Solaris Adds to Near Surface, High-Grade Northeast and Southeast Extensions, Priorities for Further Growth Beyond Mineral Resource
04 April 2022 - 1:00PM
Solaris Resources Inc. (TSX: SLS; OTCQB: SLSSF)
(“Solaris” or “the Company”) is pleased to report assay results
from a series of additional holes from mineral resource growth
drilling at its Warintza Project (“Warintza” or “the Project”) in
southeastern Ecuador.
Highlights are listed below, with a
corresponding image in Figure 1 and detailed results in Tables 1-2.
A dynamic 3D model is available on the Company’s website and will
be updated to incorporate the most recent results.
Highlights
Additional drilling has expanded the
growing northeast extension area, which remains open with follow-up
and step-out drilling underway. This zone is characterized by near
surface, high-grade mineralization, as detailed below, at the
northeastern limit of drilling at Warintza Central and represents a
priority target for further growth.
- SLS-54 was collared at the
northeastern limit of the grid and drilled into an open volume near
surface, returning 356m of 0.73% CuEq¹ from 50m depth
within a broader interval of 1,093m of 0.56% CuEq¹ from
surface
- This follows from near surface,
high-grade mineralization previously reported (refer to press
releases dated February 28, 2022, December 14, 2021 and October 25
& 12, 2021) from:
- SLS-49 - 396m of 0.70% CuEq¹ from 50m depth
within 817m of 0.60% CuEq¹
- SLS-48 - 100m of 1.64% CuEq¹ from 50m depth
within 852m of 0.56% CuEq¹
- SLS-42 - 740m of 0.60% CuEq¹ from 52m depth
within 906m of 0.53% CuEq¹
- SLS-38 - 244m of 0.70% CuEq¹ from 58m depth
within 822m of 0.35% CuEq¹
- SLS-34 - 242m of 0.67% CuEq¹ from 52m depth
within 660m of 0.47% CuEq¹
- SLS-32 - 372m of 0.64% CuEq¹ from 46m depth
within 618m of 0.48% CuEq¹
- Follow-up drilling from
existing platforms is underway, with a 260m northeast step-out
platform recently completed and a second platform stepping out
further to the northeast under construction
Additional drilling has expanded the
growing southeast extension area, which remains open in near
surface, high-grade mineralization.
- SLS-52 was collared on the eastern
side of the grid and drilled southeast into an open volume near
surface, returning 482m of 0.62% CuEq¹ from 96m depth,
within a broader interval of 977m of 0.45% CuEq¹ from near surface
that infilled drilling at depth
- SLS-53 was collared from a
southeastern platform and drilled south into an open volume near
surface, returning 176m of 0.78% CuEq¹ from 16m depth,
within a broader interval of 957m of 0.46% CuEq¹ from 10m depth
that infilled drilling at depth
- This follows from near surface,
high-grade mineralization previously reported (refer to press
releases dated February 28, 2022, December 14, 2021 and November
15, 2021) from:
-
- SLS-45 - 236m of 0.56% CuEq¹ from 44m depth
within 564m of 0.41% CuEq¹
- SLS-39 - 368m of 0.73% CuEq¹ from 90m depth
within 915m of 0.56% CuEq¹
- SLS-35 - 326m of 0.80% CuEq¹ from 50m depth
within 920m of 0.62% CuEq¹
- Additional platform
construction to support follow-up and step-out drilling to test the
further southeast extension of near surface, high-grade
mineralization is planned, following the release of the updated
mineral resource estimate
- SLS-51 was collared from
the south-central portion of the grid and drilled east into an open
volume at surface, returning 918m of 0.50% CuEq¹ from 130m
depth within a broader interval of 1,012m of 0.47% CuEq¹ from near
surface that infilled drilling at depth
Updated
Warintza Central Mineral Resource Estimate expected to be issued in
April.
To date, 62
holes have been completed at Warintza Central with assays reported
for 54 of these.
Mr. Jorge Fierro, Vice President, Exploration,
commented: “These final holes expand on two key growth areas with
near surface, high-grade mineralization on the edge of resource
drilling that remains open. These holes will be included in the
forthcoming resource update; further extensions to the northeast
and southeast represent priority targets for further growth with
step-out drilling commencing shortly.”
