Solis Minerals Limited announced an update on recent applications for new copper exploration licences in Peru. Solis has successfully applied for a 6,400-hectare package comprising of seven licences of largely underexplored exploration areas in a highly prospective coastal belt, which were pegged on the 2nd of May. The areas were previously held by Anaconda Copper.

Field visits by Solis teams indicate minimal ground exploration has been carried out in recent times. The Company now holds a significant landholding of 43,500 hectares principally along a coastal belt bounded to the west by batholiths of Jurassic and Cretaceous age. Based on the outcropping porphyry copper mineralisation at Ilo Este, Solis considers that the eastern margins of the batholiths represent highly prospective areas for porphyry copper occurrences emplaced in volcanic or volcaniclastic rocks.

New Applications: Site Visits: Solis' geologists have visited the area of recent applications and identified alteration and copper mineralisation1 in outcrops 8km north-west along strike and in a similar geological setting to known porphyry-style mineralisation at Ilo Este. The mapping crews are now mobilising to site to systematically cover the entire tenement package and identify areas of highest prospectivity. Low-cost drone magnetic studies in conjunction with remote sensing data interpretation will be carried out and followed up with Induced Polarisation (IP) studies over areas of interest to identify and evaluate primary drill targets.

Drill permitting: Both Ilo Este and Ilo Norte have been recently covered by magnetic and IP surveys that have identified drill targets and drill permitting to test these targets is underway. Community engagement has commenced at Cinto as part of the process to advance the drill permitting over the project area. Cinto is located 15km SE of the major Toquepala Cu porphyry deposit in northern Tacna which has seen many benefits from the mining canon associated with existing mines.

Next Steps: Solis is prioritising the advancement of the drill pemitting process in Peru over its Ilo Este, Chancho Al Palo (Ilo Norte) and Cinto project areas, while continuing to review and advance targeted lithium and copper opportunities in South America.