Solis Minerals Ltd. ("Solis" or "the Company") (TSXV:SLMN),OTC:WMRSF), is pleased to provide an update on its proposed listing on the Australian Securities Exchange. The Company also announces plans to substantially expand its first ever drill program at the 100%-optioned Mostazal Project from a total 2,500 metres of drilling [see news release dated September 16th, 2021] to a total 4,000 metres of drilling.
The Mostazal Project is located within the Domeyko Fault-the main structural control for some of the world's largest and most productive copper mines including Chuquicamata and Escondida-and 40 kilometres south of Codelco's El Salvador Mine.*
The objectives of the expanded drill program are three-fold:
To test multiple porphyry targets (interpreted feeders) beneath known copper mineralization at surface,
To test the extent of known copper mineralization in a near-surface sequence of copper-rich stratified mantos lenses; and
To test additional manto and porphyry targets identified in geochemical and geophysical surveys and in outcrop.
The Company expects to mobilize to the field this December, with drilling expected to commence as soon as practicable upon successful completion of the ASX listing, which is expected to be completed in early to mid December 2021.
Given the larger scale of the drill program, the field budget has been increased from $1.5m to $2.2m. Priority targets in the Mostazal West and Central zones (see figure 1) will test high chargeability features beneath and immediately adjacent to previously identified mineralization encountered in shallow drilling. These intercepts included:
DDA-MZ-08 : 16m @ 1.48% Cu from 56m
DDH-MZ-10 : 13m @ 1.21% Cu from 91m
DDA-MZ-13 : 8m @ 1.83% Cu from 55m
DDA-MZ-30 : 16m @ 1.27% Cu from 74m
DDA-MZ-32 : 11m @ 2.48% Cu from 84m
In addition to testing the West and Central Zones, the Company plans to drill test the northern target area [Norte] located approximately 2 kilometres northeast of the Central Zone. The objective is to test the occurrence of manto within an area of structurally controlled high grade Cu-Au outcrop.
ASX Listing and Concurrent Financing
Solis expects to lodge its prospectus with the Australian Securities and Investments Commission (ASIC) during the first week of November 2021 in relation to its proposed dual listing on the Australian Securities Exchange (ASX).
Under the prospectus, the Company proposes to raise a minimum of AUD$4 million and a maximum of AUD$6 million (in each case, before costs), by the issue of Chess depositary interests (CDIs) over fully paid ordinary shares in the capital of the Company. A minimum of 20 million CDIs and a maximum of 30 million CDIs will be issued, at an issue price of AUD$0.20 per CDI. The CDIs will be issued at a ratio of one CDI for one share. Each CDI will carry with it a half-option to acquire an additional CDI at an exercise price of AUD$0.30 for a period of two-years.
Jason Cubitt, President and CEO of Solis, commented;
"We're pleased to have the financial support of Euroz Hartleys. The Mostazal project presents multiple targets and geological settings, and management strongly believes that this expanded budget will provide the coverage necessary to test our model of a copper-rich porphyry system feeding mineralization at surface, and put the company in a strong position for discovery."
ABOUT EUROZ HARTLEYS
Euroz Hartleys Limited ("Euroz Hartleys") is a diversified financial services company, providing a range of financial services including stockbroking, corporate finance, and wealth management. The firm represents the largest institutional desk in Australia with a specific focus on the natural resource sector and boasts private wealth funds-under-management in excess of $2.6B.
ABOUT SOLIS MINERALS
Solis Minerals is a Latin American focused mining exploration company. The Company is earning into a 100% interest in the Mostazal copper project in Chile's Atacama Desert, one of the world's premier copper production jurisdictions. The Company also holds a 100% interest in a package of highly prospective IOCG and porphyry copper projects in southwestern Peru within the country's prolific coastal copper belt - source of nearly half of Peru's copper production.
Derrick Strickland, P. Geo. (1000315), is a qualified person and has reviewed and approved the technical content of this news release. * The qualified person has been unable to verify the information on the adjacent properties. Mineralization hosted on adjacent and/or nearby and/or geologically similar properties is not necessarily indicative of mineralization hosted on the company property.
FOR FURTHER INFORMATION CONTACT:
President and Chief Executive Officer
Solis Minerals Ltd.
Telephone: (604) 209-1658
Neither the TSX Venture Exchange nor its Regulation Service Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of accuracy of this news release.
This news release contains certain forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected including, but not limited to, market conditions, availability of financing, actual results of the Company's exploration and other activities, environmental risks, future metal prices, operating risks, accidents, labor issues, delays in obtaining governmental approvals and permits, and other risks in the mining industry. All the forward-looking statements made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required by applicable law.