Solis Minerals (ASX:SLM) uncovers “encouraging” results from maiden drill program

• Solis Minerals (SLM) uncovers lithium mineralization in its maiden drill program at its Jaguar project in Brazil
• An additional 5,000-meter program is planned to advance exploration efforts
• Significant intersections of spodumene-rich pegmatites were found in drill holes, with visual volumes of up to 20 per cent
• Shares were down 42.3 per cent at 59.5 cents at 2:15pm AEST

Solis Minerals (SLM) has reported results from its maiden drilling program at the Jaguar project in Brazil.

The drilling has intersected shallow-dipping coarse spodumene-rich pegmatites, indicating the presence of lithium mineralisation.

“Confirmation of a Lithium-Caesium-Tantalum-bearing (LCT) system that extends below the artisanal workings is highly encouraging,” Solis Minerals Executive Director Matt Boyes said. The company is set to commence an additional 5,000-metre program. Two initial diamond drill holes, JADDH00002 and JADDH00003, have shown significant intersections of pegmatite with spodumene-rich quartz-bearing central core areas. JADDH00002 intersected 52 metres of pegmatite, including an 8.2-meter section with spodumene-rich quartz, while JADDH00003 intersected 39.3 meters of pegmatite, with a 7.9-meter section of spodumene-rich quartz. The visual volume of spodumene intersected reaches up to 20 per cent. SLM has also identified an additional pegmatite footprint approximately one-kilometre northwest of the Jaguar site, suggesting the potential for a stacked pegmatite system, increasing the project’s overall mineralisation potential. Solis Minerals plans to deploy a second drill rig for an additional 5,000-meter program. The expansion will allow the company to gather more data and increase its understanding of the project’s potential. SLM is down 42.3 per cent at 59.5 cents at 2:15pm AEST.