Solis Minerals Confirms Due Diligence Completed on Cucho Ready to Announce with Confidence?
HIGHLIGHTS
Solis Minerals has completed due diligence on the Cucho Copper Project.
Geological review confirms high exploration potential, supported by historical drilling, core relogging, expanded surface mapping and updated geological modelling¹.
Drill permitting is advanced with drilling targeted for late H1 2026.
Solis Minerals has renegotiated commercial terms favourably, to better align milestone payments with permitting and drilling events.
Historical drilling (2,000 metres across seven shallow holes) delivered significant intercepts²:
COP14-01: 169.7 metres @ 0.24% Cu, 0.012% Mo and 1.0 g/t Ag (from surface)
Inc. 39.5 metres @ 0.34% Cu, 0.014% Mo and 1.1 g/t Ag (from 27.3 metres)
COP14-02: 178.7 metres @ 0.23% Cu, 0.022% Mo and 0.9 g/t Ag (from 38.6 metres)
Inc. 20.0 metres @ 0.32% Cu, 0.020% Mo and 0.8 g/t Ag (from 135.9 metres)
COP14-05: 96.7 metres @ 0.28% Cu, 0.018% Mo and 1.4 g/t Ag (from 37.2 metres)
Inc. 52.7 metres @ 0.35% Cu, 0.016% Mo and 1.0 g/t Ag (from 82.5 metres)
Inc. 33 metres @ 0.41% Cu, 0.03% Mo and 1.9 g/t Ag (from 86.5 metres)
COP14-06: 175.4 metres @ 0.28% Cu, 0.012% Mo and 1.3 g/t Ag (from surface)
Inc. 91.2 metres @ 0.33% Cu, 0.007% Mo and 0.8 g/t Ag (from surface)
Inc. 38 metres @ 0.40% Cu, 0.02% Mo and 1.7 g/t Ag (from 60.4 metres)
COP14-07: 269.1 metres @ 0.25% Cu, 0.011% Mo and 1.1 g/t Ag (from surface)
Inc. 19.9 metres @ 0.36% Cu, 0.002% Mo and 1.0 g/t Ag (from 13.6 metres)
Inc. 11 metres @ 0.41% Cu and 1.6 g/t Ag (from 13.6 metres)
Inc. 18.0 metres @ 0.36% Cu, 0.020% Mo and 0.6 g/t Ag (from 138.2 metres)
Inc. 12 metres @ 0.40% Cu, 0.02% Mo and 1.3 g/t Ag (from 140 metres)
West Leederville, Western Australia--(Newsfile Corp. - February 5, 2026) - Solis Minerals Ltd (ASX: SLM) ("Solis Minerals", "SLM" or "the Company") is pleased to provide an update on the Cucho Copper Project ("Cucho" or the "Project") (SLM up to 100%) in Peru.
Chief Executive Officer, Mitch Thomas, commented:
"Cucho is a standout project within our Peruvian portfolio. The broad mineralised copper intercepts, strong geophysical signatures, and clear structural controls highlight a system with genuine scale. Permitting is advancing rapidly. Against a backdrop of record copper prices and strong market fundamentals, our first drilling at Cucho aims to demonstrate the potential of this porphyry system and advance Solis Minerals toward resource discovery in 2026."
Figure 1: Map of Peru Solis Minerals' exploration projects as well as development and operating projects held by major mining companies.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1134/282855_solisfig1.jpg
Cucho Copper Project
Background
Cucho was discovered by geologists from Quippu Exploraciones ("Quippu" or the "Vendors") (a Peruvian privately held exploration company) in 2008 in the Ancash Department of coastal Peru. Following a maiden drilling campaign in 2014, it was defined as a potential large-scale porphyry copper-molybdenum system. The project area was expanded by Quippu between 2021 and 2022 through the acquisition of neighboring concessions. Subsequent surface activities and re-interpretation of geophysics defined an expansive 3 x 1.8-kilometer mineralisation footprint.
Cucho represents a compelling exploration and development opportunity with extensive historical datasets, existing drill-defined copper mineralisation from surface, and clear geological indicators of a district-scale mineralised system.
The Company considers Cucho to have the potential to host a globally significant copper deposit and intends to advance the Project rapidly to exploration drilling.
Pursuant to the binding agreement signed with Quippu in October 2025, and now modified favourably by negotiated commercial terms, Solis Minerals has the right to earn up to a 75% interest in the issued share capital of a new joint venture company ("JVCo") which will hold 100% of the Project via a staged earn-in, with an option to acquire a 100% interest³.
