Solaris Resources (TSX:SLS) Reports Highest Grades To-Date Outside Resource at Warintza East and Second Porphyry Centre

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

In a major announcement this morning, Solaris Resources (TSX: SLS) (OTCQB:SLSSF) has announced the confirmation of a new porphyry centre discovery at Warintza East. This second centre boasts the highest grade assays to date, beginning from the bedrock surface and extending right to the hole’s end.

This exciting new discovery, open to the east, west, south, and at depth, signifies a pivotal step forward in the Warintza Project’s exploration efforts situated in the southeastern region of Ecuador. This discovery has already sparked a series of follow-up drill operations, underlining its crucial role in the project.

Mr. Jorge Fierro, Vice President, Exploration, commented in a press release: “The discovery of a second, significantly higher grade porphyry center at Warintza East is a welcome surprise in our ongoing mineral resource growth drilling program. This new zone offers the potential to rapidly add near surface, high grade mineralization to the deposit that could contribute to future starter pit growth. Moreover, the zone is wide open with step-out and extension drilling coming soon.”

Solaris Resources, known for its diverse portfolio of gold and copper assets in the Americas, has been pioneering large-scale resource discovery and expansion efforts at the Warintza Project in Ecuador, which is currently its primary focus.

Beyond Warintza, the company sees promising discovery potential at their Ricardo and Tamarugo Projects in Chile, and their Capricho and Paco Orco projects in Peru. Solaris Resources also holds a 60% stake in the La Verde joint-venture project with a subsidiary of Teck Resources in Mexico.

Highlights from the results are as follows:

  • Warintza East was discovered in July 2021, with eight drill holes included in the Warintza Central Mineral Resource Estimate (“MRE”)¹ in April 2022. Subsequent drilling has significantly expanded the dimensions of the deposit, with ongoing drilling targeting further mineral resource growth
  • The latest drilling made an important discovery of a second, more intensely-mineralized porphyry center located outside the MRE, approximately 350m south of the original discovery, with assays now confirming the highest grades encountered at Warintza East to date
  • SLSE-28 was collared to the south of the Warintza East drill grid and drilled vertically to the limit of the KD-200 rig, returning 301m of 0.65% CuEq² from bedrock surface at 8m depth to the end of the hole, with the final 31m averaging 0.76% CuEq²
  • Two new platforms were constructed to the east and west, also outside the MRE, with follow-up drill hole SLSE-29 testing the southeast extension up to 200m to the east now completed and SLSE-30 in progress testing the potential to the west
  • SLSE-29 and SLSE-30 were both drilled with KD-200 rigs to allow for the rapid expansion of this emerging zone of near surface, high grade mineralization, with follow-up deeper drilling planned with larger capacity KD-1400 rigs
  • The new zone is wide open and additional follow-up drilling is planned to test the potential for lateral expansion, focusing on vectors to the south and southeast where new step-out platforms are under construction

Table 1 – Assay Results

Hole ID Date Reported From (m) To (m) Interval (m) Cu (%) Mo (%) Au (g/t) CuEq² (%)
SLSE-28 May 31, 2023 8 309 301 0.54 0.02 0.07 0.65
Including 278 309 31 0.68 0.01 0.07 0.76

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)
SLSE-28 801438 9647864 1162 309 0 -90
Notes to table: The coordinates are in WGS84 17S Datum.

Endnotes

  1. 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.
  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.
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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