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Solaris Adds to Near Surface, High-Grade Northeast and Southeast Extensions, Priorities for Further Growth Beyond Mineral Resource

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Solaris Adds to Near Surface, High-Grade Northeast and Southeast Extensions, Priorities for Further Growth Beyond Mineral Resource

 

 

 

 

 

Solaris Resources Inc. (TSX: SLS) (OTCQB: SLSSF) is pleased to report assay results from a series of additional holes from mineral resource growth drilling at its Warintza Project in southeastern Ecuador.

 

Highlights are listed below, with a corresponding image in Figure 1 and detailed results in Tables 1-2. A dynamic 3D model is available on the Company’s website and will be updated to incorporate the most recent results.

 

Highlights

 

Additional drilling has expanded the growing northeast extension area, which remains open with follow-up and step-out drilling underway. This zone is characterized by near surface, high-grade mineralization, as detailed below, at the northeastern limit of drilling at Warintza Central and represents a priority target for further growth.

  • SLS-54 was collared at the northeastern limit of the grid and drilled into an open volume near surface, returning 356m of 0.73% CuEq¹ from 50m depth within a broader interval of 1,093m of 0.56% CuEq¹ from surface
  • This follows from near surface, high-grade mineralization previously reported (refer to press releases dated February 28, 2022, December 14, 2021 and October 25 & 12, 2021) from:
    • SLS-49 – 396m of 0.70% CuEq¹ from 50m depth within 817m of 0.60% CuEq¹
    • SLS-48 – 100m of 1.64% CuEq¹ from 50m depth within 852m of 0.56% CuEq¹
    • SLS-42 – 740m of 0.60% CuEq¹ from 52m depth within 906m of 0.53% CuEq¹
    • SLS-38 – 244m of 0.70% CuEq¹ from 58m depth within 822m of 0.35% CuEq¹
    • SLS-34 – 242m of 0.67% CuEq¹ from 52m depth within 660m of 0.47% CuEq¹
    • SLS-32 – 372m of 0.64% CuEq¹ from 46m depth within 618m of 0.48% CuEq¹
  • Follow-up drilling from existing platforms is underway, with a 260m northeast step-out platform recently completed and a second platform stepping out further to the northeast under construction

 

Additional drilling has expanded the growing southeast extension area, which remains open in near surface, high-grade mineralization.

  • SLS-52 was collared on the eastern side of the grid and drilled southeast into an open volume near surface, returning 482m of 0.62% CuEq¹ from 96m depth, within a broader interval of 977m of 0.45% CuEq¹ from near surface that infilled drilling at depth
  • SLS-53 was collared from a southeastern platform and drilled south into an open volume near surface, returning 176m of 0.78% CuEq¹ from 16m depth, within a broader interval of 957m of 0.46% CuEq¹ from 10m depth that infilled drilling at depth
  • This follows from near surface, high-grade mineralization previously reported (refer to press releases dated February 28, 2022, December 14, 2021 and November 15, 2021) from:
    • SLS-45 – 236m of 0.56% CuEq¹ from 44m depth within 564m of 0.41% CuEq¹
    • SLS-39 – 368m of 0.73% CuEq¹ from 90m depth within 915m of 0.56% CuEq¹
    • SLS-35 – 326m of 0.80% CuEq¹ from 50m depth within 920m of 0.62% CuEq¹
  • Additional platform construction to support follow-up and step-out drilling to test the further southeast extension of near surface, high-grade mineralization is planned, following the release of the updated mineral resource estimate
  • SLS-51 was collared from the south-central portion of the grid and drilled east into an open volume at surface, returning 918m of 0.50% CuEq¹ from 130m depth within a broader interval of 1,012m of 0.47% CuEq¹ from near surface that infilled drilling at depth

 

Updated Warintza Central Mineral Resource Estimate expected to be issued in April.

 

To date, 62 holes have been completed at Warintza Central with assays reported for 54 of these.

 

Mr. Jorge Fierro, Vice President, Exploration, commented: “These final holes expand on two key growth areas with near surface, high-grade mineralization on the edge of resource drilling that remains open. These holes will be included in the forthcoming resource update; further extensions to the northeast and southeast represent priority targets for further growth with step-out drilling commencing shortly.”

 

Figure 1 is available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/25069f9c-87fa-45b2-bfed-16c8ba93cc83

 

Table 1 – Assay Results

 