Due diligence
The Company has completed the following workstreams as part of its detailed due diligence:
Permitting and concession review; drill permitting applications are advanced
Logistics and infrastructure review; 40kms to the coast and excellent supporting infrastructure
Geological modelling⁴; confirming several compelling targets
Core relogging and lithology review; confirming geological modelling assumptions
Drone magnetometry survey; results targeted for release Q1 2026; to support drill sequencing
Surface mapping; including identification of new mineralised areas
Application for adjacent concessions; expanding to the north and east of the project area⁵
Solis Minerals' due diligence activities over recent months have reaffirmed a strongly favorable view of the exploration and project development prospectivity of Cucho.
Data collected during the due diligence phase has been reflected within the planned drill campaign scheduled for late Q2 2026. Approximately 14 drill pad locations are being permitted to provide flexibility during the drill campaign (Figure 2).
Figure 2: Cucho historical drilling, chargeability (IP) and surface geochemistry with preliminary locations of drill pads for the planned H1 2026 drill programme⁶.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1134/282855_solisfig2.jpg
Commercial updates
Solis Minerals has renegotiated the terms of future milestone payments favorably to better align payments with key exploration milestones (permitting and drilling). Key differences from the terms announced 21 October 2025⁷:
1. Exercise phase
2. Drill Permits phase
3. Drilling phase
The region surrounding Cucho is experiencing increasing exploration activity from major international mining companies, reflecting the district's strong geological endowment and growing interest in large Andean porphyry copper systems.
Australian-listed AusQuest Limited (ASX: AQD) is actively drilling its Cangallo Copper Project, located within the same coastal Peruvian batholith that hosts Cucho. Cangallo displays comparable geological characteristics, including porphyry-style vein networks, multiphase intrusive centers, and a similar magmatic-hydrothermal evolution.
AusQuest has released results from 23 drill holes (21 RC and 2 diamond), demonstrating broad copper mineralisation⁸:
CANRC001: 348m @ 0.26% Cu, 0.06 ppm Au from 6m
CANRC002: 188m @ 0.28% Cu, 0.07 ppm Au from 214m
CANRC003: 154m @ 0.37% Cu, 0.06 ppm Au from 36m
CANRC004: 10m @ 0.17% Cu, 0.07 ppm Au from 228m
CANRC005: 226m @ 0.22% Cu, 0.07 ppm Au from 4m
CANRC006: 138m @ 0.17% Cu, 0.03 ppm Au from 270m
CANRC007: 136m @ 0.25% Cu from 22m; 121m @ 0.26% Cu from 256m
CANRC008: 304m @ 0.30% Cu, 0.06 ppm Au from 34m
CANRC009: 130m @ 0.23% Cu from 18m; 242m @ 0.16% Cu from 166m
CANRC010: 274m @ 0.19% Cu from 36m
CANRC011: 124m @ 0.16% Cu from 18m; 126m @ 0.23% Cu from 226m
CANRC012: 324m @ 0.30% Cu, 0.07 ppm Au from 36m
CANRC013: 234m @ 0.30% Cu, 0.06 ppm Au from 110m
CANRC014: 330m @ 0.30% Cu, 0.06 ppm Au from 32m
CANRC016: 14m @ 0.14% Cu, 0.02 ppm Au from 278m
CANRC017: 150m @ 0.21% Cu, 0.05 ppm Au from 276m
CANRC018: 42m @ 0.20% Cu, 0.02 ppm Au from 14m
CANRC019: 314m @ 0.20% Cu, 0.04 ppm Au from 106m
CANRC021: 156m @ 0.16% Cu, 0.05 ppm Au from 2m
CANDD001: 144m @ 0.15% Cu, 0.04 g/t Au from 686m
CANDD002: 555m @ 0.26% Cu, 0.06 g/t Au from 5m
These intercepts are comparable to historical drilling at Cucho that confirm the presence of large, vertically extensive porphyry system⁹. Notably, historic drilling at Cucho averaged only 280m depth, with two holes ending in mineralisation and mineralisation remaining open in all directions, leaving significant untested potential.
The emerging Elida Copper Project, located 40 km from Cucho and owned by Element 29, demonstrates the region's prospectivity. Elida hosts an inferred resource of 321.7 Mt @ 0.32% Cu, 0.029% Mo and 2.6 g/t Ag, and recently reported one of the most significant porphyry holes in Peru; 1,489m @ 0.44% Cu, 0.04% Mo and 4.1 g/t Ag (ELID037), with grades increasing at depth¹⁰. Elida is now regarded as one of the most attractive undeveloped copper porphyry projects in South America.
Both Cucho and Elida share hallmark features of Andean porphyry copper-molybdenum systems: large multiphase intrusive centres, extensive hydrothermal alteration, strong geophysical signatures, and long copper intercepts beginning near surface with clear expansion potential at depth.
Additional advanced exploration in the region includes Vale's (NYSE: VALE) Umami Project, Alpayana's Antarumi Project, and ongoing base-metals exploration by Fortescue (ASX: FMG) adjacent to the Cucho concessions (see Figure 3).
