Solis Minerals Limited announced an update on the recently completed drilling programme at both the Estrela and Mina Vermelha prospects in Borborema, regional geochemical soil programme in Brazil and geophysical target generation in Peru. A detailed magnetic drone survey has been completed over extensions of Ilo Este; and an induced polarisation (IP) geophysical survey has been undertaken at Chancho al Palo (Ilo Norte) which followed- up a previous magnetic drone survey. To complement the extensive geological mapping campaign carried out during 2023 and the drone magnetometry survey of May 2023, an area in Chancho al Palo was covered by 8 lines of time-domain IP geophysical surveys of 16.7km total length.

Dipole interval was 100m and line spacing 250m. The lines were oriented WNW to ESE and were limited to the east by the presence of recent sediments including caliche (calcrete). The survey was carried out by the Peruvian company Deep Sounding EIRL.

The focus of the survey was an eastern zone of Jurassic volcano-sedimentary rocks intruded by the Cretaceous coastal batholith, and similar rocks to the west displaying development of extensive hornfels alteration. The eastern area is considered prospective for porphyry mineralisation whilst the western area is prospective for IOCG (Iron oxide copper gold) style mineralisation. The areas are separated by a north-south fault with interpreted downthrow to the west with the IOCG zone being considered a higher- emplaced more distal expression of potential porphyry mineralisation to the east.