Solaris Resources (TSX:SLS) Makes Discovery at Warintza West Outlining Broad Porphyry Deposit of at least 900m x 600m

Solaris Resources (TSX:SLS) has reported new assay results today from the first series of drill holes during follow-up drilling on the discovery of Warintza West. The results outline a new deposit that remains open in the Warintza cluster, just adjacent to the Mineral Resource Estimate (MRE) the company published in April 2022.

These follow-up holes fan out in all directions, outlining a broad porphyry deposit of at least 900m x 600m and still open and lies adjacent to and not included within the MRE. The company is focusing on targeting growth for the high-grade starter pit at Warintza Central and expanding the Warintza East discovery next while continuing the planned drilling at Warintza West. The Warintza Project is located in southeastern Ecuador, and Warintza West is the fourth and latest discovery at the project. 

Highlights from the results are as follows:

Warintza West is one of four discoveries made to date within the Warintza porphyry cluster and is located 1km west of the Warintza Central Mineral Resource Estimate (“MRE”)¹ reported in April. The discovery was reported with the results of SLSW-01 (see press release dated February 16, 2021) – these follow-up holes fan out in all directions, outlining a broad porphyry deposit of at least 900m x 600m and still open and lies adjacent to and not included within the MRE. Follow-up drilling to test the further extent of the deposit is planned after priority drilling at Warintza Central aimed at expanding the starter pit and higher-grade resource expansion potential at Warintza East.

  • SLSW-07 (drilled north) returned 686m of 0.46% CuEq¹ within a broader interval of 912m of 0.41% CuEq¹ from near surface

  • SLSW-02 (drilled vertically) returned 246m of 0.47% CuEq¹ from near surface

  • SLSW-09 (drilled west) returned 202m of 0.45% CuEq¹ within a broader interval of 444m of 0.36% CuEq¹ from near surface

  • SLSW-08 (drilled northwest) returned 78m of 0.56% CuEq¹ within a broader interval of 812m of 0.32% CuEq¹ from near surface

  • SLSW-04 (drilled northeast) returned 264m of 0.44% CuEq¹ from near surface

  • SLSW-10 (drilled southwest) returned 220m of 0.41% CuEq¹ from near surface

  • SLSW-03 (drilled southeast) returned 102m of 0.39% CuEq¹ within a broader interval of 911m of 0.24% CuEq¹ from near surface

  • SLSW-05 (drilled northeast) returned 272m of 0.38% CuEq¹ within a broader interval of 570m of 0.30% CuEq¹ from near surface

  • SLSW-06 (drilled east) returned 732m of 0.32% CuEq¹ from near surface

  • Drilling at Warintza West confirms the interpretation of a broad porphyry deposit that remains open in all directions, with assays pending from a series of three additional holes testing the zone further to the west, east and south

  • Step-out drilling is planned targeting high-grade surface sampling

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

Source: Solaris Resources

Table 1 – Assay Results

Hole ID Date Reported From (m) To (m) Interval (m) Cu (%) Mo (%) Au (g/t) CuEq¹ (%)
SLSW-10   24 244 220 0.36 0.01 0.02 0.41
SLSW-09   24 468 444 0.31 0.01 0.03 0.36
Including   24 226 202 0.41 0.01 0.03 0.45
SLSW-08   32 844 812 0.26 0.01 0.02 0.32
Including   32 110 78 0.51 0.01 0.02 0.56
SLSW-07   24 936 912 0.32 0.02 0.03 0.41
Including Oct 13, 2022 30 716 686 0.37 0.02 0.03 0.46
SLSW-06   34 766 732 0.25 0.01 0.02 0.32
SLSW-05   34 604 570 0.23 0.01 0.02 0.30
Including   34 306 272 0.31 0.01 0.02 0.38
SLSW-04   38 302 264 0.36 0.02 0.03 0.44
SLSW-03   38 949 911 0.19 0.01 0.02 0.24
Including   40 142 102 0.33 0.01 0.03 0.39
SLSW-02   24 270 246 0.38 0.02 0.02 0.47

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)
SLSW-10 798507 9648465 1519 713 238 -51.25
SLSW-09 798507 9648465 1519 767 260 -60.31
SLSW-08 798507 9648465 1519 974 295 -60.50
SLSW-07 798507 9648465 1519 945 352 -70.56
SLSW-06 798507 9648465 1519 767 70 -70.72
SLSW-05 798507 9648465 1519 807 45 -60.73
SLSW-04 798507 9648465 1519 455 22 -60.89
SLSW-03 798507 9648465 1519 949 140 -55.50
SLSW-02 798507 9648465 1519 1227 0 -90.00
Notes to table: The coordinates are in WGS84 17S Datum.

Endnotes

  1. Refer to Solaris’ press release dated April 18, 2022 and 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.
  2. 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.

 

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.

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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