Solaris Resources (TSX:SLS) has reported new assay results from a series of holes at the Warintza Project in southeastern Ecuador. The holes are aimed at growing the Northeast Extension of the previously announced “Indicative Starter Pit”. The company is moving forward with drilling platforms in the Northeast Extention that are set to drive the latest high-grade results from the project.
Mr. Jorge Fierro, Vice President of Exploration, commented in a press release: “Drilling from existing and recently-completed platforms in the Northeast Extension zone is a key driver in the expansion of the ‘Indicative Starter Pit’, and we look forward to reporting the next set of results in the near future as the backlog of assays pending is now resolved.”
The “Indicative Starter Pit” was noted in an April 18, 2022 announcement from the company in a mineral resource estimate for the Warintza Central Deposit, in which the company reported in-pit resources of 579 Mt at 0.59% CuEq (Ind) and 887 Mt at 0.47% CuEq (Inf), and 180 Mt at 0.82% CuEq (Ind) and 107 Mt at 0.73% CuEq (Inf) for the “Indicative Starter Pit”.
Solaris also intends to spin out its non-core assets in Ecuador outside of the Warintza porphyry cluster, Peru, Chile, and Mexico into a new incorporated wholly-owned subsidiary of Solaris named Solaris Exploration Inc. Following the internal re-organization, it is expected that 100% of the common shares of Solaris Exploration Inc. will be spun out to shareholders of Solaris relative to their shareholdings.
Figure 1 – Plan View of Warintza Central Drilling Released to Date
Highlights from the results are as follows:
Additional drilling has expanded the Northeast Extension of the ‘Indicative Starter Pit’ recently estimated at 180 Mt at 0.82% CuEq¹ (Indicated) and 107 Mt at 0.73% CuEq¹ (Inferred) within the Warintza Mineral Resource Estimate² (“MRE”). This zone is characterized by near surface, high-grade mineralization and remains open for further growth with follow-up drilling underway.
- SLS-66 was collared on a platform at the northeastern limit of the Warintza Central grid and drilled southwest into an open volume, returning 124m of 0.82% CuEq¹ within a broader interval of 622m of 0.42% CuEq¹ starting from surface
- SLS-66 follows from previous holes SLS-63 and SLS-54, which were drilled from the same pad to the north and southeast and respectively returned high-grade intervals of 230m of 1.02% CuEq¹ and 356m of 0.73% CuEq³ within broader intervals (refer to press releases dated Jul 20, 2022 and Apr 4, 2022 for details)
- SLS-64 was collared on a platform at the northern limit of Warintza Central and drilled north-northeast into an open volume, returning 110m of 0.54% CuEq¹ from near surface within a broader interval of 440m of 0.48% CuEq¹, extending and broadening the zone to the north in this area
- SLS-64 follows from previous holes SLS-62 and SLS-48, which were drilled from the same pad to the northeast and south and respectively returned high-grade intervals of 168m of 0.68% CuEq¹ and 100m of 1.64% CuEq³ within broader intervals (refer to press releases dated Jul 20, 2022 and Feb 28, 2022 for details)
- SLS-65, which is a step out hole from a new platform 200m to the north, has now been completed after operational delays with adjustments to the platform for drilling and assays are expected within the next four weeks
Table 1 – Assay Results
|Hole ID||Date Reported||From (m)||To (m)||Interval (m)||Cu (%)||Mo (%)||Au (g/t)||CuEq¹ (%)|
|SLS-66||Sep 07, 2022||0||622||622||0.32||0.02||0.05||0.42|
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)|
Notes to table: The coordinates are in WGS84 17S Datum.
- 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.
- 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.
- Copper-equivalence calculated as: CuEq (%) = Cu (%) + 3.33 × Mo (%) + 0.73 × Au (g/t), utilizing metal prices of US$3.00/lb Cu, US$10.00/lb Mo, and US$1,500/oz Au. No adjustments were made for recovery prior to the updated Warintza Mineral Resource Estimate, as the metallurgical data to allow for estimation of recoveries was not yet available. Solaris defined CuEq for reporting purposes only.