Solaris Resources (TSX:SLS) Expands Warintza Project with Record Drilling and Infrastructure Development in 2024

Source: Solaris Resources

Solaris Resources (TSX:SLS)(NYSEAmerican:SLSR) has released an operational update for its Warintza Project, a copper-gold-molybdenum deposit located in southeastern Ecuador. The update highlights progress in drilling, infrastructure development, and technical programs that support the project’s advancement. Solaris’ 2024 drilling program has already surpassed expectations, and its early infrastructure projects are underway for streamlined access and logistics.

Drilling Update

Solaris has exceeded its original drilling target, completing 60,000 meters of drilling by the end of October. As part of its ambitious plans, the company now expects to surpass 75,000 meters by the end of the year. Currently, nine drilling rigs are in operation at Warintza, primarily focused on the extension and infill drilling needed for the 2024 Mineral Resource Estimate (MRE). This drilling work extends beyond the resource boundary to Warintza West, an area outside the MRE that may yield further resource growth in an expanded open-pit layout.

The drilling program is pivotal to defining and expanding the Warintza resource. By incorporating data from Warintza West, Solaris hopes to broaden the scope of the project, which could enhance the economic potential of the Warintza site. As results continue to emerge, the company is aiming to build a robust geological model to support future mining plans.

Solaris has upgraded 25 kilometers of road connecting the project to Ecuador’s highway network, improving transportation efficiency. An additional 8 kilometers of new roads were constructed to facilitate the logistics of drilling activities. This infrastructure supports ongoing mobilization, ensuring a smoother process for bringing materials and personnel to the site.

Construction efforts have also extended to a further 7 kilometers of roads. These roads are part of a long-term plan designed to support future mining operations. They will provide access to key project areas, including planned locations for the process plant, Waste Rock Facility (WRF), Tailings Management Facility (TMF), and anticipated pre-stripping and drilling zones.

By establishing this infrastructure early, Solaris aims to reduce potential bottlenecks as the project advances. The expanded road network will enhance logistics and access for future operational phases, helping to streamline the mining process and reduce downtime due to logistical constraints.

Technical Programs

Solaris has also reported advances in technical programs integral to the project’s development. Geotechnical and hydrogeological work has been completed for the TMF, with additional studies underway for the anticipated open pit, WRF, process plant, and related infrastructure. These programs include field testing, sampling, and instrumentation installations to ensure that future operations adhere to safety and environmental standards.

Knight Piésold Consulting, a firm specializing in engineering for mining and environmental projects, is finalizing studies on the TMF. These studies will form a crucial part of the upcoming Environmental Impact Assessment (EIA) review period. Final reports, including essential data on water management, are expected within the next few weeks. Once finalized, these reports will serve as key documents to support regulatory reviews.

In parallel with drilling and infrastructure development, Solaris has continued its metallurgical and processing studies. A recent metallurgical drilling program has been completed to supplement prior testing results. Comminution testing has also been finalized, providing a clearer picture of the deposit’s hardness. The upper layers of the deposit show a reduced hardness level compared to earlier expectations, potentially impacting the approach to extraction and processing.

The company is now moving forward with additional flotation tests. These tests aim to optimize reagents to improve copper and molybdenum recovery rates. Completion of these tests is anticipated by the end of the year, marking a significant milestone in Solaris’ efforts to refine its processing techniques.

Ausenco Engineering, a firm working closely with Solaris on the process plant design, has developed a preliminary flowsheet for the plant. This preliminary design is built on previous test work, which indicated that Warintza’s ores can yield high-quality concentrates for copper, gold, and molybdenum. These concentrates are expected to align well with the project’s economic goals, making the design a promising blueprint for Warintza’s processing infrastructure.

Looking Ahead

As Solaris Resources advances its Warintza Project, it is on track to meet or exceed its goals for 2024. With drilling activities well ahead of schedule and critical infrastructure nearing completion, Solaris has positioned itself to begin more detailed planning and development phases. Technical reports from Knight Piésold Consulting, as well as the results of ongoing metallurgical studies, will contribute to the EIA process, which is essential for Solaris to obtain the necessary permits for future operations.

The upcoming months will focus on analyzing additional drilling data and fine-tuning processing methodologies. As the company approaches the year-end, Solaris plans to evaluate the findings from Warintza West, which could play a significant role in expanding the project’s scope. With substantial groundwork laid in infrastructure, technical analysis, and processing design, Solaris appears to be progressing steadily toward developing the Warintza Project into a major mining operation.

Assay results from the company’s most recent update are as follows:

Figure 2 – Warintza Drilling and Targets. Source: Solaris Resources

Drill results continue to build on the MRE, with holes SLS-111 and SLS-107 improving upon the modelled grade in its vicinity, while holes SLS 110, SLS 113-116 and SLSE-64 encountered mineralization partially outside of the MRE in the southern and northeastern sectors.

SLS-111 (drilled southeast): 90m of 1.12% CuEq² within 475m of 0.46% CuEq² from surface
SLS-107 (drilled northeast): 96m of 0.82% CuEq² within 543m of 0.51% CuEq² from surface

Step-out exploration drilling to the northwest of the MRE testing its connection to the Warintza West deposit has been completed with assays expected in the coming weeks, representing an opportunity for expansion of the MRE in an enlarged pit.

