Solaris Adds to Near Surface, High-Grade Northeast and Southeast Extensions, Priorities for Further Growth Beyond Mineral Resource

Rhea-AI Summary

Solaris Resources reports significant assay results from its Warintza Project in Ecuador. Additional drilling has successfully expanded the northeast and southeast extensions of the project, revealing high-grade near-surface mineralization. Notable results include 356m of 0.73% CuEq from SLS-54 and 482m of 0.62% CuEq from SLS-52. The company is currently conducting follow-up and step-out drilling, with plans for further exploration. An updated mineral resource estimate for Warintza Central is expected in April 2022.

Positive

• Expanded high-grade mineralization areas in the Warintza Project.
• SLS-54 returned 356m of 0.73% CuEq from 50m depth.
• SLS-52 reported 482m of 0.62% CuEq from 96m depth.
• Ongoing drilling indicates further growth potential.

Negative

• None.

VANCOUVER, British Columbia, April 04, 2022 (GLOBE NEWSWIRE) -- Solaris Resources Inc. (TSX: SLS; OTCQB: SLSSF) (“Solaris” or “the Company”) is pleased to report assay results from a series of additional holes from mineral resource growth drilling at its Warintza Project (“Warintza” or “the Project”) in southeastern Ecuador.

Highlights are listed below, with a corresponding image in Figure 1 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

Additional drilling has expanded the growing northeast extension area, which remains open with follow-up and step-out drilling underway. This zone is characterized by near surface, high-grade mineralization, as detailed below, at the northeastern limit of drilling at Warintza Central and represents a priority target for further growth.

• SLS-54 was collared at the northeastern limit of the grid and drilled into an open volume near surface, returning 356m of 0.73% CuEq¹ from 50m depth within a broader interval of 1,093m of 0.56% CuEq¹ from surface

• This follows from near surface, high-grade mineralization previously reported (refer to press releases dated February 28, 2022, December 14, 2021 and October 25 & 12, 2021) from:
   
  • SLS-49 - 396m of 0.70% CuEq¹ from 50m depth within 817m of 0.60% CuEq¹
  • SLS-48 - 100m of 1.64% CuEq¹ from 50m depth within 852m of 0.56% CuEq¹
  • SLS-42 - 740m of 0.60% CuEq¹ from 52m depth within 906m of 0.53% CuEq¹
  • SLS-38 - 244m of 0.70% CuEq¹ from 58m depth within 822m of 0.35% CuEq¹
  • SLS-34 - 242m of 0.67% CuEq¹ from 52m depth within 660m of 0.47% CuEq¹
  • SLS-32 - 372m of 0.64% CuEq¹ from 46m depth within 618m of 0.48% CuEq¹

• Follow-up drilling from existing platforms is underway, with a 260m northeast step-out platform recently completed and a second platform stepping out further to the northeast under construction

Additional drilling has expanded the growing southeast extension area, which remains open in near surface, high-grade mineralization.

• SLS-52 was collared on the eastern side of the grid and drilled southeast into an open volume near surface, returning 482m of 0.62% CuEq¹ from 96m depth, within a broader interval of 977m of 0.45% CuEq¹ from near surface that infilled drilling at depth

• SLS-53 was collared from a southeastern platform and drilled south into an open volume near surface, returning 176m of 0.78% CuEq¹ from 16m depth, within a broader interval of 957m of 0.46% CuEq¹ from 10m depth that infilled drilling at depth

• This follows from near surface, high-grade mineralization previously reported (refer to press releases dated February 28, 2022, December 14, 2021 and November 15, 2021) from:

• • SLS-45 - 236m of 0.56% CuEq¹ from 44m depth within 564m of 0.41% CuEq¹
  • SLS-39 - 368m of 0.73% CuEq¹ from 90m depth within 915m of 0.56% CuEq¹
  • SLS-35 - 326m of 0.80% CuEq¹ from 50m depth within 920m of 0.62% CuEq¹

• Additional platform construction to support follow-up and step-out drilling to test the further southeast extension of near surface, high-grade mineralization is planned, following the release of the updated mineral resource estimate

• SLS-51 was collared from the south-central portion of the grid and drilled east into an open volume at surface, returning 918m of 0.50% CuEq¹ from 130m depth within a broader interval of 1,012m of 0.47% CuEq¹ from near surface that infilled drilling at depth

Updated Warintza Central Mineral Resource Estimate expected to be issued in April.

To date, 62 holes have been completed at Warintza Central with assays reported for 54 of these.

