13:23:08 EDT Sat 10 Jun 2023
Enter Symbol
or Name

Solaris Resources Inc
Symbol SLS
Shares Issued 110,417,442
Close 2022-05-25 C$ 11.27
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Solaris drills 930 m of 0.77% CuEq at Warintza

2022-05-26 08:33 ET - News Release

Mr. Daniel Earle reports


Solaris Resources Inc. has released assay results from a series of holes aimed at upgrading and growing mineral resources at its Warintza project in southeastern Ecuador.

Highlights are listed herein, with detailed results outlined in an attached table.

Northeast extension

SLS-57 was collared at the northeastern limit of the Warintza Central grid and drilled northeast into an entirely open volume, returning 230 metres of 0.73 per cent copper equivalent from 56 m depth within a broader interval of 926 m of 0.61 per cent CuEq from surface, extending the zone 200 m to the northeast, where it remains open.

Additional drilling aimed at expanding the zone to the north from this platform and broadening the zone with holes from the platform located 200 m to the west, where SLS-48 returned 100 m of 1.64 per cent CuEq from 50 m depth within 852 m of 0.56 per cent CuEq, has been completed, with assays pending.

The northeast extension zone is characterized by near-surface, high-grade mineralization and represents a priority target for growth of the indicative starter pit, which was recently estimated at 180 million tonnes at 0.82 per cent CuEq (indicated) and 107 million tonnes at 0.73 per cent CuEq (inferred) within the Warintza mineral resource estimate.

Warintza Central

A limited program of follow-up drilling at Warintza Central within the MRE envelope is aimed at upgrading targeted volumes that the geological model predicts hold the potential for higher grades than the MRE reflects, as well as increasing the confidence of mineral resources in the inferred category.

SLS-56 was collared from the southeastern portion of the grid and drilled east, returning 102 m of 0.9 per cent CuEq from 48 m depth within a broader interval aimed at adding definition to the southern portion of the overlap between the Warintza Central and Warintza East deposits.

SLS-60 was collared from the central portion of the grid and drilled south, returning 154 m of 0.9 per cent CuEq from 70 m depth within a broader interval of 829 m of 0.58 per cent CuEq from 44 m depth.

SLS-61 was collared from the south-central portion of the grid and drilled southwest, returning 930 m of 0.77 per cent CuEq from surface, successfully infilling data in this area.

SLS-58 was collared from the south-central portion of the grid and drilled northeast into an area that the exploration model predicted could be upgraded, successfully returning 741 m of 0.62 per cent CuEq from 102 m depth, improving on the grade modelled in this volume.

SLS-59 was collared from the southwestern portion of the grid and drilled northeast, returning 238 m of 0.85 per cent CuEq from near surface within a broader interval of 511 m of 0.73 per cent CuEq from surface.

Jorge Fierro, vice-president, exploration, commented: "Ongoing follow-up drilling from existing and newly constructed platforms aims to expand on the northeast extension zone and grow the high-grade indicative starter pit, while also targeting areas within Warintza Central, where resource classification can be upgraded with targeted drilling. In addition, we have completed a considerable amount of drilling from our recent Warintza East discovery targeting major growth, with assays pending."

Technical information and quality assurance/quality control

Sample assay results have been independently monitored through a quality assurance/quality control 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 in Quito. Sample pulps are sent to ALS 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 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. The drill hole data have been verified by Jorge Fierro, MSc, DIC, PG, using data validation and quality assurance/quality control procedures under high industry standards.

Qualified person

The scientific and technical content of this press release has been reviewed and approved by Jorge Fierro, MSc, DIC, PG, vice-president of exploration at Solaris, a qualified person as defined in National Instrument 43-101 -- Standards of Disclosure for Mineral Projects. Mr. Fierro is a registered professional geologist through SME (registered member No. 4279075).

About Solaris Resources Inc.

Solaris is advancing a portfolio of copper assets in the Americas, focused on its Warintza project in Ecuador, which 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 through its portfolio projects: Capricho and Paco Orco in Peru; Ricardo via 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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