Solaris Resources Inc. (TSX: SLS; OTCQB: SLSSF)
(“Solaris” or “the Company”) is pleased to report results from
metallurgical test work on its Warintza Project (“Warintza” or “the
Project”) in southeastern Ecuador. The Company commissioned
FLSmidth USA Inc. (“FLS”) to complete comminution and metallurgical
flotation test work programs. Highlights are listed below and
detailed results in Tables 1-4.
Mr. Daniel Earle, President & CEO,
commented: “Warintza is blessed with simple metallurgy that readily
returns high recoveries of critical minerals from standard
flotation processes into high-grade concentrates free of
deleterious elements. Historical testing reported high recoveries
of over 90% for copper and 70% for gold; our testing has reproduced
these results and established high recoveries for molybdenum of
over 80% at a time when molybdenum prices recently eclipsed $30/lb
due to structural supply issues in the sector.”
Highlights
- High recoveries for copper (“Cu”), molybdenum (“Mo”) and gold
(“Au”) in rougher flotation, cleaner flotation and locked cycle
testing
- Low reagent dosages and short flotation times over a wide range
of pH levels, and requiring only moderate to coarse grind sizes for
both supergene and hypogene samples
- High copper concentrate grades expected from both supergene
material at 40% Cu and hypogene material at 22% Cu with both
concentrates containing in excess of 1 g/t Au
- High molybdenum concentrate grades expected to meet or exceed
51% Mo independent of feed type given excellent liberation of
coarse grained molybdenite
- For context, the Warintza Mineral Resource Estimate (“MRE”)¹
includes a molybdenum byproduct estimate containing 150 kt Mo
grading 0.03% Mo (Indicated) and 130 kt Mo grading 0.01% Mo
(Inferred), in addition to gold
- Concentrates free of deleterious elements, with no significant
values of arsenic, antimony, bismuth or mercury
- Optimization testing with larger sample sizes planned for
hypogene material aimed at further increasing recoveries
Metallurgical Test Work Program
Scope
The metallurgical test work program at FLS
included comminution grind studies on two master composites, ore
characterization, grinding indices, rougher and cleaner flotation
tests, locked cycle testing and variability rougher kinetics
flotation tests. The objective of the test work was to evaluate the
metallurgical flotation response of the master composites and
variability samples, establish metal recoveries, evaluate if any
deleterious elements were present, and assess whether clean,
high-grade concentrates could be produced with industry standard
processing practices and reagents.
Sample Selection
The metallurgical samples were taken from three
drill holes specifically drilled for metallurgical test work. The
hole depths range from 500m to 960m with sample selection ranging
from 46m below surface to a depth of 450m. Seven samples which
consisted of 20m intervals of half core were selected for the test
work program for a total weight of 651kg of sample material. The
samples were selected from the Warintza Central deposit to
represent the mineralization, metal grades, and lithology type
which formed the first pit phases of the MRE. Table 1:
Sample Selection
Met ID |
Hole ID |
From (m) |
To (m) |
Interval (m) |
Mineralization |
S1_2 |
SLS-59 |
126 |
146 |
20 |
Supergene |
S2_2 |
SLS-60 |
112 |
132 |
20 |
Supergene |
S3_2 |
SLS-60 |
46 |
66 |
20 |
Supergene |
P1_2 |
SLS-59 |
330 |
350 |
20 |
Hypogene |
P2_2 |
SLS-61 |
428 |
448 |
20 |
Hypogene |
P3_2 |
SLS-60 |
260 |
280 |
20 |
Hypogene |
P4_2 |
SLS-61 |
280 |
300 |
20 |
Hypogene |
|
|
|
Total |
140 |
|
Table 2: Collar Location
Hole ID |
Easting |
Northing |
Elevation (m) |
Depth (m) |
Azimuth (degrees) |
Dip (degrees) |
SLS-61 |
800191 |
9648065 |
1573 |
967 |
255 |
-72 |
SLS-60 |
800258 |
9648097 |
1559 |
873 |
190 |
-80 |
SLS-59 |
799765 |
9648033 |
1571 |
513 |
65 |
-70 |
Notes to
Table 2: The coordinates are in WGS84 17S Datum. |
Figure 1: Metallurgical Drill holes
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/b057e6b9-916f-4276-9f06-a77bcad66615
The metallurgical samples were combined by
mineralization type and classified as supergene and hypogene which
formed two master composites (“MC”) for the flotation test work
program. MC #1 represents the supergene material and MC #2
represents the hypogene material. Each MC was assayed to confirm
the metal grades are within range of the grades expected in the
first phases of a potential mine plan. The head grades for each MC
can be found in Table 3. Table 3: Master Composite Head
Grade
Composite |
Head Grade |
Cu, % |
Mo, % |
Au, g/t |
Supergene |
MC #1 |
1.22 |
0.03 |
0.07 |
MC #1B |
1.13 |
0.04 |
0.07 |
Hypogene |
MC #2 |
0.66 |
0.03 |
0.06 |
MC#2B |
0.58 |
0.03 |
0.07 |
Rougher Flotation Testing
FLS completed six rougher flotation tests on MC
#1 and five rougher flotation tests on MC #2. In both composites,
the copper recovery does not appear to be influenced significantly
by pH, grind size, or collector dosages. The rougher flotation
tests focused on primary grind size, pH, and collector dosage as
the variables for influencing the flotation behavior. The collector
used in all tests is Cytec Aero 8989 for copper and burner oil as a
molybdenum collector. Below is a summary of MC #1 and #2 tests at
various grind sizes and pH.
