- Newly listed Solis Minerals (SLM) hits the ground at its Mostazal copper project in Chile with initial diamond drilling underway
- Crew and equipment mobilised to site last week to set up the first of the four hole program which will aim to confirm historic zones of high-grade copper mineralisation
- Solis also intends to undertake the first drill testing of the interpreted porphyry feeder system at depth
- Following a $5.5 million capital raise and with $7 million in the bank, the asx-newcomer says it is fully funded to undertake this maiden drilling program
- At market close shares were flat at 20 cents
Newly listed Solis Minerals (SLM) has hit the ground at its Mostazal copper project in Chile with initial diamond drilling underway.
The project is situated within the Domeyko fault which the company said is known as a major structural control for “some of the world’s largest and most productive copper mines”.
Following its ASX-listing, Solis has begun the first phase of drilling at the project, which is set to include four diamond holes.
The proposed drilling is planned to penetrate through a series of known stacked manto copper lenses where historical, relatively shallow drilling encountered wide zones of high-grade copper mineralisation.
The aim of the drilling is to confirm the existing mineralisation models and test for additional stacked manto lenses at depth.
Solis also intends to undertake the first drill testing of the interpreted porphyry feeder system at depth.
According to the company, recent independent geophysical modelling of existing induced polarisation survey data highlighted a strong chargeability anomaly extending for over 1.6 kilometres along strike and down dip to the west of the surface copper mineralisation.
This has been interpreted to represent the potential location of the primary feeder structure for the widespread copper mineralisation.
Site preparations began at the end of last year and field crews and drilling equipment mobilised earlier last week to set up on the program’s first hole.
Following a $5.5 million capital raise via the issue of 27.5 million chess depository interests at 20 cents each, and over $7 million cash in the bank, the company said it is fully funded to undertake the maiden drilling program.
At market close shares were flat at 20 cents.