VANCOUVER,
BC, May 26,
2021 /CNW/ - 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.
Highlights
- 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
(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.
|
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
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
|
Including
|
10
|
362
|
352
|
0.34
|
0.02
|
0.06
|
0.46
|
SLS-22
|
86
|
324
|
238
|
0.52
|
0.03
|
0.06
|
0.68
|
Including
|
86
|
186
|
100
|
0.61
|
0.04
|
0.06
|
0.77
|
SLS-21
|
2
|
1031
|
1029
|
0.63
|
0.02
|
0.04
|
0.73
|
Including
|
2
|
422
|
420
|
0.72
|
0.02
|
0.05
|
0.83
|
SLS-20
|
April 19,
2021
|
18
|
706
|
688
|
0.35
|
0.04
|
0.05
|
0.51
|
Including
|
18
|
384
|
366
|
0.44
|
0.04
|
0.04
|
0.60
|
SLS-18
|
78
|
875
|
797
|
0.62
|
0.05
|
0.06
|
0.83
|
Including
|
80
|
450
|
370
|
0.71
|
0.05
|
0.07
|
0.94
|
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
|
Including
|
358
|
844
|
486
|
0.70
|
0.03
|
0.07
|
0.84
|
SLS-15
|
2
|
1231
|
1229
|
0.48
|
0.01
|
0.04
|
0.56
|
Including
|
2
|
1004
|
1002
|
0.52
|
0.01
|
0.04
|
0.60
|
Including
|
2
|
696
|
694
|
0.57
|
0.02
|
0.05
|
0.67
|
SLS-14
|
0
|
922
|
922
|
0.79
|
0.03
|
0.08
|
0.94
|
Including
|
34
|
884
|
850
|
0.82
|
0.03
|
0.08
|
0.98
|
Including
|
52
|
836
|
784
|
0.84
|
0.03
|
0.09
|
1.00
|
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
|
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:
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)
|
SLS-23
|
799765
|
9648033
|
1571
|
570.73
|
270
|
-60
|
SLS-22
|
799676
|
9648117
|
1443
|
562.12
|
270
|
-60
|
SLS-21
|
800191
|
9648059
|
1580
|
1031.57
|
70
|
-70
|
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.
Qualified Person
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.
"Daniel
Earle"
President & CEO, Director
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
SolarisManagement'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.
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