Solis Minerals has fired up the drill rig at its Mandacaru lithium project in Brazil, kicking off a 10-hole, 2000-metre diamond drilling campaign designed to test a compelling pegmatite system.
The company says it is looking to quickly define a coherent lithium discovery along an 800-metre-long corridor within the heart of the prolific Araçuaí Lithium Valley in Brazil’s Minas Gerais state.
The drill bit will test for continuity, geometry and the potential for spodumene-bearing pegmatites at depth, with holes planned to reach 200 metres.
The program follows the recent completion of the project’s purchase from global mining giant Rio Tinto. The deal came with an impressive database, containing extensive surface mapping, 1800 soil samples and 18 auger drill holes over the 93,000-hectare project.
Solis says its targeting strategy is supported by a cocktail of promising surface indicators, including coincident multi-element soil geochemistry anomalies of lithium, caesium, tantalum and beryllium, a classic signature for prospective lithium-caesium-tantalum (LCT) pegmatites.
Previous auger drilling has also highlighted the potential for lithium enrichment below cover. The company has therefore planned two distinct “fences” of drill holes to systematically test the mineralised trend.
Drilling has commenced at Mandacaru, marking a rapid transition from acquisition to drill testing one of the most compelling lithium targets in our portfolio.
The Minas Gerais region is considered prime real estate for lithium exploration, hosting major players such as Sigma Lithium, Atlas Lithium and Lithium Ionic.
Adding a layer of intrigue to the story, Solis’ management was responsible for discovering the nearby Colina lithium project, which was recently swallowed up by ASX-listed major PLS Group in a blockbuster $560 million takeover deal.
The company says its project shares a similar geological signature to Colina, suggesting Solis’ leadership group might have the playbook for another significant discovery in the region.
Notably, PLS tipped in to the recent $6 million placement to protect its strategic 5.1 per cent stake and remains Solis’ largest shareholder. This follows hot on the heels of a district-scale collaboration agreement inked between the duo in April.
Whilst the drill rods are turning in Brazil, Solis is preparing to open up a second exploration front at its copper assets in Peru.
The company’s board has approved a 2500-metre diamond drilling program at its wholly owned Cinto copper project, which is scheduled to begin in the third quarter of this year.
Solis says it has received all necessary approvals from the Peruvian government to begin drilling at Cinto, where previous work has pointed to a potentially large-scale copper porphyry system.
Solis now has the drill bit spinning at its promising lithium project in one of the world’s most sought-after addresses. Additionally, it has PLS Group in its corner and a second drill campaign at its Peruvian copper asset waiting in the wings.
It looks as if the company is about to round the corner and head towards a period of potentially significant news flow.
Is your ASX-listed company doing something interesting? Contact: matt.birney@wanews.com.au
