Mr. Daniel Earle reports

SOLARIS REPORTS FIRST DRILLING RESULTS FROM 2024 PROGRAM AND EXPLORATION UPDATE, INCLUDING 150M OF 0.67% CUEQ WITHIN 384M OF 0.51% CUEQ AND 284M OF 0.53% CUEQ FROM NEAR SURFACE

Solaris Resources Inc. has released the first drill results from its 2024 drilling program and an exploration update at its Warintza project in southeastern Ecuador.

Highlights

Drilling activities ramped up through the first quarter rainy season with six rigs now in operation at Warintza Central, East and Southeast and drilling expected to continue throughout the year in support of expanding and upgrading resources. In addition, follow-up exploration drilling is set to commence at the Patrimonio discovery and regional exploration is under way at the promising Caya epithermal gold target.

• SLS-76 was collared on the northeastern limit of the Northeast Extension zone and drilled northwest, returning 150 metres of 0.67 per cent copper equivalent within a broader interval of 384 m of 0.51 per cent CuEq, before the hole was terminated in lower-grade mineralization.
• SLSE-31 was collared on the southern margin of Warintza Southeast and drilled east to the approximately 300 m depth capacity of the KD-200 rig, returning 284 m of 0.53 per cent CuEq from near surface, with the final 10 m averaging 0.75 per cent CuEq and remaining open for extension drilling with a larger rig.
• SLS-75, drilled northeast from a new 200 m stepout platform at the Northeast Extension zone, returned 26 m of 0.52 per cent CuEq and 46 m of 0.66 per cent CuEq within a low-grade section from surface with a postmineral dike before a final 62 m mineralized interval averaging 0.51 per cent CuEq.
• SLSE-32 was collared on the northern margin of Warintza East and drilled north, returning 380 m of 0.31 per cent CuEq from surface within a broader interval of 634 m of 0.27 per cent CuEq where the hole cut the contact of the primary host lithology with bordering lower-grade volcanic rock.
• Exploration drilling is under way at Patrimonio to follow up on the discovery holes (144 m of 0.50 per cent CuEq and 148 m of 0.52 per cent CuEq, respectively -- refer to press release dated Sept. 12, 2023) while field crews expand sampling coverage over the highest-grade part of the anomaly to the south and down dip of the replacement mineralization to locate the potential porphyry source.
• Regional exploration programs are under way at the promising Caya epithermal gold target, located six kilometres to the northeast of Warintza East, where field crews are expanding sampling and alteration mapping to the west to cover an area where evidence of historical artisanal mining has been identified.
• Financed for 2024 and 2025 programs with the offtake financing package announced in December, with plans to aggressively expand activities and consolidate the surrounding district with funds from closing the strategic investment announced in January.

2024 drilling program and financing

The 2024 drilling program has progressively ramped up over the rainy season with approximately 700 m drilled in January, 1,800 m in February, 3,800 m in March and on track for 5,200 m in April with six rigs now in operation. A minimum of 30 km of drilling is planned in 2024, with a mineral resource update expected by the end of June, and drilling planned to continue thereafter.

The company is financed for its 2024 and 2025 programs with the offtake financing package announced in December. As at Dec. 31, 2023, the company had approximately $39-million (U.S.) in cash and equivalents, with an additional $40-million (U.S.) expected from its offtake financing package (refer to press release dated Dec. 11, 2023).

The company plans to aggressively expand activities and consolidate the surrounding district with financing from the closing of the strategic investment (refer to press release dated Jan. 11, 2024). The parties are continuing to work through the Canadian regulatory process to close the transaction and Solaris will update the market when it has a material update to provide.

Regional exploration: Caya epithermal gold target

Field crews have recently been active at the Caya target, where stream sediment sampling has identified a five km by three km gold anomaly, six km northeast of Warintza East. Soil sampling has defined an open-ended area of 0.7 km by 1.3 km in which anomalous gold and other epithermal pathfinder elements are concentrated and obscured by an overlying stratigraphic unit.

The soil anomaly coincides with clay alteration in which dickite is enclosed by high-crystalinity koalinite that grades outward into clay minerals that were developed at successively lower temperature. Such hydrothermal alteration zoning, combined with sporadic occurrences of vuggy silica that have been found, are typical of high-sulphidation epithermal systems.

The target is relatively flat-lying mineralization in permeable strata adjacent to feeder faults. Sampling conducted over the last month has extended the soil grid to the west to cover an area of historical disturbance from past artisanal mining. Given the flat-lying nature of the conceptual target, additional spectral work is being done to refine the alteration zoning in the volcanosedimentary layers that overlie the target. The company expects to report on the results of this work in more detail in June.

Technical information and quality assurance/quality control

Sample assay results have been independently monitored through a 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 Labs in Quito. Sample pulps are sent to ALS Labs in Lima, Peru, and Vancouver, Canada, for analysis. Total copper and molybdenum contents are determined by four-acid digestion with atomic absorption spectroscopy finish. Gold is determined by fire assay of a 30-gram charge. In addition, selected pulp check samples are sent to Bureau Veritas lab in Lima, Peru. Both ALS Labs and Bureau Veritas lab 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. Details on the surface sampling conducted at the project are set out in the technical report titled "NI 43-101 Technical Report for the Warintza Project, Ecuador (Amended)" with an effective date of April 1, 2022, prepared by Mario E. Rossi and available on the company's SEDAR+ profile and website. The drill hole data have been verified by Jorge Fierro, MSc, DIC, PG, using data validation and quality assurance procedures under high industry standards.

Qualified person

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

About Solaris Resources Inc.

Solaris is advancing a portfolio of copper and gold assets in the Americas, which includes a world-class copper resource with expansion and discovery potential at its Warintza project in Ecuador; a series of grassroots exploration projects with discovery potential in Peru and Chile; and significant leverage to increasing copper prices through its 60-per-cent interest in the La Verde joint venture project with a subsidiary of Teck Resources in Mexico.

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