News

Solaris Reports 475m of 1.03% CuEq from Surface in New Drilling as Further Productivity Gains Drive Record 10km Drilled in August

September 19, 2024 Quito, Ecuador 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

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

  1. 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.
  2. 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).

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 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.

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