Solaris Significantly Expands Warintza East Discovery in Continued Extensional Drilling
January 17 2023 - 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 mineral 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 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 drill results significantly expand the drilled
dimensions of the Warintza East footprint to the northeast, east
and south, with the deposit remaining open in these directions,
most importantly towards strong soil anomalism to the south.
- SLSE-16 was collared at the eastern
limit of the grid and drilled southwest into an open volume,
returning 108m of 0.57% CuEq² within a broader interval of
712m of 0.45% CuEq² from surface, extending mineralization to the
south and southeast where it remains open
- This hole was collared
approximately 250m to the southeast of SLSE-13 (refer to Company
press release dated Nov 14, 2022), which previously returned 104m
of 0.45% CuEq² from surface within a broader interval of 618m of
0.29% CuEq²
- SLSE-17 was collared in the middle
of the Warintza East drill grid and drilled southeast into an open
volume, returning 144m of 0.52% CuEq² from surface within a
broader interval of 914m of 0.40% CuEq², extending mineralization
to the east where it remains open
- This hole extends the drilled
dimensions further to the east beyond SLSE-14 (refer to Company
press release dated Nov 14, 2022), which previously returned 292m
of 0.50% CuEq² from near surface within a broader interval of 694m
of 0.40% CuEq²
- SLSE-19 was collared in the middle
of the Warintza East drill grid and drilled northeast into an open
volume, returning 270m of 0.40% CuEq² from surface within a
broader interval of 580m of 0.31% CuEq², expanding the footprint to
the northeast where it remains open
-
Drilling to date confirms Warintza East as a significant
porphyry deposit that adjoins Warintza Central and remains open for
expansion, with assays pending from a series of extensional holes
to the north, east, south and southeast
Mr. Jorge Fierro, Vice President, Exploration,
commented: “Warintza East’s largely undrilled footprint is a target
for major mineral resource growth in the ongoing drilling program
where only minimal drilling was included in the MRE and adjoins
with Warintza Central. Assays are pending from further extensional
holes to the north and east and targeting strong soil anomalism in
step-out drilling to the south.”
Figure 1 – Plan View of Warintza East
Drilling Released to Date
A photo accompanying this announcement is
available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/a59e6ce2-ced5-48ef-8c13-acd95f35198d
Table 1 – Assay Results
Hole ID |
Date Reported |
From (m) |
To (m) |
Interval (m) |
Cu (%) |
Mo (%) |
Au (g/t) |
CuEq² (%) |
SLSE-19 |
Jan 17, 2023 |
0 |
580 |
580 |
0.24 |
0.01 |
0.03 |
0.31 |
Including |
0 |
270 |
270 |
0.31 |
0.02 |
0.04 |
0.40 |
SLSE-18 |
30 |
524 |
494 |
0.16 |
0.01 |
0.04 |
0.20 |
SLSE-17 |
0 |
914 |
914 |
0.32 |
0.01 |
0.04 |
0.40 |
Including |
0 |
144 |
144 |
0.45 |
0.01 |
0.05 |
0.52 |
SLSE-16 |
8 |
720 |
712 |
0.36 |
0.02 |
0.05 |
0.45 |
Including |
76 |
184 |
108 |
0.46 |
0.02 |
0.06 |
0.57 |
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-19 |
801485 |
9648192 |
1170 |
816.48 |
48 |
-65 |
SLSE-18 |
801684 |
9648074 |
1221 |
1018.74 |
48 |
-65 |
SLSE-17 |
801485 |
9648192 |
1170 |
1011.39 |
105 |
-70 |
SLSE-16 |
801684 |
9648074 |
1221 |
844.61 |
225 |
-45 |
Notes to table: The coordinates are in WGS84 17S Datum. |
Endnotes
- 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 (%) + 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 Warintza East
remains open to the northeast, east and towards strong soil
anomalism to the south, drilling to date confirms Warintza East as
a significant porphyry deposit that adjoins Warintza Central and
remains open for expansion, with assays pending from a series of
extensional holes to the north, east, south and southeast, and that
Warintza East’s largely undrilled footprint is a target for major
mineral resource growth in the ongoing drilling program where only
minimal drilling was included in the MRE and adjoins with Warintza
Central. Assays are pending from further extensional holes to the
north and east and targeting strong soil anomalism in step-out
drilling to the south. 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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