QUITO, Ecuador, Sept. 19, 2024 (GLOBE NEWSWIRE) — Solaris Resources Inc. (TSX: SLS; NYSE: SLSR) (“Solaris” or the “Company”) is pleased to report assay results from its ongoing 60,000m 2024 drilling program that aims to target open extensions of mineralization while upgrading mineral resources and converting waste at its Warintza Project (“Warintza” or “the Project”) in southeastern Ecuador. Highlights are listed below with detailed results in Figure 1 and Tables 1-2.
Highlights
Drill results continue to build on the 2024 Mineral Resource Estimate¹ (“MRE”), with this release highlighted by intercepts of high-grade mineralization outside of the MRE in the northwest and southeast sectors. Some of these holes also significantly improve upon modelled grades in sparsely drilled areas.
Northwest Sector:
- SLS-100 (drilled southeast): 427m of 1.11% CuEq² within 475m of 1.03% CuEq² from surface
- SLS-99 (drilled southwest): 105m of 1.00% CuEq² within 246m of 0.75% CuEq² from surface
- SLS-96 (drilled southeast): 78m of 0.71% CuEq² within 288m of 0.47% CuEq² from surface
- SLS-97 (drilled west): 75m of 0.60% CuEq² within 308m of 0.36% CuEq² from surface
Holes SLS-96, SLS-97 and SLS-99 added new high-grade mineralization partially outside of the MRE while SLS-100 improved upon the modelled grade in its vicinity. These holes were located in the northwest sector where mineralization has now been extended to the contact with a tabular granodiorite that shapes the northwestern pit wall. Step-out exploration drilling is now testing the potential for mineralization within a large area of undrilled soil anomaly on the far side of this body.
Southeast Sector:
- SLSE-50 (southwest): 84m of 0.70% CuEq² within 445m of 0.53% CuEq² from surface
- SLSE-45 (drilled east): 285m of 0.63% CuEq² within 399m of 0.58% CuEq² from surface
- SLSE-47 (drilled southwest): 210m of 0.58% CuEq² within 399m of 0.42% CuEq² from surface
- SLSE-46 (drilled south): 75m of 0.73% CuEq² within 400m of 0.34% CuEq² from surface
Holes SLSE-45, SLSE-46, SLSE-47, and SLSE-50 added new high-grade mineralization partially outside of the MRE while SLSE-45 and SLSE-46 improved upon modelled grades in their vicinity. Mineralization remains open to the southeast for approximately 600m within a large 0.8km x 0.8km soil anomaly that defines the target opportunity in this direction.
New Drilling Record:
Warintza continues to see gains from significant infrastructure investment at site, with the next phase of construction underway. These improvements have supported the Project team achieving a new monthly drilling record of 10km (8 rigs) in August – well above the prior monthly peak of 8km (12 rigs) set in 2021. The Company is now well positioned to exceed the 60,000m of drilling planned this year.
