Solaris Discovers New Porphyry Southwest of Warintza Central, with Values up to 1.6% Cu and 630 ppm Mo in Outcrop Sampling
April 11 2023 - 7:00AM
Solaris Resources Inc. (TSX: SLS; OTCQB: SLSSF)
(“Solaris” or the “Company”) is pleased to report that ongoing
field work within the Warintza porphyry cluster has identified a
new, potentially well mineralized porphyry called Patrimonio,
immediately southwest of the Central deposit at its Warintza
Project (“Warintza” or “the Project”) in southeastern Ecuador.
Highlights are listed below, with corresponding images in Figures
1-5.
Highlights
-
Patrimonio was discovered via reconnaissance mapping and
sampling in an area that had not previously been accessed southwest
of Warintza Central, with the northern extent of the target found
just outside the Mineral Resource Estimate (“MRE”)¹ shell (refer to
Figure 1)
-
Patrimonio is defined by highly anomalous sampling over a
1.5km long x 0.6km wide area where outcropping porphyritic diorite
displays intense, pervasive biotite alteration and stockwork
veining on the western side of a major north-south fault adjacent
to Warintza Central
- Rock
chip samples from weathered outcrop at Patrimonio returned values
of up to 1.6% copper (“Cu”) (averaging 0.18% Cu), 630 parts per
million (“ppm”) molybdenum (“Mo”) (averaging 104 ppm Mo) and 0.16
grams per tonne (“g/t”) gold (“Au”) (averaging 0.1 g/t
Au)
- Soil
samples at Patrimonio average 764 ppm Cu and 89 ppm Mo, comparable
in copper values to Warintza East (887 ppm Cu, 87 ppm Mo) and
Warintza Central (816 ppm Cu, 288 ppm Mo), with lower molybdenum
values than Central
-
Together with high-level alteration assemblages observed in
outcrop, this metal zonation implies Patrimonio is better
preserved/less eroded than Central on the opposite side of the
fault, but with similar stockwork veining suggesting the porphyry
may be well mineralized
- Field
crews have established locations for the construction of an initial
four drilling platforms in the northern half of Patrimonio, with
the first drill hole at the northernmost platform expected to
commence later this month
- MRE
drilling program continues: the 2022 MRE is based on drilling
to the end of 2021, with ongoing drilling aimed at expanding the
‘Indicative Starter Pit’² and overall mineral
resources
Mr. Jorge Fierro, Vice President, Exploration,
commented: “As drilling continues to expand the MRE, we have
conducted a program of reconnaissance mapping and sampling that
extends into previously inaccessible areas. The discoveries made to
date within the Warintza cluster were based largely on sampling
work that dates back more than 20 years. The aim of this ongoing
effort is to identify targets for high value growth, such as at
Patrimonio, where we’ve discovered a sizeable porphyry target with
potential for high grades close to surface in close proximity to
our growing MRE.”
Patrimonio
Field crews have discovered conspicuous copper
and molybdenum in outcrop (refer to Figures 2-5) where the
mineralized rock is a porphyritic diorite that displays intense,
pervasive biotite alteration and stockwork veining. This compares
to Warintza Central where the host rock is a quartz monzodiorite
stock, and Warintza East, where most of the mineralization is in a
volcano-sedimentary sequence around a porphyry stock, with a second
stock recently located to the south. At Warintza West,
mineralization is hosted by dacite porphyry that intrudes diorite
and granodiorite.
Quartz-molybdenum or “B-veins” that typically
occupy the core of porphyries at Warintza, were encountered at
surface at Patrimonio. The highest part of the Patrimonio target,
exposed on a hilltop, contains galena and sphalerite in a
relatively low-temperate alteration mineral assemblage that is
typically located above and lateral to porphyries. The presence of
these minerals implies that the porphyry has been minimally eroded
and is well-preserved.
Figure 1 – Plan View of Patrimonio within 7km x
5km Warintza Porphyry
Clusterhttps://www.globenewswire.com/NewsRoom/AttachmentNg/0fa44694-715d-4b4e-b7a5-e19920b6b41a
Figure 2 – Altered
Quartz-Diorite Porphyry Outcrop Displaying
Quartz-Pyrite-Chalcopyrite Stockwork with Secondary
Chalcocitehttps://www.globenewswire.com/NewsRoom/AttachmentNg/54ff69f0-e2b5-4839-b893-e393693a6c79
Figure 3 – Altered Diorite
Specimen Displaying Covellite and Quartz-Molybdenum Vein with
Pyrite and Chalcopyrite in Veinlets and
Disseminationshttps://www.globenewswire.com/NewsRoom/AttachmentNg/da99c7bb-5772-4908-8e11-cce967a6bc06
Figure 4 – Altered Diorite
Specimen Displaying Pyrite and Chalcopyrite in Veinlets and
Disseminations, with Chalcocite and
Malachitehttps://www.globenewswire.com/NewsRoom/AttachmentNg/ebac7e25-f182-4ad9-8422-e23dcc2d854a
Figure 5 – Quartz Monzonite Outcrop Displaying
Stockwork Veining with Quartz, Molybdenite, Chalcopyrite and Copper
Oxides Grading 0.6%
Copperhttps://www.globenewswire.com/NewsRoom/AttachmentNg/492fd3ee-f9e0-4937-93a4-9e9a027fc0c9
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.
- The ‘Indicative Starter Pit’ within
the MRE 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. 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. 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.
Technical Information and Quality
Control & Quality Assurance
Sample assay, 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. 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 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 metal
zonation suggests that the Patrimonio deposit is better
preserved/less eroded than Warintza Central on the opposite side of
the fault but with similar stockwork veining suggesting the
porphyry may be well mineralized, established locations for the
construction of an initial four drilling platforms in the northern
half of Patrimonio, with the first drill hole at the northernmost
platform expected to commence later this month, MRE drilling
program continues with ongoing drilling aimed at expanding the
‘Indicative Starter Pit’ and overall mineral resources, as drilling
continues to expand the MRE, we have conducted a program of
reconnaissance mapping and sampling that extends into new areas
that weren’t previously accessed with the aim of this ongoing
effort to identify targets for high value growth, such as at
Patrimonio, where we’ve discovered a sizeable porphyry target with
potential for high grades close to surface in close proximity to
our growing MRE. 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.
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