Solaris Resources Inc. (TSX: SLS; OTCQB: SLSSF)
(“Solaris” or the “Company”) is pleased to report an updated
mineral resource estimate (“MRE” or the “Resource”) for the
Warintza Central deposit at its Warintza Project (“Warintza” or the
“Project”) in southeastern Ecuador.
Highlights are listed below, with corresponding
images in Figures 1-3 and detailed results in Table 1.
Highlights
- In-Pit Indicated mineral
resources of 579 million tonnes (“Mt”) at 0.59% copper equivalent¹
(“CuEq”) and Inferred mineral resources of 887 Mt at 0.47%
CuEq¹ above a 0.3% CuEq cut-off grade
- Includes ‘Indicative
Starter Pit’ comprised of Indicated mineral resources of 180 Mt at
0.82% CuEq² and Inferred mineral resources of 107 Mt at 0.73%
CuEq² above 0.6% CuEq cut-off grade
- High Quality –
Expected low strip ratio ‘Indicative Starter Pit’ and ultimate pit,
zoned from high-grade at surface to low grade at depth, consistent,
clean sulphide mineralogy free of deleterious elements
- High-Grade Growth
– Ongoing drilling focused on open extensions of near surface,
high-grade mineralization to the northeast and southeast of
Warintza Central
- ‘Super Pit’ Growth
– Warintza Central pit shell includes overlapping portion of
Warintza East, discovered mid-2021, a target wide open for major
growth potential within a shared pit
- Cluster Potential
– Warintza Central forms part of a 7km x 5km cluster of porphyry
deposits, where in addition to East, recent discoveries at West and
South offer major growth potential
- Structural
Advantages – Set within mining district featuring access
to highway, abundant and low-cost hydroelectric power, fresh water,
labour and low elevation
Mr. Daniel Earle, President & CEO,
commented: “After only eighteen months of drilling, primarily in
Warintza Central, one of the four major discoveries made on the
property to date, the MRE establishes baseline credentials for the
Project of hosting a robust inventory, featuring a high-grade
indicative starter pit and low strip ratio, within a mining
district offering major structural advantages from highway access,
abundant and low-cost hydroelectric power, fresh water, labour and
low elevation. Ongoing drilling is targeting further rapid growth,
with an emphasis on the open extensions of near surface, high-grade
mineralization at Warintza Central and expanding our recent
Warintza East discovery to include it within a shared pit, while
testing the further potential within the cluster.”
Table 1: Warintza Mineral Resource
Estimate Summary and Cut-Off Grade Sensitivity
Cut-off |
Category |
Tonnage |
Grade |
Contained Metal |
CuEq (%) |
|
(Mt) |
CuEq (%) |
Cu (%) |
Mo (%) |
Au (g/t) |
CuEq (Mt) |
Cu (Mt) |
Mo (Mt) |
Au (Moz) |
0.2 |
% |
Indicated |
736 |
0.52 |
0.40 |
0.02 |
0.05 |
3.84 |
2.95 |
0.18 |
1.11 |
Inferred |
1,558 |
0.37 |
0.31 |
0.01 |
0.03 |
5.80 |
4.80 |
0.19 |
1.63 |
0.3% (Base) |
Indicated |
579 |
0.59 |
0.47 |
0.03 |
0.05 |
3.45 |
2.70 |
0.15 |
0.93 |
Inferred |
887 |
0.47 |
0.39 |
0.01 |
0.04 |
4.17 |
3.48 |
0.13 |
1.08 |
0.4 |
% |
Indicated |
442 |
0.67 |
0.54 |
0.03 |
0.05 |
2.97 |
2.38 |
0.12 |
0.77 |
Inferred |
539 |
0.55 |
0.47 |
0.01 |
0.04 |
2.96 |
2.53 |
0.08 |
0.71 |
‘Indicative Starter Pit’ |
0.6 |
% |
Indicated |
180 |
0.82 |
0.67 |
0.03 |
0.07 |
1.49 |
1.20 |
0.06 |
0.38 |
Inferred |
107 |
0.73 |
0.64 |
0.02 |
0.05 |
0.79 |
0.69 |
0.02 |
0.17 |
Notes to Table 1:
- The mineral resource estimates are
reported in accordance with the CIM Definition Standards for
Mineral Resources & Mineral Reserves, adopted by CIM Council
May 10, 2014.
