Solaris Reports 54m of 0.80% CuEq from Surface in Northwest Step-Out at Warintza Central; 268m of 0.60% CuEq within 830m averaging 0.50% CuEq in Northeast Step-Out
28 Juni 2023 - 1:00PM
Solaris Resources Inc. (TSX: SLS; OTCQB: SLSSF)
(“Solaris” or the “Company”) is pleased to report assay results
from a series of holes aimed at growing the ‘Indicative Starter
Pit’ within the Warintza Central zone 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.
HighlightsMineral resource
expansion drilling continues to target growth of the ‘Indicative
Starter Pit’, an area of near surface, high-grade mineralization
estimated at 180 Mt at 0.82% CuEq¹ (Indicated) and 107 Mt at 0.73%
CuEq¹ (Inferred) in the Warintza Mineral Resource Estimate²
(“MRE”). Recent drilling has expanded the Northeast Extension zone
to the north-northeast where further step-outs are planned, while a
250m step-out on the opposite side of Warintza Central has expanded
the zone to the northwest and opened up new potential.
- SLS-72 was
collared from a newly-constructed step out platform 200m to the
northeast, returning 268m of 0.60% CuEq¹ within a broader
interval of 830m averaging 0.50% CuEq¹ from 48m depth, extending
the zone to the northeast where it remains open
- SLS-71 was
collared from the same platform within the northeast extension zone
and drilled northwest into a partially open volume, returning
212m of 0.60% CuEq¹, including 50m of 0.87% CuEq¹,
within a broader interval of 494m of 0.42% CuEq¹ from near
surface
- SLS-73 was
collared from another newly-constructed step out platform 250m to
the north, returning 26m of 0.96% CuEq¹ from near
surface and 128m of 0.60% CuEq¹ within a broader interval,
extending the zone to the northeast where it remains
open
- These three
holes expand the Northeast Extension zone to the east and
northeast where two additional 200m step-out
platforms have been planned for construction to test the potential
extension of the zone beneath shallow saprolitic
cover
- On the opposite
side of Warintza Central, SLS-74 was collared from a
newly-constructed platform stepping out 250m to the northwest of
the existing drill grid to test the potential extension of high
grade, near surface mineralization – it returned
54m of 0.80% CuEq¹ from surface within a broader
interval of 224m of 0.41% CuEq¹
- SLS-74 includes
lower grade mineralization within a porphyritic granodiorite
modelled as the northwestern contact of Warintza Central – ongoing
mapping and sampling aims to assess the potential for
better-developed mineralization higher up in this intrusive phase
in the 700m gap to Warintza West
-
Additional assays are expected soon from drilling targeting
further growth at Warintza East, follow-up drilling at the recent
high-grade Warintza Southeast discovery and the new Patrimonio
discovery
Figure 1 – Plan View of Warintza Central
Drilling Released to Date³
Table 1 – Assay Results
Hole ID |
Date Reported |
From (m) |
To (m) |
Interval (m) |
Cu (%) |
Mo (%) |
Au (g/t) |
CuEq¹ (%) |
SLS-74 |
June 28, 2023 |
6 |
230 |
224 |
0.28 |
0.03 |
0.04 |
0.41 |
Including |
6 |
60 |
54 |
0.59 |
0.05 |
0.07 |
0.80 |
Including |
120 |
230 |
110 |
0.22 |
0.03 |
0.03 |
0.38 |
SLS-73 |
12 |
228 |
216 |
0.40 |
0.02 |
0.11 |
0.53 |
Including |
26 |
52 |
26 |
0.83 |
0.01 |
0.13 |
0.96 |
Including |
100 |
228 |
128 |
0.45 |
0.02 |
0.12 |
0.60 |
SLS-72 |
48 |
878 |
830 |
0.39 |
0.02 |
0.08 |
0.50 |
Including |
48 |
100 |
52 |
0.50 |
0.01 |
0.08 |
0.58 |
Including |
610 |
878 |
268 |
0.47 |
0.02 |
0.08 |
0.60 |
SLS-71 |
30 |
524 |
494 |
0.33 |
0.01 |
0.08 |
0.42 |
Including |
54 |
266 |
212 |
0.47 |
0.02 |
0.09 |
0.60 |
Including |
54 |
104 |
50 |
0.76 |
0.02 |
0.10 |
0.87 |
Notes to table: True widths of the mineralized
zone are not known at this time.
