Solaris Reports 81m of 0.73% CuEq within 544m of 0.50% CuEq from Surface; Announces Major Expansion of 2024 Drill Program Supported by Record Productivity
11 Juni 2024 - 1:00PM
Solaris Resources Inc. (TSX: SLS; NYSE: SLSR)
(“Solaris” or the “Company”) is pleased to report additional drill
results as its 2024 drilling program ramps up and a major expansion
of planned meterage from 30km to 60km in this program. The
expansion of the 2024 drilling program is supported by the closing
of its recent financing and significant productivity improvements
from past infrastructure investments and improved logistics and
processes at 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.
Highlights
- Latest drilling results
include SLSE-33, collared on the southern margin of Warintza
Southeast and drilled at a steep inclination northeast, returning
81m of 0.73% CuEq¹ from near surface within a broader interval of
544m of 0.50% CuEq¹ from surface and bottoming in
mineralization
- SLSE-35 was collared from a
central platform at Warintza East and drilled east, returning 189m
of 0.50% CuEq¹ from surface within a broader interval of 580m of
0.42% CuEq¹ and remaining open in mineralization, with the
last 10m averaging 0.41% CuEq¹
- Major expansion of 2024
drilling program from 30km to 60km supported by the
proceeds of the recently closed financing (see press release dated
June 10, 2024) and significant productivity improvements to target
open lateral extensions of mineralization beyond the pit, including
into the Patrimonio target area, improve drilling density and
support technical studies
- Continued drilling ramp up
with six rigs completing 7.7 km in May and a seventh rig expected
soon to challenge the prior peak drilling rate achieved with 12
rigs in 2021 primarily as a result of improved logistics
from infrastructure investments, construction of on-site facilities
and trail networks connecting new drilling platform locations
together with process optimization
- Updated mineral resource
estimate on track for release early July
- Ongoing regional
exploration efforts have expanded the footprint of epithermal-style
mineral alteration from the Caya area into the adjacent Mateo
porphyry target 6km east of the Warintza cluster, while
field crews have also been active on the newly-acquired adjacent
claims (see press release dated April 30, 2024), with further
details to be provided in subsequent releases
Mr. Javier Toro, Chief Operating Officer,
commented: “We are very pleased to have doubled the planned
drilling for the Warintza project which will contribute to future
growth and improved confidence in resources while also providing
technical data for mine design and mine planning purposes to
support technical studies. The forthcoming mineral resource
estimate update in July will reflect two years of additional
drilling from the prior estimate in 2022, with drilling continuing
through the end of the year.”
Figure 1 – Plan View of Drilling to
Date
Table 1 – Assay Results
Hole ID |
Date Reported |
From (m) |
To (m) |
Interval (m) |
Cu (%) |
Mo (%) |
Au (g/t) |
CuEq¹ (%) |
SLSE-35 |
June 11, 2024 |
0 |
580 |
580 |
0.33 |
0.02 |
0.04 |
0.42 |
Including |
0 |
189 |
189 |
0.41 |
0.02 |
0.04 |
0.50 |
SLSE-34 |
0 |
522 |
522 |
0.28 |
0.02 |
0.03 |
0.36 |
Including |
66 |
318 |
252 |
0.31 |
0.02 |
0.03 |
0.40 |
SLSE-33 |
6 |
550 |
544 |
0.40 |
0.02 |
0.06 |
0.50 |
Including |
54 |
135 |
81 |
0.60 |
0.02 |
0.07 |
0.73 |
Notes to table: True widths are interpreted to
be very close to drilled widths due to the bulk-porphyry style
mineralized zones at Warintza.
Table 2 - Collar Locations
Hole ID |
Easting |
Northing |
Elevation (m) |
Depth (m) |
Azimuth (degrees) |
Dip (degrees) |
SLSE-35 |
801485 |
9648192 |
1129 |
580 |
90 |
-80 |
SLSE-34 |
801483 |
9648241 |
1170 |
523 |
40 |
-80 |
SLSE-33 |
801532 |
9647848 |
1154 |
550 |
50 |
-85 |
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.
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 on
site. 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 (Amended)” 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 advancing a portfolio of copper and
gold assets in the Americas, which includes a world class copper
resource with expansion and discovery potential at its Warintza
Project in Ecuador; a series of grass roots exploration projects
with discovery potential in Peru and Chile; 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 SLSE-35
remains open in mineralization, a major expansion of 2024 drilling
program from 30km to 60km to target open lateral extensions of
mineralization beyond the pit, including into the Patrimonio target
area, improve drilling density and support technical studies,
seventh rig expected soon to challenge the prior peak drilling rate
achieved with 13 rigs in 2021, updated mineral resource estimate on
track for release early July, ongoing regional exploration efforts
have expanded the footprint of epithermal-style mineral alteration
from the Caya area into the adjacent Mateo porphyry target 6km east
of the Warintza cluster, while field crews have also been active on
the newly-acquired adjacent claims, with further details to be
provided in subsequent releases. 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. The Company
has based these forward-looking statements and information on the
Company’s current expectations and assumptions about future events
including assumptions regarding the exploration and regional
programs. 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, 2023 available at
www.sedarplus.ca. 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/baace231-5260-48a6-88ff-c9766c598ec1
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