QUITO, Ecuador, Oct. 07, 2024 (GLOBE NEWSWIRE) -- Solaris Resources Inc. (TSX: SLS; NYSE: SLSR) (“Solaris” or the “Company”) is pleased to report assay results from its ongoing 2024 drilling program of 60,000m targeting 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 reported here build on the 2024 Mineral Resource Estimate1 (“MRE”), with this release including intercepts of high-grade mineralization partially outside of the MRE in the northwest and northeast sectors. Holes in this release also improve upon modelled grades in sparsely drilled areas of the northwest, north and northeast sectors.
Northwest, North and Northeast Sectors:
SLS-102 (drilled northwest): 93m of 1.01% CuEq2 within 156m of 0.74% CuEq2 from surface
SLS-103 (drilled north): 87m of 1.23% CuEq2 within 528m of 0.59% CuEq2 from surface
SLS-104 (drilled southeast): 84m of 1.00% CuEq2 within 485m of 0.77% CuEq2 from surface
SLSE-54 (drilled southwest): 258m of 0.52% CuEq2 within 399m of 0.41% CuEq2 from surface
Holes SLS-103 and SLSE-54 added new high-grade mineralization at surface partially outside of the MRE in the northwest and northeast sectors, respectively, while all four holes improved upon the modelled grade in their vicinity.
SLS-102 is located in the northwest sector where mineralization has been extended to the contact with a tabular granodiorite that shapes the northwestern pit wall. Step-out exploration drilling testing the potential for mineralization within a large area of undrilled soil anomaly on the far side of this body has been completed with assays expected in the coming weeks.
On Track to Exceed 2024 Drilling Plan:
Warintza continues to see high drilling productivity from significant infrastructure investment at site and is on track to exceed the 60,000m of drilling planned this year, with over 53,000m drilled to the end of Q3/24. Drilling includes holes focused on open extensions and infill of the MRE, as well as condemnation and geotechnical drilling.
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-104
Oct 7, 2024
0
485
485
0.56
0.03
0.06
0.77
Northern sector - infill
Including
45
129
84
0.82
0.02
0.07
1.00
Including
45
255
210
0.69
0.03
0.07
0.90
Including
45
485
440
0.61
0.03
0.06
0.82
SLS-103
0
528
528
0.26
0.05
0.04
0.59
Northwest sector – infill and extensional
Including
21
108
87
1.00
0.03
0.11
1.23
Including
21
483
462
0.29
0.06
0.05
0.64
Including
240
345
105
0.28
0.08
0.02
0.72
SLS-102
0
156
156
0.46
0.04
0.08
0.74
Northwest sector - infill
Including
57
150
93
0.73
0.04
0.09
1.01
SLS-101
0
307
307
0.06
0.01
0.02
0.14
Northwest sector - condemnation
SLSE-60
0
290
290
0.16
0.01
0.03
0.23
Northeast sector - infill
Including
93
290
197
0.21
0.01
0.04
0.30
Including
141
290
149
0.24
0.01
0.05
0.35
Including
207
290
83
0.28
0.02
0.03
0.43
SLSE-58
0
453
453
0.03
0.00
0.01
0.04
Northeast sector - condemnation
SLSE-57
0
660
660
0.22
0.01
0.05
0.30
Southeast sector - extensional
Including
552
660
108
0.49
0.02
0.06
0.61
SLSE-56
0
381
381
0.09
0.00
0.03
0.11
Northeast sector - condemnation
SLSE-55
0
473
473
0.12
0.00
0.02
0.16
Northeast sector - condemnation
SLSE-54
0
399
399
0.29
0.01
0.04
0.41
Northeast sector – infill and extensional
Including
0
258
258
0.37
0.02
0.05
0.52
Including
81
231
150
0.43
0.02
0.05
0.60
SLSE-53
0
455
455
0.04
0.00
0.02
0.07
Northeast sector – condemnation
SLSE-52
0
138
138
0.15
0.01
0.03
0.23
Southeast sector - condemnation
SLSE-51
0
257
257
0.15
0.01
0.03
0.20
Southeast sector - condemnation
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-104
800383
9648303
1411
485
110
-70
SLS-103
799760
9648031
1575
528
360
-56
SLS-102
799568
9648147
1403
253
315
-60
SLS-101
799760
9648031
1575
307
180
-45
SLSE-60
801800
9648235
1102
290
243
-54
SLSE-58
801806
9648243
1098
454
90
-58
SLSE-57
801150
9647610
1396
660
45
-60
SLSE-56
801163
9648335
1309
382
326
-71
SLSE-55
801597
9648134
1155
473
25
-50
SLSE-54
801596
9648136
1154
481
240
-70
SLSE-53
801802
9648239
1100
455
23
-68
SLSE-52
801248
9647968
1252
354
270
-46
SLSE-51
801246
9647967
1252
257
225
-45
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 testing the potential for mineralization on the far side of this body is completed with assays expected in the coming weeks, and the Company is on track to exceed the 60,000m of drilling planned this year, and drilling includes holes focused on open extensions and infill of the MRE, as well as condemnation and geotechnical drilling. 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.
