Solaris Reports 108m of 1.20% CuEq From Near Surface, Continues to Expand ‘Indicative Starter Pit’ at Warintza Central
December 05 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
Resource expansion drilling continues to build
on the Northeast Extension of the ‘Indicative Starter Pit’
which was estimated at 180 Mt at 0.82% CuEq¹
(Indicated) and 107 Mt at 0.73% CuEq¹ (Inferred) within the
Warintza Mineral Resource Estimate² (“MRE”) based
on drilling to the end of 2021. Follow-up
drilling this year has significantly expanded the dimensions of the
zone as a priority for high-impact growth with further drilling
ongoing.
- SLS-67
was collared at the north-central limit of Warintza Central and
drilled southwest into a partially open volume, returning
108m of 1.20% CuEq¹ within a broader interval of 604m of 0.51%
CuEq¹ from near surface
- This hole
expands on the area of high-grade near surface mineralization in
combination with SLS-48 which was collared from the same
platform but drilled south, returning 100m of 1.64% CuEq³ within a
broader interval of 852m of 0.56% CuEq³ from near surface (refer to
press release dated Feb 28, 2022)
- SLS-68
was collared from the same platform as SLS-67 and drilled steeply
to the northwest into an open volume, returning 72m of 1.00%
CuEq¹ within a broader interval of 616m of 0.44% CuEq¹ from near
surface, expanding this area of higher-grade mineralization from
near surface
- SLS-65
was collared from a recently constructed 250m step-out platform at
the northeast limit of the Warintza Central grid and drilled
northwest into a partially open volume, returning 286m of
0.55% CuEq¹ from near surface
- Assays are
pending from a series of holes from this new drill platform aimed
at further expanding resource growth in the Northeast Extension
zone, with additional extension and step-out drilling
underway
Mr. Jorge Fierro, Vice President, Exploration,
commented: “The Northeast Extension remains open to the north with
assays pending from recently completed holes. Further extensional
drilling is planned with a 200m step-out platform on the
northeastern margin of the drill grid aimed at expanding the zone
in this direction. We’re also expecting assays from the remaining
holes drilled from the discovery platform at Warintza West
outlining a mineralized porphyry with minimum dimensions of 900m x
600m and open outside the MRE for future resource drilling, and the
next series of holes targeting the expansion of Warintza East.”
Figure 1 – Plan View of Warintza Central
Drilling Released to Date
https://www.globenewswire.com/NewsRoom/AttachmentNg/56025735-64a9-4664-b1b7-2a09c4e12747
Table 1 – Assay Results
Hole ID |
Date Reported |
From (m) |
To (m) |
Interval (m) |
Cu (%) |
Mo (%) |
Au (g/t) |
CuEq¹ (%) |
SLS-68 |
Dec 5, 2022 |
44 |
660 |
616 |
0.34 |
0.02 |
0.04 |
0.44 |
Including |
68 |
140 |
72 |
0.88 |
0.02 |
0.06 |
1.00 |
SLS-67 |
42 |
646 |
604 |
0.40 |
0.02 |
0.05 |
0.51 |
Including |
42 |
150 |
108 |
1.06 |
0.03 |
0.09 |
1.20 |
SLS-65 |
88 |
374 |
286 |
0.38 |
0.04 |
0.06 |
0.55 |
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-68 |
800178 |
9648285 |
1439 |
662 |
332 |
-85 |
SLS-67 |
800178 |
9648285 |
1439 |
673 |
230 |
-76 |
SLS-65 |
800347 |
9648415 |
1346 |
401 |
290 |
-70 |
Notes to
table: The coordinates are in WGS84 17S Datum. |
Endnotes
- Copper-equivalence for the Warintza
Mineral Resource Estimate (“MRE”) and drill holes SLS-65, SLS-67
and SLS-68 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. The ‘Indicative Starter Pit’ is based on the same assumptions
as the MRE except utilized metal prices of US$1.00/lb Cu,
US$7.50/lb Mo, and US$750/oz Au. No economic analysis has been
completed by the Company and there is no guarantee an ‘Indicative
Starter Pit’ will be realized or prove to be economic.
- 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 MRE, 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 resource
expansion drilling continues to build on the Northeast Extension of
the ‘Indicative Starter Pit’ which was estimated at 180 Mt at 0.82%
CuEq¹ (Indicated) and 107 Mt at 0.73% CuEq¹ (Inferred) within the
Warintza Mineral Resource Estimate² (“MRE”) based on drilling to
the end of 2021, follow-up drilling this year has significantly
expanded the dimensions of the zone as a priority for high-impact
growth with further drilling ongoing, assays are pending from a
series of holes from this new drill platform aimed at further
expanding resource growth in the Northeast Extension zone, with
additional extension and step-out drilling underway, the Northeast
Extension remains open to the north with assays pending from
recently completed holes and that further extensional drilling is
planned with a 200m step-out platform on the northeastern margin of
the drill grid aimed at expanding the zone in this direction, and
that assays are expected from the remaining holes drilled from the
discovery platform at Warintza West outlining a mineralized
porphyry with minimum dimensions of 900m x 600m and open outside
the MRE for future resource drilling, and the next series of holes
targeting the expansion of Warintza East. 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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