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Solaris Reports 105m of 0.60% CuEq and 132m of 0.60% CuEq from Near Surface; Continued Expansion of Warintza East and Warintza Southeast

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Solaris Reports 105m of 0.60% CuEq and 132m of 0.60% CuEq from Near Surface; Continued Expansion of Warintza East and Warintza Southeast

 

 

 

 

 

Solaris Resources Inc. (TSX: SLS) (OTCQB: SLSSF) is pleased to report assay results from a series of holes aimed at growing mineral resources at the Warintza Project in southeastern Ecuador. Highlights are listed below, with a corresponding image in Figure 1 and results in Tables 1-2.

 

Highlights

 

Warintza East was discovered in July 2021, with eight drill holes included in the Warintza Central Mineral Resource Estimate¹ in April 2022. Subsequent drilling has significantly expanded the dimensions of the deposit, with drilling targeting further resource growth to the north, northeast, east and southwest.

  • SLSE-27 was collared on the eastern limit of the Warintza East drill grid and drilled vertically to the limit of the KD-200 rig, returning 132m of 0.60% CuEq² from near surface within a broader interval of 246m of 0.55% CuEq², bottoming in mineralization and remaining open at depth
  • SLSE-26 was collared 100m north of SLSE-27 and drilled vertically to the limit of the KD-200 rig, returning 212m of 0.52% CuEq² within a broader interval of 310m of 0.45% CuEq² from surface, ending in mineralization and remaining open at depth
  • Step-out and deeper drilling is planned with two platforms under construction and a further six scheduled to extend the drilling grid to the north, northeast, east, and southwest

 

Warintza Southeast was discovered in May 2023 as a distinct, higher-grade porphyry center to the south of Warintza East beyond the limit of the MRE and offers potential to add higher-grade mineral resources, with deeper drilling underway and significant step-outs to the southeast planned.

  • These holes follow discovery hole SLSE-28, which returned an open-ended interval of 301m of 0.65% CuEq² in a favourable andesite porphyry host (see press release dated June 1, 2023), and helps establish the geometry of the upper part of the system and vectors for further drilling
  • SLSE-29 was collared east of SLSE-28 and drilled southeast to the limit of the KD-200 rig through a less receptive intermineral diorite porphyry, returning 175m of 0.50% CuEq² within 289m of 0.40% CuEq² from near surface, with the final 105m averaging 0.60% CuEq² and open to depth
  • SLSE-30 was collared west of discovery hole SLSE-28 and drilled southeast to the limit of the KD-200 rig, returning 30m of 0.53% CuEq² from near surface within a broader interval of 275m of 0.48% CuEq², with the final 41m averaging 0.60% CuEq² and remaining open to depth
  • Deeper drilling targeting extensions of higher-grade intervals noted at the end of each hole is underway and two additional platforms are under construction for step-outs 250m and 500m to the southeast where XRF³ values of 0.3% to 0.5% Cu in andesite porphyry were recorded

 

Figure 1 – Plan View of Warintza East and Warintza Southeast Drilling Released to Date

 

 

Table 1 – Assay Results

 

Hole ID Date Reported From (m) To (m) Interval (m) Cu (%) Mo (%) Au (g/t) CuEq² (%)
SLSE-30 Jul 24, 2023 34 309 275 0.40 0.01 0.05 0.48
Including 34 64 30 0.42 0.02 0.05 0.53
Including 268 309 41 0.51 0.01 0.08 0.60
SLSE-29 20 309 289 0.31 0.02 0.05 0.40
Including 134 309 175 0.39 0.02 0.05 0.50
Including 204 309 105 0.49 0.02 0.07 0.60
SLSE-27 48 294 246 0.43 0.02 0.07 0.55
Including 50 182 132 0.47 0.02 0.06 0.60
SLSE-26 0 310 310 0.34 0.02 0.05 0.45
Including 24 236 212 0.40 0.02 0.06 0.52
SLSE-28 Jun 1, 2023 8 309 301 0.54 0.02 0.07 0.65
Including 278 309 31 0.68 0.01 0.07 0.76

Notes to table: True widths of the mineralized zone are not known at this time.

 

 

Table 2 – Collar Location

 

Hole ID Easting Northing Elevation
(m)
Depth
(m)
Azimuth
(degrees)
Dip
(degrees)
SLSE-30 801389 9647867 1184 309 150 -80
SLSE-29 801467 9647904 1180 309 150 -80
SLSE-28 801438 9647864 1162 309 0 -90
SLSE-27 801574 9648054 1218 294 0 -90
SLSE-26 801593 9648138 1153 310 0 -90

Notes to table: The coordinates are in WGS84 17S Datum.

 

Endnotes

1. Refer to Solaris’ technical report titled, “NI 43-101 Technical Report for the Warintza Project, Ecuador” with an effective date of April 1, 2022, prepared by Mario E. Rossi and filed on the Company’s SEDAR profile at www.sedar.com.
2. Copper-equivalence calculated as: CuEq (%) = Cu (%) + 4.0476 × Mo (%) + 0.487 × Au (g/t), utilizing metal prices of US$3.50/lb Cu, US$15.00/lb Mo, and US$1,500/oz Au, and assumes recoveries of 90% Cu, 85% Mo, and 70% Au based on preliminary metallurgical test work.
3. X-ray fluorescence (“XRF”) is a non-destructive analytical technique used to determine the elemental composition of materials such as drill core. XRF analyzers determine the chemistry of a sample by measuring the fluorescent (or secondary) X-ray emitted from a sample when it is excited by a primary X-ray source. It should be noted that the results only provide an indication of the amount of copper, molybdenum and gold present. Certified assaying of the core samples is still required to accurately determine the amount of base metal and precious metal mineralization.
   

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. XRF is a non-destructive analytical technique used to determine the elemental composition of materials such as drill core. XRF analyzers determine the chemistry of a sample by measuring the fluorescent (or secondary) X-ray emitted from a sample when it is excited by a primary X-ray source. It should be noted that the results only provide an indication of the amount of copper, molybdenum and gold present. Certified assaying of the core samples is still required to accurately determine the amount of base metal and precious metal mineralization. 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” with an effective date of April 1, 2022, prepared by Mario E. Rossi 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 a multi-asset exploration company, advancing a portfolio of copper and gold assets in the Americas, which includes: its primary focus, a world class large-scale resource with expansion and discovery potential at the Warintza Project in Ecuador; discovery potential at its Ricardo Project and Tamarugo Project in Chile; discovery potential at its Capricho and Paco Orco projects in Peru; and significant leverage to increasing copper prices through its 60% interest in the La Verde joint-venture project with a subsidiary of Teck Resources in Mexico.

 

Posted July 24, 2023

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