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
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).
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.