Figure 1 – Warintza Drilling and Targets
Table 1 – Mineral Resource Extension, Infill and Condemnation Results
| Hole ID | Date Reported |
From (m) |
To (m) |
Interval (m) |
Cu (%) |
Mo (%) |
Au (g/t) |
CuEq² (%) |
Comments |
| SLS-100 | Sep 19, 2024 | 0 | 475 | 475 | 0.76 | 0.04 | 0.09 | 1.03 | Northwest sector – infill |
| Including | 48 | 475 | 427 | 0.84 | 0.04 | 0.09 | 1.11 | ||
| SLS-99 | 0 | 246 | 246 | 0.24 | 0.09 | 0.05 | 0.75 | Northwest sector – extensional | |
| Including | 21 | 126 | 105 | 0.49 | 0.08 | 0.09 | 1.00 | ||
| Including | 21 | 165 | 144 | 0.37 | 0.08 | 0.07 | 0.87 | ||
| SLS-98 | 24 | 159 | 135 | 0.24 | 0.00 | 0.05 | 0.28 | Northern sector – extensional | |
| Including | 54 | 81 | 27 | 0.53 | 0.00 | 0.07 | 0.59 | ||
| SLS-97 | 0 | 308 | 308 | 0.19 | 0.03 | 0.04 | 0.36 | Northwest sector – extensional | |
| Including | 51 | 126 | 75 | 0.37 | 0.04 | 0.05 | 0.60 | ||
| SLS-96 | 0 | 288 | 288 | 0.10 | 0.06 | 0.02 | 0.47 | Northwest sector – extensional | |
| Including | 0 | 210 | 210 | 0.13 | 0.06 | 0.03 | 0.50 | ||
| Including | 0 | 78 | 78 | 0.28 | 0.07 | 0.07 | 0.71 | ||
| SLS-95 | 93 | 397 | 304 | 0.17 | 0.00 | 0.06 | 0.22 | Northern sector – extensional | |
| SLS-94 | 54 | 381 | 327 | 0.28 | 0.03 | 0.03 | 0.45 | Northern sector – infill | |
| Including | 54 | 213 | 159 | 0.35 | 0.02 | 0.04 | 0.50 | ||
| Including | 54 | 90 | 36 | 0.60 | 0.01 | 0.06 | 0.69 | ||
| SLS-93 | 0 | 196 | 196 | 0.07 | 0.02 | 0.02 | 0.15 | Northwest sector – condemnation/geotechnical | |
| SLS-92 | 0 | 105 | 105 | 0.14 | 0.03 | 0.04 | 0.33 | Northern sector – infill | |
| Including | 69 | 105 | 36 | 0.32 | 0.04 | 0.03 | 0.54 | ||
| SLS-91 | 12 | 305 | 293 | 0.22 | 0.00 | 0.07 | 0.27 | Northern sector – extensional | |
| SLS-90 | 0 | 141 | 141 | 0.10 | 0.03 | 0.02 | 0.29 | Northwest sector – extensional | |
| Including | 75 | 141 | 66 | 0.18 | 0.03 | 0.02 | 0.34 | ||
| SLS-89 | 0 | 200 | 200 | 0.05 | 0.01 | 0.02 | 0.12 | Northern sector – condemnation/geotechnical | |
| SLS-88 | 24 | 84 | 60 | 0.11 | 0.01 | 0.14 | 0.24 | Northern sector – extensional | |
| SLSE-50 | 0 | 445 | 445 | 0.37 | 0.02 | 0.04 | 0.53 | Southeast sector – extensional | |
| Including | 132 | 445 | 313 | 0.42 | 0.03 | 0.04 | 0.60 | ||
| Including | 180 | 264 | 84 | 0.52 | 0.03 | 0.05 | 0.70 | ||
| SLSE-49 | 0 | 273 | 273 | 0.43 | 0.01 | 0.06 | 0.55 | Southeast sector – infill | |
| Including | 33 | 273 | 240 | 0.48 | 0.01 | 0.06 | 0.60 | ||
| SLSE-48 | 15 | 389 | 374 | 0.14 | 0.01 | 0.02 | 0.19 | Southeast sector – extensional | |
| SLSE-47 | 0 | 399 | 399 | 0.28 | 0.02 | 0.06 | 0.42 | Southeast sector – extensional | |
| Including | 57 | 267 | 210 | 0.43 | 0.02 | 0.05 | 0.58 | ||
| SLSE-46 | 0 | 400 | 400 | 0.26 | 0.01 | 0.04 | 0.34 | Southeast sector – extensional | |
| Including | 75 | 150 | 75 | 0.60 | 0.02 | 0.07 | 0.73 | ||
| SLSE-45 | 0 | 399 | 399 | 0.44 | 0.02 | 0.05 | 0.58 | Southeast sector – extensional | |
| Including | 33 | 318 | 285 | 0.50 | 0.02 | 0.06 | 0.63 | ||
| SLSE-44 | 0 | 341 | 341 | 0.11 | 0.00 | 0.02 | 0.13 | Northeast sector – condemnation/geotechnical |
Notes to Table 1: True widths are interpreted to be very close to drilled widths due to the bulk-porphyry style mineralized zones at Warintza.
