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Solis Minerals Announces: Anomaly Confirms Drill Target Zone During IP Study at Ilo Este, Peru

14.12.2023  |  Newsfile

HIGHLIGHTS

  • The Induced Polarisation (IP) geophysical study at Ilo Este Porphyry Copper (Cu) project has identified a large high magnitude chargeability anomaly.

  • The IP anomaly located at contact with previously identified magnetic anomaly.

  • Combined geophysics and site geology result in confirmation of a highly prospective large-scale untested drill zone.

  • Surface mapping and sampling identifies areas of potassic altered porphyritic microdiorites with associated copper oxides (Malachite).

  • Drill site selection is underway and drill permitting processes initiated.

West Leederville, December 14, 2023 - Solis Minerals Ltd. (ASX: SLM) ("Solis" or the "Company") is pleased to announce the completion of the Induced Polarisation (IP) study at its Ilo Este project Peru.

Executive Director, Matthew Boyes, commented:

"Ilo Este is shaping up to be a compelling porphyry copper target with the successful identification by our team in Peru of an extremely prospective high chargeability anomaly located in close proximity to the previously identified large magnetic anomaly."

"The drill programme planning has already commenced to allow us to test these anomalies with drilling next year. A semi-detailed environmental impact study will now be undertaken to select drill sites to test these exciting targets. Historical drilling returned highly anomalous values for copper and gold but clearly missed the highest priority target areas generated in this newly acquired IP data combined with reprocessed magnetic data."

"Surface mapping and reconnaissance programmes is ongoing on all our Peruvian land package. A continuous process of project evaluation is underway with a view to growing our already large, quality exploration portfolio."

Ilo Este Project

Solis has advanced exploration at the Ilo Este project in Peru. Based on Worldview-3 satellite imaging acquired in late 2022, exploration has focused on altered areas that have not been subject to any drilling (Figure 7). Detailed geological mapping in this zone combined with rock geochemistry surveys1 identified an area of strong potassic alteration in porphyry microdiorites with commonly associated malachite (copper oxide mineral).

1 See ASX release dated 10th August 2023

Magnetic Vector Inversion Analysis

A Magnetic Vector Inversion (MVI) of 2014 ground magnetometry survey data was undertaken in August 20232. The MVI, carried out by Fathom Geophysics, utilised modern software and filters which outlined a magnetic susceptibility anomaly in the south of the area identified as the Southern Magnetic Anomaly (see Figure 1). Other magnetic susceptibility anomalies in the permits, specifically the Northern Magnetic Anomaly, have been drilled by previous explorers and shown to be magnetite-rich areas associated with porphyry copper style mineralisation and alteration. Subsequent to the MVI results, the Southern Magnetic Anomaly was targeted by an Induced Polarisation (IP) survey in September 2023 (see Figures 1 & 7). The IP survey of total line length 10.5km was conducted in September 2023 by Real Eagle Explorations EIRL of Lima.

First Class Copper Porphyry Target Generated



Figure 1: Ilo Este- Results of IP (Induced Polarisation) study shown in plan view slice 300m from surface. This shows the high chargeability anomaly (IP1) with coincident/adjacent magnetic anomaly (SMA), existing drillhole traces showing the untested (non-drilled) area and geochemical rock chip results at surface. Note the gold intercept in DDH005 drilled away from the northern margin of IP1 and some initial target drill hole pierce points.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1134/191051_picture1.jpg

Results of the IP survey outlined a high chargeability anomaly of >20mV/V in contact with the Southern Magnetic Anomaly to the south and extending east (see Figure 2).

2 See ASX release dated 10th August 2023

Figure 2: Ilo Este- 3D view of high chargeability anomaly (IP1) in relation to Southern Magnetic Anomaly (SMA). Image is captured looking north from vertically above the interpreted anomalies. Previously drilled IE-DDH-005-15 did not intersect the high chargeability anomaly.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1134/191051_picture2.jpg


Figure 3: Section of higher chargeability anomaly Line 4 with target area at approximately 120m below current surface.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1134/191051_picture3.jpg

The high chargeability anomaly (>20mV/V) has dimensions of 1,250m length and 200-400m width. It is detectable from approximately 100m below surface to 500m below surface (the base of the survey - see Figures 3 & 4). The magnetic and IP anomalies have not been previously drilled. A diamond drill hole drilled on its northern margin off the IP anomaly (IE-DDH005-15) returned 291m @0.21g/t Au3 in altered volcanics and porphyritic quartz microdiorites. One RC hole from 2002 (YAR RC hole) was drilled towards the IP anomaly to a depth of 198m. The identity of this hole is uncertain in old databases, but little high-grade mineralisation was viewed in relevant assay files. Inspection of the drill platform during the IP survey revealed that the drill hole was collared in and drilled sub-parallel to a large (up to 40m wide) barren post-mineral dyke.

The source of the Northern Magnetic Anomaly (Figure 1) is interpreted from mapping and mineralogy as a deeply eroded porphyry system, and this is supported by its proximity to batholith rocks of the area. In contrast, the Southern Magnetic Anomaly is more distal from the Cretaceous coastal batholith and is associated with rocks of a more porphyritic nature of probable Cretaceous age, intruding older rocks such as the Jurassic Chocolate Formation which are potential mineralisation hosts. The Southern Magnetic Anomaly area is considered to hold considerably more potential to conserve uneroded porphyry-style mineralisation.

