13:13:55 EDT Sat 10 Jun 2023
Enter Symbol
or Name

Solaris Resources Inc
Symbol SLS
Shares Issued 108,850,567
Close 2022-04-14 C$ 14.65
Recent Sedar Documents

Solaris's Warintza at 579 Mt of 0.59% CuEq indicated

2022-04-18 09:16 ET - News Release

Mr. Daniel Earle reports


Solaris Resources Inc. has provided an updated mineral resource estimate (MRE) for the Warintza Central deposit at its Warintza project in southeastern Ecuador.

Highlights are listed as follows and detailed results are shown in the attached table.


  • In-pit indicated mineral resources of 579 million tonnes at 0.59 per cent copper equivalent and inferred mineral resources of 887 million tonnes at 0.47 per cent copper equivalent above a 0.3-per-cent-copper-equivalent cut-off grade;
  • Includes indicative starter pit comprising indicated mineral resources of 180 million tonnes at 0.82 per cent copper equivalent and inferred mineral resources of 107 million tonnes at 0.73 per cent copper equivalent above a 0.6-per-cent-copper-equivalent cut-off grade;
  • High quality -- expected low strip ratio indicative of starter pit and ultimate pit, zoned from high grade at surface to low grade at depth, consistent, clean sulphide mineralogy free of deleterious elements;
  • High-grade growth -- continuing drilling focused on open extensions of near-surface, high-grade mineralization to the northeast and southeast of Warintza Central;
  • Superpit growth -- Warintza Central pit shell includes overlapping portion of Warintza East, discovered mid-2021, a target wide open for major growth potential within a shared pit;
  • Cluster potential -- Warintza Central forms part of a seven-kilometre-by-five-kilometre cluster of porphyry deposits, where, in addition to East, recent discoveries at West and South offer major growth potential;
  • Structural advantages -- set within mining district featuring access to highway, abundant and low-cost hydroelectric power, fresh water, labour and low elevation.

Daniel Earle, president and chief executive officer, commented: "After only 18 months of drilling, primarily in Warintza Central, one of the four major discoveries made on the property to date, the MRE establishes baseline credentials for the project of hosting a robust inventory, featuring a high-grade indicative starter pit and low strip ratio, within a mining district offering major structural advantages from highway access, abundant and low-cost hydroelectric power, fresh water, labour, and low elevation. Ongoing drilling is targeting further rapid growth, with an emphasis on the open extensions of near-surface, high-grade mineralization at Warintza Central and expanding our recent Warintza East discovery to include it within a shared pit while testing the further potential within the cluster."

The corresponding technical report disclosing the MRE in accordance with National Instrument 43-101, Standards of Disclosure for Mineral Projects, will be prepared by Mario E. Rossi, a qualified person, and available on SEDAR under the company's profile on SEDAR within 45 days of this news release.

Resource estimation methodology and parameters

Indicated mineral resources were defined where the nominal drill hole spacing is 120 metres. The classification reflects not only the drill spacing but the confidence level in the continuity of the grade and the geometry of the deposit. Inferred mineral resources were defined by blocks, which were estimated with less stringent requirements within search ellipses defined for each domain to a maximum distance of 350 metres. Resources include grade capping and internal dilution. Grade was interpolated by ordinary kriging populating a block model with block dimensions of 25 metres by 25 metres by 15 metres. The indicated and inferred mineral resources are classified in a manner that is consistent with the May 10, 2014, CIM (Canadian Institute of Mining, Metallurgy and Petroleum) Definition Standards for Mineral Resources and Mineral Reserves. Mineral resources that are not mineral reserves do not have demonstrated economic viability. In Mr. Rossi's opinion, there are currently no relevant factors or legal, political, environmental or other risks that could materially affect the potential development of the mineral resources.

Quality control and quality assurance

Sample assay results have been independently monitored through a quality control/quality assurance (QA/QC) program that includes the insertion of blind certified reference materials (standards), blanks and field duplicate samples. Logging and sampling are completed at a secured company facility located in Quito, Ecuador. Drill core is cut in half on site and samples are securely transported to ALS's lab in Quito. Sample pulps are sent to ALS's labs in Lima, Peru, and Vancouver, Canada, for analysis. Total copper and molybdenum contents are determined by four-acid digestion with AAS finish. Gold is determined by fire assay of a 30-gram charge. In addition, selected pulp check samples are sent to Bureau Veritas's lab in Lima, Peru. Both ALS and Bureau Veritas are independent of Solaris. Solaris is not aware of any drilling, sampling, recovery or other factors that could materially affect the accuracy or reliability of the data referred to herein. Mr. Rossi verified the data disclosed, including sampling, analytical and test data underlying the information included in this news release, by personally inspecting the drill core use in the MRE and performing a number of checks to confirm the accuracy of such data. In addition, Mr. Rossi reviewed the QA/QC reports from the company's drill programs and noted that there were no issues that arose that would affect confidence with the assay data. Mr. Rossi considers the sampling method appropriate for the deposit type, adequate security and QA/QC measures were maintained, and samples are representative of the existing mineralization.

Qualified person

The MRE was prepared and the scientific and technical information in this news release was approved by independent qualified person, Mario E. Rossi, FAusIMM, SME, IAMG, principal geostatistician of Geosystems International Inc. (GSI). Mr. Rossi is a qualified person pursuant to NI 43-101 and is independent of Solaris Resources under Section 1.5 of NI 43-101. Mr. Rossi has over 30 years of experience in mining and geostatistics, mineral resource and reserves estimation, and audits and reviews in over 100 mining projects at various stages of development and operation. GSI is an independent, international mining consulting practice offering services specializing in porphyry deposits from exploration through feasibility, mine planning and production.

About Solaris Resources Inc.

Solaris is advancing a portfolio of copper assets in the Americas, focused on its Warintza project in Ecuador that features a broad cluster of outcropping copper porphyry deposits anchored by a large-scale, high-grade open-pit resource inventory at Warintza Central. Continuing efforts are focused on rapid resource growth and further discovery drilling. The company offers additional discovery potential at its portfolio projects, Capricho and Paco Orco in Peru, as well as Ricardo through joint venture with Freeport-McMoRan and Tamarugo in Chile; and significant leverage to increasing copper prices through its 60-per-cent interest in the La Verde joint venture with Teck Resources in Mexico.

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