Solaris Commences Geophysical Survey to Target Future Discoveries; Adds Second Drill Rig at Warintza
(1) As at June 30, 2020
(2) Reference taken from J. David Lowell’s autobiography entitled, “Intrepid Explorer: The Autobiography of the World's Best Mine Finder”.
EcuaCorriente S.A., holds a 100% interest in the Mirador property.
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Solaris Commences Geophysical Survey to Target Future Discoveries;
Adds Second Drill Rig at Warintza
August 18, 2020 – Vancouver, B.C. – Solaris Resources Inc . (TSXV: SLS) ("Solaris" or the "Company") is
pleased to announce details of the ongoing ramp-up in exploration activities at its Warintza Project
(“Warintza” or “the Project”) in south-eastern Ecuador. The company is fully-funded for these activities
with approximately C$25 million in cash¹.
Highlights
An advanced airborne geophysical survey has commenced , covering the Company’s entire
Warintza and area land package totaling 268 square kilometres (km) (see Figure 1)
The geophysical survey aims to refine targeting within the 5 km-long Warintza porphyry trend,
including the interpreted high-grade core at Warintza Central and additional porphyry centers
A secondary objective of the geophysical survey is to define targets within a series of three multi-
km gold-in-soil anomalies generated by sampling northeast of Warintza last year
The Company also reports that a second drill rig has arrived on site and is set to commence
drilling at Warintza Central this week, with a third drill rig due to arrive in September
Warintza Central was discovered by the late David Lowell in 2000, and was the top-ranked target within
a regional exploration program that also yielded the Mirador discovery the following year². The discovery
resulted from David’s classic approach of ‘boots on the ground’ geology, with more than two months of
grueling fieldwork in rugged, almost completely-covered terrain, without the benefit of the trails and
access the Company now utilizes.
Mr. Daniel Earle, President & CEO, commented:
“We are fortunate to have access to capital that was not available to David in his time and look forward
to completing the first detailed geophysical survey in the history of the property, with results due in
September. The survey is designed to aid in vectoring toward the interpreted high-grade core of Warintza
Central and additional porphyry centers on the Warintza trend. We’re also keen to define targets within
our large-scale gold anomalies, and learn about what other potential exists on this bounteous property.”
Warintza Targets
Warintza Central, where drilling is currently being conducted, is defined by a pit-optimized Mineral
Resource estimate of 124 million tonnes of Inferred Resources grading 0.56% Cu, 0.03% Mo and 0.1 g/t
(3) The Warintza Mineral Resource estimate was reported in the “Resource Estimate Of The Warintza Central Cu-Mo Porphyry Deposit"
prepared by Equity Exploration Consultants Ltd. with an effective date of December 13, 2019. The Warintza Central Mineral Resource
statement has been prepared by Trevor Rabb, PGeo who is a qualified person as defined by NI 43-101. The resource is reported using a cut-
off of 0.2% copper. 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. Mineral Resources
are not Mineral Reserves and do not have demonstrated economic viability.
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Au (0.70% CuEq)³, based on historic drilling totaling less than 7,000m and averaging less than 200m in
depth. The resource is open laterally and at depth.
In addition, Warintza hosts a 5 km-long trend of porphyry mineralization comprising from west to east:
the Warintza West, Central, and East zones. Warintza South is a separate porphyry occurrence
approximately 4 km to the south. Numerous areas feature +1% Cu in rock samples, and a channel sample
at Warintza West returned 81 m of 1.1% Cu last year. There has been no drilling outside of the Warintza
Central area.
Gold Anomalies
Stream sediment and soil sampling last year identified a series of three multi-km gold anomalies in a
covered area at low elevation to the northeast of the Warintza Trend. The largest of these anomalies is
known as Caya and measures approximately 4.5 km east-west by 4 km north-south in soils. The northern
anomalies are known as Maiki 1 and Maiki 2.
Geophysical Survey
Solaris has contracted Geotech Ltd. to complete an advanced ZTEM survey, which is designed to provide
precise electromagnetic measurements to great depths. The survey employs the latest technology
specifically designed to map large porphyry-hosted and structurally-controlled targets to theoretical
depths exceeding 2,000m. The contract covers a total of approximately 1,666 line-kms over 268 square
kms (26,777 hectares), with results expected in September.
Figure 1: Property Map
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Qualified Person
The technical content of this release has been compiled, 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. All technical information related to Warintza is based
on the “Resource Estimate of the Warintza Central Cu-Mo Porphyry Deposit" prepared by Equity
Exploration Consultants Inc. with an effective date of December 13, 2019 and available on the Company
website.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
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]
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About Solaris Resources Inc.
Solaris is advancing a portfolio of copper and gold assets in the Americas, which includes: a high-grade
resource with expansion and additional discovery potential at the Warintza copper and gold project in
Ecuador; discovery potential on the grass-roots Tamarugo project in Chile and Capricho and Paco Orco
projects in Peru; exposure to US$130M spending over 5-yrs through a farm-out agreement with Freeport-
McMoRan on the Ricardo Project in Chile; and significant leverage to increasing copper prices through the
60%-interest in the development-stage La Verde joint-venture project with 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 “intention”, “will”,
“may”, “can”, “expect” and similar expressions are intended to identify forward-looking statements. Although Solaris
believes that the expectations reflected in such forward-looking statements and/or information are reasonable,
undue reliance should not be placed on forward-looking statements since Solaris can give no assurance that such
expectations will prove to be correct. These statements 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 Solaris ’Management’s Discussion and
Analysis for the year ended December 31, 2019 available at www.sedar.com. 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 obligations to publicly update and/or revise any of the included forward-looking statements, whether as a result
of additional information, future events and/or otherwise, except as may be required by applicable securities laws.