Solaris Resources (TSX:SLS) Expands Mineral Resource Estimate with New Warintza Drill Results, Extends Mineralization North, Northwest and Southeast

Figure 1 – Warintza Drilling and Future Targets. Source: Solaris Resources

Solaris Resources (TSX:SLS)(NYSEAmerican:SLSR) has released new drill results from its ongoing 60,000-meter, eight-rig drilling program at the Warintza Project in southeastern Ecuador. The company’s recent efforts have extended near-surface, high-grade mineralization in several directions, notably to the north, northwest, and southeast of the existing Mineral Resource Estimate (MRE).

The ongoing drilling campaign primarily focuses on open lateral extensions of mineralization. Infill drilling is also being carried out to upgrade mineral resources and convert areas previously considered waste. The main open vectors for expansion are to the northwest, southwest, and southeast.

A series of drill holes from a step-out platform have shown significant extensions of mineralization to the northwest, revealing high-grade deposits near the surface. This mineralization trend intersects a tabular granodiorite unit, which both separates and underlies the Central deposit from Warintza West. The area to the northwest also includes a large, undrilled molybdenum soil anomaly.

Key drill results from this region include:

SLS-86 (drilled southwest) returned 57 meters of 1.11% Copper Equivalent (CuEq) within 105 meters of 0.88% CuEq from near surface.
SLS-84 (drilled west) showed 69 meters of 0.82% CuEq within 102 meters of 0.64% CuEq from near surface.
SLS-82 (drilled east) recorded 69 meters of 0.77% CuEq within 249 meters of 0.38% CuEq from surface.

In response to these findings, Solaris has constructed additional step-out platforms to further explore the potential of this anomaly and its connection to the Warintza West and Central deposits. Drilling is currently ongoing from the first platform, positioned approximately 1.3 kilometers northwest of SLS-86. Similar efforts are being made with platforms to the southwest, which are expected to contribute to a potential major expansion of the MRE, significantly enlarging the pit.

In addition to the northwest exploration, extensional drilling on the northern edge of the MRE has successfully extended mineralization further north. Infill drilling within this area has also been productive, with hole SLS-83 converting previously undefined waste within the pit.

Significant drill results from this northern region include:

SLS-87 (drilled northwest) recorded 33 meters of 0.81% CuEq within 114 meters of 0.38% CuEq from surface.
SLS-81 (drilled northeast) returned 165 meters of 0.54% CuEq within 327 meters of 0.33% CuEq from surface.
SLS-80 (drilled east) showed 191 meters of 0.43% CuEq from near surface.

Further south, extensional drilling in the southeast sector of the project has extended mineralization, with potential for further exploration up to 600 meters within a large 0.8km x 0.8km undrilled molybdenum soil anomaly. Notably, hole SLSE-42 returned 300 meters of 0.57% CuEq within 359 meters of 0.53% CuEq from surface, reinforcing the growth potential in this area.

At Warintza East, located to the northeast, additional drilling has encountered lower-grade mineralization in several holes (SLSE-37 to SLSE-43). These results, however, are still important as they serve to convert previously undefined waste within the MRE pit shell. Further drilling is planned in this direction and to the east to better delineate the resource.

Meanwhile, Solaris continues complementary district exploration efforts. Geotechnical drilling in the Caya-Mateo target area has encountered epithermal clay alteration in sandstone and high-temperature alteration in the underlying volcanic rocks. This information is expected to assist in refining future exploration targets in the area. Additionally, fieldwork in the Celestina epithermal gold/silver area is ongoing, with the company anticipating the release of the next batch of results soon.

Table 1 – Assay Results

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

SLS-87
Aug 15, 2024
0
114
114
0.23
0.02
0.05
0.38

Including
81
114
33
0.64
0.02
0.06
0.81

SLS-86
54
159
105
0.58
0.04
0.11
0.88

Including
60
117
57
0.77
0.05
0.13
1.11

SLS-85
0
123
123
0.12
0.02
0.04
0.23

Including
102
123
21
0.41
0.01
0.03
0.51

SLS-84
54
156
102
0.38
0.04
0.07
0.64

Including
54
123
69
0.52
0.04
0.10
0.82

SLS-83
15
265
250
0.15
0.00
0.14
0.25

SLS-82
0
249
249
0.17
0.03
0.04
0.38

Including
48
117
69
0.47
0.04
0.12
0.77

SLS-81
0
327
327
0.20
0.02
0.04
0.33

Including
84
249
165
0.35
0.03
0.04
0.54

SLS-80
69
260
191
0.34
0.01
0.04
0.43

SLSE-43
0
295
295
0.13
0.01
0.02
0.18

SLSE-42
0
359
359
0.38
0.02
0.06
0.53

Including
21
321
300
0.42
0.02
0.06
0.57

SLSE-41
0
258
258
0.07
0.00
0.02
0.09

SLSE-40
6
39
33
0.13
0.00
0.02
0.16

SLSE-39
60
318
258
0.19
0.01
0.04
0.26

Including
60
102
42
0.30
0.01
0.04
0.38

SLSE-38
93
152
59
0.19
0.00
0.03
0.23

Including
108
132
24
0.26
0.00
0.05
0.31

SLSE-37
153
258
105
0.12
0.02
0.02
0.23

Including
360
419
59
0.11
0.02
0.01
0.21

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-87
800198
9648473
1338
295
315
-60

SLS-86
799685
9648332
1374
251
250
-50

SLS-85
800199
9648475
1336
274
0
-60

SLS-84
799684
9648330
1374
200
270
-69

SLS-83
800621
9648398
1332
265
120
-58

SLS-82
799682
9648329
1373
302
90
-85

SLS-81
800198
9648471
1339
400
65
-52

SLS-80
800200
9648473
1338
260
90
-77

SLSE-43
801615
9648467
1104
296
210
-60

SLSE-42
801528
9647849
1154
360
170
-70

SLSE-41
801612
9648466
1105
259
120
-50

SLSE-40
801616
9648469
1104
141
90
-75

SLSE-39
801385
9648268
1244
318
270
-67

SLSE-38
801615
9648469
1104
152
0
-90

SLSE-37
801388
9648263
1243
419
30
-80

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

Endnotes

Refer to press release dated July 22, 2024. NI 43-101 Technical Report to be released within 45 days of the July 22, 2024 news release and available on the Company’s website and Sedar+.
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.