Figure 1 is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/25069f9c-87fa-45b2-bfed-16c8ba93cc83
Table 1 – Assay Results
Hole ID |
Date Reported |
From (m) |
To (m) |
Interval (m) |
Cu (%) |
Mo (%) |
Au (g/t) |
CuEq¹ (%) |
SLS-54 |
Apr 4, 2022 |
0 |
1093 |
1093 |
0.45 |
0.02 |
0.04 |
0.56 |
Including |
50 |
406 |
356 |
0.62 |
0.02 |
0.05 |
0.73 |
SLS-53 |
10 |
967 |
957 |
0.39 |
0.01 |
0.03 |
0.46 |
Including |
16 |
192 |
176 |
0.65 |
0.03 |
0.04 |
0.78 |
SLS-52 |
42 |
1019 |
977 |
0.39 |
0.01 |
0.03 |
0.45 |
Including |
96 |
578 |
482 |
0.55 |
0.01 |
0.03 |
0.62 |
SLS-51 |
36 |
1048 |
1012 |
0.38 |
0.01 |
0.06 |
0.47 |
Including |
130 |
1048 |
918 |
0.41 |
0.01 |
0.05 |
0.50 |
SLS-50 |
336 |
458 |
122 |
0.14 |
0.04 |
0.03 |
0.30 |
SLS-49 |
Feb 28, 2022 |
50 |
867 |
817 |
0.50 |
0.02 |
0.04 |
0.60 |
SLS-48 |
50 |
902 |
852 |
0.45 |
0.02 |
0.05 |
0.56 |
SLS-47 |
48 |
859 |
811 |
0.41 |
0.02 |
0.05 |
0.51 |
SLS-46 |
48 |
680 |
632 |
0.27 |
0.01 |
0.03 |
0.31 |
SLS-45 |
44 |
608 |
564 |
0.37 |
0.01 |
0.03 |
0.41 |
SLS-44 |
6 |
524 |
518 |
0.16 |
0.05 |
0.03 |
0.35 |
SLS-43 |
138 |
350 |
212 |
0.17 |
0.03 |
0.03 |
0.30 |
SLS-42 |
52 |
958 |
906 |
0.42 |
0.02 |
0.06 |
0.53 |
SLSS-01 |
Jan 18, 2022 |
0 |
755 |
755 |
0.28 |
0.02 |
0.02 |
0.36 |
SLS-41 |
Dec 14, 2021 |
0 |
592 |
592 |
0.42 |
0.02 |
0.06 |
0.52 |
SLS-40 |
8 |
1056 |
1048 |
0.39 |
0.01 |
0.03 |
0.46 |
SLS-39 |
28 |
943 |
915 |
0.49 |
0.01 |
0.04 |
0.56 |
SLS-38 |
58 |
880 |
822 |
0.28 |
0.01 |
0.05 |
0.35 |
SLS-37 |
28 |
896 |
868 |
0.39 |
0.05 |
0.05 |
0.58 |
SLS-36 |
Nov 15, 2021 |
2 |
1082 |
1080 |
0.33 |
0.01 |
0.04 |
0.41 |
SLS-35 |
48 |
968 |
920 |
0.53 |
0.02 |
0.04 |
0.62 |
SLS-34 |
Oct 25, 2021 |
52 |
712 |
660 |
0.36 |
0.02 |
0.06 |
0.47 |
SLS-33 |
40 |
762 |
722 |
0.55 |
0.03 |
0.05 |
0.69 |
SLSE-02 |
0 |
1160 |
1160 |
0.20 |
0.01 |
0.04 |
0.25 |
SLS-32 |
Oct 12, 2021 |
0 |
618 |
618 |
0.38 |
0.02 |
0.05 |
0.48 |
SLS-31 |
8 |
1008 |
1000 |
0.68 |
0.02 |
0.07 |
0.81 |
SLS-30 |
2 |
374 |
372 |
0.57 |
0.06 |
0.06 |
0.82 |
SLSE-01 |
Sep 27, 2021 |
0 |
1213 |
1213 |
0.21 |
0.01 |
0.03 |
0.28 |
SLS-29 |
Sep 7, 2021 |
6 |
1190 |
1184 |
0.58 |
0.02 |
0.05 |
0.68 |
SLS-28 |
6 |
638 |
632 |
0.51 |
0.04 |
0.06 |
0.68 |
SLS-27 |
22 |
484 |
462 |
0.70 |
0.04 |
0.08 |
0.91 |
SLS-26 |
July 7, 2021 |
2 |
1002 |
1000 |
0.51 |
0.02 |
0.04 |
0.60 |
SLS-25 |
62 |
444 |
382 |
0.62 |
0.03 |
0.08 |
0.77 |
SLS-24 |
10 |
962 |
952 |
0.53 |
0.02 |
0.04 |
0.62 |
SLS-19 |
6 |
420 |
414 |
0.21 |
0.01 |
0.06 |
0.31 |
SLS-23 |
May 26, 2021 |
10 |
558 |
548 |
0.31 |
0.02 |
0.06 |
0.42 |
SLS-22 |
86 |
324 |
238 |
0.52 |
0.03 |
0.06 |
0.68 |
SLS-21 |
2 |
1031 |
1029 |
0.63 |
0.02 |
0.04 |
0.73 |
SLS-20 |
April 19, 2021 |
18 |
706 |
688 |