Figure 4: Ilo Este- View of High Chargeability Anomaly and Southern Magnetic Anomaly (SMA) from NW at minus 30 degrees. Previous drilling shown. Note YAR RC hole collared in and drilled sub-parallel to post-mineral dyke.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1134/191051_picture4.jpg

Mapping and selected rock geochemistry has shown that the high chargeability anomaly is principally located in steeply southerly dipping porphyritic quartz microdiorites of probable Cretaceous age with strong zones of potassic alteration. At surface the IP anomaly itself is partially covered by an andesite with lesser geochemical response. Copper oxides are commonly present in the form of malachite (see Figure 6). This rock intrudes into altered Jurassic volcanics of the Chocolate Formation. Structures parallel to the regional cross- Andean Chololo structure, which occurs south of the anomaly, control the limits of the Southern Magnetic Anomaly and the high chargeability anomaly. Downthrow is to the south-east and a further exploration target exists in downthrown blocks adjacent to the Chololo fault. Several Andean strike structures, apparently post-mineralisation, cross the anomalies. Some are occupied by post-mineral dykes such as that encountered in the YAR RC hole shown in Figure 4. The high degree of faulting gives the area a generally low resistivity as evidenced by the IP survey (see Figure 5).

3 Erratum. Drill hole ID: IE-DDH-005-15 was first reported in the Company's IPO prospectus dated 3rd December 2021. The Company wishes to advise that the hole reported an intercept of 213 metres at 0.13% Cu. The Company wishes to advise the market that this non-material intercept was incorrectly reported, and should have been reported as 291 metres at 0.21 g/t Au from 102 metres.

Figure 5: Ilo Este - Plan of resistivity 300m below surface overlain by magnetic (NMA & SMA) and IP anomalies (IP1). Structural control as indicated. Note the presence of caliche (calcretised recent sediments) on and south of the Chololo Fault results in low resistivity.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1134/191051_picture5.jpg



Figure 6: Ilo Este - porphyritic quartz microdiorite with potassic alteration and copper oxides in hand specimen from outcrop zone of high chargeability anomaly4. For location see Figure 7.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1134/191051_picture6.jpg

4 The presence of copper oxides in hand specimen 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.

Next Steps

The combination of exploration methods has produced geologically well-supported drill targets over a strike-length of >1km in an area that is previously undrilled. The area is considered highly prospective to host porphyry copper style mineralisation due to the known occurrence of this style of mineralisation on the property, the favourable geology, and robust geophysical anomalies. Drill permitting for a semi-detailed EIA is being initiated and typically takes up to 12 months to final approval and drilling.



Figure 7: IP survey area overlain on regional geology and alteration map of Ilo Este mineral tenement in Southern Peru.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1134/191051_picture7.jpg

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. The Borborema suite of projects cover highly prospective, hard-rock lithium ground on which early-stage reconnaissance mapping and sampling have verified.

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.

Erratum. Drill hole ID: IE-DDH-005-15 was first reported in the Company's IPO prospectus dated 3rd December 2021. The Company wishes to advise that the hole contained an intercept of 213 metres at 0.13% Cu. The Company wishes to advise the market that this non-material intercept was incorrectly reported, and should have been reported as 291 metres at 0.21 g/t Au from 102 metres.

APPENDIX 1

Mining Concessions table

Westminster Peru SAC‐ Concessions and Applications as of 12th December 2023

NUMBER CONCESSION NO. CONCESSION REGISTERED OWNER Area Ha STATUS PROJECT
1 010013922A SOLIS07A WESTMINSTER PERU S.A.C. 200 Application CINTO
2 10013922 SOLIS07 WESTMINSTER PERU S.A.C. 300 Application CINTO
3 10013822 SOLIS06 WESTMINSTER PERU S.A.C. 1000 Granted CINTO
4 10013722 SOLIS05 WESTMINSTER PERU S.A.C. 500 Granted CINTO
5 10013622 SOLIS04 WESTMINSTER PERU S.A.C. 400 Granted CINTO
6 10013522 SOLIS03 WESTMINSTER PERU S.A.C. 500 Granted CINTO
7 010013422A SOLIS02A WESTMINSTER PERU S.A.C. 100 Granted CINTO
8 10013422 SOLIS02 WESTMINSTER PERU S.A.C. 200 Granted CINTO
9 10246223 SOLIS ILO ESTE I WESTMINSTER PERU S.A.C. 400 Application ILO ESTE
10 10500508 LATIN ILO ESTE I WESTMINSTER PERU S.A.C. 800 Granted ILO ESTE
11 10500308 LATIN ILO ESTE II WESTMINSTER PERU S.A.C. 900 Granted ILO ESTE
12 10500108 LATIN ILO ESTE III WESTMINSTER PERU S.A.C. 600 Granted ILO ESTE
13 10195214 LATIN ILO ESTE IX WESTMINSTER PERU S.A.C. 900 Granted ILO ESTE
14 10251309 LATIN ILO NORTE 8 WESTMINSTER PERU S.A.C. 1000 Granted ILO NORTE
15 10251209 LATIN ILO NORTE 7 WESTMINSTER PERU S.A.C. 1000 Granted ILO NORTE
16 10251109 LATIN ILO NORTE 6 WESTMINSTER PERU S.A.C. 700 Granted ILO NORTE
17 10184911 ESSENDON 26 WESTMINSTER PERU S.A.C. 1000 Granted ILO NORTE
18 10184511 MADDISON 1 WESTMINSTER PERU S.A.C. 1000 Granted ILO NORTE
19 10184411 BRIDGETTE 1 WESTMINSTER PERU S.A.C. 1000 Granted ILO NORTE
20 10083109

LATIN ILO NORTE 4

WESTMINSTER PERU S.A.C.