- Reasonable prospects for eventual
economic extraction assume open-pit mining with conventional
flotation processing and were tested using NPV Scheduler™ pit
optimization software with the following assumptions: metal prices
of US$3.50/lb Cu, US$15.00/lb Mo, and US$1,500/oz Au; operating
costs of US$1.50/t + US$0.02/t per bench for mining, US$4.50/t
milling, US$0.90/t G&A; recoveries of 90% Cu, 85% Mo, and 70%
Au.
- Resource includes grade capping and
internal dilution. Grade was interpolated by ordinary kriging
populating a block model with block dimensions of 25m x 25m x
15m.
- The ‘Indicative Starter Pit’ is
based on the same assumptions as the Resource except utilized metal
prices of US$1.00/lb Cu, US$7.50/lb Mo, and US$750/oz Au. No
economic analysis has been completed by the Company and there is no
guarantee than an ‘Indicative Starter Pit’ will be realized or
prove to be economic.
- Mineral resources that are not
mineral reserves do not have demonstrated economic viability.
- Copper equivalent assumes
recoveries of 90% Cu, 85% Mo, and 70% Au based on preliminary
metallurgical testwork, and metal prices of US$3.50/lb Cu,
US$15.00/lb Mo, and US$1,500/oz Au. CuEq formula: CuEq (%) = Cu
(%) + 4.0476 × Mo (%) + 0.487 × Au
(g/t).
- The Qualified Person is Mario E.
Rossi, FAusIMM,RM-SME, Principal Geostatistician of Geosystems
International Inc.
- All figures are rounded to reflect
the relative accuracy of the estimate.
- The effective date of the mineral
resource estimate is April 1, 2022.
Figure 1 is available
at https://www.globenewswire.com/NewsRoom/AttachmentNg/3cb028d4-0166-4c03-92e9-7dd8edf69be8
Figure 2 is available
at https://www.globenewswire.com/NewsRoom/AttachmentNg/52336abb-21b7-42d0-98b2-0184c3b30bed
Figure 3 is available
at https://www.globenewswire.com/NewsRoom/AttachmentNg/37de1035-b772-4b0d-9afc-464d98bdda08
The corresponding Technical Report disclosing
the MRE in accordance with National Instrument 43-101 – Standards
of Disclosure for Mineral Projects (“NI 43-101”) will be prepared
by Mr. Rossi and available on SEDAR under the Company’s profile
at www.sedar.com within 45 days of this news release.
- Copper equivalent assumes
recoveries of 90% Cu, 85% Mo, and 70% Au based on preliminary
metallurgical testwork, and metal prices of US$3.50/lb Cu,
US$15.00/lb Mo, and US$1,500/oz Au. CuEq formula: CuEq (%) = Cu
(%) + 4.0476 × Mo (%) + 0.487 × Au
(g/t).
- The Company anticipates that a near
surface, high grade portion of the Resource may form the basis of
an ‘Indicative Starter Pit’ once an economic analysis of the
Project is complete. No economic analysis has been completed by the
Company and there is no guarantee an ‘Indicative Starter Pit’ will
be realized or prove to be economic. The ‘Indicative Starter Pit’
is based on the same assumptions as the Resource except utilized
metal prices of US$1.00/lb Cu, US$7.50/lb Mo, and US$750/oz
Au.
