Solaris Announces Significant New Discovery at Warintza South
18 Januar 2022 - 12:00PM
Solaris Resources Inc. (TSX: SLS; OTCQB: SLSSF)
(“Solaris” or the “Company”) is pleased to announce a significant
new discovery in maiden drilling of the Warintza South target at
its Warintza Project (“Warintza” or “the Project”) in southeastern
Ecuador.
Highlights are listed below, with corresponding
images in Figures 1-4 and detailed results in Tables 1-2. A dynamic
3D model is available on the Company’s website.
Highlights
- SLSS-01 was the first hole ever
drilled at Warintza South, which is an entirely separate porphyry
deposit, located approximately 3kms south of the Warintza Central
zone that has been the focus of the Company’s resource expansion
drilling efforts to date
-
SLSS-01
was drilled vertically and
returned 606m of
0.41% CuEq¹ of
continuous porphyry copper mineralization from
near surface, within a broader interval of 755m of 0.36%
CuEq¹, marking a significant new discovery
on the
Project
- Warintza South
is reflected by a high
conductivity anomaly over twice
the size of Warintza Central,
illustrating the very broad proportions of this newly discovered
porphyry system, with approximate dimensions of 2.5km x 2.0km x
0.7km
- SLSS-01
targeted an exposure of leached
capping within this
anomaly; an ongoing program of detailed sampling,
including an additional 265 soil samples and 131 rock samples,
significantly expanded the geochemical anomaly and shifted its core
to the northeast (Figure 1)
- Follow-up
drilling targeting the interpreted core of the porphyry
system is set to commence after additional drill platforms
are prepared based on this recent mapping and sampling work
refining the target and a dedicated exploration camp is set up to
support a ramp-up in activities
- Warintza South marks the
fourth major copper discovery
within the 7km x 5km Warintza porphyry cluster, with the
adjacent Yawi and Caya targets still to be tested, as well as other
recently generated targets within the broader land package to be
revealed in a forthcoming update
Mr. Jorge Fierro, Vice President, Exploration,
commented: “We are delighted to have made a significant new
discovery at Warintza South, with the first ever hole returning a
long interval of well mineralized copper porphyry. The multi-km
dimensions of the target present a large-scale opportunity.
Interpretation of the drill core together with recent mapping and
sampling provide important vectors for follow-up drilling to be
completed once additional access and infrastructure are
established.”
Figure 1 – Plan View
https://www.globenewswire.com/NewsRoom/AttachmentNg/db913c6f-bb97-4bc4-ae29-0044714d9b25
Figure 2
– Long Section of 3D Geophysics Looking
Southwest
https://www.globenewswire.com/NewsRoom/AttachmentNg/c205aa46-6812-4b39-adf9-385aef29152d
Figure 3
– Long Section of Warintza South 3D Geophysics Looking
Northeast
https://www.globenewswire.com/NewsRoom/AttachmentNg/cdf46e2d-8883-4c4b-bafa-1ad1f838e7cd
Figure 4
– SLSS-01 Drill Core
https://www.globenewswire.com/NewsRoom/AttachmentNg/2a5df03e-8dfe-43c6-a763-fffb42ff4522
Notes to Figure 4: SLSS-01 core interval from
377.03 to 379.15m, averaging 0.74% Cu, 0.04% Mo and 0.05g/t Au.
Quartz-diorite intermineral dike is cutting andestic volcanics.
Alteration and mineralization is mainly composed of early-stage,
halo-type associations with quartz, anhydrite, chlorite, biotite,
epidote, pyrite, chalcopyrite, and magnetite cut by A- and B-type
Mo-bearing quartz veinlets.
Table 1 – Warintza
South
Results
Hole ID |
Date Reported |
From (m) |
To (m) |
Interval (m) |
Cu (%) |
Mo (%) |
Au (g/t) |
CuEq¹ (%) |
SLSS-01 |
Jan 18,
2022 |
0 |
755 |
755 |
0.28 |
0.02 |
0.02 |
0.36 |
Including |
42 |
648 |
606 |
0.32 |
0.02 |
0.02 |
0.41 |
Including |
188 |
512 |
324 |
0.35 |
0.02 |
0.02 |
0.45 |
Notes to Table 1:
True widths cannot be determined at this time. |
|
|
|
|
|
|
Table 2 - Collar
Location
Hole ID |
Easting |
Northing |
Elevation (m) |
Depth (m) |
Azimuth (degrees) |
Dip (degrees) |
SLSS-01 |
801494 |
9645194 |
1215 |
755 |
0 |
-89 |
Notes to
Table 2: The coordinates are in WGS84 17S Datum. |
(1) No adjustments were made for recovery as the
project is an early-stage exploration project and metallurgical
data to allow for estimation of recoveries is not yet available.
Solaris defines copper equivalent calculation for reporting
purposes only. Copper-equivalence calculated as: CuEq (%) = Cu (%)
+ 3.33 × Mo (%) + 0.73 × Au (g/t), utilizing metal prices of Cu -
US$3.00/lb, Mo - US$10.00/lb and Au - US$1,500/oz.
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.
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. Analytical data
for the surface samples collected are from recent interpretations
derived from ZTEM data and from previous operators as detailed in
the technical report entitled, “Resource Estimate of the Warintza
Central Cu-Mo Porphyry Deposit” prepared by Equity Exploration
Consultants Inc. with an effective date of December 13, 2019, 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 high-grade resource
with expansion and additional discovery potential at the Warintza
copper and gold project in Ecuador; discovery potential on the
grass-roots Tamarugo project in Chile and Capricho and Paco Orco
projects in Peru; exposure to US$130M spending / 5-yrs through a
farm-out agreement with Freeport-McMoRan on the Ricardo Project in
Chile; and significant leverage to increasing copper prices through
its 60%-interest in the La Verde joint-venture project with 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 follow-up drilling targeting the interpreted core
of the porphyry system is set to commence after additional drill
platforms are prepared based on this recent mapping and sampling
work refining the target and a dedicated exploration camp is set up
to support a ramp-up in activities, adjacent Yawi and Caya targets
and other recently generated targets within the broader land
package remain to be tested, that the multi-km dimensions of
Warintza South present a large-scale opportunity and that
interpretation of the drill core together with recent mapping and
sampling provide important vectors for follow-up drilling to be
completed once additional access and infrastructure are
established. 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, 2020 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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