Table 2 - Collar Location
Hole ID |
Easting |
Northing |
Elevation (m) |
Depth (m) |
Azimuth (degrees) |
Dip (degrees) |
SLS-74 |
799558 |
9648247 |
1325 |
236 |
130 |
-80 |
SLS-73 |
800531 |
9648518 |
1262 |
294 |
0 |
-90 |
SLS-72 |
800552 |
9648378 |
1358 |
878 |
25 |
-80 |
SLS-71 |
800552 |
9648378 |
1358 |
568 |
330 |
-70 |
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. The ‘Indicative Starter Pit’
is based on the same assumptions as the MRE except utilized metal
prices of US$1.00/lb Cu, US$7.50/lb Mo, and US$750/oz Au. The
‘Indicative Starter Pit’ is comprised of Indicated mineral
resources of 180 Mt at 0.82% CuEq (0.67% Cu, 0.03% Mo, 0.07 g/t
Au) and Inferred mineral resources of 107 Mt at 0.73% CuEq
(0.64% Cu, 0.02% Mo, 0.05 g/t Au) above a 0.6% CuEq cut-off
grade. No economic analysis has been completed by the Company and
there is no guarantee an ‘Indicative Starter Pit’ will be realized
or prove to be economic.
- Refer to Solaris’ 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 filed on the Company’s SEDAR profile at
www.sedar.com.
- For additional details on “Near
Surface, High-Grade, NE Extension” intervals, refer to press
release dated May 26, 2022 for SLS-57: 230m of 0.73% CuEq (0.59%
Cu, 0.03% Mo, 0.08 g/t Au), refer to press release dated July 20,
2022 for SLS-62: 168m of 0.68% CuEq (0.51% Cu, 0.03% Mo, 0.07
g/t Au) and SLS-63: 230m of 1.02% CuEq (0.87% Cu, 0.02% Mo,
0.12 g/t Au), refer to press release dated September 7, 2022 for
SLS-64: 110m of 0.54% CuEq (0.38% Cu, 0.04% Mo, 0.03 g/t Au)
and SLS-66: 124m of 0.82% CuEq (0.71% Cu, 0.02% Mo, 0.09 g/t
Au) and SLS-67: 108m of 1.20% CuEq (1.06% Cu, 0.03% Mo, 0.09 g/t
Au), refer to press release dated December 5, 2022 for SLS-65:
286m of 0.55% CuEq (0.38% Cu, 0.04% Mo, 0.06 g/t Au) and
SLS-68: 72m of 1.00% CuEq (0.88% Cu, 0.02% Mo, 0.06 g/t Au),
refer to press release dated Mar 13, 2023 for SLS-69: 70m of
0.70% CuEq (0.56% Cu, 0.03% Mo, 0.06 g/t Au) and SLS-70:
94m of 0.70% CuEq (0.53% Cu, 0.03% Mo, 0.11 g/t Au).
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 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 recent
drilling has expanded the Northeast Extension zone to the
north-northeast where further step-outs are planned, while a 250m
step-out on the opposite side of Warintza Central has expanded the
zone to the northwest and opened up new potential, holes SLS-71,
SLS-72 and SLS-73 expanded the Northeast Extension zone to the east
and northeast where two additional 200m step-out platforms have
been planned for construction to test the potential extension of
the zone beneath shallow saprolitic cover, SLS-74 includes lower
grade mineralization within a porphyritic granodiorite modelled as
the northwestern contact of Warintza Central – ongoing mapping and
sampling aims to assess the potential for better-developed
mineralization higher up in this intrusive phase in the 700m gap to
Warintza West, additional assays are expected soon from drilling
targeting further growth at Warintza East, follow-up drilling at
the recent high-grade Warintza Southeast discovery and the new
Patrimonio discovery. 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.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/161ae5aa-9472-4f5d-b968-4fe7ed6ec300
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