96 | MTCG | |
MVDDH00002 | 16.49 | 17.3 | 0.81 | PPEG | |
MVDDH00002 | 17.3 | 27 | 9.7 | MTCG | |
MVDDH00002 | 27 | 44.5 | 17.5 | PPEG | |
MVDDH00002 | 44.5 | 47.62 | 3.12 | SPEG | 1-5 |
MVDDH00002 | 47.62 | 57.71 | 10.09 | PPEG | |
MVDDH00002 | 57.71 | 59 | 1.29 | MTCG | |
MVDDH00002 | 59 | 62.25 | 3.25 | PPEG | |
MVDDH00002 | 62.25 | 66.29 | 4.04 | MTCG | |
MVDDH00002 | 66.29 | 69.63 | 3.34 | PPEG | |
MVDDH00002 | 69.63 | 75.12 | 5.49 | MTCG | |
MVDDH00002 | 75.12 | 78.6 | 3.48 | PPEG | |
MVDDH00002 | 78.6 | 86.96 | 8.36 | MTCG | |
MVDDH00002 | 86.96 | 89.53 | 2.57 | KPEG | |
MVDDH00002 | 89.53 | 99.7 | 10.17 | PPEG | |
MVDDH00002 | 99.7 | 102.65 | 2.95 | MTCG | |
MVDDH00002 | 102.65 | 110.9 | 8.25 | KPEG | |
MVDDH00002 | 110.9 | 132.29 | 21.39 | MTCG | |
MVDDH00002 | 132.29 | 138.2 | 5.91 | SPEG | 1-5 |
MVDDH00002 | 138.2 | 141.64 | 3.44 | MTCG | |
MVDDH00002 | 141.64 | 147.9 | 6.26 | PPEG | |
MVDDH00002 | 147.9 | 153.6 | 5.7 | MTCG | |
MVDDH00002 | 153.6 | 157.08 | 3.48 | SPEG | 1-5 |
MVDDH00002 | 157.08 | 158.58 | 1.5 | MTCG | |
MVDDH00002 | 158.58 | 166.68 | 8.1 | SPEG | |
MVDDH00002 | 166.68 | 168.08 | 1.4 | MTCG | |
MVDDH00002 | 168.08 | 168.92 | 0.84 | SPEG | 1-5 |
MVDDH00002 | 168.92 | 169.8 | 0.88 | MTCG | |
MVDDH00002 | 169.8 | 171.42 | 1.62 | SPEG | 1-5 |
MVDDH00002 | 171.42 | 173.12 | 1.7 | MTCG | |
MVDDH00002 | 173.12 | 187.81 | 14.69 | SPEG | 1-5 |
MVDDH00002 | 187.81 | 189 | 1.19 | MTCG | |
MVDDH00002 | 189 | 199 | 10 | PPEG | |
MVDDH00002 | 199 | 207.7 | 8.7 | MTCG | |
MVDDH00002 | 207.7 | 211.34 | 3.64 | SPEG | 1-5 |
MVDDH00002 | 211.34 | 212.45 | 1.11 | MTCG | |
MVDDH00002 | 212.45 | 213.38 | 0.93 | SPEG | 1-5 |
MVDDH00002 | 213.38 | 242.31 | 28.93 | MTCG | |
MVDDH00002 | 242.31 | 245.14 | 2.83 | PPEG | |
MVDDH00002 | 245.14 | 251.48 | 6.34 | MTCG |
MVDDH00002 | 251.48 | 285.65 | 34.17 | SPEG | 1-5 |
MVDDH00002 | 285.65 | 301 | 15.35 | MTCG | |
MVDDH00002 | 301 | 314 | 13 | PPEG | |
MVDDH00002 | 314 | 347.86 | 33.86 | MTCG |
APPENDIX 2
JORC Code, 2012 Edition - Table 1
Criteria | JORC Code explanation | Commentary |
Sampling techniques |
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Drilling techniques |
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Drill sample recovery |
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Criteria | JORC Code explanation | Commentary |
Logging |
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Sub-sampling techniques and sample preparation |
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Quality of assay data and laboratory tests |
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Verification of Sampling and assaying |
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Location of data points |
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Criteria | JORC Code explanation | Commentary |
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Data spacing and distribution |
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Orientation of data in relation to geological structure |
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Sample security |
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Audits or reviews |
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Section 2 Reporting of Exploration Results (Criteria listed in the preceding section also apply to this section)
Criteria | JORC Code explanation | Commentary |
Mineral tenement and land tenure status |
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Exploration done by other parties |
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Geology |
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Drill hole Information |
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Criteria | JORC Code explanation | Commentary |
Data aggregation methods |
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Relationship between mineralisation widths and intercept lengths |
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Diagrams |
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Balanced reporting |
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Other substantive exploration data |
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Further work |
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