Solaris Intersects 626m of 0.50% CuEq From Surface in Expansion Drilling at Warintza East and Identifies Second, Higher Grade Porphyry Center Opening Southern Extension Potential
April 03 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 and the
identification of a second, higher grade porphyry center opening up
extension potential to the south 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.
HighlightsWarintza East was
discovered in July 2021, with only eight holes completed prior to
the cut-off for inclusion in the Warintza Central Mineral Resource
Estimate (“MRE”)¹ in April 2022. Subsequent drilling has
significantly expanded the dimensions of the deposit to the north,
east and south, where it remains open. Recent drilling has now
validated a southern vector toward stronger soil anomalism,
identifying a second porphyry center producing higher grade
mineralization and opening up further expansion potential in this
direction.
- SLSE-23 was collared in the middle
of the Warintza East drill grid and drilled north,
returning 626m of 0.50% CuEq² from surface within a broader
interval of 746m of 0.46% CuEq², expanding the footprint to the
north where it remains open
- SLSE-24 was collared at the
southeastern limit of the grid and drilled southwest into an open
volume, returning 156m of 0.52% CuEq² from near surface
within a broader interval of 410m of 0.30% CuEq², extending
mineralization to the southwest where it remains open
- SLSE-20 was collared in the middle
of the drill grid and drilled east, returning 292m of 0.45%
CuEq² from surface within a broader interval of 900m of 0.30%
CuEq², expanding the footprint to the east where it remains
open
- SLSE-21 was collared at the
southeastern limit of the grid and drilled east, returning
198m of 0.40% CuEq² within a broader interval of 1,040m of 0.33%
CuEq² from surface, extending mineralization to the east where it
remains open
- SLSE-25 was collared from a new
central platform and drilled vertically with a small drill rig
specifically used for infill purposes, returning 110m of
0.46% CuEq² from 32m depth within a broader interval, upgrading
this area with near surface, high-grade
mineralization
-
Identification of a second porphyry center in SLSE-28, with
visual interpretation suggesting potential for some of the
strongest grades to date at Warintza East – the new
porphyry center is located south of SLSE-22, which exited a weakly
mineralized dyke into stronger mineralization over its final 40m,
consistent with increased grades observed from SLSE-16 in this area
(192m of 0.70% CuEq² from 350m depth within a broader interval of
712m of 0.45% CuEq² - refer to press release dated January 17,
2023)
Mr. Jorge Fierro, Vice President, Exploration,
commented: “Drilling to date confirms Warintza East as a
significant porphyry deposit that adjoins Warintza Central and
remains open for expansion, with a particular direction of focus to
the south where extensional and step-out drilling is targeting
higher grade mineralization associated with a newly identified
southern porphyry center.”
Figure 1 – Plan View of Warintza East
Drilling Released to Date
Table 1 – Assay Results
Hole ID |
Date Reported |
From (m) |
To (m) |
Interval (m) |
Cu (%) |
Mo (%) |
Au (g/t) |
CuEq² (%) |
SLSE-25 |
Apr 3, 2023 |
0 |
300 |
300 |
0.21 |
0.02 |
0.03 |
0.30 |
Including |
32 |
142 |
110 |
0.35 |
0.02 |
0.03 |
0.46 |
SLSE-24 |
10 |
420 |
410 |
0.23 |
0.01 |
0.04 |
0.30 |
Including |
18 |
242 |
224 |
0.33 |
0.02 |
0.06 |
0.43 |
Including |
26 |
182 |
156 |
0.41 |
0.02 |
0.07 |
0.52 |
SLSE-23 |
0 |
746 |
746 |
0.36 |
0.02 |
0.04 |
0.46 |
Including |
0 |
626 |
626 |
0.40 |
0.02 |
0.05 |
0.50 |
SLSE-22 |
26 |
1080 |
1054 |
0.18 |
0.01 |
0.03 |
0.24 |
SLSE-21 |
0 |
1040 |
1040 |
0.26 |
0.01 |
0.04 |
0.33 |
Including |
92 |
290 |
198 |
0.33 |
0.01 |
0.04 |
0.40 |
SLSE-20 |
0 |
900 |
900 |
0.24 |
0.01 |
0.03 |
0.30 |
Including |
4 |
296 |
292 |
0.35 |
0.02 |
0.04 |
0.45 |
SLSE-16 |
Jan 17, 2023 |
8 |
720 |
712 |
0.36 |
0.02 |
0.05 |
0.45 |
Including |
76 |
184 |
108 |
0.46 |
0.02 |
0.06 |
0.57 |
Including |
350 |
542 |
192 |
0.59 |
0.02 |
0.07 |
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) |
SLSE-25 |
801489 |
9648125 |
1170 |
300 |
0 |
-90 |
SLSE-24 |
801684 |
9648074 |
1221 |
722 |
250 |
-65 |
SLSE-23 |
801485 |
9648192 |
1170 |
748 |
0 |
-80 |
SLSE-22 |
801453 |
9647971 |
1234 |
1083 |
165 |
-80 |
SLSE-21 |
801684 |
9648074 |
1221 |
1071 |
90 |
-82 |
SLSE-20 |
801485 |
9648192 |
1170 |
905 |
90 |
-65 |
SLSE-16 |
801684 |
9648074 |
1221 |
845 |
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 AssuranceSample 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 recent
drilling has now validated a southern vector toward stronger soil
anomalism, identifying a second porphyry center localizing higher
grade mineralization and opening up further expansion potential in
this direction, identification of a second porphyry center in
SLSE-28, with visual interpretation suggesting potential for some
of the strongest grades to date at Warintza East – the new porphyry
center is located south of SLSE-22, which exited a weakly
mineralized dyke into stronger mineralization over its final 40m,
consistent with increased grades observed from SLSE-16 in this
area, and drilling to date confirms Warintza East as a significant
porphyry deposit that adjoins Warintza Central and remains open for
expansion, with a particular direction of focus to the south where
extensional and step-out drilling is targeting higher grade
mineralization associated with a newly identified southern porphyry
center. 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, 2022 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/8457e16b-a53c-4b62-9ef5-fae9a79e0bb6
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