November 14, 2022 – Vancouver, B.C. – Solaris Resources Inc. (TSX: SLS; OTCQB: SLSSF) (“Solaris” or “the Company”) is pleased to report assay results from a series of holes aimed at delineating resources at the Warintza East discovery within 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.
Warintza East was discovered in July 2021, with eight holes covering the overlapping periphery included in the Warintza Central Mineral Resource Estimate (“MRE”)¹ in April 2022. These follow-up drilling results significantly expand the drilled dimensions of the Warintza East footprint to the east and southwest, with the deposit remaining entirely open towards strong soil anomalism to the northeast and southeast.
- SLSE-15 was collared in the middle of the Warintza East grid and drilled east into a partially open volume, returning 204m of 0.60% CuEq² within a broader interval of 910m of 0.40% CuEq² from near surface, extending mineralization to the east where it remains open
- SLSE-14, stepped out approximately 250m from the eastern limit of the grid and drilled northwest into an open volume, returning 292m of 0.50% CuEq² within a broader interval of 694m of 0.40% CuEq² from near surface, extending mineralization in this direction where it remains open
- SLSE-12 was collared at the eastern limit of the grid and drilled southwest into an open volume, returning 48m of 0.53% CuEq² within a broader interval of 508m of 0.40% CuEq² from surface, extending mineralization in this direction
- SLSE-13 was collared from the same platform and drilled southwest into an open volume, returning 104m of 0.45% CuEq² within a broader interval of 618m of 0.29% CuEq² from surface, expanding the footprint to the south where it remains open
- SLSE-10 and SLSE-11 were collared in the overlapping portion with Warintza Central and drilled northwest into partially open volumes, returning 282m of 0.53% CuEq² and 270m of 0.55% CuEq², respectively, within broader intervals from near surface
- Drilling to date confirms Warintza East as a significant porphyry deposit which remains open for expansion in multiple areas, with assays pending from a series of extensional holes to the northeast, east and south
Mr. Jorge Fierro, Vice President, Exploration, commented: “Drilling to date covers only a small portion of the Warintza East discovery, which represents a target for major resource growth. Further extensional and step-out drilling is planned to the east and southeast with a 400m step-out platform located on the southern margin of the drill grid targeting strong soil anomalism in this area.”
Figure 1 – Plan View of Warintza East Drilling Released to Date
Table 1 – Assay Results
|Hole ID||Date Reported||From (m)||To (m)||Interval (m)||Cu (%)||Mo (%)||Au (g/t)||CuEq² (%)|
|SLSE-15||Nov 14, 2022||124||1,034||910||0.31||0.02||0.04||0.40|
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)|
Notes to table: The coordinates are in WGS84 17S Datum.
- Refer to Solaris’ press release dated April 18, 2022 and 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.
- 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.
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. ZTEM data quality was validated by a qualified external professional using data validation procedures under high industry standards, and the Company therefore did not deem it necessary to have such ZTEM data verified by a Qualified Person. 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.
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.
President & CEO, Director
For Further Information
Jacqueline Wagenaar, VP Investor Relations
Direct: 416-366-5678 Ext. 203
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 optioned and owned grass-roots 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 these follow-up drilling results significantly expand the drilled dimensions of the Warintza East footprint to the east and southwest, with the deposit remaining entirely open towards strong soil anomalism to the northeast and southeast, drilling to date confirms Warintza East as a significant porphyry deposit which remains open for expansion in multiple areas, with assays pending from a series of extensional holes to the northeast, east and south, drilling to date covers only a small portion of the Warintza East discovery, which represents a target for major resource growth and further extensional and step-out drilling is planned to the east and southeast with a 400m step-out platform located on the southern margin of the drill grid targeting strong soil anomalism in this area. 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.