Solaris Reports 1,029m of 0.73% CuEq From Surface, Expands Warintza Central to +1,100m Strike; Maiden Drilling Set to Commence at Warintza East
May 26, 2021 – Vancouver, B.C. – Solaris Resources Inc. (TSX: SLS; OTCQB: SLSSF) ("Solaris" or the "Company") is pleased to report assay results from a series of additional holes from the ongoing resource growth and discovery drilling programs at its Warintza Project (“Warintza” or “the Project”) in south-eastern Ecuador.
Highlights are listed below, with corresponding images in Figures 1-3 and detailed results in Tables 1-2. A dynamic 3D model is available on the Company’s website and will be updated for the latest results.
- Three additional holes at Warintza Central, as detailed below, have extended the drill defined envelope of high-grade mineralization to the east and west over a strike length of over 1,100m and open and to a depth up to 1,200m, with the highest-grade mineralization starting at surface
- SLS-21 was collared on the eastern side of Warintza Central and drilled into an open volume to the east, returning 1,029m of 0.73% CuEq¹, including 420m of 0.83% CuEq¹ from surface, extending the limits of mineralization to the east, with the hole terminating prematurely in mineralized porphyry
- SLS-22 was collared on the north-western side of Warintza Central and drilled into an open volume to the west, returning 238m of 0.68% CuEq¹, including 100m of 0.77% CuEq¹, extending the limits of mineralization in this direction
- SLS-23 was collared on the south-western side of Warintza Central and drilled to the west, returning 548m of 0.42% CuEq¹, including 352m of 0.46% CuEq¹ from surface, extending the limit of mineralization in this direction
- Maiden drilling is set to commence at Warintza East, which is one of the five main targets within the 5km x 5km cluster of copper porphyries identified on the property and has a similar geochemical and geophysical expression as Warintza Central
- To date, 31 holes have been drilled at Warintza Central with results reported for 22 of these. Unusually heavy rain in Ecuador has significantly impacted the pace of drilling productivity and platform construction over recent months, however weather conditions are now sporadically improving and the planned ramp-up of drilling activities is expected to resume
Mr. Jorge Fierro, Vice President, Exploration, commented: “Our latest drilling continues to expand Warintza Central towards our goal of defining a large, high-grade, open pit resource supported by a robust dataset. The first-ever drill program set to commence at Warintza East is a major milestone in our exploration program, and we note the similarity of the target to Warintza Central in geochemical and geophysical expression.”
Warintza East is located approximately 1km east of Warintza Central at slightly lower elevation with gentler topography. The first hole, SLSE-01, is being collared in weathered porphyry stockwork mineralization uncovered by earthworks during drilling platform construction.
The target is defined by overlapping copper and molybdenum anomalies, measuring approximately 1,200m in diameter, with similar values to Warintza Central. Importantly, the corresponding high-conductivity anomaly extends continuously from Warintza Central through the target to the east (refer to Figure 1).
Figure 1 – Long Section of 3D Geophysics Looking Northeast
Note to Figure 1: Figure looks northeast and depicts high-conductivity geophysical anomaly (defined at 100 ohm-m) generated from 3D inversion of electromagnetic data, encompassing from left to right Warintza West, Central, East and the newly-discovered Yawi target (Warintza South lies off image to south).
Figure 2 – Long Section of Warintza Central Drilling Looking Southeast
Figure 3 – Plan View
Table 1 – Warintza Central Assay Results
|Hole ID||Date Reported||From (m)||To (m)||Interval (m)||Cu (%)||Mo (%)||Au (g/t)||CuEq¹ (%)|
|SLS-23||May 26, 2021||10||558||548||0.31||0.02||0.06||0.42|
|SLS-20||April 19, 2021||18||706||688||0.35||0.04||0.05||0.51|
|SLS-16||Mar 22, 2021||20||978||958||0.63||0.03||0.06||0.77|
|SLS-13||Feb 22, 2021||6||468||462||0.80||0.04||0.09||1.00|
|SLS-08||Jan 14, 2021||134||588||454||0.51||0.03||0.03||0.62|
|SLS-06||Nov 23, 2020||8||892||884||0.50||0.03||0.04||0.62|
|SLS-03||Sep 28, 2020||4||1014||1010||0.59||0.02||0.10||0.71|
|SLS-01||Aug 10, 2020||1||568||567||0.80||0.04||0.10||1.00|
|Notes to table: Results for SLS-19 delayed by geotechnical issues but are expected in the near future. Grades are uncut and true widths have not been determined.|
Table 2 – Collar Locations for New Drill Holes
|Hole ID||Easting||Northing||Elevation (m)||Depth (m)||Azimuth (degrees)||Dip (degrees)|
|Notes to table: The coordinates are in WGS84 17S Datum.|
Technical Information and Quality Control & 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 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 AAS finish. Gold is determined by fire assay of a 30-gram charge. ALS Labs is independent from Solaris. In addition, selected pulp check samples are sent to Bureau Veritas lab in Lima, Peru. 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 scientific and technical content of this press release and the sampling, analytical and test data underlying the scientific and technical content has been compiled, reviewed, approved, and verified by Donald Taylor, MSc., PG, Director of Solaris who is a “Qualified Person” as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects. Donald Taylor is a Registered Professional Geologist through the SME (registered member #4029597). The data was verified using data validation and quality assurance procedures under high industry standards. ZTEM data quality was validated by a qualified external professional.
On behalf of the Board of Solaris Resources Inc.
President & CEO, Director
For Further Information
Jacqueline Wagenaar, VP Investor Relations
Direct: 416-366-5678 Ext. 203
About Solaris Resources Inc.
Solaris is advancing a portfolio of copper and gold assets in the Americas, which includes: a high-grade resource with expansion and additional discovery potential at the Warintza copper and gold project in Ecuador; discovery potential on the grass-roots Tamarugo project in Chile and Capricho and Paco Orco projects in Peru; exposure to US$130M spending / 5-yrs through a farm-out agreement with Freeport-McMoRan on the Ricardo Project in Chile; and significant leverage to increasing copper prices through the 60%-interest in the development-stage La Verde joint-venture project with Teck Resources in Mexico.
Cautionary Notes and Forward-looking Statements
This document contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively “forward-looking statements”). The use of the words “will” and “expected” and similar expressions are intended to identify forward-looking statements. These statements include statements regarding our intent, or the beliefs or current expectations of our officers and directors, including statements the dynamic 3D model on the Company’s website will be updated for the latest results, and that the planned ramp-up of drilling activities is expected to resume. Although Solaris believes that the expectations reflected in such forward-looking statements and/or information are reasonable, readers are cautioned that actual results may vary from the forward-looking statements. These statements are based on a variety of assumptions including assumptions made about the Company’s ability to advance exploration efforts at the Warintza Project; the results of such exploration efforts; and the Company’s ability to achieve its growth objectives. These statements also involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements, including the risks, uncertainties and other factors identified in the Solaris Management’s Discussion and Analysis for the year ended December 31, 2020 available at www.sedar.com. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and Solaris does not undertake any obligation to publicly update or revise any of these forward-looking statements except as may be required by applicable securities laws.
(1) No adjustments were made for recovery as the project is an early-stage exploration project and metallurgical data to allow for estimation of recoveries is not yet available. Solaris defines copper equivalent calculation for reporting purposes only. Copper-equivalence calculated as: CuEq (%) = Cu (%) + 3.33 × Mo (%) + 0.73 × Au (g/t), utilizing metal prices of Cu - US$3.00/lb, Mo - US$10.00/lb and Au - US$1,500/oz.