SLM getting ready to drill

Published 17-SEP-2024 11:49 A.M.

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Our micro cap exploration Investment Solis Minerals (ASX: SLM) is getting ready to drill some of its Peruvian copper assets this year.

Today, SLM put out an update on its exploration efforts in Peru where we learned the following:

Magnetic anomalies identified in favorable geological settings
Rock samples returned anomalous copper (up to 0.37%) and gold (up to 0.17 g/t) values
Induced polarization surveys and additional sampling planned to refine drill targets

This is what the magnetic anomalies look like:

(Source)

SLM has steadily amassed a 43,500 ha landholding on the coastal Peru belt, which holds potential for a large copper porphyry discovery:

(Source)

Today’s results are from the Guaneros project (teal project above) is the fourth of five projects that SLM is advancing to drill-ready status in southern Peru.

We really like copper as a long-term macro thematic, particularly as grades decline and mining must go deeper underground.

Electrification and decarbonisation just won’t happen without copper.

So SLM’s exploration efforts are working towards drill targets which we should see drilled in Q4 of this year.

Peru is a prolific copper producing nation and in 2023 it was the second largest producer of copper after Chile, accounting for more than 10% of global copper production. (Source)

Read more about SLM’s Peruvian projects in our most recent note:

Microcap explorer Solis Minerals (SLM) setting stage for Peru copper drilling

How does this impact our SLM Investment Memo?

Objective #1: Geophysical surveys across earlier stage copper projects in Peru

We want to see SLM rank more drill targets across its earlier stage copper assets in Peru.

Source: 9 July 2024 SLM Investment Memo

SLM’s announcement today directly relates to objective #1 from our SLM Investment Memo which is to see the company rank some drill targets across its Peruvian copper assets.