Solaris Expands Warintza West to 1.2km by 0.7km, Identifies New Potential
February 13 2023 - 7:30AM
Solaris Resources Inc. (TSX: SLS; OTCQB: SLSSF)
(“Solaris” or “the Company”) is pleased to report updated
geochemical sampling and assay results from follow-up holes at
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, discovered February 2021, is one
of four discoveries made to date within the Warintza porphyry
cluster and is located 1km west of and outside the Warintza Mineral
Resource Estimate (“MRE”)¹. The initial reconnaissance holes from a
centralized platform have outlined a broad zone of porphyry
mineralization measuring 1200m x 700m that remains open. Subsequent
geochemical sampling has provided vectors toward potential
higher-grade mineralization to the north for step-out drilling.
- Recent
geochemical sampling has identified a new area of strong
overlapping copper and molybdenum anomalies to the north measuring
approximately 1000m x 500m with soil samples averaging 600 ppm Cu
and 80 ppm Mo – this contrasts with the anomaly
surrounding the original platform that is defined by strong Mo
values at 65 ppm but weaker Cu below 400 ppm
- This new area
of strong soil anomalism represents a potential target for
higher-grade mineralization beyond the northern margin of prior
exploration drilling (refer to press releases dated Oct 13, 2022
and Feb 16, 2021), including:
- SLSW-07 (drilled north) returned 686m of 0.46% CuEq²
- SLSW-04 (drilled northeast) returned 264m of 0.44%
CuEq²
- SLSW-01 (drilled northwest) returned 260m of 0.42% CuEq³
- New drill
results returned to the south, include SLSW-13, which was drilled
southwest and returned 320m of 0.50% CuEq² from near
surface within a broader interval of 496m of 0.40% CuEq², extending
mineralization to the south where it remains open, and requires
step-out drilling
-
This hole expands on previously reported SLSE-10, which was drilled
from the same platform to the southwest and returned 220m of 0.41%
CuEq² from near surface (refer to press release dated Oct 13,
2022)
Mr. Jorge Fierro, Vice President, Exploration,
commented: “First pass reconnaissance drilling at Warintza West
outlined a broad zone of porphyry mineralization, with subsequent
sampling identifying new potential for higher-grade mineralization
to the north for future step-out drilling. The ongoing drill
program is targeting MRE growth within the high-grade starter pit
at Warintza Central, where results are expected shortly, and
expanding the Warintza East discovery which adjoins Warintza
Central.”
Figure 1 – Plan View of Warintza West
Drilling Released to Date
Table 1 – Assay Results
Hole ID |
Date Reported |
From (m) |
To (m) |
Interval (m) |
Cu (%) |
Mo (%) |
Au (g/t) |
CuEq² (%) |
SLSW-13 |
Feb 13, 2023 |
24 |
520 |
496 |
0.32 |
0.02 |
0.03 |
0.40 |
Including |
24 |
344 |
320 |
0.40 |
0.02 |
0.03 |
0.50 |
SLSW-12 |
58 |
592 |
534 |
0.15 |
0.01 |
0.01 |
0.20 |
Including |
58 |
246 |
188 |
0.24 |
0.01 |
0.02 |
0.30 |
SLSW-11 |
20 |
648 |
628 |
0.17 |
0.005 |
0.02 |
0.20 |
Including |
30 |
288 |
258 |
0.22 |
0.005 |
0.03 |
0.26 |
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-13 |
798507 |
9648465 |
1519 |
530 |
190 |
-60 |
SLSW-12 |
798507 |
9648465 |
1519 |
1005 |
90 |
-50 |
SLSW-11 |
798507 |
9648465 |
1519 |
708 |
280 |
-46 |
Notes to
table: The coordinates are in WGS84 17S Datum. |
Endnotes
- Refer to 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 for the MRE and
drill holes SLSW 2-13 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.
- 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, steam
sediment, soil and rock 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. The technical 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 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 initial
reconnaissance holes from a centralized platform have outlined a
broad zone of porphyry mineralization measuring 1200m x 700m that
remains open with subsequent geochemical sampling providing vectors
toward potential higher-grade mineralization to the north for
step-out drilling, recent geochemical sampling has identified a new
area of strong overlapping copper and molybdenum anomalies to the
north measuring approximately 1000m x 500m with soil samples
averaging 600 ppm Cu and 80 ppm Mo, this new area of strong soil
anomalism represents a potential target for higher-grade
mineralization beyond the northern margin of prior exploration
drilling, and the ongoing drill program is targeting MRE growth
within the high-grade starter pit at Warintza Central, where
results are expected shortly, and expanding the Warintza East
discovery which adjoins Warintza Central. 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.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/75e9fa30-01fe-42fe-8852-3c566607e2a1
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