Mr. Jorge Fierro, Vice President, Exploration, commented: “These final holes expand on two key growth areas with near surface, high-grade mineralization on the edge of resource drilling that remains open. These holes will be included in the forthcoming resource update; further extensions to the northeast and southeast represent priority targets for further growth with step-out drilling commencing shortly.”

Figure 1 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/25069f9c-87fa-45b2-bfed-16c8ba93cc83

Table 1 – Assay Results

Hole ID	Date Reported	From (m)	To (m)		Interval (m)	Cu (%)		Mo (%)	Au (g/t)	CuEq¹ (%)
SLS-54	Apr 4, 2022	0	1093		1093	0.45		0.02	0.04	0.56
Including		50	406		356	0.62		0.02	0.05	0.73
SLS-53		10	967		957	0.39		0.01	0.03	0.46
Including		16	192		176	0.65		0.03	0.04	0.78
SLS-52		42	1019		977	0.39		0.01	0.03	0.45
Including		96	578		482	0.55		0.01	0.03	0.62
SLS-51		36	1048		1012	0.38		0.01	0.06	0.47
Including		130	1048		918	0.41		0.01	0.05	0.50
SLS-50		336	458		122	0.14		0.04	0.03	0.30
SLS-49	Feb 28, 2022	50	867		817	0.50		0.02	0.04	0.60
SLS-48		50	902		852	0.45		0.02	0.05	0.56
SLS-47		48	859		811	0.41		0.02	0.05	0.51
SLS-46		48	680		632	0.27		0.01	0.03	0.31
SLS-45		44	608		564	0.37		0.01	0.03	0.41
SLS-44		6	524		518	0.16		0.05	0.03	0.35
SLS-43		138	350		212	0.17		0.03	0.03	0.30
SLS-42		52	958		906	0.42		0.02	0.06	0.53
SLSS-01	Jan 18, 2022	0	755		755	0.28		0.02	0.02	0.36
SLS-41	Dec 14, 2021	0	592		592	0.42		0.02	0.06	0.52
SLS-40		8	1056		1048	0.39		0.01	0.03	0.46
SLS-39		28	943		915	0.49		0.01	0.04	0.56
SLS-38		58	880		822	0.28		0.01	0.05	0.35
SLS-37		28	896		868	0.39		0.05	0.05	0.58
SLS-36	Nov 15, 2021	2	1082		1080	0.33		0.01	0.04	0.41
SLS-35		48	968		920	0.53		0.02	0.04	0.62
SLS-34	Oct 25, 2021	52	712		660	0.36		0.02	0.06	0.47
SLS-33		40	762		722	0.55		0.03	0.05	0.69
SLSE-02		0	1160		1160	0.20		0.01	0.04	0.25
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
SLSW-01	Feb 16, 2021	32	830	798			0.25	0.02	0.02	0.31
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-54	800383	9648303	1412	1093	160	-74
SLS-53	800126	9648032	1566	967	170	-82
SLS-52	800258	9648097	1559	1019	110	-75
SLS-51	799873	9648008	1632	1048	85	-70
SLS-50	799870	9648315	1414	768	80	-75
Notes to table: The coordinates are in WGS84 17S Datum.

(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.

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, and the Company therefore did not deem it necessary to have such ZTEM data verified by a Qualified Person. 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 follow-up drilling from existing northeast platforms is underway, with a 260m northeast step-out platform recently completed and a second platform stepping out further to the northeast under construction, that additional platform construction to support follow-up and step-out drilling to test the further southeast extensions of near surface, high-grade mineralization is planned, following the release of the updated mineral resource estimate, that the updated Warintza Central Mineral Resource Estimate is expected to be issued in April, that these final holes expand on two key growth areas with near surface, high-grade mineralization on the edge of resource drilling that remains open, that these holes will be included in the forthcoming resource update; further extensions to the northeast and southeast represent priority targets for further growth with step-out drilling commencing shortly. 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, 2021 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.

 

FAQ

What are the assay results reported by Solaris Resources for SLSSF?

Solaris Resources announced assay results showing significant high-grade mineralization, including 356m of 0.73% CuEq from SLS-54 and 482m of 0.62% CuEq from SLS-52.

What is the significance of the Warintza Project for Solaris Resources SLSSF?

The Warintza Project shows potential for significant mineral resource growth, with ongoing drilling expanding high-grade areas.

When is the updated mineral resource estimate for SLSSF expected?

An updated mineral resource estimate for the Warintza Central is expected to be released in April 2022.

What drilling activities are currently taking place at SLSSF?

Follow-up and step-out drilling is underway at the Warintza Project to further explore newly identified high-grade mineralization areas.