Solaris Outlines Broad Porphyry Deposit in First Follow-Up Holes at Warintza West Discovery
October 13 2022 - 7:00AM
Solaris Resources Inc. (TSX: SLS; OTCQB: SLSSF)
(“Solaris” or “the Company”) is pleased to report assay results
from the first series of holes following up on the discovery of
Warintza West within 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
Warintza West is one of four discoveries made to
date within the Warintza porphyry cluster and is located 1km west
of the Warintza Central Mineral Resource Estimate (“MRE”)¹ reported
in April. The discovery was reported with the results of SLSW-01
(see press release dated February 16, 2021) – these follow-up holes
fan out in all directions, outlining a broad porphyry deposit of at
least 900m x 600m and still open and lies adjacent to and not
included within the MRE. Follow-up drilling to test the further
extent of the deposit is planned after priority drilling at
Warintza Central aimed at expanding the starter pit and
higher-grade resource expansion potential at Warintza East.
- SLSW-07 (drilled north) returned 686m of 0.46% CuEq¹
within a broader interval of 912m of 0.41% CuEq¹ from near
surface
- SLSW-02 (drilled vertically) returned 246m of 0.47%
CuEq¹ from near surface
- SLSW-09 (drilled west) returned 202m of 0.45% CuEq¹
within a broader interval of 444m of 0.36% CuEq¹ from near
surface
- SLSW-08 (drilled northwest) returned 78m of 0.56% CuEq¹
within a broader interval of 812m of 0.32% CuEq¹ from near
surface
- SLSW-04 (drilled northeast) returned 264m of 0.44%
CuEq¹ from near surface
- SLSW-10 (drilled southwest) returned 220m of 0.41%
CuEq¹ from near surface
- SLSW-03 (drilled southeast) returned 102m of 0.39%
CuEq¹ within a broader interval of 911m of 0.24% CuEq¹ from near
surface
- SLSW-05 (drilled northeast) returned 272m of 0.38%
CuEq¹ within a broader interval of 570m of
0.30% CuEq¹ from near surface
- SLSW-06 (drilled east) returned 732m of 0.32% CuEq¹
from near surface
- Drilling at Warintza West confirms the interpretation
of a broad porphyry deposit that remains open in all directions,
with assays pending from a series of three additional holes testing
the zone further to the west, east and south
- Step-out drilling is planned targeting high-grade
surface sampling
Mr. Jorge Fierro, Vice President, Exploration,
commented: “We’re pleased to be able to report the results of
follow-up drilling on our Warintza West discovery which outlines a
significant new deposit that remains open within the Warintza
porphyry cluster, adjacent to the MRE published in April. Ongoing
drilling is targeting growth of the high-grade starter pit at
Warintza Central and expanding our Warintza East discovery with
results expected in the coming weeks, while further drilling is
planned for Warintza West.”
Figure 1 – Plan View of Warintza West
Drilling Released to Date
https://www.globenewswire.com/NewsRoom/AttachmentNg/c6c78ac8-aa43-4315-99fc-8ec2f7839e79
Table 1 – Assay Results
Hole ID |
Date Reported |
From (m) |
To (m) |
Interval (m) |
Cu (%) |
Mo (%) |
Au (g/t) |
CuEq¹ (%) |
SLSW-10 |
|
24 |
244 |
220 |
0.36 |
0.01 |
0.02 |
0.41 |
SLSW-09 |
|
24 |
468 |
444 |
0.31 |
0.01 |
0.03 |
0.36 |
Including |
|
24 |
226 |
202 |
0.41 |
0.01 |
0.03 |
0.45 |
SLSW-08 |
|
32 |
844 |
812 |
0.26 |
0.01 |
0.02 |
0.32 |
Including |
|
32 |
110 |
78 |
0.51 |
0.01 |
0.02 |
0.56 |
SLSW-07 |
|
24 |
936 |
912 |
0.32 |
0.02 |
0.03 |
0.41 |
Including |
Oct 13, 2022 |
30 |
716 |
686 |
0.37 |
0.02 |
0.03 |
0.46 |
SLSW-06 |
|
34 |
766 |
732 |
0.25 |
0.01 |
0.02 |
0.32 |
SLSW-05 |
|
34 |
604 |
570 |
0.23 |
0.01 |
0.02 |
0.30 |
Including |
|
34 |
306 |
272 |
0.31 |
0.01 |
0.02 |
0.38 |
SLSW-04 |
|
38 |
302 |
264 |
0.36 |
0.02 |
0.03 |
0.44 |
SLSW-03 |
|
38 |
949 |
911 |
0.19 |
0.01 |
0.02 |
0.24 |
Including |
|
40 |
142 |
102 |
0.33 |
0.01 |
0.03 |
0.39 |
SLSW-02 |
|
24 |
270 |
246 |
0.38 |
0.02 |
0.02 |
0.47 |
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) |
SLSW-10 |
798507 |
9648465 |
1519 |
713 |
238 |
-51.25 |
SLSW-09 |
798507 |
9648465 |
1519 |
767 |
260 |
-60.31 |
SLSW-08 |
798507 |
9648465 |
1519 |
974 |
295 |
-60.50 |
SLSW-07 |
798507 |
9648465 |
1519 |
945 |
352 |
-70.56 |
SLSW-06 |
798507 |
9648465 |
1519 |
767 |
70 |
-70.72 |
SLSW-05 |
798507 |
9648465 |
1519 |
807 |
45 |
-60.73 |
SLSW-04 |
798507 |
9648465 |
1519 |
455 |
22 |
-60.89 |
SLSW-03 |
798507 |
9648465 |
1519 |
949 |
140 |
-55.50 |
SLSW-02 |
798507 |
9648465 |
1519 |
1227 |
0 |
-90.00 |
Notes to
table: The coordinates are in WGS84 17S Datum. |
Endnotes
- Refer to Solaris’ press release
dated April 18, 2022 and 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 (%) + 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.
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.
ZTEM data quality was validated by a qualified external
professional using data validation procedures under high industry
standards, and the Company therefore did not deem it necessary to
have such ZTEM data verified by a Qualified Person. Details on the
surface sampling conducted at the Project are set out in the
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 available on the Company’s SEDAR
profile and website. 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 (“Warintza”) 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 the Company
outlined a broad porphyry deposit of at least 900m x 600m at
Warintza West which remains open and lies adjacent to and not
included within the Warintza Central Mineral Resource Estimate
(“MRE”), follow-up drilling to test the further extent of the
deposit is planned after priority drilling at Warintza Central
aimed at expanding the starter pit and higher-grade resource
expansion potential at Warintza East, drilling at Warintza West
confirms the interpretation of a broad porphyry deposit that
remains open in all directions, with assays pending from a series
of three additional holes testing the zone further to the west,
east and south, step-out drilling is planned targeting high-grade
surface sampling, and that this drilling has outlined a significant
new deposit at Warintza West that remains open within the Warintza
porphyry cluster, adjacent to the MRE published in April, and that
ongoing drilling is targeting growth of the high-grade starter pit
at Warintza Central and expanding the Warintza East discovery with
results expected in the coming weeks, while further drilling is
planned for Warintza West. 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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