Solaris Resources (TSX:SLS) Reports New Results From Warintza Project, Expanding Warintza West to 1.2km by 0.7km and Identifying New Potential

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

Solaris Resources (TSX:SLS) has reported new updated geochemical sampling and assay results from follow-up holes at Warintza West within the Warintza Project in Ecuador. The company has identified new potential at the zone, which was one of four discoveries made to-date in the Warintza porphyry cluster located 1km west of and outside the Warintza Mineral Resources (MRE). 

The company has performed reconnaissance drilling with the initial holes from the centralized platform outlining a broad zone of porphyry mineralization measuring 1200m z 700m, and remains open. Geochemical sampling provided vectors toward more potential higher-grade mineralization to the north for step-out drilling, expanding on Warintza’s potential for further future discoveries.

Mr. Jorge Fierro, Vice President, Exploration, commented in a press release: “First pass reconnaissance drilling at Warintza West outlined a broad zone of porphyry mineralization, with subsequent sampling identifying new potential for higher-grade mineralization to the north for future step-out drilling. The ongoing drill program is targeting MRE growth within the high-grade starter pit at Warintza Central, where results are expected shortly, and expanding the Warintza East discovery which adjoins Warintza Central.”

Highlights from the results are as follows:

  • Recent geochemical sampling has identified a new area of strong overlapping copper and molybdenum anomalies to the north measuring approximately 1000m x 500m with soil samples averaging 600 ppm Cu and 80 ppm Mo – this contrasts with the anomaly surrounding the original platform that is defined by strong Mo values at 65 ppm but weaker Cu below 400 ppm
  • This new area of strong soil anomalism represents a potential target for higher-grade mineralization beyond the northern margin of prior exploration drilling (refer to press releases dated Oct 13, 2022 and Feb 16, 2021), including:

    • SLSW-07 (drilled north) returned 686m of 0.46% CuEq²
    • SLSW-04 (drilled northeast) returned 264m of 0.44% CuEq²
    • SLSW-01 (drilled northwest) returned 260m of 0.42% CuEq³
  • New drill results returned to the south, include SLSW-13, which was drilled southwest and returned 320m of 0.50% CuEq² from near surface within a broader interval of 496m of 0.40% CuEq², extending mineralization to the south where it remains open, and requires step-out drilling
  • This hole expands on previously reported SLSE-10, which was drilled from the same platform to the southwest and returned 220m of 0.41% CuEq² from near surface (refer to press release dated Oct 13, 2022)

Table 1 – Assay Results

Hole ID Date Reported From (m) To (m) Interval (m) Cu (%) Mo (%) Au (g/t) CuEq² (%)
SLSW-13 Feb 13, 2023 24 520 496 0.32 0.02 0.03 0.40
Including 24 344 320 0.40 0.02 0.03 0.50
SLSW-12 58 592 534 0.15 0.01 0.01 0.20
Including 58 246 188 0.24 0.01 0.02 0.30
SLSW-11 20 648 628 0.17 0.005 0.02 0.20
Including 30 288 258 0.22 0.005 0.03 0.26

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-13 798507 9648465 1519 530 190 -60
SLSW-12 798507 9648465 1519 1005 90 -50
SLSW-11 798507 9648465 1519 708 280 -46
Notes to table: The coordinates are in WGS84 17S Datum.

Endnotes

  1. Refer to 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 for the MRE and drill holes SLSW 2-13 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.
  3. 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 MRE, as the metallurgical data to allow for estimation of recoveries was not yet available. Solaris defined CuEq for reporting purposes only.

 

 

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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