Overview

Solaris Reports 800m of 0.83% CuEq From Surface including 370m of 0.94% CuEq; Continued Expansion of Warintza Central

April 19, 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 the ongoing resource growth and discovery diamond drilling program at its Warintza Project (“Warintza” or “the Project”) in south-eastern Ecuador. 

Highlights are listed below, with corresponding images in Figures 1-2 and detailed results in Tables 1-2. An updated dynamic 3D model is available on the Company’s website.

Highlights

  • Three additional holes at Warintza Central, as detailed below, have returned long intervals of high-grade mineralization, with the highest grades starting from surface, extending mineralization between the western and eastern drilling and stepping out to the north and south
  • SLS-17 was collared on the western side of Warintza Central and drilled into an entirely open volume to the south, returning 494m of 0.50% CuEq¹ from surface, extending the southern limit of mineralization in this direction
  • SLS-18 was collared on the western side of Warintza Central and drilled into an open volume to the southeast, returning 797m of 0.83% CuEq¹ from near surface, including 370m of 0.94% CuEq¹, adding mineralization between the western and eastern drilling at Warintza Central
  • SLS-20 was collared on the eastern side of Warintza Central and drilled into an entirely open area to the north, returning 688m of 0.51% CuEq¹ from surface, including 366m of 0.60% CuEq¹, extending the limit of mineralization in this direction
  • To date, 28 holes have been drilled at Warintza Central with results reported for 19 of these; results for SLS-19 were delayed by geotechnical issues during drilling but are expected in the near future

Mr. Jorge Fierro, Vice President, Exploration, commented: “Our drilling continues to demonstrate significant extensions of mineralization at Warintza Central with the latest results expanding the drilled envelope to the north and south and further establishing continuity between the eastern and western drilling areas. Warintza Central remains open in all directions. Maiden drilling targeting new discoveries at Warintza East and South will commence this quarter in conjunction with continued drilling at Warintza Central.”

Table 1 – Warintza Central Assay Results

Hole ID Date Reported From (m) To (m) Interval (m) Cu (%) Mo (%) Au (g/t) CuEq¹ (%)
SLS-20 April 19, 2021 18 706 688 0.35 0.04 0.05 0.51
Including 18 384 366 0.44 0.04 0.04 0.60
SLS-18 78 875 797 0.62 0.05 0.06 0.83
Including 80 450 370 0.71 0.05 0.07 0.94
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
Including 358 844 486 0.70 0.03 0.07 0.84
SLS-15 2 1231 1229 0.48 0.01 0.04 0.56
Including 2 1004 1002 0.52 0.01 0.04 0.60
Including 2 696 694 0.57 0.02 0.05 0.67
SLS-14 0 922 922 0.79 0.03 0.08 0.94
Including 34 884 850 0.82 0.03 0.08 0.98
Including 52 836 784 0.84 0.03 0.09 1.00
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: Grades are uncut and true widths have not been determined.
 

Table 2 – Collar Locations for New Drill Holes

Hole ID Easting Northing Elevation (m) Depth (m) Azimuth (degrees) Dip (degrees)
SLS-20 800124 9648035 1580 816.35 0 -75
SLS-18 799676 9648117 1443 875.12 100 -70
SLS-17 799765 9648033 1571 788.97 180 -80
Notes to table: The coordinates are in WGS84 17S Datum.

Figure 1 – Long Section of 3D Geophysics Looking Northeast

Figure 1 â€

Note to Figure 1: 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 newly-discovered Yawi target (Warintza South lies off image to south).

Figure 2 – Plan View

Figure 2 - Plan View

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. ALS Labs is independent from Solaris. In addition, selected pulp check samples are sent to Bureau Veritas lab in Lima, Peru. 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.

Qualified Person

The scientific and technical content of this press release and the sampling, analytical and test data underlying the scientific and technical content has been compiled, reviewed, approved, and verified 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. The data was verified using data validation and quality assurance procedures under high industry standards. ZTEM data quality was validated by a qualified external professional.

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 the 60%-interest in the development-stage 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 regarding our intent, or the beliefs or current expectations of our officers and directors, including statements that results for SLS-19 are expected in the near future and that maiden drilling targeting new discoveries at Warintza East and South will commence this quarter in conjunction with continued drilling at Warintza Central. 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 latest Solaris Managements Discussion and Analysis and Annual Information Form 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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