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  • Solis Minerals (SLM) withdraws from its option agreement to acquire the Mostazal project in Chile
  • SLM previously reported the potential for a large copper system at the project, but now says the results from recent drilling didn’t meet its “minimum expectations”
  • The company will have no future claim on the project, or on any exploration ground acquired through staking
  • Solis will now switch its focus to its portfolio of porphyry and IOCG copper projects in Peru
  • Shares are trading 23.2 per cent in the red at 7.3 cents as of 12:26 pm AEST

Solis Minerals (SLM) has withdrawn from its option agreement to acquire the Mostazal project in Chile.

The company will have no future claim on the project, or on any exploration ground acquired through staking.

Solis landed on the ASX late last year and raised $5.5 million for the Mostazal project through its IPO, stating it was its “most advanced prospect”.

It has been conducting exploration at the project over the last couple of months and previously reported the potential for a large copper mineralised system.

However, President and CEO Jason Cubitt has now said the results did not meet the company’s standards.

“Results from our first phase of drilling and geophysical surveys undertaken by the company in 2022 ultimately did not meet our minimum expectations and management determined that it is in the best interest of shareholders to reallocate the company’s resources,” he said.

The company will now switch its attention to its portfolio of porphyry and iron oxide copper-gold copper projects in Peru.

Solis plans to undertake remote sensing surveys to identify new targets at its Ilo project and is applying for new tenements near the Toquepala mine.

Shares were trading 23.2 per cent in the red at 7.3 cents as of 12:26 pm AEST.

SLM by the numbers
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