Solaris Announces Award of Option to Acquire Key Concessions Hosting Porphyry Copper and Epithermal Gold Potential Adjacent to Warintza
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Solaris Announces Award of Option to Acquire Key Concessions
Hosting Porphyry Copper and Epithermal Gold Potential Adjacent to Warintza
April 30, 2024 – Vancouver, B.C. – Solaris Resources Inc . (TSX: SLS; NYSE: SLSR) (“Solaris” or the
“Company”) is pleased to announce that the Ecuadorian state-owned mining company, Empresa Nacional
Minera (“ENAMI EP”), has awarded the Company an option to acquire up to a 100% interest in 10 new
explorations concessions. These concessions comprise a land package of ~40,000 hectares adjacent to the
Warintza Project (“Warintza” or “the Project”) and San Carlos-Panantza porphyry copper-molybdenum
deposits within the prolific Zamora belt that hosts Ecuador’s largest copper and gold mines to the south.
Highlights
● The new concessions are interpreted to host porphyry copper and epithermal gold potential
based on analysis of multiple layers of data, including the Company’s comprehensive heliborne
magnetic survey, a portion of which is included in Figure 2
● A number of porphyry copper targets are represented by open-ended annular magnetic highs
enclosing magnetic lows and erosional depressions, consistent with outcropping deposits within
the Warintza porphyry cluster
● Structural interpretation supports epithermal gold potential within dilational jogs and pull-apart
basins, a common setting for deposits in this belt, with adjacent areas representing similar
settings to the Caya epithermal target (refer to press release dated April 23, 2024)
● Fieldwork is set to begin with two field crews on the ground in May
Figure 1 - Warintza Project and Surrounding Land Package in Ecuador
Note: San Carlos-Panantza, Mirador and Fruta del Norte are independent of Solaris and no inferences can be drawn.
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Figure 2 - Warintza Structural Framework and Target Concepts
Zamora Intrusive Complex
Most of the significant copper and gold deposits in southeastern Ecuador are located within or
immediately adjacent to the Zamora Intrusive Complex that forms a belt approximately 300km long,
bounded to the north and south by northeast-trending shear zones. In addition to the Company’s
Warintza porphyries, major deposits not owned by the Company include the adjacent San Carlos-Panantza
porphyries, and to the south, the Mirador porphyries, Fruta del Norte epithermal deposit, and Nambija
skarn deposits.
Porphyry Targets
The main cluster of Warintza porphyries lie in a fault-bounded wedge that opens to the east. North-south
compression at the time of mineralization resulted in the expulsion of the wedge towards the east,
creating local transtensional areas into which porphyries were intruded. The Warintza cluster is enclosed
by an open-ended annular magnetic high which corresponds to magnetite accumulation in the outer rim
of the cluster, with the porphyries represented by magnetic lows. Warintza South sits outside the main
cluster and is represented by a large standalone magnetic low adjacent to a wedge-bounding fault.
A similar structural wedge is interpreted from magnetic, LIDAR and other data on the concessions to the
southeast of the Warintza cluster. Magnetic imagery of the concession shows several open-ended annular
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magnetic highs, like the one that rims the main cluster of Warintza porphyries, with associated
topographic depressions formed from preferential weathering of the quartz-sericite mineral alteration
zone located in the upper part of the deposits. The largest of these magnetic features has an east-west
strike length of nearly 5km and is associated with several hundred meters of topographic relief in the area
of the magnetic low.
Epithermal Targets
The same convergence of tectonic blocks that resulted in the north-south orientated compression and
expulsion of fault-bounded wedges noted above is also thought to have formed dilational jogs and pull-
apart basins from lateral movement on the wedge-bounding faults. These structures may also have
formed conduits for mineralizing hydrothermal fluids to have entered, potentially forming epithermal
gold-silver deposits. The fertile faults in the new concessions to the southeast and north of the Warintza
concession block highlight the exploration potential of the new areas. The Caya epithermal target is
located in an area that would have been subjected to transtension and the ingress of hydrothermal fluids
during left-lateral movement on an adjacent regional-scale, NE-trending fault.
