Solaris Resources (TSX:SLS) (NYSEAmerican:SLSR) Reports High-Grade Copper Intercepts and Breaks Drilling Record at Warintza Project in Ecuador

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

Solaris Resources (TSX:SLS) (NYSEAmerican:SLSR) has announced drilling results from its ongoing exploration program at the Warintza Project in southeastern Ecuador. The company aims to expand mineral resources and upgrade existing ones while enhancing its infrastructure and operational efficiency. The latest update provides insight into the progress made through new assay results and a record-breaking month for drilling activity.

Solaris announced the latest results of its 2024 drilling campaign, which includes a planned total of 60,000 meters. The key findings from recent drilling operations highlight intercepts of high-grade mineralization that extend beyond the current Mineral Resource Estimate (MRE). These findings emerged from drill holes in the northwest and southeast sectors of the Warintza Project, targeting sparsely drilled zones where grades have historically been lower or less understood.

A standout result from the latest drilling includes an intercept measuring 475 meters at a copper-equivalent grade (CuEq) of 1.03%. This intercept came from near the surface and demonstrated the potential to significantly expand the existing resource base. This mineralization is essential for refining the geological model of the Warintza Project and providing a stronger basis for future resource upgrades.

The company also achieved a new drilling record in August 2024. Solaris reported that its team drilled 10 kilometers (km) in one month, surpassing a previous record set in 2021 when 12 rigs managed to drill 8 km. The current 10 km of drilling was achieved using just eight rigs, indicating considerable improvements in productivity and operational efficiency. This record sets the company on a strong trajectory toward completing its 60,000-meter drilling goal for the year, further advancing the exploration potential of Warintza.

Solaris attributes this increase in productivity to significant infrastructure investments made at the site. The company has been focusing on building out the necessary infrastructure to support its expanding exploration activities. The next phase of construction is already underway, which should further bolster their capacity to drill and process results at the site. These infrastructure developments are designed to improve access to drilling targets and enhance overall project efficiency, contributing to the record performance seen in August.

The Warintza Project remains the company’s flagship asset and has attracted attention due to its rich mineralization and potential for resource expansion. Located in Ecuador’s resource-rich southeastern region, the project has been the focus of intensive exploration and development work. Solaris continues to aim for a balance between upgrading known mineral resources and exploring for additional, high-grade mineralized zones. The latest drill results are expected to contribute to the upcoming updates in the MRE, which serves as a key metric for investors and stakeholders to evaluate the potential of the project. While the results highlight continued resource potential, Solaris has emphasized that much of the mineralization discovered lies outside of the currently defined resource estimate, suggesting room for further resource growth and exploration potential.

Highlights from the results are as follows: 

Northwest Sector:

SLS-100 (drilled southeast): 427m of 1.11% CuEq² within 475m of 1.03% CuEq² from surface
SLS-99 (drilled southwest): 105m of 1.00% CuEq² within 246m of 0.75% CuEq² from surface
SLS-96 (drilled southeast): 78m of 0.71% CuEq² within 288m of 0.47% CuEq² from surface
SLS-97 (drilled west): 75m of 0.60% CuEq² within 308m of 0.36% CuEq² from surface

Holes SLS-96, SLS-97 and SLS-99 added new high-grade mineralization partially outside of the MRE while SLS-100 improved upon the modelled grade in its vicinity. These holes were located in the northwest sector where mineralization has now been extended to the contact with a tabular granodiorite that shapes the northwestern pit wall. Step-out exploration drilling is now testing the potential for mineralization within a large area of undrilled soil anomaly on the far side of this body.

Southeast Sector:

SLSE-50 (southwest): 84m of 0.70% CuEq² within 445m of 0.53% CuEq² from surface
SLSE-45 (drilled east): 285m of 0.63% CuEq² within 399m of 0.58% CuEq² from surface
SLSE-47 (drilled southwest): 210m of 0.58% CuEq² within 399m of 0.42% CuEq² from surface
SLSE-46 (drilled south): 75m of 0.73% CuEq² within 400m of 0.34% CuEq² from surface

Holes SLSE-45, SLSE-46, SLSE-47, and SLSE-50 added new high-grade mineralization partially outside of the MRE while SLSE-45 and SLSE-46 improved upon modelled grades in their vicinity. Mineralization remains open to the southeast for approximately 600m within a large 0.8km x 0.8km soil anomaly that defines the target opportunity in this direction.

