Solaris Resources (TSX:SLS) Expands Footprint with Major Silver and Gold Discovery of 11,570 g/t Silver and 12.3 g/t Gold in First Assays From Sampling Epithermal Mineralization

Figure 1 – Intermediate Sulphidation Epithermal Mineralization. Source: Solaris Resources

Solaris Resources (TSX:SLS) (NYSEAmerican:SLSR), has reported the discovery of significant precious metal deposits, which have substantially expanded the known area of epithermal-style mineral alteration. Initially concentrated in the Caya area, this mineralization has now been traced through the adjacent Mateo target and several kilometers further south. The expansion was identified through reconnaissance rock-chip sampling in the newly explored southern region. This sampling program yielded impressive results, with assays revealing up to 11,570 grams per tonne of silver (g/t Ag) and 12.3 grams per tonne of gold (g/t Au) across a 30-centimeter section of breccia outcrop.

These findings represent a major breakthrough in Solaris’ exploration activities at the Warintza Project. In response to these promising results, the company has intensified its fieldwork efforts to further delineate and refine potential drilling targets. Solaris anticipates commencing exploration drilling in this newly discovered area either towards the end of the third quarter or early in the fourth quarter of 2024.

Figure 2 – Warintza Regional Exploration Program Epithermal Targets. Source: Solaris Resources

Highlights from the results are as follows:

  • Ongoing regional exploration east of the Warintza cluster has expanded the area of interest for epithermal mineralization from the Caya-Mateo area several kilometres to the south (Figure 2)
  • Epithermal deposits can be genetically related to porphyry systems and host rich concentrations of gold and silver, with this association well documented in southeastern Ecuador
  • The newly-sampled southern area is affected by minor fault splays off a major regional fault thought to be of Jurassic age, with kilometer-scale displacement across it
  • This fault separates intrusive-dominated geology to the west hosting the Warintza porphyry cluster from primarily volcanic-sedimentary geology to the east hosting epithermal mineralization
  • The footwall (western side) of this fault forms the margin of an adjacent north-south pull-apart basin filled with volcanic-sedimentary sequences
  • Initial reconnaissance rock-chip sampling in this area has returned values of up to 11,570 g/t Ag and 12.3 g/t Au across 30cm of breccia outcrop with exceptionally high concentrations of epithermal pathfinder elements (Figure 1)
  • In addition to the above, sporadic high gold values of between 4 g/t and 9 g/t, with silver values up to 150 g/t, in rock chip sampling have also been returned, with anomalous pathfinder values consistently occurring over an area 1km by 2km
  • The working exploration concept is that these samples represent high-level expressions of an intermediate sulphidation epithermal system at depth
  • Detailed mapping and sampling of this area has commenced, with vectors from geochemical data and mineral alteration to be used to refine targets
  • Separately, recent sampling and spectral mapping in the Caya-Mateo target area have outlined pathfinder element and alteration anomalies at the margins of overlying sandstones (Figure 3)
  • Mateo requires follow-up programs to extend coverage southeast over this large target area and establish metal and alteration zonation to define its core
  • A series of geotechnical holes previously planned in Caya-Mateo to support Pre-Feasibility technical studies near the epithermal target area, are expected to commence in July and are expected to provide valuable exploration data
  • Initial exploration drilling at Caya, Mateo and the new southern area will be planned on the basis of the ongoing exploration work and scheduled for late Q3/24 – early Q4/24
Figure 3 – Caya-Mateo Soil Geochemistry. Source: Solaris Resources

 

 

 

 

The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a licensed professional for investment advice. The author is not an insider or shareholder of any of the companies mentioned above.
Matthew Evanoff

I specialize in the mining industry, focusing on top global mining stocks. My reporting covers the latest industry news, company/project developments, and profiles of key players. With a degree in finance and economics from the University of Toronto, I've contributed to a wide range of industry publications. Beyond my professional pursuits, I have a keen interest in global business and a love for travel.

By Matthew Evanoff

I specialize in the mining industry, focusing on top global mining stocks. My reporting covers the latest industry news, company/project developments, and profiles of key players. With a degree in finance and economics from the University of Toronto, I've contributed to a wide range of industry publications. Beyond my professional pursuits, I have a keen interest in global business and a love for travel.

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