Solaris Confirms Discovery of Second Porphyry Center with Stronger Mineralization, Higher Grade Growth Potential at Warintza East
May 02 2023 - 7:00AM
Solaris Resources Inc. (TSX: SLS; OTCQB: SLSSF)
(“Solaris” or the “Company”) is pleased to confirm the discovery of
a second and more intensely mineralized porphyry center 350m south
of the original discovery at Warintza East. The new discovery holds
potential for notably improved grades in further growth at the
Warintza Project (“Warintza” or “the Project”) in southeastern
Ecuador. Highlights are listed below, with corresponding images in
Figures 1-2.
Figure 1 – Core Photos from SLSE-28
Note to Figure 1: the southern porphyry center
at Warintza East is characterized by
chalcopyrite-pyrite-molybdenite mineralization in stockwork veins
with green/grey sericite haloes and disseminations in
potassic-altered andesite porphyry cut by intermineral
quartz-diorite porphyry. The total sulphide abundance is
significantly greater than the original discovery.
Highlights
- Warintza East
was discovered in July 2021, with eight holes included in the
Warintza Central Mineral Resource Estimate (“MRE”)¹ in April 2022
and subsequent drilling significantly expanding the dimensions of
the deposit – the latest drilling in SLSE-28 has confirmed
the discovery of a second and more intensely mineralized porphyry
center 350m south of the original discovery
- SLSE-28 was drilled vertically to
the limit of the KD-200 rig at 309m with strong
mineralization from 19m to the end of the hole characterized by
chalcopyrite-pyrite-molybdenite in stockwork veins and
disseminations, similar to the high grade portions of the Warintza
Central deposit
- Full assay results from
SLSE-28 are expected within four to six weeks while follow-up
hole SLSE-29 (in progress) is being drilled
southeast from a recently constructed platform testing the
extension of this new porphyry center up to 200m to the east in
this area
- This new porphyry center is located
on the southern margin of Warintza East drilling and
correlates with mineralization encountered in the high
grade portion of prior hole SLSE-16 in this area (192m of 0.70%
CuEq² - refer to press release dated April 3, 2023)
- The reader should be cautioned that
only assay results from a certified third-party laboratory can
confirm whether concentrations of metals are present in these drill
holes and, as such, visual core characterization presented herein
should be viewed as speculative in nature
- 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’³ and
overall mineral resources, notably from the Warintza East
deposit
Figure 2 – Plan View of Warintza East
Drilling Released to Date
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. For additional details on
drill hole SLSE-16, refer to press release dated April 3, 2023:
192m of 0.70% CuEq (0.59% Cu, 0.02% Mo, 0.07 g/t Au) within a
broader interval of 712m of 0.45% CuEq (0.36% Cu, 0.02% Mo, 0.05
g/t Au) from surface.
- Within the MRE, 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.
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.
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.
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
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 a second and
more intensely mineralized porphyry center was discovered 350m
south of the original discovery at Warintza East and holds
potential for notably improved grades in further growth at the
Warintza Project, and that full assay results from SLSE-28 are
expected within four to six weeks while follow-up hole SLSE-29 (in
progress) is being drilled southeast from a recently constructed
platform testing the extension of this new porphyry center up to
200m to the east in this area. 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.
Photos accompanying this announcement are available
at:https://www.globenewswire.com/NewsRoom/AttachmentNg/a244eb37-8109-400d-a020-5d2225c5ec9dhttps://www.globenewswire.com/NewsRoom/AttachmentNg/455a85f1-80f0-4827-865c-181a41e2e186
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