SLM hits more visual copper and gold
Our exploration Investment Solis Minerals (ASX: SLM) just hit more visuals from the second hole at its copper-gold project in Peru.
SLM is two holes into its drill program and has now hit visual copper and gold across both holes.
We covered the first round of drilling in our last note here: First drill hole mineralisation visuals - “potential porphyry system”...
Today, SLM hit more visuals and said that assay results from the first two holes are now due in July/August.
Here are the two drillholes completed to date on a cross section (including the direction in which SLM will drill its next hole:
So far we are relatively happy with SLM’s drilling, we said in our last note that a good sign during drilling would be an announcement regarding positive visuals (Souce: our 22nd May 2025 SLM note).
Visual sulphides means SLM would have hit the right type of rocks for the potential for a larger discovery:
(Source - Next Investors Quick Take)
Chalcopyrite is a sulphide, and is the primary mineral in copper discoveries - and that's what the SLM team is observing on site.
Next we just need to see the assay results to see if the rocks are mineralised and how big the intercepts are.
SLM drilling Ilo Este next - why we like the next project
Ilo Este is the next project SLM expects to drill.
This project sits ~17km away from the project SLM where SLM announced its drill results today.
As soon as SLM is done drilling its first targets on Chancho Al Palo, we expect to see the rig move over to Ilo Este.
At Ilo Este SLM is targeting a big porphyry discovery.
This project had previously been drilled, returning intercepts of ~472m at 0.11% copper with 0.09g/t gold grades.
That is already a giant intercept on its own (which we think the market would like if it was announced in isolation)...
BUT it turns out the old drilling just missed the main geophysical targets…
SLM ran an IP survey (geophysics) in 2022 which showed just how close that old drilling got:
(The bright purple is the centre of the geophysical anomaly, the old drilling is shown in red dots with the arrows showing which direction the drilling was done in)
We are looking forward to drilling at Ilo Este because:
- The giant intercepts from all the old drilling (albeit at lowish grades), and
- SLM will be the first company to drill into the guts of those NEW IP (geophysical) anomalies.
What’s next for SLM?
🔄 Drilling First Project: Chancho Al Palo
SLM’s next hole at Chanco Al Palo will be drilling in the opposite direction to the first two holes, we are hoping to see more visuals in that hole.
We also want to see the first batch of assays come in from drilling later this month or in August.
🔲 Drilling Second Project: Ilo Este
Once drilling has completed at Chancho, and assuming that the permits are in place, we expect SLM to move directly to Ilo Este.
🔲 Permitting
SLM will also look to secure permits to drill its two other targets later this year.
Here’s what's still to come:
- Drill permits for Cinto
- Drill permits for Chocolate
🔄 Results from IP surveys to firm up drill targets for Cinto
SLM has likely completed its IP surveys at its Cinto project (source).
Cinto neighbours the Toquepala copper-gold mine which has been in production since 1960 and just last year produced ~225,000 tonnes of copper.
Results from the IP survey are expected in the coming weeks - we are hoping to see at least one big geophysical anomaly that warrants drilling at this project.
