Solis Minerals has reported significant visual copper and molybdenum mineralisation over approximately 350 metres in its first diamond drill hole at the Ilo Este project in Peru, with assay results due in September 2025.
- First drill hole intersects ~350m of copper and molybdenum mineralisation
- Drilling confirms porphyry-style alteration and multiple mineralised zones
- Second drill hole underway targeting nearby magnetic anomaly
- 5,000m diamond drilling program aims to delineate high-grade copper-gold zones
- Laboratory assays expected in September to confirm grades and resource potential
Initial Drilling Success at Ilo Este
Solis Minerals Limited (ASX – SLM) has delivered encouraging early results from its Ilo Este copper-gold project in southern Peru. The company’s first diamond drill hole, completed to a depth of 482.1 metres, intersected multiple zones of copper and molybdenum mineralisation extending over approximately 350 metres from surface. These visual observations, while preliminary, suggest the presence of a substantial porphyry-style mineral system.
The drill core revealed a complex geological sequence dominated by intrusive rocks such as granular microdiorites and porphyritic quartz diorites, accompanied by significant alteration including potassic zones and quartz veining. Mineralisation was observed in four distinct intervals, ranging from copper oxides near surface to chalcopyrite and molybdenite at depth, consistent with the characteristics of a large copper-gold porphyry deposit.
Ongoing Exploration and Next Steps
Following the completion of the first hole, Solis Minerals has commenced drilling a second hole approximately 200 metres south-southwest, targeting a northern magnetic anomaly identified through geophysical surveys. This is part of a broader 5,000-metre diamond drilling campaign designed to test multiple magnetic and induced polarisation anomalies across the project area.
The company’s CEO, Mitch Thomas, expressed optimism about the initial findings, highlighting the extensive mineralised intercepts and the encouraging geological context. However, he emphasised that laboratory assays, expected from ALS Global in September 2025, will be critical to confirming the grades and overall economic potential of the mineralisation.
Strategic Importance of Ilo Este
Ilo Este sits within Peru’s Coastal Belt, a region known for hosting significant copper-gold porphyry systems. Historical drilling campaigns between 2000 and 2016 had already indicated promising mineralisation, and Solis Minerals’ recent geophysical and geochemical work has refined target areas potentially hosting higher-grade zones.
The current drilling program aims not only to validate these targets but also to map alteration systems and structural controls that could guide future resource definition. The presence of molybdenum alongside copper adds a valuable by-product credit potential, enhancing the project’s attractiveness.
Awaiting Assay Results and Market Implications
While visual estimates provide an encouraging snapshot, they are no substitute for detailed laboratory assays that will quantify metal concentrations and identify any impurities. The market will be watching closely for these results, which will inform Solis Minerals’ next exploration steps and potential resource assessments.
With a seasoned technical team and a strategic focus on South America’s copper-rich geology, Solis Minerals is positioning itself to capitalize on growing demand for copper, a metal critical to the global energy transition.
Bottom Line?
September assay results will be pivotal in defining Ilo Este’s resource potential and shaping Solis Minerals’ exploration trajectory.
Questions in the middle?
- What copper and gold grades will the upcoming assays confirm?
- Will subsequent drilling delineate high-grade zones suitable for resource development?
- How might the presence of molybdenum influence the project’s economic viability?