1000 Granted

ILO NORTE

21 10083009 LATIN ILO NORTE 3 WESTMINSTER PERU S.A.C. 1000 Granted ILO NORTE
22 10144823 SOLIS NORTE 16 WESTMINSTER PERU S.A.C. 1000 Application REGIONAL
23 10144723 SOLIS NORTE 15

WESTMINSTER PERU S.A.C.

800 Application

REGIONAL

24 10144623 SOLIS NORTE 14 WESTMINSTER PERU S.A.C. 900 Application REGIONAL
25 10144523 SOLIS NORTE 13 WESTMINSTER PERU S.A.C. 1000 Application REGIONAL
26 10032923 SOLIS KELLY 02 WESTMINSTER PERU S.A.C. 1000 Application REGIONAL
27 10032723 SOLIS NORTE 12 WESTMINSTER PERU S.A.C. 1000 Application REGIONAL
28 10032623 SOLIS NORTE 11 WESTMINSTER PERU S.A.C. 400 Application REGIONAL
29 10032523 SOLIS NORTE 10 WESTMINSTER PERU S.A.C. 1000 Application REGIONAL
30 10032423 SOLIS NORTE 9 WESTMINSTER PERU S.A.C. 1000 Application REGIONAL
31 10012421 PALLAGUA1 WESTMINSTER PERU S.A.C. 600 Application REGIONAL
32 10012321 UCHUSUMA B WESTMINSTER PERU S.A.C. 400 Application REGIONAL
33 10012221 UCHUSUMA A WESTMINSTER PERU S.A.C. 1000 Application REGIONAL
34 10300822 SOLIS SUR 2 WESTMINSTER PERU S.A.C. 900 Granted REGIONAL
35 10300622 SOLIS SUR 3 WESTMINSTER PERU S.A.C. 900 Granted REGIONAL
36 10300522 SOLIS NORTE 7 WESTMINSTER PERU S.A.C. 1000 Granted REGIONAL
37 10300422 SOLIS NORTE 6 WESTMINSTER PERU S.A.C. 1000 Granted REGIONAL
38 10300322 SOLIS NORTE 5 WESTMINSTER PERU S.A.C. 1000 Granted REGIONAL
39 10300222 SOLIS NORTE 4 WESTMINSTER PERU S.A.C. 900 Granted REGIONAL
40 10300122 SOLIS NORTE 3 WESTMINSTER PERU S.A.C. 1000 Granted REGIONAL
41 10300022 SOLIS NORTE 2 WESTMINSTER PERU S.A.C. 500 Granted REGIONAL
42 10299922 SOLIS NORTE 1 WESTMINSTER PERU S.A.C. 1000 Granted REGIONAL
43 10184011 KELLY 00 WESTMINSTER PERU S.A.C. 700 Granted REGIONAL
44 10032823 SOLIS KELLY 01 WESTMINSTER PERU S.A.C. 1000 Granted REGIONAL
45 10032323 SOLIS NORTE 8 WESTMINSTER PERU S.A.C. 1000 Granted REGIONAL
46 10012521 CARUCA WESTMINSTER PERU S.A.C. 600 Granted REGIONAL
Total Ha 36100

APPENDIX 2

Geochemical rock chip sampling results at Ilo Este.