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-100
Sep 19, 2024
0
475
475
0.76
0.04
0.09
1.03
Northwest sector – infill

Including
48
475
427
0.84
0.04
0.09
1.11

SLS-99
0
246
246
0.24
0.09
0.05
0.75
Northwest sector – extensional

Including
21
126
105
0.49
0.08
0.09
1.00

Including
21
165
144
0.37
0.08
 0.07
 0.87

SLS-98
24
159
135
0.24
0.00
0.05
0.28
Northern sector – extensional

Including
54
81
27
0.53
0.00
0.07
0.59

SLS-97
0
308
308
0.19
0.03
0.04
0.36
Northwest sector – extensional

Including
51
126
75
0.37
0.04
0.05
0.60

SLS-96
0
288
288
0.10
0.06
0.02
0.47
Northwest sector – extensional

Including
0
210
210
0.13
0.06
0.03
0.50

Including
0
78
78
0.28
0.07
0.07
0.71

SLS-95
93
397
304
0.17
0.00
0.06
0.22
Northern sector – extensional

SLS-94
54
381
327
0.28
0.03
0.03
0.45
Northern sector – infill

Including
54
213
159
0.35
0.02
0.04
0.50

Including
54
90
36
0.60
0.01
0.06
0.69

SLS-93
0
196
196
0.07
0.02
0.02
0.15
Northwest sector – condemnation/geotechnical

SLS-92
0
105
105
0.14
0.03
0.04
0.33
Northern sector – infill

Including
69
105
36
0.32
0.04
0.03
0.54

SLS-91
12
305
293
0.22
0.00
0.07
0.27
Northern sector – extensional

SLS-90
0
141
141
0.10
0.03
0.02
0.29
Northwest sector – extensional

Including
75
141
66
0.18
0.03
0.02
0.34

SLS-89
0
200
200
0.05
0.01
0.02
0.12
Northern sector – condemnation/geotechnical

SLS-88
24
84
60
0.11
0.01
0.14
0.24
Northern sector – extensional

SLSE-50
0
445
445
0.37
0.02
0.04
0.53
Southeast sector – extensional

Including
132
445
313
0.42
0.03
0.04
0.60

Including
180
264
84
0.52
0.03
0.05
0.70

SLSE-49
0
273
273
0.43
0.01
0.06
0.55
Southeast sector – infill

Including
33
273
240
0.48
0.01
0.06
0.60

SLSE-48
15
389
374
0.14
0.01
0.02
0.19
Southeast sector – extensional

SLSE-47
0
399
399
0.28
0.02
0.06
0.42
Southeast sector – extensional

Including
57
267
210
0.43
0.02
0.05
0.58

SLSE-46
0
400
400
0.26
0.01
 0.04
 0.34
Southeast sector – extensional

Including
75
150
75
0.60
0.02
 0.07
 0.73

SLSE-45
0
399
399
0.44
0.02
0.05
0.58
Southeast sector – extensional

Including
33
318
285
0.50
0.02
0.06
0.63

SLSE-44
0
341
341
0.11
0.00
0.02
0.13
Northeast sector – condemnation/geotechnical

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-100
799568
9648147
1403
475
107
-49

SLS-99
799684
9648336
1373
246
200
-60

SLS-98
800616
9648398
1334
214
180
-50

SLS-97
799569
9648146
1404
308
270
-60

SLS-96
799683
9648335
1373
288
140
-60

SLS-95
800617
9648399
1334
397
45
-60

SLS-94
800196
9648470
1340
381
180
-60

SLS-93
799681
9648333
1372
196
0
-60

SLS-92
800200
9648475
1336
340
45
-60

SLS-91
800619
9648397
1332
305
90
-60

SLS-90
799684
9648331
1374
286
62
-45

SLS-89
800201
9648476
1336
200
45
-45

SLS-88
800620
9648396
1331
367
0
-50

SLSE-50
801593
9648138
1153
445
240
-85

SLSE-49
801528
9647846
1153
273
260
-50

SLSE-48
801248
9647968
1252
389
90
-60

SLSE-47
801529
9647845
1153
403
120
-60

SLSE-46
801250
9647967
1251
400
180
-60

SLSE-45
801530
9647847
1154
399
90
-80

SLSE-44
801613
9648465
1106
341
270
-60

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.