Solaris Identifies New Porphyry, Skarn and Epithermal Targets and Provides Update on Proposed Spin-Out of Solaris Exploration
July 07 2022 - 7:00AM
Solaris Resources Inc. (TSX: SLS; OTCQB: SLSSF)
(“Solaris” or “the Company”) provides an update on activities at
its Warintza Project (“Warintza” or “the Project”) in southeastern
Ecuador, including an update on its regional exploration program
which has identified a number of new targets for further
exploration in support of drilling, and progress on the proposed
spin-out to create Solaris Exploration Inc.
Warintza Update
Exploration activities at the Warintza Project
continue with seven drill rigs targeting high value growth of the
recently reported Warintza Mineral Resource Estimate (refer to
press release dated April 18, 2022), with drilling at Warintza
Central targeting extensions to near surface, high-grade
mineralization, and major growth targeted from the expansion of
drill coverage at Warintza East within a largely undrilled
footprint. With the protests in Ecuador having concluded on June
30, the flow of samples from the Company’s core processing facility
to its prep lab, which has now resumed operations, and onward for
final assay in Lima has restarted, with a considerable backlog of
assays pending.
Regional Exploration Update
Solaris has undertaken the first significant
program of regional exploration at Warintza since the original
stream sediment sampling program that identified the Warintza
porphyry cluster in the 1990s. This work has identified additional
porphyry targets (refer to Figure 1), potentially expanding the
footprint of the cluster to the northeast, and possibly a new area
of porphyry emplacement to the west, approximately halfway to the
adjacent San Carlos copper porphyry deposit.
In addition, this work has established a series
of skarn targets, as well as a large high sulphidation epithermal
target adjacent to the Warintza porphyry cluster where overlapping
mineralized porphyries have intruded a layered sequence of
carbonate and volcanic rocks that have provided a fertile setting
to develop these styles of mineralization.
Porphyry Targets:
- Mateo: 3km x 1.4km area of
copper-molybdenum enrichment in soil samples located approximately
5km to the east of Warintza East. A program of detailed mapping and
sampling is underway to refine the target in support of
drilling.
- Cora: 1.2km x 1.4km
copper-molybdenum-gold soil anomaly in andesitic volcanic sequences
cut by porphyry dikes approximately 3km to the northeast of
Warintza East. This anomaly resembles those that defined the
Warintza East and Warintza South discoveries. Detailed mapping and
sampling are planned to refine the target in support of
drilling.
- Medio Camino: 3.5km x 1.5km area of
porphyry-related alteration, and copper-molybdenum veining 5km to
the west of Warintza West and 7km east of the adjacent San Carlos
copper porphyry deposit. An extensive program of soil and rock chip
sampling has been completed to refine the large target area, with
results pending.
Skarn Targets: Five skarn
targets have been identified with three of these forming a partial
arc on the northeastern side of the Warintza porphyry cluster,
which is typical of skarn mineralization related to porphyry
systems.
- Playas and Justo: Extensive mineral
alteration typical of skarn systems has been identified in an area
of copper mineralization concentrated in a permeable horizon 3.5km
northwest of Warintza West. Soil sampling of the 10km2 area
surrounding the Justo target has been completed in an effort to
refine the target, with results pending. Soil sampling is also
planned at the Playas target, along with detailed mapping at both
targets based on the results of soil sampling.
- Betty and Yawi: Betty, a 1.2km x
1.4km skarn and potential carbonate replacement target located
0.5km north of Warintza Central, features significant copper values
in rock samples in carbonate horizons within volcano-sedimentary
sequences. Within the Yawi target, a 2km x 1km skarn/carbonate
replacement target features strongly anomalous zinc values in
limited soil sampling within a high conductivity anomaly
interpreted from ZTEM. Additional soil sampling is planned at both
targets.
- La Celestina: Marble exposed in
streams in this 1.7km x 1.2km area host copper-zinc veinlets that
may represent leakage from a mineralized zone below, with soil
geochemistry showing enrichment of pathfinder elements and
anomalous copper. Two windows of garnet-bearing skarn containing
copper mineralization are exposed through the marble. Detailed
mapping and sampling of marble and exposed skarn are underway to
help define drill targets.