SAMPLEID Point_East Point_Nort Point_Rl Sample_Date Company Au_ppm Cu_ppm Mo_ppm
16801 269211 8056466 916 15/06/2023 WMR 0.006 8 5
16802 269177 8056479 911 15/06/2023 WMR 0.005 6 27
16803 269108 8056556 918 15/06/2023 WMR 0.001 116 1
16804 269041 8056345 930 16/06/2023 WMR 0.001 11 1
16805 269054 8056357 932 16/06/2023 WMR 0.001 14 1
16806 268956 8056412 889 16/06/2023 WMR 0.001 4 1
16807 268893 8056480 874 16/06/2023 WMR 0.001 23 0.5
16813 268777 8056305 921 19/06/2023 WMR 0.009 26 1
16814 268720 8056380 943 19/06/2023 WMR 0.006 33 2
16815 268650 8056447 911 19/06/2023 WMR 0.001 70 3
16816 268583 8056522 938 19/06/2023 WMR 0.012 432 1
16817 268433 8056383 925 19/06/2023 WMR 0.001 14 2
16818 268513 8056318 913 19/06/2023 WMR 0.001 9 1
16819 268575 8056239 903 19/06/2023 WMR 0.001 71 6
16820 268656 8056172 905 19/06/2023 WMR 0.012 401 1
16821 268501 8056028 913 20/06/2023 WMR 0.016 236 2
16822 268432 8056114 924 20/06/2023 WMR 0.001 70 1
16823 268367 8056170 961 20/06/2023 WMR 0.007 32 2
16824 268330 8056232 976 20/06/2023 WMR 0.001 9 1
16826 268151 8056102 937 20/06/2023 WMR 0.001 10 1
16827 268217 8056040 962 20/06/2023 WMR 0.072 24 2
16828 268285 8055962 999 20/06/2023 WMR 0.001 25 1
16829 268356 8055886 935 20/06/2023 WMR 0.001 108 2
16830 269040 8056630 874 21/06/2023 WMR 0.007 41 1
16831 268962 8056690 893 21/06/2023 WMR 0.001 29 2
16832 268892 8056774 875 21/06/2023 WMR 0.001 98 5
16833 268828 8056834 845 21/06/2023 WMR 0.001 20 4
16834 268764 8056905 814 21/06/2023 WMR 0.01 16 3
16835 268693 8056975 803 21/06/2023 WMR 0.013 31 1
16836 268618 8057055 752 21/06/2023 WMR 0.001 30 2
16837 268548 8057126 778 21/06/2023 WMR 0.007 14 1
16838 268482 8057194 738 21/06/2023 WMR 0.001 64 2
16839 268409 8057262 661 21/06/2023 WMR 0.005 142 4
16840 268837 8056553 874 22/06/2023 WMR 0.009 14 0.5
16841 268754 8056624 876 22/06/2023 WMR 0.01 34 0.5
16842 268689 8056690 850 22/06/2023 WMR 0.01 150 0.5
16843 268614 8056786 813 22/06/2023 WMR 0.008 769 1
16844 268553 8056835 829 22/06/2023 WMR 0.009 25 0.5
16845 268474 8056900 813 22/06/2023 WMR 0.017 147 2
16846 268411 8056972 774 22/06/2023 WMR 0.005 28 0.5
16847 268339 8057044 758 22/06/2023 WMR 0.027 94 17
16848 268262 8057109 689 22/06/2023 WMR 0.01 139 0.5
16849 268500 8056587 898 23/06/2023 WMR 0.043 47 0.5
16850 268500 8056587 898 23/06/2023 WMR 0.009 95 1
16851 268441 8056663 919 23/06/2023 WMR 0.009 5 0.5
16852 268372 8056736 857 23/06/2023 WMR 0.001 32 0.5
16853 268294 8056803 836 23/06/2023 WMR 0.001 9 0.5
16854 268229 8056861 803 23/06/2023 WMR 0.009 7 0.5
16855 268160 8056949 780 23/06/2023 WMR 0.012 190 0.5
16856 268091 8057006 812 23/06/2023 WMR 0.008 36 0.5
16857 268035 8057097 808 23/06/2023 WMR 0.018 4 5
16858 269360 8057042 944 26/06/2023 WMR 0.053 229 2
16859 269331 8057075 945 26/06/2023 WMR 0.006 277 4
16860 269301 8057097 942 26/06/2023 WMR 0.107 283 4
16861 269249 8057116 939 26/06/2023 WMR 0.036 578 2
16862 269210 8057151 933 26/06/2023 WMR 0.018 768 1
16863 269205 8057197 926 26/06/2023 WMR 0.058 422 0.5
16864 269172 8057240 924 26/06/2023 WMR 0.063 520 11
16865 269153 8057289 909 26/06/2023 WMR 0.359 540 7
16866 268354 8056451 943 27/06/2023 WMR 0.007 28 0.5
16867 268294 8056516 902 27/06/2023 WMR 0.001 89 0.5
16868 268232 8056593 867 27/06/2023 WMR 0.01 30 0.5
16869 268169 8056661 859 27/06/2023 WMR 0.009 2 0.5
16870 268092 8056733 862 27/06/2023 WMR 0.001 22 0.5
16871 268015 8056811 824 27/06/2023 WMR 0.008 11 0.5
16872 268004 8056831 833 27/06/2023 WMR 0.035 12 10
16873 267952 8056878 781 27/06/2023 WMR 0.006 28 1
16874 267881 8056943 719 27/06/2023 WMR 0.006 13 1
16875 268226 8056310 958 28/06/2023 WMR 0.006 1 0.5
16876 268161 8056418 942 28/06/2023 WMR 0.001 13 0.5
16877 268082 8056447 902 28/06/2023 WMR 0.007 0.5 1
16878 268017 8056521 847 28/06/2023 WMR 0.008 38 5
16879 267948 8056591 791 28/06/2023 WMR 0.008 10 1
16880 267878 8056671 785 28/06/2023 WMR 0.007 29 2
16881 267810 8056739 732 28/06/2023 WMR 0.013 7 0.5
16882 267730 8056805 676 28/06/2023 WMR 0.001 12 0.5
