Solaris Extends Warintza Central to South, Southeast and Still Open; Maiden Drilling Results from Warintza South Expected in January
December 14, 2021 – Vancouver, B.C. – Solaris Resources Inc. (TSX: SLS; OTCQB: SLSSF) (“Solaris" or the “Company") is pleased to report assay results from a series of additional holes from ongoing mineral resource growth and discovery drilling programs at its Warintza Project (“Warintza” or “the Project”) in southeastern Ecuador.
Highlights are listed below, with corresponding images in Figures 1-3 and detailed results in Tables 1-2. A dynamic 3D model is available on the Company’s website.
- Five additional holes reported in this press release have expanded the dimensions of Warintza Central to the south and southeast where it remains open, with the highest-grade intervals within each hole starting at or near surface (refer to Figures 1 & 2)
- SLS-37 was collared in the middle of the Warintza Central grid and drilled vertically into a partially open volume near surface, returning 868m of 0.58% CuEq¹ from 28m depth; further drilling from this platform will target northern and southern extensions of the zone
- SLS-38 was collared at the northeastern limit of the grid and drilled east into an open volume, returning 244m of 0.70% CuEq¹ from 58m depth, within a broader interval of 822m of 0.35% CuEq¹ that included dilution from a weakly-mineralized mafic intrusive
- SLS-39 was collared on the eastern side of the grid and drilled into a partially open volume to the southeast, returning 915m of 0.56% CuEq¹, including 368m of 0.73% CuEq¹ from 90m depth, with the last 10m of the hole grading 0.61% CuEq¹ suggesting further potential to the southeast
- SLS-40 was collared at the southeastern limit of the grid and drilled into a partially open volume to the southeast, returning 1,048m of 0.46% CuEq¹ from surface, including 382m of 0.64% CuEq¹ from 50m depth, extending mineralization to the southeast where it remains open
- SLS-41 was collared in the middle of the Warintza Central grid and drilled into an open volume to the southeast, returning 592m of 0.52% CuEq¹ from surface, including 496m of 0.58% CuEq¹, extending mineralization to the south where it remains open
- To date, 55 holes have been completed at Warintza Central with assays reported for 41 of these
- Maiden drilling results are expected in January from Warintza South, a target defined by a high conductivity anomaly measuring 2.5km x 2.0km x 0.7km and overlapping copper and molybdenum anomalies where exposed at surface
Mr. Jorge Fierro, Vice President, Exploration, commented: “These latest results continue to expand the dimensions of Warintza Central to the south and southeast where it remains open. Our next series of holes will target extensions to the north and northeast. In January, we are looking forward to the results of the first-ever drilling at Warintza South, where we are targeting the fourth major discovery within the 7km x 5km cluster of copper porphyries on this property.”
Figure 1 – Long Section of Warintza Central Drilling Looking Southeast
Figure 2 – Plan View of Warintza Drilling Released to Date
Figure 3 – Long Section of 3D Geophysics Looking Southwest
Table 1 – Assay Results
|Hole ID||Date Reported||From (m)||To (m)||Interval (m)||Cu (%)||Mo (%)||Au (g/t)||CuEq¹ (%)|
|SLS-41||Dec 14, 2021||0||592||592||0.42||0.02||0.06||0.52|
|SLS-36||Nov 15, 2021||2||1082||1080||0.33||0.01||0.04||0.41|
|SLS-34||Oct 25, 2021||52||712||660||0.36||0.02||0.06||0.47|
|SLS-32||Oct 12, 2021||0||618||618||0.38||0.02||0.05||0.48|
|SLSE-01||Sep 27, 2021||0||1213||1213||0.21||0.01||0.03||0.28|
|SLS-29||Sep 7, 2021||6||1190||1184||0.58||0.02||0.05||0.68|
|SLS-26||July 7, 2021||2||1002||1000||0.51||0.02||0.04||0.60|
|SLS-23||May 26, 2021||10||558||548||0.31||0.02||0.06||0.42|
|SLS-20||April 19, 2021||18||706||688||0.35||0.04||0.05||0.51|
|SLS-16||Mar 22, 2021||20||978||958||0.63||0.03||0.06||0.77|
|SLS-13||Feb 22, 2021||6||468||462||0.80||0.04||0.09||1.00|
|SLSW-01||Feb 16, 2021||32||830||798||0.25||0.02||0.02||0.31|
|SLS-08||Jan 14, 2021||134||588||454||0.51||0.03||0.03||0.62|
|SLS-06||Nov 23, 2020||8||892||884||0.50||0.03||0.04||0.62|
|SLS-03||Sep 28, 2020||4||1014||1010||0.59||0.02||0.10||0.71|
|SLS-01||Aug 10, 2020||1||568||567||0.80||0.04||0.10||1.00|
|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.|
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. 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 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 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 follow-up from the SLS-37 platform will target northern and southern extension drilling of the zone, the last 10m of SLS-39 grading 0.61% CuEq¹ suggests further potential to the southeast, that maiden drilling results are expected in January from Warintza South, a target defined by a high conductivity anomaly measuring 2.5km x 2.0km x 0.7km and overlapping copper and molybdenum anomalies where exposed at surface, that the next series of holes will target extensions to the north and northeast, and that in January 2022, results of the first-ever drilling at Warintza South are expected to be released, targeting the fourth major discovery within the 7km x 5km cluster of copper porphyries on this property. 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.
(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.