SLM Chairman Chris Gale buying on market pre drill
Our Peruvian copper exploration Investment Solis Minerals (ASX: SLM) is drilling two targets inside the next 2 months.
SLM raised $4.5M in February to support drilling.
The drill permits are in, drilling is “days away” and we will know within a few months if SLM can make a new discovery.
Yesterday we noticed SLM Non-Executive Chairman - Christopher Gale - has been buying SLM shares on market.
Chris bought 200,000 shares in total for $19.8k (average price of 9.9c) in recent days.
We always like to see directors buying shares of their company - especially when they are buying on market.
A big part of the reason we are Invested in SLM is because of Chris’ involvement in the company, so seeing him step up and buy on market is always a good sign.
We have had a big previous win with Chris too - he was the founder and Managing Director of Latin Resources which was taken over by $4.2BN Pilbara Minerals for $560M.
Chris founded Latin Resources and after years of testing various assets, finally hit a new discovery with its lithium project in Brazil.
That discovery took Latin Resources to a high of 42c (up over 2,200% from our 1.8c Initial Entry Price):
The past performance is not and should not be taken as an indication of future performance. Caution should be exercised in assessing past performance. This product, like all other financial products, is subject to market forces and unpredictable events that may adversely affect future performance.
We are backing Chris to do it again with SLM.
Read more about why we are backing SLM’s team here: Why we are backing the SLM team
What’s Next?
SLM is running two drill programs in the near term:
- A 2,500m diamond drill program at Chanco Al Palo, and
- A 5,000m diamond drill program Ilo Este.
Diamond drilling means SLM will be pulling out cores that are fairly easy to understand visually (to the eyes of a geologist).
It should mean SLM has a fairly good idea of what they are drilling into as the geologists are logging the core that comes out of the hole.
SLM could also have an XRF gun on site that they put up against the drill core to get an indicative idea of mineralisation.
Given SLM is using a diamond drill rig, we will be on the lookout for any news on the following during the drill program:
- Visual sulphides - SLM could announce sulphides that are visible to the geologists logging the core. Thick sulphide mineralisation could be an indication SLM is hitting a specific type of potential discovery.
- XRF results - this would go one better and put grades around whatever SLM is hitting. This would be like finding the smoke of a fire...
Regardless of what comes during drilling, before we know anything for sure, we will need to see the final assay results.
Read last note : SLM: Set to drill two copper-gold targets in Peru at Chanco Al Palo and Ilo Este. Drill results in ~8 weeks?