16883 268076 8056186 922 29/06/2023 WMR 0.001 101 0.5
16884 267992 8056243 867 29/06/2023 WMR 0.001 6 0.5
16885 267959 8056299 876 29/06/2023 WMR 0.008 14 0.5
16886 267874 8056384 850 29/06/2023 WMR 0.029 58 2
16887 267798 8056464 828 29/06/2023 WMR 0.013 13 1
16888 267738 8056486 813 29/06/2023 WMR 0.006 0.5 0.5
16889 267670 8056590 702 29/06/2023 WMR 0.065 254 0.5
16890 267623 8056639 690 29/06/2023 WMR 0.001 7 0.5
16891 268998 8056558 871 30/06/2023 WMR 0.015 44 1
16892 268998 8056558 871 30/06/2023 WMR 0.184 8 6
16893 269220 8057136 906 5/07/2023 WMR 0.652 174 4
16894 269237 8057135 907 5/07/2023 WMR 0.428 148 10
16895 269158 8056292 905 6/07/2023 WMR 0.005 4 0.5
16896 268804 8056618 834 6/07/2023 WMR 0.01 36 0.5
16897 268002 8056273 854 3/07/2023 WMR 0.001 28 1
16898 268293 8056247 981 20/06/2023 WMR 0.006 3 0.5
17041 268885 8057075 851 4/09/2023 WMR 0.188 534 3
17042 268951 8057002 876 4/09/2023 WMR 0.053 243 0.5
17043 269038 8056925 927 4/09/2023 WMR 0.008 238 4
17044 269014 8056941 917 4/09/2023 WMR 0.251 246 1
17045 269090 8056861 956 4/09/2023 WMR 0.005 50 1
17046 269162 8056781 946 5/09/2023 WMR 0.111 268 0.5
17047 269229 8056705 951 5/09/2023 WMR 0.806 89 6
17048 269300 8056651 954 5/09/2023 WMR 0.007 37 0.5
17049 269339 8056611 972 5/09/2023 WMR 0.005 3 0.5
17050 269513 8056716 981 5/09/2023 WMR 0.006 127 2
17051 269442 8056779 972 5/09/2023 WMR 0.013 6 0.5
17052 269301 8056923 957 5/09/2023 WMR 0.005 278 6
17053 269244 8057008 938 5/09/2023 WMR 0.022 48 0.5
17054 269090 8057139 924 6/09/2023 WMR 0.01 636 1
17055 269029 8057201 888 6/09/2023 WMR 0.226 812 36
17056 269100 8057191 910 6/09/2023 WMR 0.103 1785 2
17057 269190 8057080 954 6/09/2023 WMR 0.027 322 1
17058 269214 8056891 916 6/09/2023 WMR 0.028 1050 6
17059 269111 8056990 897 6/09/2023 WMR 0.472 279 1
17060 269042 8057046 905 6/09/2023 WMR 0.015 317 0.5
17061 269771 8056793 951 8/09/2023 WMR 0.005 9 1
17062 269686 8056850 953 8/09/2023 WMR 0.005 88 0.5
17063 269569 8056928 920 8/09/2023 WMR 0.005 97 1
17064 269501 8057039 892 8/09/2023 WMR 0.008 85 0.5
17065 269424 8057093 908 8/09/2023 WMR 0.065 841 0.5
17066 269362 8057139 916 8/09/2023 WMR 0.034 815 1
17067 269297 8057214 881 8/09/2023 WMR 0.021 497 2
17068 269238 8057272 894 8/09/2023 WMR 0.183 1135 3
17079 269869 8056917 927 14/09/2023 WMR 0.005 52 0.5
17080 269804 8057002 926 14/09/2023 WMR 0.005 24 0.5
17081 269732 8057067 921 14/09/2023 WMR 0.01 68 0.5
17082 269654 8057131 914 14/09/2023 WMR 0.06 105 0.5
17083 269589 8057195 912 14/09/2023 WMR 0.017 354 1
17084 269516 8057274 887 14/09/2023 WMR 0.143 1185 16
17085 269447 8057362 859 14/09/2023 WMR 0.044 935 9
17086 269384 8057422 817 14/09/2023 WMR 0.063 785 13
17087 270012 8057060 925 15/09/2023 WMR 0.028 356 1
17088 269941 8057131 932 15/09/2023 WMR 0.11 348 1
17089 269941 8057131 932 15/09/2023 WMR 0.013 404 1
17090 269871 8057207 905 15/09/2023 WMR 0.023 297 2
17091 269801 8057289 874 15/09/2023 WMR 0.018 506 4
17092 269721 8057350 842 15/09/2023 WMR 0.006 712 1
17093 269663 8057416 829 15/09/2023 WMR 0.005 155 2
17094 269580 8057493 794 15/09/2023 WMR 0.054 385 1
17095 269518 8057560 798 15/09/2023 WMR 0.298 737 13
17096 270160 8057202 940 11/10/2023 WMR 0.082 255 6
17097 270087 8057269 924 11/10/2023 WMR 0.011 310 4
17098 270030 8057349 904 11/10/2023 WMR 0.054 560 5
17099 269942 8057408 866 11/10/2023 WMR 0.044 268 2
17100 269889 8057494 840 11/10/2023 WMR 0.05 229 4
17101 269825 8057554 842 11/10/2023 WMR 0.038 43 1
17102 269743 8057623 809 11/10/2023 WMR 0.022 140 1
17103 270433 8057195 938 12/10/2023 WMR 0.008 19 0.5
17104 270364 8057294 913 12/10/2023 WMR 0.039 274 0.5
17105 270292 8057352 890 12/10/2023 WMR 0.02 245 1
17106 270229 8057409 881 12/10/2023 WMR 0.046 409 0.5
17107 270151 8057474 863 12/10/2023 WMR 0.11 271 2
17108 270078 8057551 861 12/10/2023 WMR 0.02 536 5
17109 270006 8057630 845 12/10/2023 WMR 0.027 411 1
18912 269189 8056447 930 30/03/2023 WMR 0.001 24 3
18913 268592 8056521 854 30/03/2023 WMR 0.006 86 2
18914 267632 8056808 604 30/03/2023 WMR 0.018 85 2

