(Solaris Resources, 16.Feb.2021) — Solaris Resources Inc. announced a significant new discovery in maiden drilling at Warintza West and the first detailed geophysical survey covering its Warintza Project have revealed a much more extensive porphyry system than previously understood. To meet the increased scope of resource and discovery drilling, the company is doubling its drill program from six to 12 rigs.
Highlights are listed below and corresponding Figures 1-3 and Tables 1-2 are provided.
Highlights
— SLSW-01, the first hole drilled at Warintza West, targeting surface geochemistry prior to the receipt of geophysical results, returned a long interval of copper porphyry mineralization, marking a significant new discovery on the Warintza Project
— SLSW-01 returned 798m of 0.31% CuEq¹ (0.25% Cu, 0.02% Mo, and 0.02 g/t Au), including 260m of 0.42% CuEq¹ (0.35% Cu, 0.01% Mo, and 0.02 g/t Au) from 32m depth, with geophysics later revealing this interval lies adjacent to a high-conductivity anomaly, described below
— Continuous high-conductivity anomaly encompassing Warintza Central, East and West, with approximate dimensions of 3.5km long x 1km wide x 1km deep (Figures 1 and 2)
— High conductivity reflects sulphide stockwork mineralization correlating closely to high-grade copper mineralization at Warintza Central
— Separate, large-scale high-conductivity anomaly at Warintza South dwarfing geochemical expression, with approximate dimensions of 2.3km x 1.1km x 0.7km (Figure 3)
— Previously unknown, large-scale high-conductivity anomaly identified, referred as Yawi, with approximate dimensions of 2.8km x 0.7km x 0.5km
— Drill program expanded from six to 12 rigs to accelerate resource and discovery drilling at Warintza Central, West, East and South in the first half of 2021
Mr. Daniel Earle, President and CEO, commented: “We are delighted to have made a significant new discovery at Warintza West, with our first hole returning a long interval of copper porphyry mineralization outside the high-conductivity anomaly that corresponds to high-grades at Warintza Central. With the geophysics revealing a much more extensive porphyry system than previously recognized, we’re doubling our resource growth and discovery drill program from six to 12 rigs.”
Geophysical Survey
The advanced airborne ZTEM survey, carried out by Geotech Ltd., covered the entire Warintza and area land package totaling 268km². The survey employed the latest technology specifically designed to map large-scale porphyry targets to theoretical depths exceeding 2km. High-conductivity (low resistivity) anomalies, as referred to in this press release, are presented at <100 ohm-m from three-dimensional inversion of the measured electromagnetic data.
| (1) No adjustments were made for recovery as the project is an early-stage exploration project and metallurgical data to allow for estimation of recoveries is not yet available. Solaris defines copper equivalent calculation for reporting purposes only. Copper-equivalence calculated as: CuEq (%) = Cu (%) + 3.33 × Mo (%) + 0.73 × Au (g/t), utilizing metal prices of Cu – US$3.00/lb, Mo – US$10.00/lb and Au – US$1,500/oz. |
Warintza Central, East and West
A continuous high-conductivity volume encompassing Warintza Central, Warintza East and Warintza West, was defined by the geophysical survey with approximate dimensions of 3.5km long x 1km wide x 1km deep. At Warintza Central, the anomaly correlates closely with high-grade primary mineralization at depth, while the at/near-surface mineralization is not reflected well.
The zone previously described as El Trinche, which is reflected on surface as a 500m x 300m area of stockwork mineralization ranging from 0.2%-0.8% copper, appears to be a southern extension of Warintza Central. Warintza West appears to be down-dropped to the west of Warintza Central by faulting with moderate grade disseminated mineralization intersected in SLSW-01 preserved to surface above the high conductivity anomaly. Maiden drilling at El Trinche and Warintza East is planned for the first half of 2021.
Warintza South
Warintza South is a separate large, northwest oriented high-conductivity anomaly located approximately 4km to the south of Warintza Central. The conductivity anomaly measures approximately 2.3km x 1.1km and averages 700m in thickness, beginning approximately 200m below surface, with possible overlying disseminated and/or leached and supergene mineralization reflected in its corresponding geochemical anomaly. Maiden drilling is planned for the first half of 2021.
