Solaris Reports Highest Grades to Date in Second Porphyry Centre Outside Resource at Warintza East, with 301m of 0.65% CuEq from Surface Ending in 31m of 0.76% CuEq
01 Giugno 2023 - 1:17PM
Solaris Resources Inc. (TSX: SLS; OTCQB: SLSSF)
(“Solaris” or the “Company”) is pleased to announce assay results
confirming the discovery of a second porphyry center featuring the
highest grades to date at Warintza East, with strong mineralization
starting from bedrock surface extending to the end of the hole. The
new zone is open to the east, west, south and at depth, with
follow-up drilling already underway at this important new discovery
at the Warintza Project (“Warintza” or “the Project”) in
southeastern Ecuador. Highlights are listed below, with a
corresponding image in Figure 1 and results in Tables 1-2.
Highlights
- Warintza East was discovered in
July 2021, with eight drill holes included in the Warintza Central
Mineral Resource Estimate (“MRE”)¹ in April 2022.
Subsequent drilling has significantly expanded the
dimensions of the deposit, with ongoing drilling targeting further
mineral resource growth
- The latest drilling made an
important discovery of a second, more intensely-mineralized
porphyry center located outside the MRE, approximately
350m south of the original discovery, with
assays now confirming the highest grades encountered at
Warintza East to date
- SLSE-28 was collared to the
south of the Warintza East drill grid and drilled vertically to the
limit of the KD-200 rig, returning 301m of 0.65% CuEq² from bedrock
surface at 8m depth to the end of the hole, with the final 31m
averaging 0.76% CuEq²
- Two new platforms were
constructed to the east and west, also outside the MRE,
with follow-up drill hole SLSE-29 testing
the southeast extension up to 200m to the east now completed and
SLSE-30 in progress testing the potential to the west
- SLSE-29 and SLSE-30 were both
drilled with KD-200 rigs to allow for the rapid expansion of this
emerging zone of near surface, high grade mineralization, with
follow-up deeper drilling planned with larger capacity KD-1400
rigs
- The new zone is wide open and
additional follow-up drilling is planned to test the potential for
lateral expansion, focusing on vectors to the south and southeast
where new step-out platforms are under construction
Mr. Jorge Fierro, Vice President, Exploration,
commented, “The discovery of a second, significantly higher grade
porphyry center at Warintza East is a welcome surprise in our
ongoing mineral resource growth drilling program. This new zone
offers the potential to rapidly add near surface, high grade
mineralization to the deposit that could contribute to future
starter pit growth. Moreover, the zone is wide open with step-out
and extension drilling coming soon.”
Figure 1 – Plan View of Warintza East
Drilling Released to Date
Table 1 – Assay Results
Hole ID |
Date Reported |
From (m) |
To (m) |
Interval (m) |
Cu (%) |
Mo (%) |
Au (g/t) |
CuEq² (%) |
SLSE-28 |
May 31, 2023 |
8 |
309 |
301 |
0.54 |
0.02 |
0.07 |
0.65 |
Including |
278 |
309 |
31 |
0.68 |
0.01 |
0.07 |
0.76 |
Notes to table: True widths of the mineralized
zone are not known at this time.
Table 2 - Collar Location
Hole ID |
Easting |
Northing |
Elevation (m) |
Depth (m) |
Azimuth (degrees) |
Dip (degrees) |
SLSE-28 |
801438 |
9647864 |
1162 |
309 |
0 |
-90 |
Notes to
table: The coordinates are in WGS84 17S Datum. |
Endnotes
- Refer to Solaris’ technical report
titled, “NI 43-101 Technical Report for the Warintza Project,
Ecuador” with an effective date of April 1, 2022, prepared by Mario
E. Rossi and filed on the Company’s SEDAR profile at
www.sedar.com.
- Copper-equivalence calculated as:
CuEq (%) = Cu (%) + 4.0476 × Mo (%) + 0.487 × Au (g/t), utilizing
metal prices of US$3.50/lb Cu, US$15.00/lb Mo, and US$1,500/oz Au,
and assumes recoveries of 90% Cu, 85% Mo, and 70% Au based on
preliminary metallurgical test work.
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.
Details on the surface sampling conducted at the Project are set
out in the technical report titled, “NI 43-101 Technical Report for
the Warintza Project, Ecuador” with an effective date of April 1,
2022, prepared by Mario E. Rossi 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.
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 RelationsDirect: 416-366-5678
Ext. 203Email: jwagenaar@solarisresources.com
About Solaris Resources
Inc.
Solaris is a multi-asset exploration company,
advancing a portfolio of copper and gold assets in the Americas,
which includes: its primary focus, a world class large-scale
resource with expansion and discovery potential at the Warintza
Project in Ecuador; discovery potential at its Ricardo Project and
Tamarugo Project in Chile; discovery potential at its Capricho and
Paco Orco projects in Peru; 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 the new zone
is open to the east, west, south and at depth, with follow-up
drilling already underway at this important new discovery within
the Warintza Project, subsequent drilling has significantly
expanded the dimensions of the deposit, with ongoing drilling
targeting further resource growth, SLSE-29 and SLSE-30 were both
drilled with KD-200 rigs to allow for the rapid expansion of this
emerging zone of near surface, high grade mineralization, with
follow-up deeper drilling planned with larger capacity KD-1400
rigs, the new zone is wide open and additional follow-up drilling
is planned to test the potential for lateral expansion, focusing on
vectors to the south and southeast where new step-out platforms are
under construction, the new zone offers the potential to rapidly
add near surface, high grade mineralization to the deposit that
could contribute to future starter pit growth, and the zone is wide
open with step-out and extension drilling coming soon. 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, 2022 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.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/3dc55b40-db48-4750-8686-5de7c28d7658
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