SLM is drilling its second copper target this month
Our exploration Investment Solis Minerals (ASX: SLM) is now cleared to drill its second copper target this year.
SLM is currently drilling the first of three projects it plans to drill all before the end of the year.
Today, SLM got the all clear from a permitting perspective to drill the second target (Ilo Este) - drilling is now expected to start this month…
At Ilo Este SLM is targeting a big porphyry discovery (and our favourite of SLM’s prospects.
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.
See our deep dive on Ilo Este here: Ilo Este, SLM’s best target - final permits expected in coming weeks, then drilling to immediately begin
Where is SLM drilling right now?
SLM is two holes into its drill program and has now hit visual copper and gold across both holes.
Both holes have hit visual mineralisation so far - assay results from the first two holes are now due in July/August.
We covered the visuals from the first hole here, and the visuals from the second hole here.
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)
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.
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
SLM expects to be drilling at Ilo Este this month.
🔲 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 just completed IP surveys on this project which we covered here: SLM hits more visual copper and gold
Cinto neighbours the Toquepala copper-gold mine which has been in production since 1960 and just last year produced ~225,000 tonnes of copper.
SLM expects to drill this project in Q4 this year.
