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Solis minerals secures major stake in Cucho copper project in Peru

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Solis Minerals Limited has recently announced a significant deal to acquire a stake in the Cucho Copper Project located in Peru. This acquisition allows Solis to earn up to 75% ownership through a phased approach, with a potential option to increase that share to 100%, pending shareholder approval. Positioned just 44 kilometers away from the Pacific coast, the project is situated in a region that boasts excellent infrastructure access, making it an appealing prospect for investment and development.

The Cucho project is notable for its expansive, partially exposed copper-molybdenum-silver porphyry system. This large-scale deposit presents numerous historical drilling opportunities alongside attractive unexplored targets, indicating its potential for future growth and resource development.

Project details and historical exploration

Historical exploration efforts at Cucho have included approximately 2,000 meters of diamond drilling that confirmed the presence of substantial copper mineralization from surface level, displaying both oxide and primary sulphide copper. The results from earlier drill holes reveal impressive mineralization across the project area:

Significant historical drilling results

  • COP14-01: 169.7 meters @ 0.24% Cu, 0.012% Mo, and 1.0 g/t Ag from surface.
  • COP14-02: 178.7 meters @ 0.23% Cu, 0.022% Mo, and 0.9 g/t Ag from 38.6 meters.
  • COP14-05: 96.7 meters @ 0.28% Cu, 0.018% Mo, and 1.4 g/t Ag from 37.2 meters.
  • COP14-06: 175.4 meters @ 0.28% Cu, 0.012% Mo, and 1.3 g/t Ag from surface.
  • COP14-07: 269.1 meters @ 0.25% Cu, 0.011% Mo, and 1.1 g/t Ag from surface.

While these findings are promising, limitations in the prior drilling campaigns led to a Technical Report under NI 43-101 guidelines concluding that several key geochemical and geophysical anomalies remained unverified by drilling. Solis Minerals plans to address these untested anomalies with drilling scheduled for the near future.

Strategic significance and regional context

The Cucho project is strategically located just 40 kilometers from Element 29 Resources’ Elida project, which boasts an estimated resource of 321 million tonnes at 0.32% Cu, 0.03% Mo, and 2.61 g/t Ag. The region is rich in copper deposits, and the market capitalization of Element 29 is estimated at CAD$157 million. The proximity of Cucho to established operations highlights its potential within a fertile mining district.

Additionally, Solis Minerals intends to acquire the Cucho project using a structured cash approach, which involves minimal upfront payments and no mandatory spending requirements during the initial phases. This approach mitigates financial risk while allowing for in-depth exploration and evaluation of the project’s true potential.

Peru’s copper mining landscape

Peru remains a key player in the global mining industry, ranking as the third-largest producer of copper worldwide, following Chile and the Democratic Republic of the Congo. The country is also the top producer of zinc, lead, and molybdenum in Latin America, and is among the top five producers of silver, gold, and tin globally. Mining accounts for about 8.5% of Peru’s GDP, with copper being a crucial export commodity, particularly as demand for renewable energy sources increases.

In recent times, Peru produced approximately 2.74 million metric tons of copper, solidifying its position in the copper market and enhancing the country’s appeal for mining investments.

Future exploration plans

Looking ahead, Solis Minerals is focused on executing a well-defined exploration strategy at the Cucho project. The next steps involve:

  • Conducting step-out and infill drilling to further delineate high-grade surface anomalies and geophysical targets.
  • Resource definition drilling across the Central, North, and West Zones to establish a maiden JORC-compliant resource estimate.
  • Updating geophysical surveys and conducting metallurgical test work to enhance understanding of the project.

With the acquisition of the Cucho project, Solis Minerals aims to rapidly advance exploration efforts, leveraging historical data and geological indicators to assess the project’s potential for significant copper and molybdenum deposits.

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