Solaris Resources (TSX:SLS) Reports Significant Drill Results from Warintza Project, Mineral Estimate Expected Later This Month

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

Solaris Resources Inc. (TSX: SLS)(NYSEAmerican:SLSR) recently reported drill results from its ongoing 2024 drilling program at the Warintza Project in southeastern Ecuador. The latest findings include the final assays for the upcoming updated mineral resource estimate, anticipated later this month.

  • Drill hole SLSE-36, positioned at the southeasternmost platform at Warintza Southeast, revealed 148 meters of 0.72% copper equivalent (CuEq) within a larger interval of 325 meters of 0.51% CuEq from the surface. This hole remains open in strong mineralization, with the final 34 meters averaging 0.90% CuEq.
  • SLS-77, located on the northern boundary of the Northeast Extension of Warintza Central, returned 108 meters of 0.70% CuEq from near the surface within a broader interval of 273 meters of 0.57% CuEq from the surface.
  • SLS-78, drilled from a new platform 100 meters to the west, showed 78 meters of 0.70% CuEq within a larger interval of 114 meters of 0.65% CuEq from a depth of 72 meters before hitting low-grade granodiorite.
  • SLS-79, drilled from the same platform at a steeper inclination, returned 78 meters of 0.60% CuEq from near the surface within a broader interval of 248 meters of 0.50% CuEq, ending in strong mineralization.
  • SLST-03, drilled approximately 300 meters south of Warintza Central at the Trinche platform, aimed to convert undefined waste within the expected pit shell. This hole returned 312 meters of 0.62% CuEq within a larger interval of 1,028 meters of 0.30% CuEq from the surface.
  • Patrimonio hole 04, consistent with holes 01 and 02, intersected a roughly 150-meter thick tabular zone of replacement mineralization dipping shallowly to the west. The source of this mineralization has not yet been found. SLSP-03, collared at a higher elevation, intersected a low-grade layer in the host lava sequence before passing into a barren, post-mineral porphyry that intruded and displaced the targeted mineralized layer. Mineral alteration zoning and geochemistry suggest that the core of the mineralized system lies to the south.

The 2024 drill program has recently expanded to 60,000 meters, comprising 140 holes from 80 platforms, providing significantly improved drilling coverage. By the end of June, 27,000 meters in 74 holes were completed. Seven rigs are targeting over 8 kilometers of drilling in July, facilitated by improved site logistics from infrastructure development.

Current drilling focuses on Patrimonio exploration, resource extension at Warintza Southeast, and infill and technical drilling to support the Prefeasibility Study (PFS) in the second half of 2025. This includes geotechnical holes that are expected to provide insights into the geology of the Caya-Mateo epithermal gold and silver target area.

Solaris Resources’ continued efforts at the Warintza Project underscore its commitment to expanding and defining the mineral resources within this promising area. The anticipated updated mineral resource estimate will likely provide further clarity on the potential and future development of the Warintza Project.

Other results include:

Table 1 – Assay Results

Hole ID Date Reported From (m) To (m) Interval (m) Cu (%) Mo (%) Au (g/t) CuEq¹ (%)
SLS-79 July 09, 2024 15 263 248 0.41 0.02 0.05 0.50
Including 54 132 78 0.52 0.01 0.05 0.60
SLS-78 72 186 114 0.54 0.02 0.07 0.65
Including 93 171 78 0.58 0.02 0.08 0.70
SLS-77 0 273 273 0.43 0.02 0.10 0.57
Including 21 129 108 0.56 0.02 0.10 0.70
SLSE-36 0 325 325  0.40 0.02 0.05 0.51
Including 177 325 148  0.58 0.03 0.07 0.72
Including 291 325 34  0.76 0.03 0.08 0.90
SLSP-04 30 204 174 0.25 0.02 0.06 0.35
Including 104 152 48 0.30 0.02 0.08 0.43
SLSP-03 0 310 310 0.10 0.01 0.04 0.14
SLST-03 16 1044 1028  0.24  0.01  0.03 0.30
Including 646 958 312  0.51  0.02  0.06 0.62

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)
SLS-79 800197 9648470 1340 263 270 -88
SLS-78 800197 9648469 1340 220 270 -65
SLS-77 800439 9648493 1271 324 320 -85
SLSE-36 801529 9647848 1154 325 220 -85
SLSP-04 799364 9647811 1526 309 145 -60
SLSP-03 799349 9647450 1627 310 40 -65
SLST-03 800192 9647550 1592 1123 330 -50

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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