Overview

Solaris Extends Warintza Central to 1,350m Strike Length to Overlap Warintza East Discovery

October 25, 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 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 and will be updated to incorporate the most recent results.

Highlights

  • Eastern extension drilling has increased the strike length of Warintza Central to 1,350m where it now overlaps the western limits of Warintza East
  • SLS-33 was drilled from Warintza Central into a partially open volume to the north, returning 722m of 0.69% CuEq¹, including 426m of 0.85% CuEq¹ from 46m depth, infilling and extending mineralization to the north in this area
  • SLS-34 was collared at the northeastern limit of Warintza Central and drilled east into an entirely open volume, returning 660m of 0.47% CuEq¹, including 242m of 0.67% CuEq¹ from 52m depth, significantly extending mineralization to the east where it now partially overlaps Warintza East
  • SLSE-02, the second hole at Warintza East, was collared approximately 1,300m east of Warintza Central and drilled northwest toward SLS-34, returning 320m of 0.48% CuEq¹ from surface within a broader interval of 1,160m assaying 0.25% CuEq¹, partially overlapping SLS-34
  • SLSE-01 (previously reported September 27, 2021) was collared from the same platform as
    SLSE-02 but drilled to the southwest, returning 396m of 0.42% CuEq¹ from surface within a broader interval of 1,213m assaying 0.28% CuEq¹
  • Warintza East is the third major copper porphyry discovery within the Warintza cluster; each of the first two holes have returned long intervals of mineralization with the highest grades starting at or near surface reflecting the vertical zonation in the system

Mr. Jorge Fierro, Vice President, Exploration, commented: “We are very proud to continue the great work of the late David Lowell with our first two holes confirming Warintza East as the third major copper porphyry discovery within the 7km x 5km Warintza porphyry cluster. Our drilling fleet has now been fully reoriented to pursue an aggressive growth strategy via step-out and extensional drilling as we prepare to test our next targets for further discoveries.”

Figure 1 – Long Section of Warintza Central and Warintza East Drilling Looking Southeast

Figure 1 – Long Section of Warintza Central and Warintza East Drilling Looking Southeast

Figure 2 – Plan View of Warintza Drilling Released to Date

Figure 2 – Plan View of Warintza Drilling Released to Date

Figure 3 – Long Section of 3D Geophysics Looking Northeast

Figure 3 – Long Section of 3D Geophysics Looking Northeast

Note to Figure 3: Figure looks northeast and depicts high-conductivity geophysical anomaly (defined at 100 ohm-m) generated from 3D inversion of electromagnetic data, encompassing from left to right Warintza West, Central, East and the Yawi target (Warintza South lies off image to south).

Table 1 – Assay Results

Hole ID Date Reported From (m) To (m) Interval (m) Cu (%) Mo (%) Au (g/t) CuEq¹ (%)
SLS-34 Oct 25, 2021 52 712 660 0.36 0.02 0.06 0.47
Including 52 294 242 0.51 0.03 0.08 0.67
SLS-33 40 762 722 0.55 0.03 0.05 0.69
Including 46 472 426 0.71 0.03 0.06 0.85
SLSE-02 0 1160 1160 0.20 0.01 0.04 0.25
Including 0 320 320 0.39 0.02 0.04 0.48
SLS-32 Oct 12, 2021 0 618 618 0.38 0.02 0.05 0.48
SLS-31 8 1008 1000 0.68 0.02 0.07 0.81
SLS-30 2 374 372 0.57 0.06 0.06 0.82
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-28 6 638 632 0.51 0.04 0.06 0.68
SLS-27 22 484 462 0.70 0.04 0.08 0.91
SLS-26 July 7, 2021 2 1002 1000 0.51 0.02 0.04 0.60
SLS-25 62 444 382 0.62 0.03 0.08 0.77
SLS-24 10 962 952 0.53 0.02 0.04 0.62
SLS-19 6 420 414 0.21 0.01 0.06 0.31
SLS-23 May 26, 2021 10 558 548 0.31 0.02 0.06 0.42
SLS-22 86 324 238 0.52 0.03 0.06 0.68
SLS-21 2 1031 1029 0.63 0.02 0.04 0.73
SLS-20 April 19, 2021 18 706 688 0.35 0.04 0.05 0.51
SLS-18 78 875 797 0.62 0.05 0.06 0.83
SLS-17 12 506 494 0.39 0.02 0.06 0.50
SLS-16 Mar 22, 2021 20 978 958 0.63 0.03 0.06 0.77
SLS-15 2 1231 1229 0.48 0.01 0.04 0.56
SLS-14 0 922 922 0.79 0.03 0.08 0.94
SLS-13 Feb 22, 2021 6 468 462 0.80 0.04 0.09 1.00
SLS-12 22 758 736 0.59 0.03 0.07 0.74
SLS-11 6 694 688 0.39 0.04 0.05 0.57
SLS-10 2 602 600 0.83 0.02 0.12 1.00
SLS-09 122 220 98 0.60 0.02 0.04 0.71
SLS-08 Jan 14, 2021 134 588 454 0.51 0.03 0.03 0.62
SLS-07 0 1067 1067 0.49 0.02 0.04 0.60
SLS-06 Nov 23, 2020 8 892 884 0.50 0.03 0.04 0.62
SLS-05 18 936 918 0.43 0.01 0.04 0.50
SLS-04 0 1004 1004 0.59 0.03 0.05 0.71
SLS-03 Sep 28, 2020 4 1014 1010 0.59 0.02 0.10 0.71
SLS-02 0 660 660 0.79 0.03 0.10 0.97
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)
SLS-34 800383 9648303 1412 1057 78 -60
SLS-33 799873 9648008 1632 764 0 -80
SLSE-02 801485 9648192 1170 1191 275 -50
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. 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.

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 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 the drilling fleet is being fully reoriented to pursue an aggressive growth strategy via step-out and extensional drilling to prepare to test next targets for further discoveries.  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.

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