VANCOUVER, BC, June 14, 2021 /PRNewswire/ - Solaris Resources
Inc. (TSX: SLS) (OTCQB: SLSSF) ("Solaris" or the "Company") is
pleased to announce the commencement of maiden drilling at Warintza
East. In addition, the Company has defined a major copper porphyry
target at Yawi from the further processing of geophysical and
geochemical data at its Warintza Project ("Warintza" or "the
Project"), extending the strike length of the Warintza cluster of
porphyry targets to 7km.
Highlights are listed below, with corresponding images in
Figures 1 and 2. A dynamic 3D model is available on the Company's
website.
Highlights
- Commenced maiden drilling at Warintza East, located
approximately 1km east of Warintza Central, where recent drilling
has intersected 1,029m of 0.73%
CuEq¹, including 420m of 0.83% CuEq¹
from surface (see press release dated May
26, 2021)
- Warintza East is one of the five main targets within the 7km x
5km cluster of porphyry targets defined on the property and has a
similar expression as Warintza Central, with overlapping copper and
molybdenum soil anomalies associated with an underlying
high-conductivity anomaly
- Further processing of the geophysical dataset (see press
release dated February 16, 2021 for
initial results) has revealed a much more extensive,
high-conductivity anomaly at the recently-identified Yawi target,
located approximately 1.5km to the east of Warintza East
- The large-scale geophysical anomaly at Yawi coincides with
overlapping copper and molybdenum stream sediment anomalies; field
crews are now completing additional sampling and reconnaissance
work to define locations for initial drill testing
- Weather conditions are improving at site and drilling
activities are once again ramping up, with eight drill rigs
turning, the ninth rig set to commence in the coming days and the
tenth rig being delivered
Mr. Jorge Fierro, Vice President,
Exploration, commented: "We are very excited to commence the
first-ever drilling at Warintza East, targeting the third major
copper porphyry discovery within this richly-endowed but
underexplored property. In addition, further data processing has
revealed a much more extensive porphyry target at Yawi than
previously understood with additional sampling now underway."
(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.
|
Warintza East
Warintza East is located approximately 1km east of Warintza
Central at slightly lower elevation. The first hole was collared in
weathered porphyry uncovered by earthworks during drilling platform
construction. The target is defined by overlapping copper and
molybdenum soil anomalies associated with an underlying
high-conductivity anomaly.
Yawi
The Yawi target was first identified by processing geophysical
data covering the 5km strike of the Warintza porphyry cluster known
at the time, with the geophysical anomaly appearing as an elongate
lobe on the eastern boundary of this area. Extending coverage to
the east and incorporating stream sediment sampling has now more
than doubled the size of the anomaly and defined the target area.
Field crews are completing additional sampling and reconnaissance
work to select locations for initial drill testing.
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 Yawi target
(Warintza South lies off image to south).
Technical Information and Quality Control & Quality
Assurance
ZTEM data quality was validated by a qualified external
professional using data validation procedures under high industry
standards. 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.
Qualified Person
The scientific and technical content of this press release has
been reviewed and approved 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).
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
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 field
crews completing additional sampling and reconnaissance work to
define locations for initial drill testing, drilling activities
ramping up with the ninth rig set to commence in the coming days
and the tenth rig being delivered, targeting the third major copper
porphyry discovery, further data processing has revealed a much
more extensive porphyry target at Yawi than previously understood
with additional sampling now underway, and that field crews are
completing additional sampling and reconnaissance work to define
locations for initial drill testing at Yawi. 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 Solaris
Management'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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SOURCE Solaris Resources Inc.