High Sulphidation Epithermal Gold
Target
- Caya: Large 5km x 3km gold anomaly
in stream sediments, 6km to the northeast of Warintza East, where
recent follow-up soil and rock sampling in the southern part of the
anomaly has identified a flat-lying volcano-sedimentary layer that
has a high permeability over at least 300m in thickness. In this
portion of the anomaly, an area of 0.7km x 1.3km features anomalous
gold, copper and pathfinder element values in soil and rock
samples, and a concentration of dickite clay and vuggy silica,
characteristic of high sulphidation systems.
Figure 1 – Regional Map of Solaris Land
Package in Ecuador
Figure 1 is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/d090a1de-675d-49a8-a3fc-cd04270c8443
Corporate Update on Proposed Solaris Exploration
Spin-Out
Solaris continues to advance the proposed
spin-out and has made considerable progress with the internal
re-organization of the Company, its subsidiaries and mineral
concessions including the transfer of its non-core assets held in
Ecuador outside of the Warintza porphyry cluster (involving the
authorization of the Ministry of Energy and Mines), Peru, Chile and
Mexico into a newly incorporated wholly-owned subsidiary of Solaris
named Solaris Exploration Inc. Following the internal
re-organization, it is expected that 100% of the common shares of
Solaris Exploration Inc. will be spun out to shareholders of
Solaris relative to their shareholdings (refer to press release
dated December 6, 2021).
Quality Control & Quality
Assurance
Steam sediment, soil and rock 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 duplicates. Samples are securely transported to
ALS and Bureau Veritas Labs in Quito. Sample pulps are sent to ALS
and Bureau Veritas Labs in Lima, Peru and Vancouver, Canada for
analysis. Samples are analyzed for ICP-MS and ICP-AES for 48
elements using a four-acid and aqua this digestion. Gold is
determined by fire assay of a 30-gram charge. Both ALS Labs and
Bureau Veritas lab are independent of Solaris. Solaris is not aware
of any factors that could materially affect the accuracy or
reliability of the data referred to herein. The sample 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 Solaris has
identified a number of new targets for further exploration in
support of drilling, exploration activities at the Warintza Project
continue with seven drill rigs targeting high value growth of the
recently reported Warintza Mineral Resource Estimate with drilling
at Warintza Central targeting extensions to near surface,
high-grade mineralization, and major growth targeted from the
expansion of drill coverage at Warintza East within a largely
undrilled footprint, regional exploration has identified additional
porphyry targets, potentially expanding the footprint of the
Warintza porphyry cluster to the northeast, and possibly a new area
of porphyry emplacement to the west, approximately halfway to the
adjacent San Carlos copper porphyry deposit, and that this work has
established a series of skarn targets, as well as a large high
sulphidation epithermal target adjacent to the Warintza porphyry
cluster where overlapping mineralized porphyries have intruded a
layered sequence of carbonate and volcanic rocks that have provided
a fertile setting to develop these styles of mineralization, soil
sampling results are pending at the Justo target, soil sampling is
planned at the Playas target, along with detailed mapping at both
Justo and Playas based on the results of soil sampling, additional
soil sampling is planned at both Betty and Yawi targets, detailed
mapping and sampling of marble and exposed skarn are underway to
help define drill at the La Celestina targets, and that Solaris
continues to advance the proposed spin-out and has made
considerable progress with the internal re-organization of the
Company, its subsidiaries and mineral concessions including
the transfer of its non-core assets held in Ecuador outside of the
Warintza porphyry cluster (involving the authorization of the
Ministry of Energy and Mines), Peru, Chile and Mexico into a newly
incorporated wholly-owned subsidiary of Solaris named Solaris
Exploration Inc. Following the internal re-organization, it is
expected that 100% of the common shares of Solaris Exploration Inc.
will be spun out to shareholders of Solaris relative to their
shareholdings. 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.
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