Solaris Resources (TSX:SLS) has announced the addition of Mr. Javier Toro to their executive team as the Chief Operating Officer (COO), starting January 1st, 2023. Mr. Toro will take the reins of the Warintza Project, which is situated in the southeastern region of Ecuador. In a parallel development, the company has disclosed that it is close to securing significant financing, citing advanced negotiations over an offtake financing package amounting to US$80 million. This funding is intended to support the necessary studies and permitting processes for the Warintza Project.
Mr. Toro, an industry veteran, brings over a quarter-century of experience as a Mining Engineer. His illustrious career is highlighted by his expertise in steering the design and execution of engineering and economic assessments for notable open-pit copper ventures across the Americas. His previous position was with Hudbay Minerals, where he ascended to the role of Vice President, Mining Technical Services, after holding a series of incrementally senior positions. His tenure at Hudbay was marked by his oversight of several crucial technical reports and economic assessments for significant mining projects, including the Constancia mine in Peru and Copper World mine in the United States.
Before his engagement with Hudbay Minerals, Mr. Toro’s expertise was honed at Golder Associates Peru S.A., where he was instrumental in delivering mining designs and project cost evaluations. His foundational roles in various management capacities have been focused on geotechnical, hydrogeological, and mine planning operations. Mr. Toro’s academic credentials are equally impressive, with a Bachelor’s degree in Mining Engineering with Honors from the National University of Engineering in Lima, Peru.
The financial package, which Solaris is nearing an agreement on, must meet several conditions before the closing of the US$80 million financing deal. These include finalizing definitive documentation, and it’s been noted that there’s no certainty yet that this consensus will be reached or that the financing will ultimately be confirmed.
In related news, on September 12, 2023, Solaris provided an update on its exploration, reporting copper equivalent grades from its initial two reconnaissance drill holes at the Patrimonio site. Discovered in June 2023, Patrimonio is a new copper deposit located roughly half a kilometre southwest of Warintza Central. The drilling outcomes not only established the presence of significant copper mineralization but also uncovered a distinctive skarn-style mineralization within carbonate-rich volcanic sequences. The origin of this mineralization remains unidentified.
The two drill holes, SLSP-01 and SLSP-02, delivered copper equivalent grades from the surface, indicating two distinct phases of mineralization. The upper portions of the drill holes showed evidence of strong skarn alteration along with potassic alteration, with the latter stages dominated by a dacite porphyry showing quartz-sericite-pyrite alteration. The insights drawn from the drill core analysis point to a complex geological formation and suggest a different origin for the skarn mineralization compared to the later-stage alterations. This discovery hints at the possibility of uncovering additional skarn mineralization and potentially its source within the larger Patrimonio anomaly.
The company is actively engaged in detailed mapping and sampling efforts aimed at refining its understanding of this mineral system. These efforts include establishing the patterns of skarn presence and alteration zonation to prioritize further drilling sites. The mineralization detected so far remains open in multiple directions, adjacent to a less mineralized quartz-monzodiorite porphyry. The geological footprint of Patrimonio is outlined by an extensive soil anomaly pattern, with copper and molybdenum anomalies complementing each other and suggesting a strong mineral presence, which is further confirmed by the outcropping porphyry system showcasing extensive alteration and veining on the western periphery of an interpreted major fault line near Warintza Central.