Hole ID Date Reported From (m) To (m) Interval (m) Cu (%) Mo (%) Au (g/t) CuEq¹ (%)
SLS-54 Apr 4, 2022 0 1093 1093 0.45 0.02 0.04 0.56
Including 50 406 356 0.62 0.02 0.05 0.73
SLS-53 10 967 957 0.39 0.01 0.03 0.46
Including 16 192 176 0.65 0.03 0.04 0.78
SLS-52 42 1019 977 0.39 0.01 0.03 0.45
Including 96 578 482 0.55 0.01 0.03 0.62
SLS-51 36 1048 1012 0.38 0.01 0.06 0.47
Including 130 1048 918 0.41 0.01 0.05 0.50
SLS-50 336 458 122 0.14 0.04 0.03 0.30
SLS-49 Feb 28, 2022 50 867 817 0.50 0.02 0.04 0.60
SLS-48 50 902 852 0.45 0.02 0.05 0.56
SLS-47 48 859 811 0.41 0.02 0.05 0.51
SLS-46 48 680 632 0.27 0.01 0.03 0.31
SLS-45 44 608 564 0.37 0.01 0.03 0.41
SLS-44 6 524 518 0.16 0.05 0.03 0.35
SLS-43 138 350 212 0.17 0.03 0.03 0.30
SLS-42 52 958 906 0.42 0.02 0.06 0.53
SLSS-01 Jan 18, 2022 0 755 755 0.28 0.02 0.02 0.36
SLS-41 Dec 14, 2021 0 592 592 0.42 0.02 0.06 0.52
SLS-40 8 1056 1048 0.39 0.01 0.03 0.46
SLS-39 28 943 915 0.49 0.01 0.04 0.56
SLS-38 58 880 822 0.28 0.01 0.05 0.35
SLS-37 28 896 868 0.39 0.05 0.05 0.58
SLS-36 Nov 15, 2021 2 1082 1080 0.33 0.01 0.04 0.41
SLS-35 48 968 920 0.53 0.02 0.04 0.62
SLS-34 Oct 25, 2021 52 712 660 0.36 0.02 0.06 0.47
SLS-33 40 762 722 0.55 0.03 0.05 0.69
SLSE-02 0 1160 1160 0.20 0.01 0.04 0.25
SLS-32 Oct 12, 2021 0 618 618 0.38 0.02 0.05 0.48
SLS-31 8 1008 1000 0.68 0.02 0.07 0.81
SLS-30 2 374 372 0.57 0.06 0.06 0.82
SLSE-01 Sep 27, 2021 0 1213 1213 0.21 0.01 0.03 0.28
SLS-29 Sep 7, 2021 6 1190 1184 0.58 0.02 0.05 0.68
SLS-28 6 638 632 0.51 0.04 0.06 0.68
SLS-27 22 484 462 0.70 0.04 0.08 0.91
SLS-26 July 7, 2021 2 1002 1000 0.51 0.02 0.04 0.60
SLS-25 62 444 382 0.62 0.03 0.08 0.77
SLS-24 10 962 952 0.53 0.02 0.04 0.62
SLS-19 6 420 414 0.21 0.01 0.06 0.31
SLS-23 May 26, 2021 10 558 548 0.31 0.02 0.06 0.42
SLS-22 86 324 238 0.52 0.03 0.06 0.68
SLS-21 2 1031 1029 0.63 0.02 0.04 0.73
SLS-20 April 19, 2021 18 706 688 0.35 0.04 0.05 0.51
SLS-18 78 875 797 0.62 0.05 0.06 0.83
SLS-17 12 506 494 0.39 0.02 0.06 0.50
SLS-16 Mar 22, 2021 20 978 958 0.63 0.03 0.06 0.77
SLS-15 2 1231 1229 0.48 0.01 0.04 0.56
SLS-14 0 922 922 0.79 0.03 0.08 0.94
SLS-13 Feb 22, 2021 6 468 462 0.80 0.04 0.09 1.00
SLS-12 22 758 736 0.59 0.03 0.07 0.74
SLS-11 6 694 688 0.39 0.04 0.05 0.57
SLS-10 2 602 600 0.83 0.02 0.12 1.00
SLS-09 122 220 98 0.60 0.02 0.04 0.71
SLSW-01 Feb 16, 2021 32 830 798 0.25 0.02 0.02 0.31
SLS-08 Jan 14, 2021 134 588 454 0.51 0.03 0.03 0.62
SLS-07 0 1067 1067 0.49 0.02 0.04 0.60
SLS-06 Nov 23, 2020 8 892 884 0.50 0.03 0.04 0.62
SLS-05 18 936 918 0.43 0.01 0.04 0.50
SLS-04 0 1004 1004 0.59 0.03 0.05 0.71
SLS-03 Sep 28, 2020 4 1014 1010 0.59 0.02 0.10 0.71
SLS-02 0 660 660 0.79 0.03 0.10 0.97
SLS-01 Aug 10, 2020 1 568 567 0.80 0.04 0.10 1.00
Notes to table: True widths cannot be determined at this time.

 

 

Table 2 – Collar Location

 

Hole ID Easting Northing Elevation (m) Depth (m) Azimuth (degrees) Dip (degrees)
SLS-54 800383 9648303 1412 1093 160 -74
SLS-53 800126 9648032 1566 967 170 -82
SLS-52 800258 9648097 1559 1019 110 -75
SLS-51 799873 9648008 1632 1048 85 -70
SLS-50 799870 9648315 1414 768 80 -75
Notes to table: The coordinates are in WGS84 17S Datum.

 

(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.

 

Technical Information and Quality Control & Quality Assurance

 

Sample assay results have been independently monitored through a quality control/quality assurance 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. 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. ZTEM data quality was validated by a qualified external professional using data validation procedures under high industry standards, and the Company therefore did not deem it necessary to have such ZTEM data verified by a Qualified Person. Analytical data for the surface samples collected are from recent interpretations derived from ZTEM data and from previous operators as detailed in the technical report entitled, “Resource Estimate of the Warintza Central Cu-Mo Porphyry Deposit” prepared by Equity Exploration Consultants Inc. with an effective date of December 13, 2019, and available on the Company’s SEDAR profile and website. The drillhole data has been verified by Jorge Fierro, M.Sc., 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 Jorge Fierro, M.Sc., 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. Jorge Fierro is a Registered Professional Geologist through the SME (registered member #4279075).

 

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 its 60%-interest in the La Verde joint-venture project with Teck Resources in Mexico.

 

Posted April 4, 2022

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