Solis Minerals ticks off due diligence at Cucho ahead of maiden drill program high exploration potential confirmed
Solis Minerals Ltd (TSX-V:SLMN, ASX:SLM, OTCQB:SLMFF, FRA:08WA) has completed due diligence on its Cucho Copper Project in Peru, confirming high exploration potential and setting the project up for first drilling in late H1 2026.
A detailed geological review — combining historical drilling, core relogging, expanded surface mapping and updated geological modelling — supports Cucho as a potentially large-scale porphyry copper-molybdenum system.
Solis has identified potential for a globally significant copper deposit at Cucho and plans to progress the project rapidly into exploration drilling.
“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,” SLM CEO, Mitch Thomas, said.
“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.”
Map of Peru Solis Minerals’ exploration projects as well as development and operating projects held by major mining companies.
Cucho’s historical drilling totals about 2,000 metres across seven shallow diamond holes, with multiple long copper intervals starting near surface.
Highlighted intercepts include:
- COP14-07: 269.1 metres at 0.25% copper (from surface), including 19.9 metres at 0.36% copper from 13.6 metres
- COP14-06: 175.4 metres at 0.28% copper (from surface), including 91.2 metres at 0.33% copper (from surface)
- COP14-02: 178.7 metres at 0.23% copper from 38.6 metres
- COP14-01: 169.7 metres at 0.24% copper (from surface)
Historical holes averaged only 280 metres depth, with two holes ending in mineralisation and the system remaining open in all directions, leaving substantial untested potential at depth.
Re-interpretation of geophysics and surface work has outlined an expansive mineralisation footprint of about three kilometres by 1.8 kilometres, consistent with a district-scale porphyry system.
The company also flagged practical advantages: the project is about 40 kilometres from the coast and has access to established logistics and infrastructure, factors that can materially improve the efficiency and cost of exploration and potential development.
Cucho project and regional exploration projects and programmes by FMG, Vale, Element 29 and Alpayana.
As part of due diligence, Solis completed a permitting and concession review, progressed drill permitting applications, and completed additional technical work including geological modelling, core relogging, drone magnetometry (results targeted for Q1 2026), and expanded surface mapping that identified new mineralised areas.
The company is permitting around 14 drill pad locations, which it says will provide flexibility to sequence and refine drilling during the planned campaign.
Solis has renegotiated the Cucho earn-in terms to better align milestone payments with key exploration deliverables, including permitting and drilling, compared with the agreement announced on October 21, 2025.
- Exercise phase: Upfront cash has been reduced to US$100,000 (from US$300,000), payable in February 2026, alongside US$100,000 in share consideration, also due in February 2026. A previously required A$1,000,000 share payment has been deferred and split into A$500,000 payable once drill permits are granted and A$500,000 payable after drilling is completed. Solis’ equity on exercise has been adjusted to 10% to reflect the lower initial consideration.
- Drill permits phase: The cash payment on receipt of drilling permits has increased to US$300,000 (from US$200,000) and includes an additional A$500,000 in Solis shares deferred from the exercise stage. All payments at this stage are conditional on the company receiving the full suite of permits required to drill, taking JVCo equity to 30%.
- Drilling phase: Share consideration has increased by A$500,000 (representing the second half of the deferred exercise share payment), while the cash component remains US$200,000. Both payments are only triggered once a 5,000-metredrilling program is completed. JVCo equity rises to 51%, unchanged from the original deal structure.
No other changes have been made to the Cucho transaction terms.
Solis’ milestones for the first half of 2026 are:
- Ongoing surface work (mapping and footprint expansion) to refine drill targets
- Completion of permitting (targeted by H1 2026)
- Commencement of drilling (targeted late H1 2026)