Solaris Expands Warintza East Discovery;
Ongoing Drilling Targeting High Grade Link to Warintza Central
September 27, 2021 – Vancouver, B.C. – Solaris Resources Inc. (TSX: SLS; OTCQB: SLSSF) ("Solaris" or the "Company") is pleased to report additional assay results from its recent Warintza East discovery within its Warintza Project (“Warintza” or “the Project”) in southeastern Ecuador.
Highlights are listed below, with corresponding images in Figures 1 - 2 and detailed results in Tables 1-2. A dynamic 3D model is available on the Company’s website and will be updated to incorporate the most recent results.
- The first two holes at Warintza East, as detailed below, both returned long intervals of copper porphyry mineralization from surface across a significant portion of the undrilled gap to Warintza Central, suggesting potential continuity between the two zones
- Visual observation of mineralization in the second hole and step-out drilling completed northeast of Warintza Central suggest an offset in the east-west corridor of higher-grade mineralization to the north that is being targeted in ongoing drilling
- SLSE-01, collared approximately 1,300m east of Warintza Central and drilled to the southwest, returned 396m of 0.42% CuEq¹ from surface, with the full length of the hole of 1,213m assaying 0.28% CuEq¹
- SLSE-02, collared from the same platform but drilled to the northwest, returned 320m of 0.48% CuEq¹, including 62m of 0.68% CuEq¹ from surface, from the first 320m of core for which assays have been received, with the last 10m of the interval grading 0.47% CuEq¹
- Visual observation of core from SLSE-02 suggests that a much broader interval of mineralization may exist than the portion for which assays have been received and reported herein; remaining assays are expected in October, along with the results of step-out drilling from Warintza Central
- Warintza East is the third major discovery within the 7km x 5km Warintza porphyry cluster and is defined by coincident copper and molybdenum soil anomalies, measuring approximately 1,200m in strike, and a high-conductivity geophysical anomaly that extends from the target through Warintza Central (refer to Figure 1)
Mr. Jorge Fierro, Vice President, Exploration, commented: “With this latest discovery at Warintza East and the growing footprint of Warintza Central to the north and east returning some of the strongest intervals reported to date, the conceptual pit shell is expected to be extended to the north and east showing the potential to ultimately become one multi-kilometre ‘superpit’ joining the two areas. Future drilling will focus on the open, undrilled area between these two zones.”
Figure 1 – Long Section of 3D Geophysics Looking Northeast
Note to Figure 1: Figure looks northeast and depicts high-conductivity geophysical anomaly (defined at 100 ohm-m) generated from 3D inversion of electromagnetic data, encompassing from left to right Warintza West, Central, East and the Yawi target (Warintza South lies off image to south).
Figure 2 – Plan View showing Warintza East Drill Hole Traces
Table 1 – Warintza East Results
|Hole ID||Date Reported||From (m)||To (m)||Interval (m)||Cu (%)||Mo (%)||Au (g/t)||CuEq¹ (%)|
|SLSE-02||September 27, 2021||0||320||320||0.39||0.02||0.04||0.48|
|Notes to table: True widths cannot be determined 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.|
(1) No adjustments were made for recovery as the project is an early-stage exploration project and metallurgical data to allow for estimation of recoveries is not yet available. Solaris defines copper equivalent calculation for reporting purposes only. Copper-equivalence calculated as: CuEq (%) = Cu (%) + 3.33 × Mo (%) + 0.73 × Au (g/t), utilizing metal prices of Cu - US$3.00/lb, Mo - US$10.00/lb and Au - US$1,500/oz.
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. ALS Labs is independent from Solaris. In addition, selected pulp check samples are sent to Bureau Veritas lab in Lima, Peru. 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. Analytical data for the surface samples collected are from recent interpretations derived from ZTEM data and from previous operators as detailed in the technical report entitled, “Resource Estimate of the Warintza Central Cu-Mo Porphyry Deposit" prepared by Equity Exploration Consultants Inc. with an effective date of December 13, 2019, and available on the Company’s SEDAR profile and website. The drillhole data has been verified by Donald Taylor 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 Donald Taylor, MSc., PG, Director of Solaris who is a “Qualified Person” as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects. Donald Taylor is a Registered Professional Geologist through the SME (registered member #4029597).
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 and gold assets in the Americas, which includes: a high-grade resource with expansion and additional discovery potential at the Warintza copper and gold project in Ecuador; discovery potential on the grass-roots Tamarugo project in Chile and Capricho and Paco Orco projects in Peru; exposure to US$130M spending / 5-yrs through a farm-out agreement with Freeport-McMoRan on the Ricardo Project in Chile; and significant leverage to increasing copper prices through its 60%-interest in the La Verde joint-venture project 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 the first two holes at Warintza East suggest potential continuity between Warintza East and Warintza Central, visual observation of mineralization in the second hole of Warintza East and step-out drilling northeast of Warintza Central suggest an offset in the east-west corridor of higher-grade mineralization to the north that is being targeted in ongoing drilling, that visual observation of core from SLSE-02 suggest that a much broader interval of mineralization may exist than the portion for which assays have been received and reported herein; remaining assays are expected in October, along with the results of step-out drilling from Warintza Central, and that the conceptual pit shell of Warintza Central is expected to be extended to the north and east showing the potential to ultimately become one multi-kilometre ‘superpit’ joining the two areas with future drilling will focus on the open, undrilled area between these two zones. 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, 2020 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.