Solaris Significantly Expands Warintza East Discovery
November 14 2022 - 7:30AM
Solaris Resources Inc. (TSX: SLS; OTCQB: SLSSF)
(“Solaris” or “the Company”) is pleased to report assay results
from a series of holes aimed at delineating resources at the
Warintza East discovery 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 East was discovered in July 2021, with
eight holes covering the overlapping periphery included in the
Warintza Central Mineral Resource Estimate (“MRE”)¹ in April 2022.
These follow-up drilling results significantly expand the drilled
dimensions of the Warintza East footprint to the east and
southwest, with the deposit remaining entirely open towards strong
soil anomalism to the northeast and southeast.
- SLSE-15 was collared in the middle
of the Warintza East grid and drilled east into a partially open
volume, returning 204m of 0.60% CuEq² within a broader
interval of 910m of 0.40% CuEq² from near surface, extending
mineralization to the east where it remains open
- SLSE-14, stepped out approximately
250m from the eastern limit of the grid and drilled northwest into
an open volume, returning 292m of 0.50% CuEq² within a
broader interval of 694m of 0.40% CuEq² from near surface,
extending mineralization in this direction where it remains
open
- SLSE-12 was collared at the eastern
limit of the grid and drilled southwest into an open volume,
returning 48m of 0.53% CuEq² within a broader interval of
508m of 0.40% CuEq² from surface, extending mineralization in this
direction
- SLSE-13 was collared from the same
platform and drilled southwest into an open volume,
returning 104m of 0.45% CuEq² within a broader interval of
618m of 0.29% CuEq² from surface, expanding the footprint to the
south where it remains open
- SLSE-10 and SLSE-11 were collared
in the overlapping portion with Warintza Central and drilled
northwest into partially open volumes, returning 282m of
0.53% CuEq² and 270m of 0.55% CuEq², respectively, within broader
intervals from near surface
-
Drilling to date confirms Warintza East as a significant
porphyry deposit which remains open for expansion in multiple
areas, with assays pending from a series of extensional holes to
the northeast, east and south
Mr. Jorge Fierro, Vice President, Exploration,
commented: “Drilling to date covers only a small portion of the
Warintza East discovery, which represents a target for major
resource growth. Further extensional and step-out drilling is
planned to the east and southeast with a 400m step-out platform
located on the southern margin of the drill grid targeting strong
soil anomalism in this area.”
Figure 1 – Plan View of Warintza East
Drilling Released to Date
https://www.globenewswire.com/NewsRoom/AttachmentNg/8f49d037-a33f-4fb2-ba89-e8ed0ddd761d
Table 1 – Assay Results
Hole ID |
Date Reported |
From (m) |
To (m) |
Interval (m) |
Cu (%) |
Mo (%) |
Au (g/t) |
CuEq² (%) |
SLSE-15 |
Nov 14, 2022 |
124 |
1,034 |
910 |
0.31 |
0.02 |
0.04 |
0.40 |
Including |
252 |
456 |
204 |
0.50 |
0.02 |
0.05 |
0.60 |
SLSE-14 |
24 |
718 |
694 |
0.29 |
0.02 |
0.04 |
0.40 |
Including |
24 |
316 |
292 |
0.40 |
0.02 |
0.05 |
0.50 |
SLSE-13 |
4 |
622 |
618 |
0.22 |
0.01 |
0.03 |
0.29 |
Including |
0 |
104 |
104 |
0.31 |
0.03 |
0.03 |
0.45 |
SLSE-12 |
0 |
508 |
508 |
0.29 |
0.02 |
0.04 |
0.40 |
Including |
0 |
48 |
48 |
0.46 |
0.01 |
0.04 |
0.53 |
SLSE-11 |
112 |
600 |
488 |
0.30 |
0.01 |
0.03 |
0.38 |
Including |
330 |
600 |
270 |
0.43 |
0.03 |
0.04 |
0.55 |
SLSE-10 |
78 |
576 |
498 |
0.33 |
0.01 |
0.05 |
0.39 |
Including |
294 |
576 |
282 |
0.44 |
0.01 |
0.06 |
0.53 |
SLSE-09 |
0 |
773 |
773 |
0.18 |
0.03 |
0.03 |
0.30 |
Including |
0 |
212 |
212 |
0.30 |
0.02 |
0.04 |
0.42 |
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) |
SLSE-15 |
801134 |
9648177 |
1382 |
1070 |
85 |
-62 |
SLSE-14 |
801684 |
9648074 |
1221 |
872 |
300 |
-75 |
SLSE-13 |
801481 |
9648205 |
1170 |
800 |
215 |
-45 |
SLSE-12 |
801485 |
9648192 |
1170 |
981 |
245 |
-46 |
SLSE-11 |
800749 |
9648146 |
1282 |
862 |
285 |
-60 |
SLSE-10 |
800749 |
9648146 |
1282 |
691 |
300 |
-50 |
SLSE-09 |
801485 |
9648192 |
1170 |
774 |
271 |
-80 |
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 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 these
follow-up drilling results significantly expand the drilled
dimensions of the Warintza East footprint to the east and
southwest, with the deposit remaining entirely open towards strong
soil anomalism to the northeast and southeast, drilling to date
confirms Warintza East as a significant porphyry deposit which
remains open for expansion in multiple areas, with assays pending
from a series of extensional holes to the northeast, east and
south, drilling to date covers only a small portion of the Warintza
East discovery, which represents a target for major resource growth
and further extensional and step-out drilling is planned to the
east and southeast with a 400m step-out platform located on the
southern margin of the drill grid targeting strong soil anomalism
in this area. 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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