Solis Minerals is set to fire up the diamond drill rig this month at its Cucho copper project in Peru after a fresh round of mapping and sampling returned a string of high-grade copper and molybdenum hits, significantly expanding the target zone and bolstering the case for a major porphyry system.
The company has laid out plans for an initial 10-hole, 5000-metre diamond drilling campaign to test a trio of newly defined targets at Cucho. The program represents the next phase of Solis’ copper strategy in Peru, running in parallel with ongoing drilling at its Cinto copper project in Southern Peru and recently completed lithium exploration in Brazil.
Recent fieldwork at Cucho confirmed copper-molybdenum-silver mineralisation roughly 1000m northeast of historical drilling, materially expanding the project’s footprint. Surface sampling also delivered a suite of impressive results, with better rock chip samples grading 0.49 per cent, 0.43 per cent and 0.30 per cent copper. Notably, the samples delivered an added twist, with molybdenum grades soaring to a whopping 0.63 per cent, injecting another tantalising dimension to the emerging copper story.
A highlight of the initial work was the discovery of a sizeable, phyllically-altered monzonite intrusive centre stretching over 950m by 450m. The rock has been chemically transformed by superheated mineral-rich fluids and is flanked by more strongly copper-mineralised granodiorite– a classic geological setting often associated with major copper-molybdenum porphyry deposits.
By integrating the new geochemistry with existing magnetic and induced polarisation geophysical data, the company has defined three compelling zones for the upcoming program. The targets include a Southwestern corridor that could be a mineralised feeder zone, a northern stockwork with surface mineralisation that could strengthen at depth and an eastern intrusive target defined by molybdenum anomalism.
Commencing drilling at Cucho marks another important milestone in Solis Minerals’ 2026 exploration programme. Historical drilling has already demonstrated broad copper-molybdenum-silver mineralisation, while our recent mapping, surface sampling and geophysical interpretation have expanded the target area and strengthened the case for a larger porphyry system.
The project is not without a little history. A 2014 scout drilling program hit mineralisation in all seven holes, confirming both oxide and sulphide copper zones. The results included some seriously long intersections, with one hole delivering a hefty 269.1m at 0.25 per cent copper from surface and another hole featuring 175.4m running 0.28 per cent copper from surface. A third hole served up 178.7m assaying 0.23 per cent copper from just 38.6m downhole.
Cucho sits just 40 kilometres from Element 29 Resources’ Elida copper project, which showcases a massive inferred resource of 321 million tonnes at 0.32 per cent copper, providing some impressive regional context.
As the drill rigs get cracking, the timing could hardly be better for Solis, with copper prices consolidating just below all-time highs of US$6.95 (A$9.96) per pound, potentially adding extra market interest to any significant discovery
The move on Cucho comes as drilling continues at the company’s other Peruvian asset, the Cinto copper project, where the company is probing for signs of a major porphyry system lurking at depth. The project sits on the prolific Incapuquio fault zone, which already hosts several world-class copper mines.
The neighbourhood includes Anglo American and Mitsubishi’s 1.1-billion-tonne Quellaveco mine grading 0.55 per cent copper, Southern Peru Copper Corp’s 1.2-billion-tonne Cuajone copper operation running at 0.48 per cent and Freeport-McMoRan’s Cerro Verde mine, which produces a whopping 450,000 tonnes of copper per annum.
Meanwhile, Solis is awaiting assays from recently completed lithium drilling at its Mandacaru and Campo Grande projects in Brazil’s famed Araçuaí Lithium Valley. The company says the prospect shows geological and geochemical characteristics comparable to the Colina lithium project, 100 kilometres to the south-west.
Colina is owned by lithium major PLS Group and hosts a significant resource of 77.7 million tonnes grading 1.24 per cent lithium oxide. The comparison carries extra weight given PLS Group cornerstoned a $6 million capital raise in May for Solis, taking a 5.1 per cent stake in the explorer in what appears to be a clear vote of confidence in the company’s strategy.
Adding impetus to the company’s in-country exploration programs, Peru’s government is actively seeking to accelerate mining approvals and attract new capital to boost copper output, with a project pipeline valued at US$64 billion (A$92 billion).
With drill rigs turning across two promising Peruvian copper plays, lithium assays in the pipeline from Brazil and a heavyweight backer in PLS Group, Solis has plenty of irons in the fire. If the geology starts delivering on its promise, the explorer could find itself sitting on a much bigger South American metals story.
Is your ASX-listed company doing something interesting? Contact: matt.birney@wanews.com.au