Solaris Reports 124m of 0.82% CuEq within Broader Interval, Expanding Northeast Extension of ‘Indicative Starter Pit’

Rhea-AI Summary

Solaris Resources Inc. (OTCQB: SLSSF) announced significant assay results from its Warintza Project in Ecuador, highlighting the expansion of the Northeast Extension of the 'Indicative Starter Pit.' The updated mineral resource includes 180 Mt at 0.82% CuEq (Indicated) and 107 Mt at 0.73% CuEq (Inferred). Notable drill results include SLS-66, yielding 124m of 0.82% CuEq within 622m at 0.42% CuEq, and SLS-64 with 110m at 0.54% CuEq from 440m. Follow-up drilling is ongoing, with future assay results expected in the next four weeks.

Positive

• Expansion of the Northeast Extension of the ‘Indicative Starter Pit’ estimated at 180 Mt at 0.82% CuEq (Indicated) and 107 Mt at 0.73% CuEq (Inferred).
• Drill hole SLS-66 reported 124m of high-grade mineralization at 0.82% CuEq within a broader interval of 622m.
• Drill hole SLS-64 extended the zone with 110m of 0.54% CuEq from a broader 440m interval.
• Ongoing follow-up drilling indicates potential for further resource growth.

Negative

• Operational delays were reported for SLS-65, indicating potential setbacks in drilling timelines.

VANCOUVER, British Columbia, Sept. 07, 2022 (GLOBE NEWSWIRE) -- Solaris Resources Inc. (TSX: SLS; OTCQB: SLSSF) (“Solaris” or “the Company”) is pleased to report assay results from a series of holes aimed at growing the Northeast Extension of the ‘Indicative Starter Pit’ 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.

Highlights

Additional drilling has expanded the Northeast Extension of the ‘Indicative Starter Pit’ recently estimated at 180 Mt at 0.82% CuEq¹ (Indicated) and 107 Mt at 0.73% CuEq¹ (Inferred) within the Warintza Mineral Resource Estimate² (“MRE”). This zone is characterized by near surface, high-grade mineralization and remains open for further growth with follow-up drilling underway.

• SLS-66 was collared on a platform at the northeastern limit of the Warintza Central grid and drilled southwest into an open volume, returning 124m of 0.82% CuEq¹ within a broader interval of 622m of 0.42% CuEq¹ starting from surface
  
• SLS-66 follows from previous holes SLS-63 and SLS-54, which were drilled from the same pad to the north and southeast and respectively returned high-grade intervals of 230m of 1.02% CuEq¹ and 356m of 0.73% CuEq³ within broader intervals (refer to press releases dated Jul 20, 2022 and Apr 4, 2022 for details)
  
• SLS-64 was collared on a platform at the northern limit of Warintza Central and drilled north-northeast into an open volume, returning 110m of 0.54% CuEq¹ from near surface within a broader interval of 440m of 0.48% CuEq¹, extending and broadening the zone to the north in this area
  
• SLS-64 follows from previous holes SLS-62 and SLS-48, which were drilled from the same pad to the northeast and south and respectively returned high-grade intervals of 168m of 0.68% CuEq¹ and 100m of 1.64% CuEq³ within broader intervals (refer to press releases dated Jul 20, 2022 and Feb 28, 2022 for details)
  
• SLS-65, which is a step out hole from a new platform 200m to the north, has now been completed after operational delays with adjustments to the platform for drilling and assays are expected within the next four weeks
  

Mr. Jorge Fierro, Vice President, Exploration, commented: “Drilling from existing and recently-completed platforms in the Northeast Extension zone is a key driver in the expansion of the ‘Indicative Starter Pit’, and we look forward to reporting the next set of results in the near future as the backlog of assays pending is now resolved.”

Figure 1 – Plan View of Warintza Central Drilling Released to Date

https://www.globenewswire.com/NewsRoom/AttachmentNg/4fb6526e-ef91-4779-beb5-6f23ec6c7495

Table 1 – Assay Results

Hole ID	Date Reported	From (m)	To (m)	Interval (m)	Cu (%)	Mo (%)	Au (g/t)	CuEq¹ (%)
SLS-66	Sep 07, 2022	0	622	622	0.32	0.02	0.05	0.42
Including		66	190	124	0.71	0.02	0.09	0.82
SLS-64		78	518	440	0.32	0.04	0.04	0.48
Including		78	188	110	0.38	0.04	0.03	0.54

^{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)
SLS-66	800383	9648303	1412	689	255	-48
SLS-64	800178	9648285	1439	571	26	-66

^{Notes to table: The coordinates are in WGS84 17S Datum.}

Endnotes

1. 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.
2. 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.
3. Copper-equivalence calculated as: CuEq (%) = Cu (%) + 3.33 × Mo (%) + 0.73 × Au (g/t), utilizing metal prices of US$3.00/lb Cu, US$10.00/lb Mo, and US$1,500/oz Au. No adjustments were made for recovery prior to the updated Warintza Mineral Resource Estimate, as the metallurgical data to allow for estimation of recoveries was not yet available. Solaris defined CuEq for reporting purposes only.
   

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. 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 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 optioned and owned grass-roots 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 additional drilling has expanded the Northeast Extension of the ‘Indicative Starter Pit’ recently estimated at 180 Mt at 0.82% CuEq (Indicated) and 107 Mt at 0.73% CuEq (Inferred) within the Warintza Mineral Resource Estimate, SLS-64 extended and broadened the zone to the north, SLS-65, which is a step out hole from a new platform 200m to the north, has now been completed after operational delays with adjustments to the platform for drilling and assays are expected within the next four weeks, and drilling from existing and recently-completed platforms in the Northeast Extension zone is a key driver in the expansion of the ‘Indicative Starter Pit’, and the Company looks forward to reporting the next set of results in the near future as the backlog of assays pending is now resolved. 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 latest assay results for Solaris Resources (SLSSF) from the Warintza Project?

Solaris Resources announced that SLS-66 returned 124m of 0.82% CuEq within a broader interval of 622m at 0.42% CuEq. SLS-64 reported 110m at 0.54% CuEq within 440m.

What is the mineral resource estimate for the Northeast Extension of Solaris Resources' Warintza Project?

The Northeast Extension is estimated at 180 Mt at 0.82% CuEq (Indicated) and 107 Mt at 0.73% CuEq (Inferred).

When can we expect new assay results from Solaris Resources (SLSSF)?

New assay results are expected within the next four weeks as follow-up drilling continues.

How has the drilling program progressed at Solaris Resources' Warintza Project?

Drilling has expanded the resource, with significant results reported from SLS-66 and SLS-64, and ongoing efforts to further explore the Northeast Extension.