Table 1 – Mineral Resource Extension, Infill and Condemnation Results

Hole ID
Date
Reported
From
(m)
To
(m)
Interval
(m)
Cu
(%)
Mo
(%)
Au
(g/t)
CuEq²
(%)
Comments

SLS-116
Nov 12, 2024
0
475
475
0.22
0.00
0.02
0.23
Southern sector – Infill / Extensional

Including
12
108
96
0.41
0.00
0.02
0.42

Including
12
252
240
0.29
0.00
0.02
0.31

SLS-115
0
469
469
0.23
0.00
0.03
0.25
Southern sector – Infill / Extensional

Including
42
249
207
0.36
0.00
0.02
0.38

Including
42
393
351
0.28
0.00
0.03
0.30

SLS-114
0
563
563
0.21
0.00
0.03
0.24
Southern sector – Infill / Extensional

Including
63
563
500
0.24
0.00
0.03
0.26

Including
96
165
69
0.49
0.00
0.02
0.50

Including
96
309
213
0.31
0.00
0.02
0.33

SLS-113
0
656
656
0.17
0.00
0.03
0.19
Southern sector – Infill / Extensional

Including
117
375
258
0.25
0.00
0.03
0.27

Including
159
342
183
0.31
0.00
0.03
0.33

Including
342
656
314
0.14
0.00
0.03
0.17

SLS-111
0
475
475
0.36
0.01
0.04
0.46
Central sector – infill

Including
0
384
384
0.43
0.01
0.05
0.54

Including
60
150
90
0.99
0.02
0.06
1.12

Including
60
243
183
0.70
0.02
0.05
0.83

SLS-110
0
671
671
0.13
0.00
0.02
0.15
Southern sector – Infill / Extensional

Including
117
303
186
0.22
0.00
0.02
0.24

Including
117
671
554
0.14
0.00
0.02
0.16

SLS-108
0
513
513
0.48
0.02
0.04
0.63
Central sector – Infill

Including
0
435
435
0.49
0.02
0.04
0.65

Including
228
303
75
0.68
0.02
0.04
0.81

SLS-107
0
543
543
0.26
0.04
0.05
0.51
Northwest sector – Infill

Including
0
96
96
0.62
0.03
0.09
0.82

Including
0
147
147
0.42
0.04
0.08
0.68

Including
204
543
339
0.23
0.04
0.04
0.47

SLS-106
0
230
230
0.18
0.03
0.04
0.39
Northwest sector – Infill

Including
0
204
204
0.19
0.04
0.04
0.42

Including
42
90
48
0.39
0.04
0.05
0.65

Including
42
138
96
0.30
0.04
0.04
0.53

SLS-105
0
323
323
0.19
0.03
0.04
0.37
Northwest sector – Infill

Including
0
210
210
0.22
0.04
0.04
0.45

Including
42
111
69
0.37
0.05
0.04
0.68

SLSE-70
0
394
394
0.38
0.01
0.06
0.49
Eastern sector – Infill

Including
24
99
75
0.60
0.01
0.05
0.71

Including
24
210
186
0.44
0.02
0.05
0.56

Including
210
394
184
0.35
0.01
0.07
0.47

SLSE-69
0
208
208
0.07
0.00
0.02
0.10
Eastern sector – Condemnation

SLSE-64
0
391
391
0.10
0.00
0.02
0.14
Northeast sector – Infill / Extensional

SLSE-63
0
251
251
0.09
0.00
0.03
0.12
Northeast sector – Condemnation

SLSE-59
0
410
410
0.09
0.00
0.02
0.12
Northeast sector – Condemnation

SLST-06
0
200
200
0.10
0.00
0.05
0.13
Southern sector – Infill

SLST-05
0
400
400
0.10
0.00
0.03
0.13
Southern sector – Infill

SLST-04
0
500
500
0.10
0.00
0.04
0.13
Southern sector – Infill

Notes to Table 1: 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-116
800,241
9,647,745
1,710
475
243
-74

SLS-115
800,239
9,647,740
1,710
469
240
-46

SLS-114
800,235
9,647,740
1,709
563
66
-71

SLS-113
800,239
9,647,739
1,710
656
61
-48

SLS-111
800,385
9,648,301
1,411
475
117
-55

SLS-110
800,235
9,647,735
1,707
671
38
-54

SLS-108
800,383
9,648,303
1,411
513
180
-65

SLS-107
799,760
9,648,031
1,575
543
45
-60

SLS-106
799,567
9,648,148
1,402
230
233
-46

SLS-105
799,568
9,648,147
1,403
323
220
-60

SLSE-70
801,262
9,648,122
1,282
394
90
-87

SLSE-69
801,710
9,647,937
1,199
208
65
-62

SLSE-64
801,799
9,648,247
1,101
391
300
-50

SLSE-63
801,805
9,648,237
1,099
251
270
-76

SLSE-59
801,160
9,648,332
1,313
410
62
-68

SLST-06
800,210
9,647,529
1,601
200
90
-47

SLST-05
800,201
9,647,526
1,599
400
250
-60

SLST-04
800,207
9,647,528
1,600
500
0
-80

Notes to Table 2: The coordinates are in WGS84 17S Datum.

Endnotes

Refer to the technical report entitled “Mineral Resource Estimate Update – NI 43-101 Technical Report, Warintza Project, Ecuador” with an effective date of July 1, 2024 and available on SEDAR+ under the Company’s profile at www.sedarplus.ca and on the Company’s website.
Copper-equivalence grade calculation for reporting assumes metal prices of US$4.00/lb Cu, US$20.00/lb Mo, and US$1,850/oz Au, and recoveries of 90% Cu, 85% Mo, and 70% Au based on preliminary metallurgical testwork. CuEq formula: CuEq (%) = Cu (%) + 5.604 × Mo (%) + 0.623 × Au (g/t).

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.