Mr. Michael Parker reports

SOLIS MINERALS ENCOUNTERS COPPER MINERALISATION ENCOUNTERED DURING RECONNAISSANCE AT CANYON PROJECT

Solis Minerals Ltd. has provided an update on exploration activities at the Canyon project in Peru.

Initial reconnaissance activities have commenced at the Canyon project with sampling confirming the presence of copper oxide mineralization. The mineralization was found in joints and faults in road-cuts over a distance of approximately 400 metres in discontinuous patches.

Two samples returned high values of copper and molybdenum, indicating a porphyry-style mineralization. Some quartz-veining and alteration were also observed in porphyritic quartz granodiorites, indicating the primary controls on mineralization. As well as providing an obvious follow-up target, this mineralized zone presents as an excellent pathfinder to roll out exploration over the entire 25,600-hectare tenement package.

Executive director Mike Parker commented: "First-pass reconnaissance work at our Canyon project has commenced, and we are pleased to have found widespread evidence of copper oxides so early on. The geology is intriguing, and we are quickly developing our understanding of some controls on the copper oxide distribution.

"Our follow-up work at Canyon will include remote sensing, mapping and rock geochemistry aimed at defining the most prospective zones within our large 25,600-hectare application area. It's an exciting time for Solis as we move forward with our vectoring and targeting strategy."

An initial reconnaissance visit to the Canyon project has confirmed the presence of copper oxides in intrusive rocks in a zone adjacent to a major cross-fault. The copper oxides were observed sporadically in road-cuts over a zone of approximately 400 m in length, trending in a north-northwest direction, and are predominantly present as fracture and joint fills in largely unaltered porphyritic quartz granodiorites.

This area is 4.5 kilometres southeast of previous exploration drilling that was permitted in 2013. No results of this drilling have been located for confirmation. Continuing along this north-northwest trend beyond the tenement boundaries are the known copper oxide occurrences of Los Pinos (14.5 km) and Nispero (21.0 km).

The extent of the mineralized zone encountered is undefined, and the oxides occur in distinct discontinuous patches from 0.5 to three metres in size. No quantitative estimate of mineralization is feasible due to the nature of the outcrops, the evident discontinuities, ubiquitous dust and the early reconnaissance nature of the geological inspection. Follow-up in this area will include detailed mapping, undertaken to add to geological understanding of the copper oxide occurrences and aiding the rollout of additional exploration strategies across the entire tenement package.

The assays obtained from two rock samples are shown in the attached table.

The host rocks are characterized by large (up to five millimetres) euhedral hexagonal primary biotite crystals and partially weathered pyrites. Whilst the copper mineralization is predominantly a secondary weathering product, inspection of the area shows some potassic alteration related to veining and the presence of less-than-five-millimetre-wide sugary-textured quartz veins with weathered copper oxides, which may indicate a primary source of the mineralization. On a larger scale, distinct zones of late crosscutting porphyritic diorite dikes up to 30 metres wide appear to have a spatial, roughly parallel relationship with the presence of Cu oxides observed in the joints and fracture zones.

This area was sampled and returned assays of 0.53 per cent copper and 0.023 per cent molybdenum.

Next steps

Following the positive reconnaissance at Canyon, Solis will initiate work programs including remote sensing, mapping and rock geochemistry to vector in on the most prospective areas.

The corridor that appears to be most favourable due to previous exploration, and the presence of known occurrences has a strike length of 25 km in the application area. In addition, potential for the existence of parallel corridors adds considerable exploration prospectivity and will be subject to further evaluation.

Canyon project

Solis has made applications for 27 exploration concessions, totalling 25,600 hectares, in a contiguous block known as the Canyon project. The target is copper porphyry mineralization, principally oxides, situated on a northwest-southeast prospective trend with known porphyry occurrences just outside of the application area, as well as reported exploration activities within the area itself.

The application area contains a belt of intrusive rocks identified as the Coastal intrusive belt containing various coastal batholiths that stretch from the Ecuadorean border in the north to the Chilean border in the south along the coast of Peru.

These rocks, of late Jurassic to Cretaceous age, host (from south to north) Solis's Ilo projects (Ilo Este, Chocolate and Chancho Al Palo) as well as important copper deposits of Tia Maria and Zafranal in Arequipa, the Almacen prospect eight km southeast of the applications, and the Los Pinos project for km northwest, and several other Cu projects and prospects. Additionally, the Canyon applications are bound to the east by the operating Cerro Lindo volcanogenic massive sulphide mine.

The application area is approximately 22 km by 12 km, and the geology predominantly consists of granodiorite and tonalite. These intrusive rocks dip steeply to the west with structures aligned along northwest-southeast strike. Prominent high-angle faults cut across strike and seem to localize the occurrences of porphyry-style mineralization within the intrusive rocks.

Exploration and drilling pipeline

Solis is advancing its portfolio of targets in the Coastal intrusive belt of Peru to targeted drilling programs, subject to securing permits from authorities.

About Solis Minerals Ltd.

Solis is an emerging exploration company, focused on unlocking the potential of its South American critical mineral portfolio. The company is building a significant copper portfolio around its core tenements of Ilo Este and Ilo Norte and elsewhere in the Coastal intrusive belt of Peru and currently holds 76 exploration concessions for a total of 65,100 hectares (42 concessions granted with 34 applications in process). The company is led by a highly credentialled and proven team with excellent experience across the mining life cycle in South America. Solis is actively considering a range of new opportunities across varied commodities and jurisdictions. South America is a key player in the global export market for critical minerals, and Solis, under its leadership team, is strategically positioned to capitalize on growth the opportunities within this mineral-rich region.

Qualified person statement

The technical information in this news release was reviewed by Michael Parker, a fellow of the Australian institute of Mining and Metallurgy (AusIMM), a qualified person as defined by National Instrument 43-101.

Competent person statement

The information in this Australian Securities Exchange release concerning geological information and exploration results is based on and fairly represents information compiled by Mr. Parker, a competent person who is a fellow of the Australasian Institute of Mining and Metallurgy. Mr. Parker is an employee of Solis, and has sufficient experience which is relevant to the style of mineralization 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. Parker consents to the inclusion in this report of the matters based on information in the form and context in which it appears. Mr. Parker 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.

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