Solaris Resources Inc. (TSX: SLS; OTCQB: SLSSF)
(“Solaris” or the “Company”) is pleased to announce a preview of
its 2024 plans for the Company and its Warintza Project (“Warintza”
or “the Project”) in southeastern Ecuador.
Key Milestones:
NYSE American Listing – The
Company intends to list on the NYSE American stock exchange (“NYSE
American”) to satisfy the appetite of many U.S. retail and
institutional investors seeking to add exposure to Solaris. In
advance of listing on the NYSE American, Solaris will file a Form
40-F Registration Statement with the United States Securities and
Exchange Commission. Subject to the review and approval of the
listing application and satisfaction of all applicable listing and
regulatory requirements, the Company expects its common shares to
commence trading on the NYSE American in H1/24.
Mineral Resource Update in
Q2/24 – The Company is nearing the completion of its
second phase of mineral resource drilling at Warintza, which is
expected to nearly double the meterage available for inclusion in
the updated mineral resource estimate and deliver major growth
through expansion of the deposit in extensional drilling at
Warintza Central and Warintza East, and through the inclusion of
the recent discovery of Warintza Southeast within a common pit
shell.
Extension and Infill Drilling –
The third phase of drilling at Warintza is set to commence
imminently and includes extensional drilling in areas in which the
Warintza East and Warintza Southeast deposits are still open, and
approximately 30km of infill drilling to further delineate and
define mineral resources within the pit shell in advance of
studies, with some of these holes doubling to provide technical
data for mine design and mine planning purposes.
Warintza Exploration – Plans
include following up on the recent Patrimonio discovery, where the
first reconnaissance holes intercepted 144m of 0.50% CuEq¹ and 148m
of 0.52% CuEq¹, respectively (refer to press release dated
September 12, 2023). Notably, these intercepts included skarn
mineralization (in addition to porphyry) for which the source has
not yet been located. Vectors for this mineralization trend
northwest and are untested for over 1km toward Warintza West while
the strongest soil geochemical anomalism is untested in the
southern part of Patrimonio.
In addition, the Company plans to revisit the El
Trinche area that forms the southern, low grade margin of Warintza
Central where a near surface intercept of high-grade mineralization
within a broader low grade interval has been interpreted as a dyke
with veinlet orientations and alteration suggesting it may form a
high level expression of a potentially deeper, higher grade system
that has not yet been located.
Regional Exploration – Field
investigation is planned to define drill targets at prospective
areas identified in the regional exploration program to date,
including:
- Medio Camino: a 3.5km x 1.5km
porphyry target defined in soil geochemical data roughly
equidistant between the Warintza porphyry cluster to the east and
the neighboring San Carlos - Panantza porphyry cluster to the
west
- Clemente: a series of porphyry
targets on trend to the north of the San Carlos - Panantza porphyry
cluster
- Mateo: a 3km x 1.4km area of
copper-molybdenum enrichment in soil samples approximately 5km east
of Warintza East that is expressed around the perimeter of an
overlapping sandstone unit that may cover a porphyry
- Caya: a 5km x 3km gold anomaly in
stream sediments 6km northeast of Warintza East, where follow-up
sampling has identified an area of 0.7km x 1.3km of anomalous gold,
copper and epithermal pathfinder element values, and a
concentration of dickite clay and vuggy silica alteration minerals
characteristic of high sulphidation epithermal systems
Studies – The Company
anticipates finalizing and submitting the Environmental Impact
Assessment for the Warintza Project for regulatory review and
approval in H2/24, after more than three years of baseline
environmental monitoring, data collection and studies from prior
permitting efforts. Follow-up programs for metallurgy, geotechnical
and hydrogeological drilling, together with detailed access,
internal/external infrastructure, and water and power studies will
proceed under the direction of Javier Toro, recently appointed as
Chief Operating Officer (refer to press release dated November 6,
2023), and run through the end of the year.
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. For additional details on the
intervals, refer to press release dated September 12, 2023 for
SLSP-01: 144m of 0.50% CuEq (0.34% Cu, 0.03% Mo, 0.09 g/t Au) and
SLSP-02: 148m of 0.52% CuEq (0.38% Cu, 0.02% Mo, 0.09 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.
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 the Company
intends to list its common shares on the NYSE American stock
exchange in H1/24, the Company is nearing the completion of its
second phase of mineral resource drilling at Warintza, which is
expected to nearly double the meterage available for inclusion in
the updated mineral resource estimate to be issued in Q2/24 and
deliver major growth through expansion of the deposit in
extensional drilling at Warintza Central and Warintza East, and
through the inclusion of the recent discovery of Warintza Southeast
within a common pit shell, that the third phase of drilling at
Warintza is set to commence imminently and includes extensional
drilling in areas in which the Warintza East and Warintza Southeast
deposits are still open, and approximately 30km of infill drilling
to further delineate and define mineral resources within the pit
shell in advance of studies, with some of these holes doubling to
provide technical data for mine design and mine planning purposes,
Warintza exploration plans include following up on the recent
Patrimonio discovery, revisiting the El Trinche area that forms the
southern, low grade margin of Warintza Central where a near surface
intercept of high-grade mineralization within a broader low grade
interval has been interpreted as a dyke with veinlet orientations
and alteration suggesting it may form a high level expression of a
potentially deeper, higher grade system that has not yet been
located, and further field investigation is planned to define drill
targets at areas identified in the regional exploration program,
including Medio Camino, Clemente, Mateo and Caya, the Company
anticipates finalizing and submitting the Environmental Impact
Assessment for the Warintza Project for regulatory review and
approval in H2/24, and follow-up programs for metallurgy,
geotechnical and hydrogeological drilling, together with detailed
access, internal/external infrastructure, and water and power
studies will proceed and run through the end of the year. 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.sedarplus.ca. 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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