APPENDIX 3

JORC Code, 2012 Edition - Table 1 Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections)

Criteria JORC Code explanation Commentary
Sampling techniques
  • Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.
  • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.
  • Aspects of the determination of mineralisation that are Material to the Public Report.
  • In cases where 'industry standard' work has been done this would be relatively simple (e.g. 'reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay'). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information.

  • Sampling across the Ilo Este and Ilo Norte projects has included rock chip sampling from trenches, and rock outcrops, and reverse circulation (RC) and diamond drilling. There is no record of previous exploration at the Cinto Project.
  • 2023 rock geochemical sampling at Ilo Este was done on a 200 x 100m grid or where access roads exposed suitable faces for sampling. A total of 154 rock samples were collected. At each site, 12 to 15 subsamples of up to 0.3kg each were taken and split to a single composite of approximately 2.5kg. The composite was analysed using ICP methods at accredited laboratories in Peru.
  • RC drilling was completed by Peruvian Latin Resources at Ilo Norte (8 holes for 2,690m completed in 2011) and Rio Tinto at Ilo Este (12 holes for 2,128m completed in 2000).
  • Apart from collar locations there are no other records available for the Rio Tinto drilling.
  • The RC holes completed by Peruvian Latin Resources had 1,345 samples collected over 2m intervals.
  • Diamond drilling was completed by Peruvian Latin Resources at Ilo Este (3 holes for 2,073m completed in 2014-15) and Compania Minera Zahena SAC at both Ilo Norte (16 holes for 12,658 m completed in 2014) and Ilo Este (9 holes for 5,322m completed in 2015-16).
  • Diamond core was sampled nominally on 2m (Peruvian Latin Resources) or 3m (Compania Minera Zahena SAC) intervals.
Drilling techniques
  • Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face- sampling bit or other type, whether core is oriented and if so, by what method, etc).
  • Reverse circulation samples were collected from a rig-mounted cyclone in large plastic bags before being split down to a 4-5kg sample using a 2-tier riffle splitter and then placed into calico bags for despatch to the lab. There is no record of the bit type used for either of the RC drilling programs but the hole completed by Peruvian Latin Resources used 5½ inch bit.
Criteria JORC Code explanation Commentary

  • Diamond drill holes completed by Peruvian Latin Resources at Ilo Este were initially drilled as PQ size (85mm core diameter) to depths varying between 87-109m and were then drilled at HQ size (63.5mm core diameter) until the end of hole. All the holes were completed using a standard tube.
  • Diamond drill holes completed by Compania Minera Zahena SAC at Ilo Este were drilled as HQ size (63.5mm core diameter) until the end of hole. All the holes were completed using a standard tube.
  • Diamond drill holes completed by Compania Minera Zahena SAC at Ilo Norte were drilled using a combination of HQ size (63.5mm core diameter), NQ (core diameter 47.6mm) and in one drill hole BQ (core diameter 36.5mm) for the last 88m. All the holes were completed using a standard tube.
Drill sample recovery
  • Method of recording and assessing core and chip sample recoveries and results assessed.
  • Measures taken to maximise sample recovery and ensure representative nature of the samples.
  • Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.
  • RC sample recovery was assessed visually and from sample weights recorded at the laboratory.
  • Core barrel length and core length measurements were made so that core recoveries could be estimated. Recoveries were good and no significant core loss was experienced.
Logging
  • Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.
  • Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.
  • The total length and percentage of the relevant intersections logged.
  • The RC drill holes completed by Peruvian Latin Resources were qualitatively logged for lithology, alteration, and mineralisation.
  • All diamond drill core was qualitatively logged for lithology, alteration and mineralisation which has been inspected qualitatively. No geotechnical logging was performed. Photographs were taken of all the core in sample boxes.
Sub-sampling techniques and sample preparation
  • If core, whether cut or sawn and whether quarter, half or all core taken.
  • If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.
  • For all sample types, the nature, quality and appropriateness of the sample preparation technique.
  • Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.
  • Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling.
  • RC samples were collected from a rig- mounted cyclone in large plastic bags before being split down to a 4-5kg sample using a 2-tier riffle splitter. The splitter was cleaned with compressed air between each sample. All the samples were recorded as dry.
  • Diamond core was sampled by company technicians under supervision of company geologists using a diamond saw to cut along the axis of the core taking care to Representatively split any visible mineralisation. Half core samples over two or three-metre intervals were bagged for dispatch to SGS laboratories in Peru. (SGS del Peru S.A.C laboratory in Arequipa for sample preparation and then to the SGS laboratory in Lima for analysis).
Criteria JORC Code explanation Commentary
  • Whether sample sizes are appropriate to the grain size of the material being sampled.
  • Laboratory sample preparation consisted of weighing the samples upon receipt, crushing the samples so 70% <2 mm, splitting off approximately 1,000g of sample and then pulverising the coarse split to 85% passing 75µ.

