Solaris Reports Significant New Porphyry Discovery in First Hole at Patrimonio, Second and Third Holes Underway and Additional Rigs Being Mobilized
14 Juni 2023 - 1:00PM
Solaris Resources Inc. (TSX: SLS; OTCQB: SLSSF)
(“Solaris” or the “Company”) is pleased to announce the discovery
of a significant new porphyry deposit in the first reconnaissance
drill hole at the Patrimonio target, southwest of Warintza Central.
Patrimonio represents the sixth porphyry deposit discovered on 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 SLSP-01 drilled at the
Patrimonio target
HighlightsThe Patrimonio target
was identified as part of a program of reconnaissance mapping and
sampling in an area southwest of Warintza Central (see press
release dated April 11, 2023). The first reconnaissance drill hole
into this target has now been completed with visual results from
SLSP-01 confirming the discovery of a significant new porphyry
deposit, mineralized with high concentrations of chalcopyrite,
molybdenite and pyrite from surface to the end of the hole.
- Patrimonio represents the sixth
major discovery within the Warintza porphyry cluster, after the
original Warintza Central deposit discovered by the late David
Lowell in 2000, and Solaris discoveries at Warintza West (February
2021), Warintza East (July 2021), Warintza South (January 2022),
most recently Warintza Southeast (May 2023) and now Patrimonio
- Patrimonio is defined by an
elongated north-south molybdenum anomaly measuring 1.5km x 0.5km
enveloped by a copper anomaly extending west, with outcropping
porphyry displaying pervasive potassic alteration and stockwork
veining, located on the western side of an interpreted major
north-south fault adjacent to Warintza Central
- SLSP-01 is the first reconnaissance
hole to test the Patrimonio target and was drilled northwest to the
maximum depth capacity of the KD-200 rig. The hole intersected
stockwork veining and disseminated sulphide mineralization in
intrusive and volcanic rocks from surface to the end of hole at
310m where the zone remains open
- Sulphide minerals at Patrimonio
include pyrite, chalcopyrite and molybdenite with total sulphide
abundances up to 10%, as much as two-times higher than previously
logged at Warintza Central
- First assays from SLSP-01 are
expected within four to six weeks. Follow-up drill holes SLSP-02,
drilled southwest from the same platform, and SLSP-03, a northeast
step-out testing the potential contact area between Patrimonio and
Warintza Central, are already underway
- Preliminary interpretation places
SLSP-01 in the high-temperature core of a sulphide-rich copper
porphyry at Patrimonio, with follow-up drilling underway expected
to aid in defining the architecture of the system and its
relationship to Warintza Central
- The reader should be cautioned that
only assay results from a laboratory can confirm whether
concentrations of metals are present and, as such, visual core
characterization presented herein should be viewed as speculative
in nature
Mr. Jorge Fierro, Vice President, Exploration,
commented: “Patrimonio is an exciting, new discovery, unique in
terms of the intensity of mineralization and alteration within the
Warintza porphyry cluster. Together with the recent discovery of a
second and higher-grade porphyry center to the south of Warintza
East we now distinguish as Warintza Southeast, the Patrimonio
discovery provides strong validation of our exploration approach of
systematic soil sampling led by senior geologist, Keller Guerra,
that has also identified areas of significantly stronger soil
anomalism in the Warintza West and Warintza South areas for future
exploration.”
Figure 2 – Plan View of Warintza
Porphyry Cluster and Patrimonio Drilling
Table 1 - Collar
Location
Hole ID |
Easting |
Northing |
Elevation(m) |
Depth(m) |
Azimuth(degrees) |
Dip(degrees) |
SLSP-01 |
799430 |
9647634 |
1519 |
310 |
315 |
-60 |
Notes to
table: The coordinates are in WGS84 17S Datum. |
|
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 first assays
from SLSP-01 are expected within four weeks; and that preliminary
interpretation places SLSP-01 in the high-temperature core of a
sulphide-rich copper porphyry at Patrimonio, with follow-up
drilling underway expected to aid in defining the architecture of
the system and its relationship to Warintza Central. 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/9723248b-f023-486b-9f18-04350b2860f0
https://www.globenewswire.com/NewsRoom/AttachmentNg/c880a0cb-9d40-4d56-b805-b62de2edf651
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