Solaris Reports 616m of 0.6% CuEq in Additional Drilling at Warintza East, Establishes Continuity of Mineralization with Warintza Central
11 April 2022 - 1:30PM
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 detailed
results in Tables 1-2.
Key Takeaways
Since the discovery of Warintza East in
mid-2021, approximately 1km east of Warintza Central, limited
drilling has been completed on the open area between the two
deposits that would fall into the eastern sector of the conceptual
pit design for Warintza Central as uncategorized waste – these
results now establish continuity of mineralization between the two
deposits with Warintza East remaining entirely open and undrilled
to the north, south and east for future potential
growth
- SLSE-06 was
collared from the original platform in the middle of Warintza East
and drilled west-northwest into an entirely open volume,
returning 484m of 0.42% CuEq¹ from surface
- SLSE-08 was
collared from the same platform and drilled northwest into an open
volume, returning 142m of 0.65% CuEq¹ from near surface
within a broader interval of 536m of 0.43% CuEq¹ from
surface
- SLSE-04 was
collared between Warintza Central and Warintza East and drilled
west-southwest into a partially open volume, returning 616m
of 0.63% CuEq¹ from 276m depth within a broader interval of 892m of
0.50% CuEq¹ from surface, establishing the overlap of the two
deposits within the Warintza Central pit shell
- SLSE-03 was
collared from the same platform and drilled west-northwest into a
partially open volume, returning 326m of 0.62% CuEq¹ from
276m depth within a broader interval of 818m of 0.38% CuEq¹ from
38m depth, further confirming the overlap of the two
deposits
- SLSE-05,
collared from the same platform, was drilled north-northwest into a
partially open area, returning 268m of 0.53% CuEq¹ from
446m depth within a broader interval of 714m of 0.32% CuEq¹ from
surface
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 and 8 holes have been completed at Warintza East
with results reported for all holes
Mr. Jorge Fierro, Vice President, Exploration,
commented: “Following the final Warintza Central results released
April 4, these results represent the final holes from Warintza East
to be included in the forthcoming mineral resource update, and
serve to convert what would otherwise be uncategorized waste within
the expected pit shell in the area where Warintza Central and
Warintza East overlap.”
Table 1 – Assay Results
Hole ID |
Date Reported |
From (m) |
To (m) |
Interval (m) |
Cu (%) |
Mo (%) |
Au (g/t) |
CuEq¹ (%) |
SLSE-08 |
Apr 11, 2022 |
8 |
544 |
536 |
0.35 |
0.02 |
0.04 |
0.43 |
Including |
18 |
160 |
142 |
0.56 |
0.01 |
0.06 |
0.65 |
SLSE-07 |
632 |
1069 |
437 |
0.29 |
0.02 |
0.04 |
0.37 |
SLSE-06 |
0 |
484 |
484 |
0.33 |
0.02 |
0.04 |
0.42 |
SLSE-05 |
0 |
714 |
714 |
0.26 |
0.01 |
0.05 |
0.32 |
Including |
446 |
714 |
268 |
0.42 |
0.02 |
0.08 |
0.53 |
SLSE-04 |
0 |
892 |
892 |
0.43 |
0.01 |
0.04 |
0.50 |
Including |
276 |
892 |
616 |
0.54 |
0.02 |
0.04 |
0.63 |
SLSE-03 |
38 |
856 |
818 |
0.29 |
0.02 |
0.03 |
0.38 |
Including |
276 |
602 |
326 |
0.48 |
0.03 |
0.05 |
0.62 |
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) |
SLSE-08 |
801485 |
9648192 |
1170 |
959 |
305 |
-70 |
SLSE-07 |
800749 |
9648146 |
1282 |
1069 |
84 |
-50 |
SLSE-06 |
801485 |
9648192 |
1170 |
1078 |
285 |
-55 |
SLSE-05 |
800749 |
9648146 |
1282 |
737 |
330 |
-65 |
SLSE-04 |
800749 |
9648146 |
1282 |
893 |
257 |
-45 |
SLSE-03 |
800749 |
9648146 |
1282 |
909 |
270 |
-45 |
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. 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 since the
discovery of Warintza East in mid-2021, limited drilling has been
completed on the open area between the two deposits that would fall
into the eastern sector of the conceptual pit design for Warintza
Central as uncategorized waste and that these results now establish
continuity of mineralization between the two deposits with Warintza
East remaining entirely open and undrilled to the north, south and
east for future potential growth, these results establish the
overlap of the two deposits within the Warintza Central pit shell,
these results represent the final holes from Warintza East to be
included in the forthcoming mineral resource update, and serve to
convert what would otherwise be uncategorized waste within the
expected pit shell in the area where Warintza Central and Warintza
East overlap. 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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