  • Laboratory sample preparation for diamond drill samples consisted of jaw crushing the samples to a 1/4 inch and then riffle split to obtain 200-250g for pulverising.

  • Blanks and field duplicates were inserted at a rate of approximately 1 in 40 to 1 in 50 samples each and certified reference standards were inserted approximately 1 in 20. Laboratory duplicates were also undertaken approximately 1 in 40 samples.
Quality of assay data and
laboratory tests
  • The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.
  • For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.
  • Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.
  • RC samples were assayed for 22 elements using an X-ray florescence assay technique (ME-XRF).
  • Gold was assayed in diamond drill holes using a 30g fire assay, which is considered a total assay technique.
  • Copper and 35 other elements were assayed in diamond drill holes using ICP- AES following a 4-acid digest and is considered total for Cu and Zn. This method is considered suitable for Cu and other base metals considering the matrix minerals present in the deposit.
  • Analytical techniques and procedures are appropriate for the style of mineralisation.
  • Blanks and field duplicates were inserted at a rate of approximately 1 in 40 samples each and certified reference standards were inserted approximately 1 in 20. Laboratory duplicates were also undertaken approximately 1 in 40 samples.
  • Mobile Drone-mounted magnetometer with fixed base station magnetometer. Altitude of drone approximately 30m and ground speed 10m/second. 25 readings per second in continuous mode. Acquisition geographic datum: WGS84/19SStandard acquisition time zone: GMT IGRF (International Geomagnetic Reference Field) for May 2023 Ilo Norte project: Magnetic Field Intensity 23,147.8 nT Inclination -12.5 deg Declination -6.2 deg. 29 lines of total length 150km were flown in a direction N90E. 9 N-S tie lines were flown. Diurnal variations were checked from the Base Station magnetometer and despiking carried out before processing of total magnetic field data. Minimal solar activity was noted during the survey
  • Logistics and data acquisition were carried out by contractors under direct supervision of Solis. After despiking and altitude and flight direction adjustments, of the 4,517,789 readings taken, 22,024 (0.49%) were rejected for QAQC reasons by the contractor. Processing was carried out by the contractor using 3D inversion modelling to identify subsurface magnetic susceptibility. Maps were produced in WGS84/19S datum for total magnetic field, analytic signal, reduction to pole, and first vertical magnetic derivative.
Criteria JORC Code explanation Commentary

  • At Ilo Este an IP survey of total line length 10.5km was conducted in September 2023 by Real Eagle Explorations EIRL of Lima. A 10 channel Iris Elrec-Pro Receptor and an Innova Electronics (5000W/3000V) transmitter were used. Acquisition mode used was a pole-dipole configuration with a dipole separation of 100m to a nominal depth of 500m.

Verification of
sampling and assaying
  • The verification of significant intersections by either independent or alternative company personnel.
  • The use of twinned holes.
  • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.
  • Discuss any adjustment to assay data.
  • There has been no verification of significant intersections by either independent or alternative company personnel.
  • There have been no twin drill holes completed.
  • There have been no adjustments made to the assay data.
  • Sample data recorded in the field was entered into Excel spreadsheets and verified and cross checked against assay reports from the laboratory.
  • Logging data was entered into Excel spreadsheets and subsequently cross checked against hand drawn summary logs.
  • All data is stored electronically in a company server-based file system with regular offsite back-ups.
Location of data points
  • Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.
  • Specification of the grid system used.
  • Quality and adequacy of topographic control.
  • Drill holes completed by Peruvian Latin Resources had collar surveys completed using a hand help GPS unit. Down hole surveys were not undertaken.
  • The diamond drill holes completed by Compañía Minera Zahena S.A.C. had drill hole collars surveyed with a handheld GARMIN GPS (Model GPSMAP 64s) and downhole surveys completed every 50-
    100 m with a Ranger Survey Systems FlexIT survey tool.

  • Data has been collected in UTM zone 19S coordinates.
  • The Ilo topography is a 1:5,000 scale Digital Terrain Model generated from digital restitution of ortho-rectified 1:20,000 scale aerial photography and associated ground controls. The accuracy is considered adequate for the current early phase of exploration at each project.
Data spacing and distribution
  • Data spacing for reporting of Exploration Results.
  • Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.
  • Whether sample compositing has been applied.

  • Historical drilling at both deposits has been completed on an irregular grid and at varying orientations.
  • Given the mineralisation is structurally controlled and/or discreet this drill spacing is too wide to interpret continuity between drill holes.
  • Sample compositing has not been applied.
Criteria JORC Code explanation Commentary
Orientation of data in relation to geological structure
  • Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.
  • If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.
  • Due to the wide spaced drilling and variable nature of the mineralisation at each deposit the relationship between the sample length and the true thicknesses of the mineralisation is currently unknown.
Sample security
  • The measures taken to ensure sample security.
  • Company representatives completed the despatch and transport of samples to Lima in numbered and locked containers. At no time were the samples accessed by third party personnel.
  • Diamond drill core is stored in a warehouse at the llo East project. Coarse rejects and sample pulps were initially stored at the SGS Laboratory warehouse before being returned to Peruvian Latin Resources.
Audits or
reviews
  • The results of any audits or reviews of sampling techniques and data.
  • There have been no detailed audits or reviews of the historical or recent sampling techniques.
  • Solis has conducted an internal technical review of the historical Ilo Project data.
Other Substantive Data
  • Other exploration data
  • Results of magnetic inversion and ground induced polarisation survey please refer to body of text in this ASX release.
  • Results of the rockchip geochemical survey are displayed in Figure 1 of this ASX release.

