- Initial drilling at Solis Minerals’ (SLM) Mostazal copper project in Chile encounters widespread copper mineralisation
- Assay results have been received for two of four drill holes completed to test the type of mineralisation at the project and its vertical extent
- Both holes intersected broadly anomalous copper mineralisation with the pick of the results being a four-metre interval grading 1.06 per cent copper
- A geophysical survey is underway at the project and has so far outlined several faults and the company says more work is in progress to better understand the Mostazal system
- Shares are trading 29 per cent lower at 15.5 cents
Solis Minerals (SLM) shares have dropped more than 29 per cent after it released its initial assays results from drilling completed at its Mostazal copper project in Chile.
The company completed four drill holes to test the type of mineralisation as well as
the preliminary lateral and vertical extent of copper mineralisation at Mostazal.
Assay results have been received for the first two holes drilled and have returned disseminated sulphides, extending from surface to the end of the hole at a depth of 362 metres in hole one, and from surface to at least 444 metres in hole two.
Both holes intersected broadly anomalous copper mineralisation with the pick of the results being a four-metre interval grading 1.06 per cent copper.
Results are pending for the third and fourth holes.
The company is also undertaking detailed surface structural mapping and said observations so far indicate the copper at surface could be part of a much larger copper-bearing mineralised system at depth.
“Analysis of the drill data, together with geological mapping, has identified several faults that crosscut and terminate in mineralisation and others that control the emplacement of mineralisation,” CEO Jason Cubitt said.
“More field work is in progress to analyse these structural controls on the emplacement of mineralisation and vector in on the interpreted high-grade source of copper.”
Solis plans to undertake further drilling to test the interpreted structures.
Company shares were trading 29.6 per cent lower at 15.5 cents at 12:41 pm AEST.