May 26, 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 upgrading and growing mineral resources 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.
SLS-57 was collared at the northeastern limit of the Warintza Central grid and drilled northeast into an entirely open volume, returning 230m of 0.73% CuEq¹ from 56m depth within a broader interval of 926m of 0.61% CuEq¹ from surface, extending the zone 200m to the northeast where it remains open.
Additional drilling aimed at expanding the zone to the north from this platform and broadening the zone with holes from the platform located 200m to the west where SLS-48 returned 100m of 1.64% CuEq² from 50m depth within 852m of 0.56% CuEq² have been completed with assays pending.
The Northeast Extension zone is characterized by near surface, high-grade mineralization, and represents a priority target for growth of the ‘Indicative Starter Pit’ recently estimated at 180 Mt at 0.82% CuEq1 (Indicated) and 107 Mt at 0.73% CuEq1 (Inferred) within the Warintza Mineral Resource Estimate³ (“MRE”).
A limited program of follow-up drilling at Warintza Central within the MRE envelope is aimed at upgrading targeted volumes that the geological model predicts hold potential for higher grades than the MRE reflects, as well as increasing the confidence of mineral resources in the Inferred category.
SLS-56 was collared from the southeastern portion of the grid and drilled east, returning 102m of 0.90% CuEq¹ from 48m depth within a broader interval aimed at adding definition to the southern portion of the overlap between the Warintza Central and Warintza East deposits.
SLS-60 was collared from the central portion of the grid and drilled south, returning 154m of 0.90% CuEq¹ from 70m depth within a broader interval of 829m of 0.58% CuEq¹ from 44m depth.
SLS-61 was collared from the south-central portion of the grid and drilled southwest, returning 930m of 0.77% CuEq¹ from surface, successfully infilling data in this area.
SLS-58 was collared from the south-central portion of the grid and drilled northeast into an area that the exploration model predicted could be upgraded, and successfully returned 741m of 0.62% CuEq¹ from 102m depth, improving on the grade modelled in this volume.
SLS-59 was collared from the southwestern portion of the grid and drilled northeast, returning 238m of 0.85% CuEq¹ from near surface within a broader interval of 511m of 0.73% CuEq¹ from surface.
Mr. Jorge Fierro, Vice President, Exploration, commented: “Ongoing follow-up drilling from existing and newly constructed platforms aims to expand on the Northeast Extension zone and grow the high-grade indicative starter pit, while also targeting areas within Warintza Central where resource classification can be upgraded with targeted drilling. In addition, we have completed a considerable amount of drilling from our recent Warintza East discovery targeting major growth with assays pending.”
Table 1 – Assay Results
|Hole ID||Date Reported||From
|SLS-61||May 26, 2022||2||932||930||0.62||0.03||0.07||0.77|
Table 2 – Collar Location
|Notes to table: The coordinates are in WGS84 17S Datum.|
- 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.
- Refer to press release dated February 28, 2022. Copper-equivalence calculated as: CuEq (%) = Cu (%) + 3.33 × Mo (%) + 0.73 × Au (g/t), utilizing metal prices of US$3.00/lb Cu, US$10.00/lb Mo, and US$1,500/oz Au. No adjustments were made for recovery prior to the updated Warintza Mineral Resource Estimate, as the metallurgical data to allow for estimation of recoveries was not yet available. Solaris defined CuEq for reporting purposes only.
- Refer to Solaris press release dated April 18, 2022, stating updated Warintza Mineral Resource Estimate.
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.
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 advancing a portfolio of copper assets in the Americas, focused on its Warintza Project in Ecuador that features a broad cluster of outcropping copper porphyry deposits anchored by a large-scale, high-grade open pit resource inventory at Warintza Central. Ongoing efforts are focused on rapid resource growth and further discovery drilling. The Company offers additional discovery potential at its portfolio projects: Capricho and Paco Orco in Peru, Ricardo via joint-venture with Freeport-McMoRan and Tamarugo in Chile, and significant leverage to increasing copper prices through its 60%-interest in the La Verde joint-venture with 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 additional drilling aimed at expanding the Northeast Extension zone to the north from existing platforms and broadening the zone with holes from the platform located 200m to the west of SLS-48 have been completed with assays pending, limited program of follow-up drilling at Warintza Central within the MRE envelope is aimed at upgrading targeted volumes that the geological model predicts hold potential for higher grades than the MRE reflects, as well as increasing the confidence of mineral resources in the Inferred category, ongoing follow-up drilling from existing and newly constructed platforms aims to expand on the Northeast Extension zone and grow the high-grade indicative starter pit, while also targeting areas within Warintza Central where mineral resource classification can be upgraded with targeted drilling, and that drilling from the Warintza East discovery targeting major growth is pending. 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.