Table 4: Rougher Recoveries and
Grades
MC #1 –
Supergene |
Actual Grind Size, µm |
pH |
Recovery |
Grade |
Cu, % |
Mo, % |
Au, % |
Cu, % |
Mo, % |
Au, g/t |
117 |
6.8 |
91.7 |
89.3 |
80.3 |
9.63 |
0.24 |
0.38 |
122 |
8.5 |
91.7 |
88.6 |
78.2 |
7.74 |
0.19 |
0.43 |
143 |
8.5 |
91.0 |
90.7 |
77.3 |
12.32 |
0.31 |
0.65 |
144 |
9.8 |
91.0 |
92.3 |
68.2 |
13.41 |
0.32 |
0.85 |
144 |
9.2 |
91.9 |
91.5 |
71.7 |
12.95 |
0.30 |
0.92 |
167 |
8.8 |
91.1 |
86.6 |
74.0 |
12.53 |
0.30 |
0.62 |
Average |
91.4 |
89.8 |
75.0 |
|
|
|
MC #2 –
Hypogene |
|
|
Actual Grind Size, µm |
pH |
Recovery |
Grade |
Cu, % |
Mo, % |
Au, % |
Cu, % |
Mo, % |
Au, g/t |
98 |
8.5 |
95.0 |
94.4 |
78.0 |
4.39 |
0.20 |
0.38 |
129 |
8.6 |
95.1 |
91.6 |
78.8 |
4.37 |
0.20 |
0.39 |
177 |
8.6 |
94.5 |
93.9 |
78.7 |
4.32 |
0.18 |
0.39 |
147 |
9.4 |
95.5 |
91.4 |
70.0 |
4.44 |
0.15 |
0.45 |
147 |
8.9 |
94.8 |
91.6 |
68.8 |
4.78 |
0.18 |
0.47 |
Average |
95.0 |
92.6 |
74.8 |
|
|
|
Cleaner and Locked Cycle Flotation
Testing
Batch cleaner tests were conducted to ensure
that bulk concentrates could be produced without significant
cleaner losses. One cleaner test was conducted on MC #1 and four
cleaner tests were conducted on MC #2, with regrind size being the
most significant variable tested. A second set of master composites
were created with the same blend of variability samples as the
original master composites labeled MC #1B and MC #2B and were used
for seven locked cycle tests and copper-molybdenum separation
tests. Batch cleaner and locked cycle testing produces high
recoveries for the supergene composite of 90% Cu and 83% Mo and
hypogene composite of 89% Cu and 75% Mo. FLS concluded that higher
recoveries could be achieved for MC #2 and #2B with reagent
optimization, which will be incorporated into the next phase of
testing.
Copper-Molybdenum Concentrate Separation
Test
The second set of master composites, MC #1B and
MC #2B, were used for the copper-molybdenum separation of the bulk
concentrates. The test work only included a rougher stage
molybdenum float that was carried out for both MC #1B and MC #2B
due to the size of the remaining sample. The molybdenum separated
from the copper successfully into a rougher concentrate for both
master composites given excellent liberation characteristics and
coarse grain size for molybdenum, with the majority of grains by
mass > 200 microns in size. Flotation testing of the supergene
samples produced a copper concentrate grading approximately 40% Cu
and containing in excess of 1 g/t Au. Flotation testing of the
hypogene samples produced a copper concentrate grading
approximately 22% Cu and containing in excess of 1 g/t Au.
Molybdenum concentrate grades at 51% Mo independent of feed
type.
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.
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. Solaris
employs a QA/QC program consistent with National Instrument 43-101
Standards of Disclosure for Mineral Projects (“NI 43-101”) and
industry best practices. Logging and sampling were 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. The drillhole data has been verified by Jorge Fierro,
M.Sc., DIC, PG, using data validation and quality assurance
procedures under high industry standards. For the metallurgical
test work at FLS, the ALS labs assay results were used by FLS to
produce seven sample composites from the remaining sawn half core
to best represent a range of locations within the Warintza Central
deposit. The remaining half core was sampled by Solaris staff,
bagged and sent to FLS at FLS’ laboratory in Salt Lake City, Utah.
The metallurgical test work described in this release was performed
by FLS. All sample preparation, solution and solid assaying and
metallurgical studies were performed utilizing accepted industry
standard procedures. FLS conforms to the requirements of ISO/IEC
17025 and is accredited by the Standards Council of Canada for the
specific tests undertaken. FLS is 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.
Qualified Person
The scientific and technical information in this
news 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 NI 43-101. 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 high copper
concentrate grades are expected from both supergene material at 40%
Cu and hypogene material at 22% Cu with both concentrates
containing in excess of 1 g/t Au, high molybdenum concentrate
grades are expected to meet or exceed 51% Mo independent of feed
type given excellent liberation of coarse grained molybdenite,
optimization testing with larger sample sizes is planned for
hypogene material aimed at further increasing recoveries, and that
FLS concluded that higher recoveries could be achieved for batch
cleaner and locked cycle testing for MC #2 and #2B with reagent
optimization, which will be incorporated into the next phase of
testing. 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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