The Prospector News

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

You have opened a direct link to the current edition PDF

Open PDF Close
Uncategorized

Share this news article

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. (TSX: SLS) (NYSE: SLSR) is pleased to report the first drill results from its 2024 drilling program and an exploration update at its Warintza Project in southeastern Ecuador. Highlights are listed below, with a corresponding image in Figures 1-2 and results in Tables 1-2.

 

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 underway at the promising Caya epithermal gold target.

  • SLS-76 was collared on the northeastern limit of the Northeast Extension zone and drilled northwest, returning 150m of 0.67% CuEq¹ within a broader interval of 384m of 0.51% CuEq¹, 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 ~300m depth capacity of the KD-200 rig, returning 284m of 0.53% CuEq¹ from near surface, with the final 10m averaging 0.75% CuEq¹ and remaining open for extension drilling with a larger rig
  • SLS-75, drilled northeast from a new 200m step-out platform at Northeast Extension zone, returned 26m of 0.52% CuEq¹ and 46m of 0.66% CuEq¹ within a low-grade section from surface with a post-mineral dyke before a final 62m mineralized interval averaging 0.51% CuEq¹
  • SLSE-32 was collared on the northern margin of Warintza East and drilled north, returning 380m of 0.31% CuEq¹ from surface within a broader interval of 634m of 0.27% CuEq¹ where the hole cut the contact of the primary host lithology with bordering lower grade volcanic rock
  • Exploration drilling is underway at Patrimonio to follow up on the discovery holes (144m of 0.50% CuEq¹ and 148m of 0.52% CuEq¹, respectively – refer to press release dated September 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 underway at the promising Caya epithermal gold target, located 6km 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
  • Funded 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 Funding

 

The 2024 drilling program has progressively ramped up over the rainy season with approximately 700m drilled in January, 1800m in February, 3800m in March, and on track for 5,200m in April with six rigs now in operation. A minimum of 30km 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 funded for its 2024 and 2025 programs with the offtake financing package announced in December. As at December 31, 2023, the Company had approximately US$39 million in cash and equivalents, with an additional US$40 million expected from its offtake financing package (refer to press release dated December 11, 2023).

 

The Company plans to aggressively expand activities and consolidate the surrounding district with funding from the closing of the strategic investment (refer to press release dated January 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 (refer to Figure 2), where stream sediment sampling has identified a 5km x 3km gold anomaly, 6km northeast of Warintza East. Soil sampling has defined an open-ended area of 0.7km x 1.3km 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.

 

Figure 1 – Plan View of Drilling to Date

 

 

Figure 2 – Caya Epithermal Gold Target

 

 

Table 1 – Assay Results

 

Hole ID Date Reported From (m) To (m) Interval (m) Cu (%) Mo (%) Au (g/t) CuEq¹ (%)
SLS-76


Apr 23, 2024

78 462 384 0.35 0.03 0.07 0.51
Including 78 228 150 0.46 0.04 0.08 0.67
SLS-75 16 42 26 0.38 0.02 0.11 0.52
Including 130 176 46 0.49 0.02 0.15 0.66
Including 472 534 62 0.43 0.01 0.09 0.51
SLSE-32 4 638 634 0.21 0.01 0.02 0.27
Including 4 384 380 0.25 0.01 0.03 0.31
SLSE-31 26 310 284 0.44 0.02 0.05 0.53
Including 300 310 10 0.64 0.02 0.05 0.75

Notes to table: True widths are interpreted to be very close to drilled widths due to the bulk-porphyry style mineralized zones at Warintza.

 

Table 2 – Collar Locations

Hole ID Easting Northing Elevation
(m)
Depth
(m)
Azimuth
(degrees)
Dip
(degrees)
SLS-76 800350 9648417 1351 493 330 -80
SLS-75 800531 9648518 1261 534 60 -85
SLSE-32 801483 9648241 1170 860 0 -78
SLSE-31 801395 9647790 1184 310 90 -80

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

 

Endnotes

  1. 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. For additional details on the intervals, refer to press release dated September 12, 2023 for SLSP-01: 144m of 0.50% CuEq (0.34% Cu, 0.03% Mo, 0.09 g/t Au) and SLSP-02: 148m of 0.52% CuEq (0.38% Cu, 0.02% Mo, 0.09 g/t Au).

 

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. 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 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 world class copper resource with expansion and discovery potential at its Warintza Project in Ecuador; a series of grass roots exploration projects with discovery potential in Peru and Chile; 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 April 23, 2024

Share this news article

MORE or "UNCATEGORIZED"


ExGen: Phoenix Reports Drill Assays for the Navarre Creek Target of the Empire Mine, Idaho

ExGen Resources Inc. (TSX-V: EXG; OTC: BXXRF) is pleased to provi... READ MORE

May 29, 2024

Lithium Ionic Announces Feasibility Study Results for the Bandeira Lithium Project, Minas Gerais, Brazil

178,000tpa of spodumene concentrate production (5.5% Li2O) 14-yea... READ MORE

May 29, 2024

NexGen Announces Additional Mineralization Discovered at Patterson Corridor East, Assays from RK-24-183 and Commencement of Expanded Summer Exploration Program

NexGen Energy Ltd. (TSX: NXE) (NYSE: NXE) (ASX: NXG) is pleased ... READ MORE

May 29, 2024

Red Pine Intercepts Significant Mineralization at the Wawa Gold Project, including 5.58 g/t gold over 18.44 m including 72.20 g/t gold over 0.88 m

Red Pine Exploration Inc. (TSX-V: RPX) (OTCQB: RDEXF) is pleased ... READ MORE

May 29, 2024

Copper Lake Resources Reports Results of Drilling at Marshall Lake Copper-Zinc-Silver VMS Property

Copper Lake Resources Ltd. (TSX-V: CPL) (Frankfurt: WOI) (OTC: WTCZF) is... READ MORE

May 29, 2024

Copyright 2024 The Prospector News