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Solaris Reports Highest Grades to Date, 100m of 1.64% CuEq Near Surface in Emerging NE Extension

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Solaris Reports Highest Grades to Date, 100m of 1.64% CuEq Near Surface in Emerging NE Extension

 

 

 

 

 

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 corresponding images in Figures 1-3 and detailed results in Tables 1-2. A dynamic 3D model is available on the Company’s website (link provided below).

 

Highlights

 

Additional holes have enlarged the drill defined envelope of mineralization at Warintza Central, with the highest-grade intersection reported to date building on an emerging near surface, high-grade extension to the northeast that remains open, as well as to the south and southeast.

 

Drilling Returns Highest Grades Reported to Date in Emerging Northeast Extension that Remains Open:

  • SLS-42 was collared at the northeastern limit of the grid and drilled northeast into an entirely open volume, returning 740m of 0.60% CuEq¹ from 52m depth within a broader interval of 906m of 0.53% CuEq¹, extending mineralization in this direction where it remains open

  • SLS-49 was drilled southeast from the same platform and returned 396m of 0.70% CuEq¹ within a broader interval of 817m of 0.60% CuEq¹ from 50m depth, tying the northeast extension to the overlap between Warintza Central and East

  • SLS-48, was collared in an undrilled area ~200m west of SLS-49 and drilled south, returning 100m of 1.64% CuEq¹ from 50m depth, the highest-grade mineralization reported to date, within a broader interval of 852m of 0.56% CuEq¹, extending the near surface high-grade mineralization to the west in that area
  • These results expand Warintza Central by building on an emerging area of near surface, high-grade mineralization; follow-up drilling will pursue further growth by targeting the open areas to the north and northwest, with an additional platform being constructed to pursue further step-outs to the northeast

 

Drilling Extends Mineralization to Southeast that Remains Open:

  • SLS-45 was collared on the eastern side of the grid and drilled southeast into an entirely open volume, returning 236m of 0.56% CuEq¹ from 44m depth within a broader interval of 564m of 0.41% CuEq¹, extending mineralization to the southeast where it remains open

  • SLS-46 was collared from a southeastern platform and drilled southeast into a partially open volume, returning 168m of 0.69% CuEq¹ from 48m depth within a broader interval of 632m of 0.31% CuEq¹, extending mineralization in this direction where it remains open

  • SLS-47 was collared in the middle of the grid and drilled southeast to infill this area, returning 446m of 0.70% CuEq¹ from 48m depth within a broader interval of 811m of 0.51% CuEq¹, with mineralization remaining open to the south

 

To date, 58 holes have been completed at Warintza Central with assays reported for 49 of these.

 

Updated Warintza Central Mineral Resource expected to be issued in late Q1 2022 / early Q2 2022.

 

Mr. Jorge Fierro, Vice President, Exploration, commented: “The initial resource growth drilling program for Warintza Central has been completed which will inform the updated mineral resource estimate. With this intensive program behind us, the focus of ongoing drilling has turned to pursuing the further extensions of near-surface, high-grade mineralization which remain open, with additional platforms allowing for more aggressive step-outs under construction.”

 

Figure 1 is available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/f511c652-e366-4bcf-a563-adb99fd08c56

 

Figure 2 is available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/ac5af1b9-8d36-4d00-b64e-a22750c5dae0

 

Figure 3 is available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/a4d29c8e-8b40-4bd2-a3ea-c7ea132c0827

 

3D Warintza Model

 

Table 1 – Assay Results

 

Hole ID Date Reported From (m) To (m) Interval (m) Cu (%) Mo (%) Au (g/t) CuEq¹ (%)
SLS-49 Feb 28, 2022 50 867 817 0.50 0.02 0.04 0.60
Including 50 446 396 0.59 0.02 0.04 0.70
SLS-48 50 902 852 0.45 0.02 0.05 0.56
Including 50 150 100 1.39 0.03 0.20 1.64
SLS-47 48 859 811 0.41 0.02 0.05 0.51
Including 48 494 446 0.55 0.03 0.06 0.70
SLS-46 48 680 632 0.27 0.01 0.03 0.31
Including 48 216 168 0.61 0.02 0.04 0.69
SLS-45 44 608 564 0.37 0.01 0.03 0.41
Including 44 280 236 0.51 0.01 0.03 0.56
SLS-44 6 524 518 0.16 0.05 0.03 0.35
Including 44 376 332 0.18 0.06 0.03 0.40
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
Including 52 792 740 0.48 0.02 0.07 0.60
Including 52 692 640 0.51 0.02 0.07 0.63
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-49 800383 9648303 1412 867 135 -73
SLS-48 800178 9648285 1439 1056 180 -60
SLS-47 799968 9648102 1510 859 135 -72
SLS-46 800126 9648032 1566 882 125 -70
SLS-45 800258 9648097 1559 969 117 -70
SLS-44 799968 9648102 1510 676 0 -75
SLS-43 799870 9648315 1414 761 110 -75
SLS-42 800383 9648303 1412 1061 55 -80
Notes to table: The coordinates are in WGS84 17S Datum.
  • 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 February 28, 2022

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