Solaris Reports 230m of 1.02% CuEq, within 472m of 0.76% CuEq from Surface, Expanding Northeast Extension of ‘Indicative Starter Pit’
July 20 2022 - 7:07AM
Solaris Resources Inc. (TSX: SLS; OTCQB: SLSSF)
(“Solaris” or “the Company”) is pleased to report assay results
from a series of holes aimed at growing the Northeast Extension of
the ‘Indicative Starter Pit’ 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.
Highlights
Additional drilling has expanded the Northeast
Extension 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 Estimate² (“MRE”).
This zone is characterized by near surface, high-grade
mineralization and remains open for further growth with follow-up
and step-out drilling underway.
- SLS-62 was
collared at the northern limit of Warintza Central and drilled
northeast into an open volume, returning 168m of 0.68%
CuEq¹ from 102m depth within a broader interval of 900m of 0.45%
CuEq¹ from surface, expanding on prior drilling further to the
east
- This hole
represents the first follow-up to SLS-48, collared from the same
pad but drilled to the south, which returned 100m of 1.64%
CuEq³ from 50m depth within a broader interval of 852m of 0.56%
CuEq³ (refer to press release dated Feb 28, 2022)
- SLS-63 was
collared at the northeastern limit of the Warintza Central grid
approximately 200m to the east and drilled into an open volume to
the north-northeast, returning 230m of 1.02%
CuEq¹ from 118m depth within a broader interval of 472m of 0.76%
CuEq¹ from surface
- This hole
follows on SLS-57, which was drilled northeast from the same pad,
returning 230m of 0.73% CuEq¹ from 56m depth within a
broader interval of 926m of 0.61% CuEq¹ from surface and
SLS-54, drilled to the south and returning 356m of 0.73%
CuEq³ from 50m depth within a broader interval of 1,093m of 0.56%
CuEq³ from surface (refer to press releases dated May 26 and Apr 4,
2022)
- Follow-up
drilling is underway and aims to test the Northeast Extension zone
further to the north and northeast, with assays expected shortly
for SLS-64, representing a follow-up hole from the same pad as
SLS-62 and SLS-48
Mr. Jorge Fierro, Vice President, Exploration,
commented: “Ongoing drilling from existing and newly constructed
platforms aims to expand on the Northeast Extension zone, which is
one of the key target areas for the expansion of the ‘Indicative
Starter Pit,’ along with higher grade, near surface mineralization
being targeted at Warintza East, where results are pending.”
Figure 1 – Plan View of Warintza Central
Drilling Released to Date
A photo accompanying this announcement is available
at
https://www.globenewswire.com/NewsRoom/AttachmentNg/4cd3681b-5819-4a42-9ad7-ff1c3b0bea92
Table 1 – Assay Results
Hole ID |
Date Reported |
From (m) |
To (m) |
Interval (m) |
Cu (%) |
Mo (%) |
Au (g/t) |
CuEq¹ (%) |
SLS-63 |
Jul 20, 2022 |
0 |
472 |
472 |
0.60 |
0.02 |
0.12 |
0.76 |
Including |
118 |
348 |
230 |
0.87 |
0.02 |
0.12 |
1.02 |
SLS-62 |
10 |
910 |
900 |
0.33 |
0.02 |
0.07 |
0.45 |
Including |
102 |
270 |
168 |
0.51 |
0.03 |
0.07 |
0.68 |
Table 2 - Collar Location
Hole ID |
Easting |
Northing |
Elevation (m) |
Depth (m) |
Azimuth (degrees) |
Dip (degrees) |
SLS-63 |
800383 |
9648303 |
1412 |
498 |
17 |
-61 |
SLS-62 |
800178 |
9648285 |
1439 |
943 |
55 |
-60 |
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 Solaris press release
dated April 18, 2022, stating updated Warintza Mineral Resource
Estimate.
- 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.
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 has expanded the Northeast Extension of the ‘Indicative
Starter Pit’ recently estimated at 180 Mt at 0.82% CuEq (Indicated)
and 107 Mt at 0.73% CuEq (Inferred) within the Warintza Mineral
Resource Estimate, follow-up drilling is underway and aims to test
the Northeast Extension zone further to the north and northeast,
with assays expected shortly for SLS-64, representing a follow-up
hole from the same pad as SLS-62 and SLS-48, and ongoing drilling
from existing and newly constructed platforms aims to expand on the
Northeast Extension zone, which is one of the key target areas for
the expansion of the ‘Indicative Starter Pit,’ along with higher
grade, near surface mineralization being targeted at Warintza East,
where results are 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.
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