Resource Estimation Methodology and
Parameters
Indicated mineral resources were defined where
the nominal drill hole spacing is 120m. The classification reflects
not only the drill spacing, but the confidence level in the
continuity of the grade and the geometry of the deposit. Inferred
mineral resources were defined by blocks which were estimated with
less stringent requirements within search ellipses defined for each
domain to a maximum distance of 350m. Resources include grade
capping and internal dilution. Grade was interpolated by ordinary
kriging populating a block model with block dimensions of 25m x 25m
x 15m. The Indicated and Inferred mineral resources are classified
in a manner that is consistent with the May 10, 2014 CIM Definition
Standards for Mineral Resources and Mineral Reserves. Mineral
resources that are not mineral reserves do not have demonstrated
economic viability. In Mr. Rossi’s opinion, there are currently no
relevant factors or legal, political, environmental, or other risks
that could materially affect the potential development of the
mineral resources.
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. 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.
Mr. Rossi verified the data disclosed, including sampling,
analytical, and test data underlying the information included in
this news release, by personally inspecting the drill core use in
the MRE and performing a number of checks to confirm the accuracy
of such data. In addition, Mr. Rossi reviewed the QA/QC reports
from the Company’s drill programs and noted that there were no
issues that arose which would affect confidence with the assay
data. Mr. Rossi considers the sampling method appropriate for the
deposit type, adequate security and QA/QC measures were maintained,
and samples are representative of the existing mineralization.
Qualified Persons
The MRE was prepared and the scientific and
technical information in this news release was approved by
Independent Qualified Person, Mario E. Rossi, FAusIMM, SME, IAMG,
Principal Geostatistician of Geosystems International Inc (“GSI”).
Mr. Rossi is a qualified person pursuant to NI 43-101 and is
independent of Solaris Resources under Section 1.5 of NI
43-101. Mr. Rossi has over 30 years of experience in mining and
geostatistics, mineral resource and reserves estimation, audits and
reviews in over 100 mining projects at various stages of
development and operation. GSI is an independent, international
mining consulting practice offering services specializing in
porphyry deposits from exploration through feasibility, mine
planning, and production.
On behalf of the Board of Solaris
Resources Inc.“Daniel Earle”President & CEO,
Director
For Further Information
Jacqueline Wagenaar, VP Investor RelationsDirect: 416-366-5678
Ext. 203Email: jwagenaar@solarisresources.com
About Solaris Resources
Inc.
Solaris is advancing a portfolio of copper
assets in the Americas, focused on its Warintza Project in Ecuador
that features a broad cluster of outcropping copper porphyry
deposits anchored by a large-scale, high-grade open pit resource
inventory at Warintza Central. Ongoing efforts are focused on rapid
resource growth and further discovery drilling. The Company offers
additional discovery potential at its portfolio projects: Capricho
and Paco Orco in Peru, Ricardo via joint-venture with
Freeport-McMoRan and Tamarugo in Chile, and significant leverage to
increasing copper prices through its 60%-interest in the La Verde
joint-venture 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”, “expected”, “targeting”
and similar expressions are intended to identify forward-looking
statements. These statements include statements that the expected
low strip ratio ‘Indicative Starter Pit’ and ultimate pit, zoned
from high-grade at surface to low grade at depth, consistent, clean
sulphide mineralogy, free of deleterious elements, that ongoing
drilling will be focused on open extensions of near surface,
high-grade mineralization to the northeast and southeast of
Warintza Central, the Warintza Central pit shell includes
overlapping portion in Warintza East, discovered mid-2021, with
limited drilling leaving the zone wide open for major growth
potential within a shared pit, Warintza Central forms part of a 7km
x 5km cluster of porphyry deposits, where in addition to East,
recent discoveries at West and South offer major growth potential,
that the MRE establishes baseline credentials for the Project of
hosting a robust inventory, featuring a high-grade indicative
starter pit and low strip ratio, within a mining district offering
major structural advantages from highway access, abundant and
low-cost hydroelectric power, fresh water, labour and low
elevation, ongoing drilling is targeting further rapid growth, with
an emphasis on the open extensions of near-surface, high-grade
mineralization at Warintza Central and expanding the recent
Warintza East discovery to include it within a shared pit, while
testing the further potential within the cluster. 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; the Company’s ability to secure adequate financing, 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 Annual Information Form for the year
ended December 31, 2021 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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