Solis Minerals (TSXV:SLMN) Provides Update on Recent Drilling at Estrela and Mina Vermelha Prospects in Brazil

Figure 1: Drillhole programme at Estrela- plan view showing holes completed. Source: Solis Minerals

Solis Minerals (ASX:SLM) (TSXV:SLMN) (OTCQB: SLMFF) has announced an update on its recent drilling program at the Estrela and Mina Vermelha prospects in Borborema, Brazil.

The company completed 15 drillholes totaling 2,082 meters at the Estrela targets, testing six different pegmatite bodies down to depths of up to 204 meters below surface. Assay results received so far from the first four drillholes show no significant lithium values, with the highest assay being 0.07% Li2O over 1 meter from 89.2 to 90.2 meters downhole in ESDDH00001.

At the Mina Vermelha prospect, Solis completed eight drillholes (with one hole abandoned) totaling 1,609 meters, testing a 2 kilometer strike length of known pegmatites. Four drillholes have been assayed, again showing no significant lithium results.

The company states that all the major outcropping mineralized bodies at Estrela and Mina Vermelha have now been tested, and no further exploration drilling is planned in the near future.

In other exploration work, Solis reports that approximately 50% of a major regional geochemical soil sampling program has been completed by contractors GMT Exploration Services in the northern Borborema Province. So far, 270 samples have been submitted for analysis, with another 300 samples prepared and ready to be submitted. Assay results from the full program will help identify new drill targets within Solis’ extensive land holdings in the region. The sampling program is scheduled for completion in early 2024.

Solis is awaiting assay results in February 2023 for the remaining 16 drillholes from the recent Estrela and Mina Vermelha campaigns. Results from the regional soil sampling program are expected in March 2024.

The company says it continues to review other exploration projects for various minerals in Brazil and elsewhere. Further updates will be provided to the market when appropriate.

Solis Minerals Limited is a mineral exploration company focused on lithium and other energy metals in Brazil. The company holds over 710 square kilometers of mineral rights in the Borborema province of northeastern Brazil. Solis aims to develop a low-cost source of lithium concentrates to supply the growing demand from battery manufacturers and the electric vehicle industry.

Figure 2: Mina Vermelha drillhole location plan showing completed holes and mapped outcropping pegmatites. Source: Solis Minerals

Executive Director, Matthew Boyes, commented in a press release: “Drilling has now been completed and rigs are demobilising from the Borborema project area. The initial results have not met expectations from either Estrela or Mina Vermelha projects despite the early potential demonstrated by surface exploration and the proximity to known lithium bearing systems. Both projects represented a relatively low cost option for the company with funds directed predominantly into the drilling programs. This targeting funding has allowed us to efficiently evaluate the potential of the assets before committing to subsequent payments. Solis is continually evaluating new potential acquisitions, including opportunities in Borborema, Minas Gerais to the south, and expansion of our copper portfolio in Peru. This strategy of using earn-in option agreements will continue to be used, allowing exploration and drilling spending to be prioritised.”

Highlights from the results are as follows:

  • Maiden drilling programmes now completed at both the Estrela and Mina Vermelha lithium pegmatite projects for a total 3,691m.
  • Assays returned for the first eight holes reported no significant lithium from either project.
  • Assays remain pending for final sixteen holes and will undergo review before a decision to recommence additional exploration.
  • Solis continues to evaluate potential new project acquisitions.
  • Solis remains well funded with circa AUD $7M in funds at the end of 2023.

The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a licensed professional for investment advice. The author is not an insider or shareholder of any of the companies mentioned above.

By Matthew Evanoff

I specialize in the mining industry, focusing on top global mining stocks. My reporting covers the latest industry news, company/project developments, and profiles of key players. With a degree in finance and economics from the University of Toronto, I've contributed to a wide range of industry publications. Beyond my professional pursuits, I have a keen interest in global business and a love for travel.

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