Solaris Reports 11,570 g/t Silver and 12.3 g/t Gold in First Assays From Sampling Epithermal Mineralization Discovered As Part of Warintza Regional Exploration Program
25 Juni 2024 - 12:30PM
Solaris Resources Inc. (TSX: SLS; NYSE: SLSR)
(“Solaris” or the “Company”) is pleased to announce the first
significant precious metals assays from ongoing regional
exploration that has expanded the footprint of epithermal-style
mineral alteration from the Caya area into the adjacent Mateo
target and now several kilometers further south. Reconnaissance
rock-chip sampling in this new southern area returned values of up
to 11,570 grams per tonne silver (“g/t Ag”) and 12.3 grams per
tonne gold (“g/t Au”) across 30cm of breccia outcrop discovered as
part of this program. Follow-up fieldwork is underway to refine
targets for exploration drilling in late Q3/24 or early Q4/24.
Figure 1 – Intermediate Sulphidation
Epithermal Mineralization
Notes to Figure 1: Left – sample from an
intermediate sulphidation breccia outcrop associated with illite
clay alteration. Assays across 30cm averaged 11,570 g/t Ag, 12.3
g/t Au, 2,630 ppm As and 4,560 ppm Sb. Right – silica-lined cavity
from same sample displaying open space filling textures and native
silver wire bundles (scale bar in 1mm intervals).
Highlights
- Ongoing regional exploration east
of the Warintza cluster has expanded the area of interest for
epithermal mineralization from the Caya-Mateo area several
kilometres to the south (Figure 2)
- Epithermal deposits can be
genetically related to porphyry systems and host rich
concentrations of gold and silver, with this association well
documented in southeastern Ecuador
- The newly-sampled southern area is
affected by minor fault splays off a major regional fault thought
to be of Jurassic age, with kilometer-scale displacement across
it
- This fault separates
intrusive-dominated geology to the west hosting the Warintza
porphyry cluster from primarily volcanic-sedimentary geology to the
east hosting epithermal mineralization
- The footwall (western side) of this
fault forms the margin of an adjacent north-south pull-apart basin
filled with volcanic-sedimentary sequences
- Initial reconnaissance rock-chip
sampling in this area has returned values of up to 11,570 g/t Ag
and 12.3 g/t Au across 30cm of breccia outcrop with exceptionally
high concentrations of epithermal pathfinder elements (Figure
1)
- In addition to the above, sporadic
high gold values of between 4 g/t and 9 g/t, with silver values up
to 150 g/t, in rock chip sampling have also been returned, with
anomalous pathfinder values consistently occurring over an area 1km
by 2km
- The working exploration concept is
that these samples represent high-level expressions of an
intermediate sulphidation epithermal system at depth
- Detailed mapping and sampling of
this area has commenced, with vectors from geochemical data and
mineral alteration to be used to refine targets
- Separately, recent sampling and
spectral mapping in the Caya-Mateo target area have outlined
pathfinder element and alteration anomalies at the margins of
overlying sandstones (Figure 3)
- Mateo requires follow-up programs
to extend coverage southeast over this large target area and
establish metal and alteration zonation to define its core
- A series of geotechnical holes
previously planned in Caya-Mateo to support Pre-Feasibility
technical studies near the epithermal target area, are expected to
commence in July and are expected to provide valuable exploration
data
- Initial exploration drilling at
Caya, Mateo and the new southern area will be planned on the basis
of the ongoing exploration work and scheduled for late Q3/24 –
early Q4/24
Figure 2 – Warintza Regional Exploration Program
Epithermal Targets
Note to Figure 2: Image shows distribution of clay alteration
minerals relative to faults and gold values in rock chip sampling.
For reference, the location of copper mineralization constituting
the Warintza Cluster is shown in blue ovals (Warintza West,
Warintza Central, Warintza East & Southeast, and Warintza
South.
Figure 3 – Caya-Mateo Soil Geochemistry
Technical Information and Quality
Control & Quality Assurance
Sample assay, soil and rock 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 on site. Sample pulps are sent to ALS Labs
in Lima, Peru and Vancouver, Canada for analysis. Total copper and
silver 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
technical 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.
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 world class copper
resource with expansion and discovery potential at its Warintza
Project in Ecuador; a series of grass roots exploration projects
with discovery potential in Peru and Chile; 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 follow-up
fieldwork is underway to refine targets for exploration drilling in
late Q3/24 or early Q4/24, the newly-sampled southern area is
affected by minor fault splays off a major regional fault thought
to be of Jurassic age, with kilometer-scale displacement across it,
the working exploration concept is that these samples represent
high-level expressions of an intermediate sulphidation epithermal
system at depth, detailed mapping and sampling of this area has
commenced, with vectors from geochemical data and mineral
alteration to be used to refine targets, Mateo requires follow-up
programs to extend coverage southeast over this large target area
and establish metal and alteration zonation to define its core, a
series of geotechnical holes previously planned in Caya-Mateo to
support Pre-Feasibility technical studies near the epithermal
target area, are expected to commence in July and are expected to
provide valuable exploration data, initial exploration drilling at
Caya, Mateo and the new southern area will be planned on the basis
of the ongoing exploration work and scheduled for late Q3/24 –
early Q4/24. 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. The Company has based these
forward-looking statements and information on the Company’s current
expectations and assumptions about future events including
assumptions regarding the regional exploration program and
Pre-Feasibility technical studies. 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, 2023 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.
Photos accompanying this announcement are available
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