Solaris Reports 124m of 0.82% CuEq within Broader Interval, Expanding Northeast Extension of ‘Indicative Starter Pit’
September 07 2022 - 7:00AM
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 drilling
underway.
- SLS-66 was collared on a platform
at the northeastern limit of the Warintza Central grid and drilled
southwest into an open volume, returning 124m of
0.82% CuEq¹ within a broader interval of 622m of 0.42% CuEq¹
starting from surface
- SLS-66 follows from previous holes
SLS-63 and SLS-54, which were drilled from the same pad to the
north and southeast and respectively returned high-grade intervals
of 230m of 1.02% CuEq¹ and 356m of 0.73% CuEq³ within broader
intervals (refer to press releases dated Jul 20, 2022 and Apr 4,
2022 for details)
- SLS-64 was collared on a platform
at the northern limit of Warintza Central and drilled
north-northeast into an open volume, returning 110m of
0.54% CuEq¹ from near surface within a broader interval of
440m of 0.48% CuEq¹, extending and broadening the zone to the
north in this area
- SLS-64 follows from previous holes
SLS-62 and SLS-48, which were drilled from the same pad to the
northeast and south and respectively returned high-grade intervals
of 168m of 0.68% CuEq¹ and 100m of 1.64% CuEq³ within broader
intervals (refer to press releases dated Jul 20, 2022 and Feb 28,
2022 for details)
- SLS-65, which is a step out hole
from a new platform 200m to the north, has now been completed after
operational delays with adjustments to the platform for drilling
and assays are expected within the next four weeks
Mr. Jorge Fierro, Vice President, Exploration,
commented: “Drilling from existing and recently-completed platforms
in the Northeast Extension zone is a key driver in the expansion of
the ‘Indicative Starter Pit’, and we look forward to reporting the
next set of results in the near future as the backlog of assays
pending is now resolved.”
Figure 1 – Plan View of Warintza Central
Drilling Released to Date
https://www.globenewswire.com/NewsRoom/AttachmentNg/4fb6526e-ef91-4779-beb5-6f23ec6c7495
Table 1 – Assay Results
Hole ID |
Date Reported |
From (m) |
To (m) |
Interval (m) |
Cu (%) |
Mo (%) |
Au (g/t) |
CuEq¹ (%) |
SLS-66 |
Sep 07, 2022 |
0 |
622 |
622 |
0.32 |
0.02 |
0.05 |
0.42 |
Including |
66 |
190 |
124 |
0.71 |
0.02 |
0.09 |
0.82 |
SLS-64 |
78 |
518 |
440 |
0.32 |
0.04 |
0.04 |
0.48 |
Including |
78 |
188 |
110 |
0.38 |
0.04 |
0.03 |
0.54 |
Notes to table: True widths of the mineralized
zone are not known at this time.
Table 2 - Collar Location
Hole ID |
Easting |
Northing |
Elevation (m) |
Depth (m) |
Azimuth (degrees) |
Dip (degrees) |
SLS-66 |
800383 |
9648303 |
1412 |
689 |
255 |
-48 |
SLS-64 |
800178 |
9648285 |
1439 |
571 |
26 |
-66 |
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’ technical report
titled, “NI 43-101 Technical Report for the Warintza Project,
Ecuador” with an effective date of April 1, 2022, prepared by Mario
E. Rossi and filed on the Company’s SEDAR profile at
www.sedar.com.
- 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 a multi-asset exploration company,
advancing a portfolio of copper and gold assets in the Americas,
which includes: its primary focus, a world class large-scale
resource with expansion and discovery potential at the Warintza
Project in Ecuador; discovery potential at its Ricardo Project and
optioned and owned grass-roots Tamarugo Project in Chile; discovery
potential at its Capricho and Paco Orco projects in Peru; and
significant leverage to increasing copper prices through its 60%
interest in the La Verde joint-venture project with a subsidiary of
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, SLS-64 extended and broadened the zone to the
north, SLS-65, which is a step out hole from a new platform 200m to
the north, has now been completed after operational delays with
adjustments to the platform for drilling and assays are expected
within the next four weeks, and drilling from existing and
recently-completed platforms in the Northeast Extension zone is a
key driver in the expansion of the ‘Indicative Starter Pit’, and
the Company looks forward to reporting the next set of results in
the near future as the backlog of assays pending is now resolved.
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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