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
  • Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.
  • The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.
  • Please see concession list in Appendix 1 of this ASX news release. All granted permits or applications are 100% held or initiated by Westminster Peru SAC - the Peruvian subsidiary of Solis Minerals.
  • The Ilo Este Project area consists of 4 exploration licences of total area 3,200 Ha. A further application for one licence of 400 Ha has been submitted.
  • The Ilo Norte Project Area consists of 8 exploration licences of total area 7,700 Ha.
  • The Cinto Project Area consists of 6 exploration licences of total area 2,700 Ha. Further applications for two licences of total area 500 Ha have been submitted.
  • The Regional Exploration Project Area consists of 13 exploration licences of total area 11.500 Ha. Further applications for 12 licences of total area 10,100 Ha have been submitted.
  • Licences are in good standing and have no known environmental or other liabilities of any kind.

Exploration done by other parties
  • Acknowledgment and appraisal of exploration by other parties.
  • A complete technical description of previous exploration is available in Section 8 of the Solis Minerals Prospectus published on 10th November 2021.
  • Table 1 of this ASX release provides a summary of the exploration activities.
Geology
  • Deposit type, geological setting and style of mineralisation.
  • A complete geological description is available in Section 8 of the Solis Minerals Prospectus published on 10th November 2021.
  • Mineralisation at Ilo Este is interpreted to be a Cu-Au porphyry system due to characteristic alteration and mineralisation suites. A Northern Belt (containing the Northern Magnetic Anomaly) is thought to be deeply eroded. A Southern Belt (containing the Southern Magnetic Anomaly) shows evidence of lesser erosion and potential to host more mineralisation than the Northern Belt.
  • Oxide zone - copper oxides (principally malachite) occur sporadically across the Northern and Southern Belts. Oxides are hosted by outcropping porphyritic quartz diorite and porphyritic granodiorite in the Northen Belt indicating deep erosion. In the Southern Belt a porphyritic quartz microdiorite, more distal from the granodiorite batholith, principally hosts oxides indicating lesser erosion.
  • Sulphide zone - only encountered in the Northern Belt by diamond drilling. Copper sulphides (chalcopyrite-bornite) occur sporadically in stockwork veins and disseminations in porphyritic granodiorite and porphyritic quartz diorite.

  • The main area of the Southern Belt has not been subject to any diamond drilling to date and no data on potential sulphide zones is available.
  • Mineralisation at Ilo Norte is interpreted to be an IOCG type deposit contained within highly altered andesitic volcaniclastics of the Jurassic Chocolate Fornation. Contact metamorphism and metasomatism have produced at least 5 phases of widespread development of mostly lentiform mineral assemblages including copper, gold, silver, zinc, and minor cobalt.

Drill hole
Information
  • A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes:
    • easting and northing of the drill hole collar
    • elevation or RL (Reduced Level - elevation above sea level in metres) of the drill hole collar
    • dip and azimuth of the hole
    • hole length
  • If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.
  • A complete description of drilling programs, assaying, and results is available in Section 8 of the Solis Minerals Prospectus published on 10th November 2021.
Criteria JORC Code explanation Commentary
Data aggregation methods
  • In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated.
  • Where aggregate intercepts incorporate short lengths of high-grade results and longer lengths of low-grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.
  • The assumptions used for any reporting of metal equivalent values should be clearly stated.
  • N/A no new drilling data is included in this report.
Relationship between mineralisation widths and intercept lengths
  • These relationships are particularly important in the reporting of Exploration Results.
  • If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.
  • If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g. 'down hole length, true width not known').
  • N/A no new drilling data is included in this report.
Diagrams
  • Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.
  • N/A no new drilling data is included in this report.
Balanced reporting
  • Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced avoiding misleading reporting of Exploration Results.
  • N/A
Other substantive exploration data
  • Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples - size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.
  • A description of other exploration data up to 2021 is available in Section 8 of the Solis Minerals Prospectus published on 10th November 2021.
  • Magnetic Vector Inversions were carried out on previous Teck datasets (2004) using modern software. This generated several magnetic anomalies which, after review and geological ranking, were staked by licence applications in the Regional Exploration program.
  • A drone magnetometry survey of 150km line length was flown in 2023 over the southern part of Ilo Norte in an area known as Chancho al Palo. Four magnetic anomalies were identified for follow-up.
  • Data related to the Ilo Este 2023 geochemistry, magnetic inversion, and Induced Polarisation survey are included in the text of this ASX release.

Further work
  • The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large-scale step-out drilling).
  • Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.
  • Solis is initiating drill permitting at Ilo Este.
  • Follow-up geophysical programs will follow at Ilo Norte (IP) to test for sulphides at depth at Chancho al Palo.
  • Targeted drone magnetometry surveys will be carried out on prospective areas across all projects where warranted.
  • Regional exploration consisting of mapping and geochemistry will be undertaken at priority areas in the Regional Exploration licences.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/191051


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