Yawi
Yawi is a previously unknown target generated by the geophysical survey and located approximately 850m to the east of the Warintza East anomaly. Yawi is oriented north-south and the high conductivity anomaly measures approximately 2.8km x 0.7km and 0.5km in thickness. The geophysical survey indicates the anomaly commences at a depth of approximately 450m.
Table 1 – Assay Results
| Hole ID | Date Reported | From (m) | To (m) | Interval (m) | Cu (%) | Mo (%) | Au (g/t) | CuEq¹ (%) |
| SLSW-01 | Feb 16, 2021 | 32 | 830 | 798 | 0.25 | 0.02 | 0.02 | 0.31 |
| Including | 32 | 292 | 260 | 0.35 | 0.01 | 0.02 | 0.42 | |
| SLS-08 | Jan 14, 2021 | 134 | 588 | 454 | 0.51 | 0.03 | 0.03 | 0.62 |
| Including | 134 | 274 | 140 | 0.90 | 0.03 | 0.05 | 1.05 | |
| SLS-07 | 0 | 1067 | 1067 | 0.49 | 0.02 | 0.04 | 0.60 | |
| Including | 2 | 702 | 700 | 0.58 | 0.03 | 0.04 | 0.70 | |
| SLS-06 | Nov 23, 2020 | 8 | 892 | 884 | 0.50 | 0.03 | 0.04 | 0.62 |
| SLS-05 | 18 | 936 | 918 | 0.43 | 0.01 | 0.04 | 0.50 | |
| SLS-04 | 0 | 1004 | 1004 | 0.59 | 0.03 | 0.05 | 0.71 | |
| SLS-03 | Sept 28, 2020 | 4 | 1014 | 1010 | 0.59 | 0.02 | 0.10 | 0.71 |
| SLS-02 | 0 | 660 | 660 | 0.79 | 0.03 | 0.10 | 0.97 | |
| SLS-01 | Aug 10, 2020 | 1 | 568 | 567 | 0.80 | 0.04 | 0.10 | 1.00 |
Table 2 – Collar Location for Warintza West
| Hole ID | Easting | Northing | Elevation (m) | Depth (m) | Azimuth (degrees) | Dip (degrees) |
| SLSW-01 | 798507 | 9648465 | 1519 | 993 | 320 | -66 |
(1) No adjustments were made for recovery as the project is an early-stage exploration project and metallurgical data to allow for estimation of recoveries is not yet available. Solaris defines copper equivalent calculation for reporting purposes only. Copper-equivalence calculated as: CuEq (%) = Cu (%) + 3.33 × Mo (%) + 0.73 × Au (g/t), utilizing metal prices of Cu – US$3.00/lb, Mo – US$10.00/lb and Au – US$1,500/oz.
Figure 1 – Plan View of Geophysics Overlayed with Drilling and Geochemistry
Figure 2 – 3D Long Section Looking Northeast at Warintza Central
Figure 3 – 3D Long Section Looking Northeast at Warintza South
Technical Information and Quality Control & Quality Assurance
Sample assay results have been independently monitored through a quality control/quality assurance (“QA/QC”) program that includes the insertion of blind certified reference materials (standards), blanks and field duplicate samples. Logging and sampling are completed at a secured Company facility located in Quito, Ecuador. Drill core is cut in half on site and samples are securely transported to ALS Labs in Quito. Sample pulps are sent to ALS Labs in Lima, Peru and Vancouver, Canada for analysis. Total copper and molybdenum contents are determined by four-acid digestion with AAS finish. Gold is determined by fire assay of a 30-gram charge. ALS Labs is independent from Solaris. In addition, selected pulp check samples are sent to Bureau Veritas lab in Lima, Peru. Solaris is not aware of any drilling, sampling, recovery or other factors that could materially affect the accuracy or reliability of the data referred to herein.
Qualified Person
The scientific and technical content of this press release and the sampling, analytical and test data underlying the scientific and technical content has been compiled, reviewed, approved, and verified by Jorge Fierro, M.Sc., DIC, PG, Vice President Exploration of Solaris who is a “Qualified Person” as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects. The data was verified using data validation and quality assurance procedures under high industry standards. ZTEM data quality was validated by a qualified external professional.
On behalf of the Board of Solaris Resources Inc.
“Daniel Earle”
President & CEO, Director
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