Table 2 – Collar Locations
| Hole ID | Easting | Northing | Elevation (m) |
Depth (m) |
Azimuth (degrees) | Dip (degrees) |
| SLS-100 | 799568 | 9648147 | 1403 | 475 | 107 | -49 |
| SLS-99 | 799684 | 9648336 | 1373 | 246 | 200 | -60 |
| SLS-98 | 800616 | 9648398 | 1334 | 214 | 180 | -50 |
| SLS-97 | 799569 | 9648146 | 1404 | 308 | 270 | -60 |
| SLS-96 | 799683 | 9648335 | 1373 | 288 | 140 | -60 |
| SLS-95 | 800617 | 9648399 | 1334 | 397 | 45 | -60 |
| SLS-94 | 800196 | 9648470 | 1340 | 381 | 180 | -60 |
| SLS-93 | 799681 | 9648333 | 1372 | 196 | 0 | -60 |
| SLS-92 | 800200 | 9648475 | 1336 | 340 | 45 | -60 |
| SLS-91 | 800619 | 9648397 | 1332 | 305 | 90 | -60 |
| SLS-90 | 799684 | 9648331 | 1374 | 286 | 62 | -45 |
| SLS-89 | 800201 | 9648476 | 1336 | 200 | 45 | -45 |
| SLS-88 | 800620 | 9648396 | 1331 | 367 | 0 | -50 |
| SLSE-50 | 801593 | 9648138 | 1153 | 445 | 240 | -85 |
| SLSE-49 | 801528 | 9647846 | 1153 | 273 | 260 | -50 |
| SLSE-48 | 801248 | 9647968 | 1252 | 389 | 90 | -60 |
| SLSE-47 | 801529 | 9647845 | 1153 | 403 | 120 | -60 |
| SLSE-46 | 801250 | 9647967 | 1251 | 400 | 180 | -60 |
| SLSE-45 | 801530 | 9647847 | 1154 | 399 | 90 | -80 |
| SLSE-44 | 801613 | 9648465 | 1106 | 341 | 270 | -60 |
Notes to Table 2: The coordinates are in WGS84 17S Datum.
Endnotes
- Refer to the technical report entitled “Mineral Resource Estimate Update – NI 43-101 Technical Report, Warintza Project, Ecuador” with an effective date of July 1, 2024 and available on SEDAR+ under the Company’s profile at www.sedarplus.ca and on the Company’s website.
- Copper-equivalence grade calculation for reporting assumes metal prices of US$4.00/lb Cu, US$20.00/lb Mo, and US$1,850/oz Au, and recoveries of 90% Cu, 85% Mo, and 70% Au based on preliminary metallurgical testwork. CuEq formula: CuEq (%) = Cu (%) + 5.604 × Mo (%) + 0.623 × Au (g/t).
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 secure Company facility located on site. 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. Heliborne magnetic, LIDAR and other layers of data quality for Warintza district exploration were validated by a qualified external professional using data validation procedures under high industry standards and the Company therefore did not require such data to be further verified by a “Qualified Person” as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects. The remaining scientific and technical information, including 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 verification activities included a search for factual errors, completeness of the lithological and assay data, and suitability of the primary data. As part of the database verification activities, the assay information and certificates obtained directly from the analytical laboratory have been examined as well.
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.
“Daniel Earle”
President & CEO, Director
For Further Information
Jacqueline Wagenaar, VP Investor Relations
Direct: 416-366-5678 Ext. 203
Email: 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 its ongoing 60,000m 2024 drilling program aims to target open extensions of mineralization while upgrading mineral resources and converting waste at Warintza, step-out exploration drilling is now testing the potential for mineralization on the far side of this body, and the Company is now well positioned to exceed the 60,000m of drilling planned this year. 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 exploration and regional programs. 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.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c586b97f-443b-4463-baf2-e7409256cf67
