en.Wedoany.com Reported - Solis Minerals Ltd (TSX-V:SLMN, ASX:SLM, OTCQB:SLMFF, FRA:08WA) plans to initiate its first diamond drilling at the Mandacaru lithium project in Brazil in June 2026, while concurrently providing an update on the progress of its copper exploration activities in Peru.
CEO Mitch Thomas explained that the company has rapidly advanced preparations at Mandacaru since acquiring the project from Rio Tinto approximately one month ago. The acquisition encompasses several years of exploration data compiled by Rio Tinto during a downturn in the lithium market.
Thomas stated that the company has completed extensive surface mapping, secured all necessary land access agreements, and selected a drilling contractor. Drilling will operate on a double-shift basis, with an efficiency of approximately 20 meters per shift and 40 meters per day, and is expected to last two to three months. Solis Minerals plans to provide regular operational updates to shareholders, including assay results and on-site visual observations.
He also noted that the company has hired a former Rio Tinto geologist who previously worked on the project. This geologist originally identified these projects and conducted continuous sampling and fieldwork over three years, and is now transferring that knowledge to Solis' exploration team, saving both time and money.
Thomas stated that the lithium market outlook remains attractive, driven by the adoption of electric vehicles and growing demand for battery energy storage. Solis Minerals maintains a bullish stance on lithium and copper demand and aims to be part of the future energy transition metals supply chain.
In addition to its Brazilian lithium strategy, Solis Minerals has also received drilling approval for the Cinto copper project in southern Peru. Thomas described Cinto as a large porphyry copper target but indicated that, given the current strong momentum in the lithium market, the company's immediate priority remains advancing exploration in Brazil.
The company believes that the near-term drilling activities could serve as a significant catalyst for the remainder of 2026, as results and developments from Mandacaru drilling progressively emerge.
Thomas also emphasized that the management team has extensive experience in the region, noting that mineral rights adjacent to the current drilling area were involved in a corporate transaction last year valued at approximately US$600 million.
Solis Minerals currently has a market capitalization of approximately US$23 million.
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