Strong Government Support
Mr. Emmanuel Delaune, Manager of ENAMI EP, stated: “For Enami, signing an agreement with Solaris
means expressing its vision in terms of transparency, citizen participation, environmental care and social
development. As a state-owned company, we have the duty to protect the environment of our projects
and Solaris is an example to follow with its Warintza Model, which contributes to the local development
of the Shuar community through job creation, skills training, security and protection of rights, and
programs in health, education and gender equality. These are the principles which Solaris has earned the
necessary credentials to operate in new areas of the country.”
Concession Terms
The award follows a process established by ENAMI EP pursuant to which credentialed bidders submit non-
binding proposals for proposed minimum investments on the new concessions. The award is subject to
entry into a definitive framework agreement for the concessions, with the terms expected to include: (i)
an upfront payment to ENAMI EP of US$0.25 million; (ii) a proposed exploration program of up to US$25
million over the exploration phase; and (iii) the exclusive option to acquire the claims from ENAMI EP at
a price to be determined by independent experts. The award to Solaris follows similar awards in Ecuador
by ENAMI EP to subsidiaries of Barrick Gold Corporation and Hancock Prospecting Pty Ltd pursuant to
which such parties have agreed to invest up to US$148 million in exploration programs according to
ENAMI EP.
Technical Information and Quality Control & Quality Assurance
Heliborne magnetic, LIDAR and other layers of data quality were validated by a qualified external
professional using data validation procedures under high industry standards. The data has been verified
by Jorge Fierro, M.Sc., DIC, PG, using data validation and quality assurance procedures under high industry
standards.
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Qualified Person
The scientific and technical content of this press release has been reviewed and approved 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. Jorge Fierro is a Registered Professional
Geologist through the SME (registered member #4279075). On behalf of the Board of Solaris Resources
Inc.
On behalf of the Board of Solaris Resources Inc.
“Daniel Earle”
President & CEO, Director
For Further Information
Jacqueline Wagenaar, VP Investor Relations
Direct: 416-366-5678 Ext. 203
Email: [email protected]
About Solaris Resources Inc.
Solaris is advancing a portfolio of copper and gold assets in the Americas, which includes a world class
copper resource with expansion and discovery potential at its Warintza Project in Ecuador; a series of
grass roots exploration projects with discovery potential in Peru and Chile; and significant leverage to
increasing copper prices through its 60% interest in the La Verde joint-venture project with a subsidiary
of Teck Resources in Mexico.
Cautionary Notes and Forward-looking Statements
This document contains certain forward-looking information and forward-looking statements within the meaning of
applicable securities legislation (collectively “forward-looking statements”). The use of the words “will” and
“expected” and similar expressions are intended to identify forward-looking statements. These statements include
statements that the new concessions are interpreted to host porphyry copper and epithermal gold potential based
on analysis of multiple layers of data, including the Company’s comprehensive heliborne magnetic survey, structural
interpretation supports epithermal gold potential within dilational jogs and pull-apart basins with adjacent areas
representing similar settings to the Caya epithermal target, fieldwork is set to begin with two field crews on the
ground in May, the same convergence of tectonic blocks that resulted in the north-south orientated compression and
expulsion of fault-bounded wedges is also thought to have formed dilational jogs and pull-apart basins from lateral
movement on the wedge-bounding faults, these structures may also have formed conduits for mineralizing
hydrothermal fluids to have entered the pull-apart basins, potentially forming epithermal gold-silver deposits, the
award is subject to entry into a definitive framework agreement for the concessions, with the terms expected to
include: (i) an upfront payment to ENAMI EP of US$0.25 million; (ii) a proposed exploration program of up to US$25
million over the exploration phase; and (iii) the exclusive option to acquire the claims from ENAMI EP at a price to be
determined by independent experts. Although Solaris believes that the expectations reflected in such forward-looking
statements and/or information are reasonable, readers are cautioned that actual results may vary from the forward-
looking statements. The Company has based these forward-looking statements and information on the Company’s
current expectations and assumptions about future events including entry into a definitive framework agreement for
the concessions as well as community agreements to allow for initial field work to begin in May. These statements
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also involve known and unknown risks, uncertainties and other factors that may cause actual results or events to
differ materially from those anticipated in such forward-looking statements, including the risks, uncertainties and
other factors identified in the Solaris Management’s Discussion and Analysis, for the year ended December 31, 2023
available at www.sedarplus.ca. Furthermore, the forward-looking statements contained in this news release are
made as at the date of this news release and Solaris does not undertake any obligation to publicly update or revise
any of these forward-looking statements except as may be required by applicable securities laws.