Solaris Reports 186m of 0.64% CuEq From Near Surface, Continues to Expand ‘Indicative Starter Pit’ at Warintza Central
March 13 2023 - 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 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
grow the Northeast Extension of the ‘Indicative
Starter Pit’, an area of near surface, high-grade mineralization
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. Assays are
pending from follow-up step-out drilling, with additional platforms
planned for construction.
- SLS-70 was
collared at the northeastern limit of Warintza Central and drilled
northeast into an open volume, returning 186m of 0.64%
CuEq¹ from near surface within a broader interval of 264m of 0.55%
CuEq¹, expanding the zone to the north where it remains
open
- This hole
follows from SLS-65, drilled approximately 90 degrees to the
northwest from the same platform, which returned 286m of 0.55%
CuEq¹ from near surface (refer to press release dated December 5,
2022)
- SLS-69,
collared from the same platform and drilled the opposite direction
to the southwest, returned 156m of 0.60% CuEq¹ from
52m depth within a broader interval of 846m of 0.30% CuEq¹,
connecting the Northeast Extension to Warintza
Central
- Prior hole
SLS-66, drilled west-southwest, returned 124m of 0.82% CuEq¹
from near surface within a broader interval of 622m of 0.42% CuEq¹
(refer to press release dated September 7, 2022) from a platform to
the south where a follow-up southwest-oriented hole is planned to
better connect the Northeast Extension to Warintza Central
- Assays
are pending from two newly constructed 250m step-out platforms
testing the zone further to the northeast, with additional
platforms planned for construction as the weather
improves
Mr. Jorge Fierro, Vice President, Exploration,
commented: “The Northeast Extension represents a significant area
of focus for growing the ‘Indicative Starter Pit’, one of the two
key goals for the follow-on drilling program from the 2022 MRE,
with the other being major resource growth at Warintza East, where
extensional and step-out holes are due shortly. In addition, a
major program of reconnaissance sampling that commenced last summer
has identified new areas of well mineralized outcrop in previously
inaccessible terrain adjacent to the Warintza Central and Warintza
East deposits that present opportunities for additional
discoveries, with further details to be released
shortly.”Figure 1 – Plan View of Warintza Central Drilling
Released to Date³
Table 1 – Assay Results
Hole ID |
Date Reported |
From (m) |
To (m) |
Interval (m) |
Cu (%) |
Mo (%) |
Au (g/t) |
CuEq¹ (%) |
SLS-70 |
Mar 13, 2023 |
26 |
290 |
264 |
0.38 |
0.03 |
0.11 |
0.55 |
Including |
104 |
290 |
186 |
0.48 |
0.03 |
0.11 |
0.64 |
Including |
104 |
198 |
94 |
0.53 |
0.03 |
0.11 |
0.70 |
SLS-69 |
52 |
898 |
846 |
0.20 |
0.02 |
0.03 |
0.30 |
Including |
52 |
208 |
156 |
0.48 |
0.02 |
0.08 |
0.60 |
Including |
52 |
122 |
70 |
0.56 |
0.03 |
0.06 |
0.70 |
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-70 |
800350 |
9648417 |
1356 |
291 |
20 |
-65 |
SLS-69 |
800350 |
9648417 |
1356 |
944 |
200 |
-70 |
Notes to
table: The coordinates are in WGS84 17S Datum. |
Endnotes
- 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. 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. The
‘Indicative Starter Pit’ is comprised of Indicated mineral
resources of 180 Mt at 0.82% CuEq (0.67% Cu, 0.03% Mo, 0.07 g/t
Au) and Inferred mineral resources of 107 Mt at 0.73% CuEq
(0.64% Cu, 0.02% Mo, 0.05 g/t Au) above a 0.6% CuEq cut-off
grade. 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.
- For additional details on “Near
Surface, High-Grade, NE Extension” intervals, refer to press
release dated May 26, 2022 for SLS-57: 230m of 0.73% CuEq (0.59%
Cu, 0.03% Mo, 0.08 g/t Au), refer to press release dated July 20,
2022 for SLS-62: 168m of 0.68% CuEq (0.51% Cu, 0.03% Mo, 0.07
g/t Au) and SLS-63: 230m of 1.02% CuEq (0.87% Cu, 0.02% Mo,
0.12 g/t Au), refer to press release dated September 7, 2022 for
SLS-64: 110m of 0.54% CuEq (0.38% Cu, 0.04% Mo, 0.03 g/t Au)
and SLS-66: 124m of 0.82% CuEq (0.71% Cu, 0.02% Mo, 0.09 g/t
Au), refer to press release dated December 5, 2022 for SLS-65:
286m of 0.55% CuEq (0.38% Cu, 0.04% Mo, 0.06 g/t Au) and
SLS-68: 72m of 1.00% CuEq (0.88% Cu, 0.02% Mo, 0.06 g/t
Au).
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
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 grow the Northeast Extension of the
‘Indicative Starter Pit’ within the MRE, assays are pending from
follow-up step-out drilling, with additional platforms planned for
construction, a follow-up southwest-oriented hole is planned to
better connect the Northeast Extension to Warintza Central, assays
are pending from two newly constructed 250m step-out platforms
testing the zone further to the northeast, with additional
platforms planned for construction as the weather improves, that
the Northeast Extension represents a significant area of focus for
growing the ‘Indicative Starter Pit’, one of the two key goals for
the follow-on drilling program from the 2022 MRE, with the other
being major resource growth at Warintza East, where extensional and
step-out holes are due shortly, and finally, that a major program
of reconnaissance sampling that commenced last summer has
identified new areas of well mineralized outcrop in previously
inaccessible terrain adjacent to the Warintza Central and Warintza
East deposits that present opportunities for additional
discoveries, with further details to be released shortly. 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/a425acc3-dd47-47e5-a349-1661dbb7a15c
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