Solaris Resources (TSX:SLS) (NYSEAmerican:SLSR) Expands Warintza Project 2024 Drill Program, Supported by High Productivity and Financing

Figure 1 – Plan View of Drilling to Date. Source: Solaris Resources

Solaris Resources Inc. (TSX:SLS)(NYSEAmerican:SLSR) has announced an expansion of its 2024 drilling program at the Warintza Project in southeastern Ecuador, doubling the planned meterage from 30km to 60km. The expansion is supported by the company’s recent financing and significant productivity improvements resulting from past infrastructure investments, improved logistics, and optimized processes at the project site.

Mr. Javier Toro, Chief Operating Officer, commented in a press release: “We are very pleased to have doubled the planned drilling for the Warintza project which will contribute to future growth and improved confidence in resources while also providing technical data for mine design and mine planning purposes to support technical studies. The forthcoming mineral resource estimate update in July will reflect two years of additional drilling from the prior estimate in 2022, with drilling continuing through the end of the year.”

The company has reported additional drill results as its 2024 drilling program ramps up. Drill hole SLSE-33, collared on the southern margin of Warintza Southeast and drilled at a steep inclination northeast, returned 81m of 0.73% CuEq¹ from near surface within a broader interval of 544m of 0.50% CuEq¹ from surface, bottoming in mineralization. SLSE-35, collared from a central platform at Warintza East and drilled east, returned 189m of 0.50% CuEq¹ from surface within a broader interval of 580m of 0.42% CuEq¹, remaining open in mineralization with the last 10m averaging 0.41% CuEq¹.

Solaris Resources has been able to ramp up drilling with six rigs completing 7.7 km in May, and a seventh rig is expected to be added soon. The company aims to challenge the prior peak drilling rate achieved with 12 rigs in 2021, primarily due to improved logistics from infrastructure investments, construction of on-site facilities, and trail networks connecting new drilling platform locations, along with process optimization.

The expanded drilling program will target open lateral extensions of mineralization beyond the pit, including into the Patrimonio target area, improve drilling density, and support technical studies. The company is also on track to release an updated mineral resource estimate in early July.

Ongoing regional exploration efforts have expanded the footprint of epithermal-style mineral alteration from the Caya area into the adjacent Mateo porphyry target, located 6km east of the Warintza cluster. Field crews have also been active on the newly-acquired adjacent claims, with further details to be provided in subsequent releases.

To ensure the accuracy of the sample assay results, Solaris Resources Inc. has implemented 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 on site, with drill core being cut in half on site and samples securely transported to ALS Labs in Quito. Sample pulps are sent to ALS Labs in Lima, Peru, and Vancouver, Canada, for analysis, with selected pulp check samples sent to Bureau Veritas lab in Lima, Peru, for independent verification. Both ALS Labs and Bureau Veritas lab are independent of Solaris Resources Inc.

Highlights from the results are as follows: 

Table 1 – Assay Results

Hole ID Date Reported From
(m)
To
(m)
Interval
(m)
Cu
(%)
Mo
(%)
Au
(g/t)
CuEq¹
(%)
SLSE-35 June 11, 2024 0 580 580 0.33 0.02 0.04 0.42
Including 0 189 189 0.41 0.02 0.04 0.50
SLSE-34 0 522 522 0.28 0.02 0.03 0.36
Including 66 318 252 0.31 0.02 0.03 0.40
SLSE-33 6 550 544 0.40 0.02 0.06 0.50
Including 54 135 81 0.60 0.02 0.07 0.73

Notes to table: True widths are interpreted to be very close to drilled widths due to the bulk-porphyry style mineralized zones at Warintza.

Table 2 – Collar Locations

Hole ID Easting Northing Elevation
(m)
Depth
(m)
Azimuth
(degrees)
Dip
(degrees)
SLSE-35 801485 9648192 1129 580 90 -80
SLSE-34 801483 9648241 1170 523 40 -80
SLSE-33 801532 9647848 1154 550 50 -85

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.

 

 

 

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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