Figure 3: Cucho project and regional exploration projects and programmes by FMG, Vale, Element 29 and Alpayana.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1134/282855_solisfig3.jpg
Next Steps
Milestones for the Cucho project for the first half of 2026:
Ongoing surface activities (mapping, exploration footprint expansions) to refine drill targets
Permitting (targeting completion by H1 2026)
Drilling commencement (targeting commencement late H1 2026)
Against an excellent backdrop of high copper and gold prices, Solis Minerals remains committed to delivery of its objective to Discover copper-gold resources that can host large-scale mining in one of the world's leading copper-gold regions.
ENDS
This announcement is authorised for release by the Board.
Contact
Mitch Thomas
Chief Executive Officer
Solis Minerals Limited
mthomas@solisminerals.com.au
+61 458 890 355
Media & Broker Enquiries:
Fiona Marshall
White Noise Communications
fiona@whitenoisecomms.com
+61 400 512 109
About Solis Minerals Limited
Solis Minerals is an emerging exploration company, focused on unlocking the potential of its South American copper-gold portfolio. The Company is led by a highly-credentialled and proven team with excellent experience across the mining lifecycle in South America. Solis Minerals is actively considering a range of copper and broader battery material opportunities. South America is a key player in the global export market for copper and Solis Minerals, under its leadership team, is strategically positioned to capitalise on growth opportunities within this mineral-rich region.
Forward-Looking Statements
This news release contains certain forward-looking statements that relate to future events or performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made 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.sedarplus.ca. 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
The technical information in this news release was reviewed by Dr. Paul Pearson, a Fellow of the Australian institute of Mining and Metallurgy (AusIMM), a qualified person as defined by National Instrument 43-101 (NI 43-101). Paul Pearson is the Head of Exploration for the Company.
Competent Person Statement
The information in this ASX release concerning Geological Information and Exploration Results is based on and fairly represents information compiled by Mr Paul Pearson, a Competent Person who is a Fellow of the Australasian Institute of Mining and Metallurgy. Mr Pearson is Head of Exploration 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 Pearson consents to the inclusion in this report of the matters based on information in the form and context in which it appears. Mr Pearson has provided his prior written consent regarding the form and context in which the Geological Information and Exploration Results and supporting information are presented in this Announcement.
Disclaimer
In relying on the above mentioned ASX announcement and pursuant to ASX Listing Rule 5.23.2, the Company confirms that it is not aware of any new information or data that materially affects the information included in the above-mentioned announcement.
1 Source: https://api.investi.com.au/api/announcements/slm/267d6ab3-063.pdf
2 Source: https://api.investi.com.au/api/announcements/slm/f0dc998f-9e4.pdf
3 Source: https://api.investi.com.au/api/announcements/slm/f0dc998f-9e4.pdf
4 Reference: https://api.investi.com.au/api/announcements/slm/267d6ab3-063.pdf
5 Reference: https://api.investi.com.au/api/announcements/slm/3c6d8897-42d.pdf
6 Reference: https://api.investi.com.au/api/announcements/slm/f0dc998f-9e4.pdf
7 Source: https://api.investi.com.au/api/announcements/slm/f0dc998f-9e4.pdf
8 References: CANRC001 - 008: https://investorhub.ausquest.com.au/announcements/6779925, 009 - 012:
https://investorhub.ausquest.com.au/announcements/7063246, 013 -021: https://investorhub.ausquest.com.au/announcements/7126919, D001 - 002: https://investorhub.ausquest.com.au/announcements/7321974
9 Comparisons with other projects or mines, including those that are in production or at a more advanced stage of development, are not intended to imply that the Company will achieve similar results, recoveries, or economic outcomes. The potential quantity and grade of any resource at Cucho is conceptual in nature, and there has been insufficient exploration to estimate a Mineral Resource. It is uncertain if further exploration will result in the estimation of a Mineral Resource. Investors should not place undue reliance on such comparisons.
10 Source: https://www.e29copper.com/projects/elida/
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/282855
Source: Solis Minerals Ltd.
Analyst, journalist, or company stakeholder? Sign up to receive news releases by email for Solis Minerals Ltd. or all companies in the Mining and Metals industry.
Solis Minerals Confirms Due Diligence Completed on Cucho
2026-02-05 12:08 PM EST
Solis Minerals Limited Registered as an Australian Company
2025-12-10 4:12 PM EST
Solis Announces Drilling to Commence at Cinto Copper Project
2025-12-10 4:05 PM EST
Apr 23, 2025
" EDGAR Next is one of the most significant shifts in SEC filing access in decades. If you miss the enrollment deadline, you could lose...
Economy, Business and Finance
Metal and Mineral
Mining
Mining and Metals