0.35 |
0.04 |
0.05 |
0.51 |
SLS-18 |
78 |
875 |
797 |
0.62 |
0.05 |
0.06 |
0.83 |
SLS-17 |
12 |
506 |
494 |
0.39 |
0.02 |
0.06 |
0.50 |
SLS-16 |
Mar 22, 2021 |
20 |
978 |
958 |
0.63 |
0.03 |
0.06 |
0.77 |
SLS-15 |
2 |
1231 |
1229 |
0.48 |
0.01 |
0.04 |
0.56 |
SLS-14 |
0 |
922 |
922 |
0.79 |
0.03 |
0.08 |
0.94 |
SLS-13 |
Feb 22, 2021 |
6 |
468 |
462 |
0.80 |
0.04 |
0.09 |
1.00 |
SLS-12 |
22 |
758 |
736 |
0.59 |
0.03 |
0.07 |
0.74 |
SLS-11 |
6 |
694 |
688 |
0.39 |
0.04 |
0.05 |
0.57 |
SLS-10 |
2 |
602 |
600 |
0.83 |
0.02 |
0.12 |
1.00 |
SLS-09 |
122 |
220 |
98 |
0.60 |
0.02 |
0.04 |
0.71 |
SLSW-01 |
Feb 16, 2021 |
32 |
830 |
798 |
0.25 |
0.02 |
0.02 |
0.31 |
SLS-08 |
Jan 14, 2021 |
134 |
588 |
454 |
0.51 |
0.03 |
0.03 |
0.62 |
SLS-07 |
0 |
1067 |
1067 |
0.49 |
0.02 |
0.04 |
0.60 |
SLS-06 |
Nov 23, 2020 |
8 |
892 |
884 |
0.50 |
0.03 |
0.04 |
0.62 |
SLS-05 |
18 |
936 |
918 |
0.43 |
0.01 |
0.04 |
0.50 |
SLS-04 |
0 |
1004 |
1004 |
0.59 |
0.03 |
0.05 |
0.71 |
SLS-03 |
Sep 28, 2020 |
4 |
1014 |
1010 |
0.59 |
0.02 |
0.10 |
0.71 |
SLS-02 |
0 |
660 |
660 |
0.79 |
0.03 |
0.10 |
0.97 |
SLS-01 |
Aug 10, 2020 |
1 |
568 |
567 |
0.80 |
0.04 |
0.10 |
1.00 |
Notes to
table: True widths cannot be determined at this time. |
Table 2 - Collar Location
Hole ID |
Easting |
Northing |
Elevation (m) |
Depth (m) |
Azimuth (degrees) |
Dip (degrees) |
SLS-54 |
800383 |
9648303 |
1412 |
1093 |
160 |
-74 |
SLS-53 |
800126 |
9648032 |
1566 |
967 |
170 |
-82 |
SLS-52 |
800258 |
9648097 |
1559 |
1019 |
110 |
-75 |
SLS-51 |
799873 |
9648008 |
1632 |
1048 |
85 |
-70 |
SLS-50 |
799870 |
9648315 |
1414 |
768 |
80 |
-75 |
Notes to
table: 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 from existing northeast platforms is underway, with a 260m
northeast step-out platform recently completed and a second
platform stepping out further to the northeast under construction,
that additional platform construction to support follow-up and
step-out drilling to test the further southeast extensions of near
surface, high-grade mineralization is planned, following the
release of the updated mineral resource estimate, that the updated
Warintza Central Mineral Resource Estimate is expected to be issued
in April, that these final holes expand on two key growth areas
with near surface, high-grade mineralization on the edge of
resource drilling that remains open, that these holes will be
included in the forthcoming resource update; further extensions to
the northeast and southeast represent priority targets for further
growth with step-out drilling commencing shortly. 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, 2021 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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