SLM - new investor presentation
Our micro cap copper Investment Solis Minerals (ASX: SLM) released an updated investor presentation this morning.
SLM is drilling the first of its four copper projects in Peru.
SLM’s plan is to drill all four projects between now and Q1-2026.
The first two targets are Chanco Al Palo & Ilo Este.
We covered the drill program in our last SLM note here: SLM is drilling for new copper discovery “imminently”. Peer delivered 700% re-rate a few months ago
Today’s presentation had a nice gant chart which details those timelines:
(Check out the latest presentation here)
More on SLM’s four projects:
Here is our rapid fire take on each of those projects:
Project #1: Chancho Al Palo - Drilling should have started here
SLM’s latest announcement on the 8th of April said that drilling would start “immininently”.
Here SLM will be drilling five holes over a 2,500m drill program (with scope for expansion after initial drilling).
Assay results from the drilling are expected within two to four months.
Why is this project interesting?
Here SLM has two different targets - one is an IOCG target, the other a porphyry target.
Both targets were ranked highest after SLM ran geophysical surveys (IP survey) on the project.
Both targets also sit inside Peru’s “Coastal Belt” - which is where ASX listed AusQuest made its discovery and re-rated by ~700%.
The coastal belt targets are lower altitude and a lot easier to access than up in a mountainous region, so any major discovery here could be valuable from an economic perspective.
Project #2: Ilo Este - Permits expected in coming weeks (drilling next)
Ilo Este is the next project SLM expects to drill.
This project sits ~17km away from the project SLM is drilling first.
As soon as drilling on Chancho Al Palo is done, we expect to see the rig move over to Ilo Este for a 5,000m drill program.
Why it is interesting:
The target here is a big porphyry discovery.
This project had previously been drilled, returning intercepts of ~472m at 0.11% copper with 0.09g/t gold grades.
BUT the drillholes just missed the main targets…
SLM ran an IP survey (geophysics) in 2022 which showed just how close that old drilling got.
We are particularly looking forward to the drilling on this project because of the results from all the old drilling (albeit at lowish grades).
SLM will be the first to drill the big geophysical (IP) targets properly which we are looking forward to seeing the results from:
Project #3: Cinto Project - Drilling in H2 of 2025
Stage: Permitting / Target Generation
What is next: IP survey this quarter & drill permitting
When does SLM expect to drill: H2 of 2025
Why it is interesting:
It is just 10km away from the Toquepala mine that produces 180,000 tonnes of copper each year. Importantly, channel and rock chip sampling results seem to line up in the North Eastern part of SLM’s project…
Project #4: Chocolate - drilling planned for Q4 of 2025
Why it is interesting:
The Chocolate project sits between SLM’s two other main projects Chancho Al Palo and Ilo Este which explains the timing preference.
IF SLM has success at those prospects, then drilling Chocolate would probably become more of a priority for the company.
When does SLM expect to drill: Q4 2025
What’s next for SLM?
🔄 Drilling results
Next, we want to see SLM drill it’s first two projects (Chanco Al Palo & Ilo Este).
We expect to see results from the drill program over the next 2-4 months. So we could see some results come in before the end of Q3.
🔄 Permitting
We are still waiting for permitting on SLM’s other three main targets for the year.
Here’s what's still to come:
- Drill permits for Ilo Este - anticipated to be a few weeks away
- Drill permits for Cinto
- Drill permits for Chocolate
🔄 Additional exploration work to firm up drill targets
SLM plans to conduct further induced polarization (IP) surveys at its Cinto project to refine drill targets
