Solaris Resources Inc. (TSX: SLS; OTCQB: SLSSF)
(“Solaris” or “the Company”) is pleased to report assay results
from a series of holes aimed at upgrading and growing mineral
resources at its Warintza Project (“Warintza” or “the Project”) in
southeastern Ecuador.
Highlights are listed below, with a
corresponding image in Figure 1 and detailed results in Tables
1-2.
Northeast Extension
SLS-57 was collared at the northeastern limit of
the Warintza Central grid and drilled northeast into an entirely
open volume, returning 230m of 0.73% CuEq¹ from 56m
depth within a broader interval of 926m of 0.61% CuEq¹ from
surface, extending the zone 200m to the northeast where it remains
open.
Additional drilling aimed at expanding the zone
to the north from this platform and broadening the zone with holes
from the platform located 200m to the west where SLS-48 returned
100m of 1.64% CuEq² from 50m depth within 852m of 0.56% CuEq² have
been completed with assays pending.
The Northeast Extension zone is characterized by
near surface, high-grade mineralization, and represents a priority
target for growth of the ‘Indicative Starter Pit’ recently
estimated at 180 Mt at 0.82%
CuEq1 (Indicated) and 107
Mt at 0.73% CuEq1 (Inferred)
within the Warintza Mineral Resource Estimate³
(“MRE”).
Warintza Central
A limited program of follow-up drilling
at Warintza Central within the MRE envelope is aimed at upgrading
targeted volumes that the geological model predicts hold potential
for higher grades than the MRE reflects, as well as increasing the
confidence of mineral resources in the Inferred
category.
SLS-56 was collared from the southeastern
portion of the grid and drilled east, returning
102m of 0.90% CuEq¹ from 48m depth within a
broader interval aimed at adding definition to the southern portion
of the overlap between the Warintza Central and Warintza East
deposits.
SLS-60 was collared from the central portion of
the grid and drilled south, returning 154m of
0.90% CuEq¹ from 70m depth within a broader interval of 829m of
0.58% CuEq¹ from 44m depth.
SLS-61 was collared from the south-central
portion of the grid and drilled southwest,
returning 930m of 0.77% CuEq¹ from
surface, successfully infilling data in this area.
SLS-58 was collared from the south-central
portion of the grid and drilled northeast into an area that the
exploration model predicted could be upgraded, and successfully
returned 741m of 0.62% CuEq¹ from 102m depth,
improving on the grade modelled in this volume.
SLS-59 was collared from the southwestern
portion of the grid and drilled northeast,
returning 238m of 0.85% CuEq¹ from near surface
within a broader interval of 511m of 0.73% CuEq¹ from
surface.
Mr. Jorge Fierro, Vice President, Exploration,
commented: “Ongoing follow-up drilling from existing and newly
constructed platforms aims to expand on the Northeast Extension
zone and grow the high-grade indicative starter pit, while also
targeting areas within Warintza Central where resource
classification can be upgraded with targeted drilling. In addition,
we have completed a considerable amount of drilling from our recent
Warintza East discovery targeting major growth with assays
pending.”
Figure 1 – Plan View of Warintza Central
Drilling Released to Date
Figure 1 is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/ca496993-ce4f-449f-8397-e03c554e5bdb
Table 1 – Assay Results
Hole ID |
Date Reported |
From (m) |
To (m) |
Interval (m) |
Cu (%) |
Mo (%) |
Au (g/t) |
CuEq¹ (%) |
SLS-61 |
May 26, 2022 |
2 |
932 |
930 |
0.62 |
0.03 |
0.07 |
0.77 |
SLS-60 |
44 |
873 |
829 |
0.50 |
0.01 |
0.04 |
0.58 |
Including |
70 |
224 |
154 |
0.81 |
0.02 |
0.05 |
0.90 |
SLS-59 |
2 |
513 |
511 |
0.54 |
0.04 |
0.07 |
0.73 |
Including |
34 |
272 |
238 |
0.67 |
0.03 |
0.08 |
0.85 |
SLS-58 |
102 |
843 |
741 |
0.48 |
0.03 |
0.06 |
0.62 |
SLS-57 |
0 |
926 |
926 |
0.49 |
0.02 |
0.08 |
0.61 |
Including |
56 |
286 |
230 |
0.59 |
0.03 |
0.08 |
0.73 |
SLS-56 |
48 |
606 |
558 |
0.33 |
0.01 |
0.03 |
0.38 |
Including |
48 |
150 |
102 |
0.80 |
0.02 |
0.04 |
0.90 |
Table 2 - Collar Location
Hole ID |
Easting |
Northing |
Elevation (m) |
Depth (m) |
Azimuth (degrees) |
Dip (degrees) |
SLS-61 |
800191 |
9648065 |
1573 |
967 |
255 |
-72 |
SLS-60 |
800258 |
9648097 |
1559 |
873 |
190 |
-80 |
SLS-59 |
799765 |
9648033 |
1571 |
513 |
65 |
-70 |
SLS-58 |
799942 |
9647932 |
1643 |
843 |
40 |
-70 |
SLS-57 |
800383 |
9648303 |
1412 |
964 |
40 |
-71 |
SLS-56 |
800126 |
9648032 |
1566 |
920 |
88 |
-50 |
Notes to
table: The coordinates are in WGS84 17S Datum. |
Endnotes
- 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.
- Refer to press release dated
February 28, 2022. Copper-equivalence calculated as: CuEq (%) = Cu
(%) + 3.33 × Mo (%) + 0.73 × Au (g/t),
utilizing metal prices of US$3.00/lb Cu, US$10.00/lb Mo, and
US$1,500/oz Au. No adjustments were made for recovery prior to the
updated Warintza Mineral Resource Estimate, as the metallurgical
data to allow for estimation of recoveries was not yet available.
Solaris defined CuEq for reporting purposes only.
- Refer to Solaris press release
dated April 18, 2022, stating updated Warintza Mineral Resource
Estimate.
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. 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. 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).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” and “expected” and
similar expressions are intended to identify forward-looking
statements. These statements include statements that additional
drilling aimed at expanding the Northeast Extension zone to the
north from existing platforms and broadening the zone with holes
from the platform located 200m to the west of SLS-48 have been
completed with assays pending, limited program of follow-up
drilling at Warintza Central within the MRE envelope is aimed at
upgrading targeted volumes that the geological model predicts hold
potential for higher grades than the MRE reflects, as well as
increasing the confidence of mineral resources in the Inferred
category, ongoing follow-up drilling from existing and newly
constructed platforms aims to expand on the Northeast Extension
zone and grow the high-grade indicative starter pit, while also
targeting areas within Warintza Central where mineral resource
classification can be upgraded with targeted drilling, and that
drilling from the Warintza East discovery targeting major growth is
pending. 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, 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.
Solaris Resources (TSX:SLS)
Historical Stock Chart
From Jun 2024 to Jul 2024
Solaris Resources (TSX:SLS)
Historical Stock Chart
From Jul 2023 to Jul 2024