Solis Minerals drills 8.2 metres of spodumene at Jaguar lithium project, Brazil

Solis Minerals Ltd. [SLMN-TSXV; SLM-ASX; 08W-FSE] has noted the intersection of spodumene-bearing pegmatite in the 2,500-metre maiden drill program at the Jaguar lithium project, Bahia state, Brazil, over which the company recently secured an option to acquire a 100% interest. Spodumene is the mineral of lithium.

Diamond drilling at the Jaguar project is ongoing with three drillholes now completed. As the orientation dip and plunge of the mineralized portion of the first pegmatite target was unclear from outcropping mineralization, drilling was planned from both the hanging wall and footwall locations North and South of the pit.

Drillhole JADDH00001 did not intercept the core of the pegmatite due to incorrect drill orientation. JADDH00002 and JADDH00003 both successfully intersected broad intervals of shallow dipping pegmatite below the existing artisanal workings at Jaguar. Spodumene-rich central core sections of the pegmatite were intersected from 30 metres to 38.2 metres in JADDH00002 and from 44.3 metres to 52.2m in JADDH00003, respectively.

Executive Director, Matt Boyes, commented: This is a positive result for the team from the maiden program at Jaguar. Confirmation of an LCT – (Lithium-Caesium-Tantalum) bearing system that continues at depth below the artisanal workings is highly encouraging and we look forward to the arrival of a second drill rig.

:As we extend our mapping and geochemical sampling programs, we are finding evidence of a potential stacked pegmatite system. Multiple spodumene bearing float samples have been collected up to 1 kilometre from the central Jaguar artisanal mine area and large outcropping pegmatites, which are completely untested, have been located.

“We are encouraged by our early results at the Jaguar project, and we look forward to updating the market as we deliver results from this maiden drill program.”

Initial production rates averaged just 7 metres per shift, with crews encountering start-up technical challenges. These have been fully addressed, with drilling now expected to achieve normal production targets. Continuous mineralization has now been confirmed below the existing artisanal workings, and Solis is sourcing a second rig. A tender has been called for an additional 5,000-metre diamond core drilling program with a larger capacity track mounted rig capable of higher production rates and higher availability. This is expected to improve the drilling rates which have been less than targeted.

Step-out drillholes along the interpreted strike of the pegmatite are now planned to help understand the overall strike, dip and distribution of the mineralization within the pegmatites. The drilling to date has intersected pegmatites which adhere to a classic idealized LCT bearing pegmatite model.

Solis is currently installing core cutting facilities on site and intends to start processing the existing core within the next week. Solis will be aiming to complete a further 3 holes from the current program and submitting the first batch of samples in late July with results expected late August. All samples will be assayed at SGS Laboratories in Minas Gerais province with current turnaround period of 3 weeks post submission of samples.

The initial focus of Solis during this maiden campaign is to test the known strike of the confirmed pegmatite outcrops at Jaguar and commence step out drilling to the north to test interpreted repetitions of the Jaguar pegmatites at depth. Pegmatite outcrops have been identified over 1.4 km of strike with a central section that forms the elevated ridge area of in excess of 800 metres within the Jaguar tenement area. Mineral species identified in all the outcropping artisanal workings are consistent with an LCT-bearing system and fit a classic pegmatite model.

A large shallow dipping pegmatite body measuring approximately 400 x 400 metres at the surface has been mapped approximately 1 km northwest of the Jaguar pit and will be drill tested once additional drill capacity is mobilized to site.

Solis owns a 100% interest in the Borborema Lithium Project in NE Brazil, covering approximately 25,000ha. It has recently executed an option to acquire 100% of the Jaguar Lithium project in Bahia state, Brazil. In addition, Solis also holds a 100% interest in 32,400ha of combined licences and applications 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.