Solis Minerals: Assay Results Show Potential for Large Copper Mineralised System at Mostazal Copper Project, Chile

-                      Assay results from the first two holes completed at the Mostazal Copper Project in central Chile indicate the presence of an extensive copper manto system.

-                      Results include a 4-metre interval grading 1.06% copper.

-                      Detailed surface structural mapping and deeper-penetrating geophysical survey currently underway.

-                      Next phase of drilling scheduled to target interpreted high-grade structures within the broader copper manto mineralisation.

Solis Minerals Ltd. (ASX: SLM, TSXV: SLMN, FSE: 08W) (“Solis Minerals” or “the Company”) is pleased to announce it has received the assay results from the first two holes (MODD001 and MODD002) of the Company’s first phase of drilling at the Mostazal Copper Project in Chile (“Mostazal” or “the Project”).  A total of four holes were drilled, with results from holes MODD003 and MODD004 pending.

All drill holes encountered widespread alteration with core logging highlighting widespread sulphide mineralisation from traces to +1% sulphides.  The sulphide minerals observed include chalcopyrite, bornite, primary chalcocite and lesser pyrite[i].

CEO Jason Cubitt commented:

“This first phase of drilling was primarily designed to test the type of mineralisation, as well as the preliminary lateral and vertical extent of copper mineralisation at Mostazal.  The first two holes encountered “mantos” style disseminated sulphides, extending from surface to the end of the hole at a depth of 362m in hole 1, and from surface to at least 444m in hole 2.

“Our geological interpretation indicates that the copper observed at surface, and in artisanal workings over a ten square kilometre area, is an expression of a potentially much larger copper-bearing mineralised system at depth.  Analysis of the drill data, together with geological mapping, has identified several faults that crosscut and terminate mineralisation and others that control the emplacement of mineralisation.  More field work is in progress to analyse these structural controls on the emplacement of mineralisation and vector in on the interpreted high-grade source of copper.”

Results from sampling of holes MODD001 and MODD002, have confirmed the presence of broadly anomalous copper mineralisation across both holes, with intersections including:

Table 1: Mostazal Copper Project - significant copper intersections (nominal >0.1% Cu)

Holes MODD001 and MODD002 aimed to test the southern and down-dip extensions respectively, of a near surface copper manto system (refer to Figure 1 and Appendix 1, Table 1 for collar location details).  Drilling showed an extensively altered system characterised by chlorite + epidote + albite +/- hematite, with copper mineralisation represented by chalcopyrite, bornite and primary chalcocite sulphides.

https://www.wipo.int/export/sites/www/madrid/en/forms/docs/form_mm2-editable1.pdf

Figure 1: Mostazal Copper Project – Solis Minerals Ltd. diamond drill hole location plan

Initial observations from the detailed structural surface mapping program have identified a large asymmetrical anticline with an NNW-SSE trending axis, plunging due south. This mega structure is defined by thick, well-stratified violet-coloured porphyry lavas, massive greenish aphanitic lavas, and minor reddish tuffs from the Jurassic Sierra de Fraga formation.

A second-order system has been mapped at Mostazal, defined by a series of NNW-SSE faults and veins, which sections the large structure mainly along its axis and in the west limb. A third system has also been identified, comprising a series of WNW-SSE dextral faults.

The NNW-SSE and WNW-ESE faults show carbonate, opal silica or carbonate, opal silica fracture fill, with some copper oxide (green) and sulphides (primary chalcocite) observed.  The significance of these initial observed structures, and their significance to the wider mineralised system at Mostazal is still to be fully understood.  Once the mapping has been completed, this data will be integrated with the historic and new drilling information (including assay results for MODD003 and MODD004 which are yet to be received from the laboratory), enabling the reinterpretation of the Mostazal system.

Figure 2: Inspection of mine working developed on shallow dipping copper manto structures

Geophysical Survey

Southernrock Geophysics has commenced on-ground data collection, consisting of 12.9 line kilometres of Pole-Dipole Induced Polarisation (“PDIP”) and Magnetotellurics (“MT”), and an additional 10.5 line kilometres of MT over previously surveyed IP lines.  The program will provide resistivity and chargeability sections to an effective depth of investigation well below 500m from surface, while the MT will allow much deeper resistivity sections.

Figure 3: Geophysical crew and equipment on site at Mostazal

Figure 4: Mostazal Copper Project area, with proposed PDIP-MT survey lines (green), MT only lines (blue), property outline (in red)

This survey is designed to produce higher-fidelity modelling of the interpreted deep mineralised feeder system along the 1.6 kilometre northeast trending IP chargeability zone identified in historic work[ii].  The survey will also provide a more comprehensive and deeper penetrating data set for the entire project area which will enhance the identification of both existing and new deep targets.  Solis expects the survey results to be delivered to the Company in May.

About Solis Minerals Ltd.

Solis Minerals is a Latin American-focused mining exploration company. The Company may earn up to 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 (iron oxide copper/gold) and porphyry copper projects in southwestern Peru within the country’s prolific coastal copper belt — a source of nearly half of Peru’s copper production.

Issued on the directive of the board of Solis.

For further information please contact:

Jason Cubitt

President and CEO

Solis Minerals Ltd.

+01 (604) 209 1658

Stephen Moloney

Investor Relations

Corporate Storytime

+61 (0)403 222 052

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.

Forward-Looking Statements

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, labour 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.

Qualified Person Statement

Fred Tejada, P. Geo. (30021), is a qualified person and a consultant to the Company and has reviewed and approved the technical content of this news release.

Competent Person Statement

The information in this ASX release in relation to Geological Information and Exploration Results is based on and fairly represent information compiled by Mr Anthony Greenaway, a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Greenaway is an employee of Solis Minerals Ltd. and has sufficient experience which is relevant to the style of mineralisation and types of deposit under consideration and to the exploration activities undertaken to qualify as a Competent Person as defined in the 2012 Edition of the “Australian Code for Reporting of Mineral Resources and Ore Reserves”. Mr Greenaway consents to the inclusion in this report of the matters based on information in the form and context in which it appears. Mr Greenaway has provided his prior written consent as to the form and context in which the Geological Information and Exploration Results and supporting information are presented in this Announcement.

All information relating to exploration results that have been previously released to the market is appropriately referenced in this document.

Please follow the link to view entire original news in English language:

https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02514547-6A1088612?access_token=83ff96335c2d45a094df02a206a39ff4

[i] Refer to ASX announcements dated 8 February 2022, 24 February 2022, and 7 April 2022

[ii] Refer to ASX announcement dated 24 January 2022