Solaris Outlines Broad Porphyry Deposit in First Follow-Up Holes at Warintza West Discovery
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Solaris Outlines Broad Porphyry Deposit in First Follow-Up Holes at Warintza West Discovery
October 13, 2022 – Vancouver, B.C. – Solaris Resources Inc. (TSX: SLS; OTCQB: SLSSF) (“Solaris” or “the
Company”) is pleased to report assay results from the first series of holes following up on the discovery
of Warintza West within its Warintza Project (“Warintza” or “the Project”) in southeastern Ecuador.
Highlights are listed below, with a corresponding image in Figure 1 and detailed results in Tables 1-2.
Highlights
Warintza West is one of four discoveries made to date within the Warintza porphyry cluster and is located
1km west of the Warintza Central Mineral Resource Estimate (“MRE”)¹ reported in April. The discovery
was reported with the results of SLSW-01 (see press release dated February 16, 2021) – these follow-up
holes fan out in all directions, outlining a broad porphyry deposit of at least 900m x 600m and still open
and lies adjacent to and not included within the MRE. Follow-up drilling to test the further extent of the
deposit is planned after priority drilling at Warintza Central aimed at expanding the starter pit and higher-
grade resource expansion potential at Warintza East.
SLSW-07 (drilled north) returned 686m of 0.46% CuEq¹ within a broader interval of 912m of
0.41% CuEq¹ from near surface
SLSW-02 (drilled vertically) returned 246m of 0.47% CuEq¹ from near surface
SLSW-09 (drilled west) returned 202m of 0.45% CuEq¹ within a broader interval of 444m of 0.36%
CuEq¹ from near surface
SLSW-08 (drilled northwest) returned 78m of 0.56% CuEq¹ within a broader interval of 812m of
0.32% CuEq¹ from near surface
SLSW-04 (drilled northeast) returned 264m of 0.44% CuEq¹ from near surface
SLSW-10 (drilled southwest) returned 220m of 0.41% CuEq¹ from near surface
SLSW-03 (drilled southeast) returned 102m of 0.39% CuEq¹ within a broader interval of 911m of
0.24% CuEq¹ from near surface
SLSW-05 (drilled northeast) returned 272m of 0.38% CuEq¹ within a broader interval of 570m of
0.30% CuEq¹ from near surface
SLSW-06 (drilled east) returned 732m of 0.32% CuEq¹ from near surface
Drilling at Warintza West confirms the interpretation of a broad porphyry deposit that remains
open in all directions, with assays pending from a series of three additional holes testing the
zone further to the west, east and south
Step-out drilling is planned targeting high-grade surface sampling
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Mr. Jorge Fierro, Vice President, Exploration, commented: “We’re pleased to be able to report the results
of follow-up drilling on our Warintza West discovery which outlines a significant new deposit that remains
open within the Warintza porphyry cluster, adjacent to the MRE published in April. Ongoing drilling is
targeting growth of the high-grade starter pit at Warintza Central and expanding our Warintza East
discovery with results expected in the coming weeks, while further drilling is planned for Warintza West.”
Figure 1 – Plan View of Warintza West Drilling Released to Date
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Table 1 – Assay Results
Notes to table: True widths of the mineralized zone are not known at this time.
Table 2 - Collar Location
Hole ID Easting Northing Elevation (m) Depth (m) Azimuth (degrees) Dip (degrees)
SLSW-10 798507 9648465 1519 713 238 -51.25
SLSW-09 798507 9648465 1519 767 260 -60.31
SLSW-08 798507 9648465 1519 974 295 -60.50
SLSW-07 798507 9648465 1519 945 352 -70.56
SLSW-06 798507 9648465 1519 767 70 -70.72
SLSW-05 798507 9648465 1519 807 45 -60.73
SLSW-04 798507 9648465 1519 455 22 -60.89
SLSW-03 798507 9648465 1519 949 140 -55.50
SLSW-02 798507 9648465 1519 1227 0 -90.00
Notes to table: The coordinates are in WGS84 17S Datum.
Hole ID Date Reported From (m) To (m) Interval (m) Cu (%) Mo (%) Au (g/t) CuEq¹ (%)
SLSW-10 24 244 220 0.36 0.01 0.02 0.41
SLSW-09 24 468 444 0.31 0.01 0.03 0.36
Including 24 226 202 0.41 0.01 0.03 0.45
SLSW-08 32 844 812 0.26 0.01 0.02 0.32
Including 32 110 78 0.51 0.01 0.02 0.56
SLSW-07 24 936 912 0.32 0.02 0.03 0.41
Including Oct 13, 2022 30 716 686 0.37 0.02 0.03 0.46
SLSW-06 34 766 732 0.25 0.01 0.02 0.32
SLSW-05 34 604 570 0.23 0.01 0.02 0.30
Including 34 306 272 0.31 0.01 0.02 0.38
SLSW-04 38 302 264 0.36 0.02 0.03 0.44
SLSW-03 38 949 911 0.19 0.01 0.02 0.24
Including 40 142 102 0.33 0.01 0.03 0.39
SLSW-02 24 270 246 0.38 0.02 0.02 0.47
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Endnotes
1. Refer to Solaris’ press release dated April 18, 2022 and technical report titled, “NI 43-101 Technical
Report for the Warintza Project, Ecuador” with an effective date of April 1, 2022, prepared by Mario
E. Rossi and filed on the Company’s SEDAR profile at www.sedar.com.
2. Copper-equivalence calculated as: CuEq (%) = Cu (%) + 4.0476 × Mo (%) + 0.487 × Au (g/t), utilizing
metal prices of US$3.50/lb Cu, US$15.00/lb Mo, and US$1,500/oz Au, and assumes recoveries of 90%
Cu, 85% Mo, and 70% Au based on preliminary metallurgical test work.
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. In addition, selected pulp check samples are sent to Bureau Veritas lab in Lima,
Peru. Both ALS Labs and Bureau Veritas lab are independent of Solaris. 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. ZTEM data quality was validated by a qualified external professional using data
validation procedures under high industry standards, and the Company therefore did not deem it
necessary to have such ZTEM data verified by a Qualified Person. Details on the surface sampling
conducted at the Project are set out in the technical report titled, “NI 43-101 Technical Report for the
Warintza Project, Ecuador” with an effective date of April 1, 2022, prepared by Mario E. Rossi and available
on the Company’s SEDAR profile and website. The drillhole data has been verified by Jorge Fierro, M.Sc.,
DIC, PG, using data validation and quality assurance procedures under high industry standards.
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.
“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 a multi-asset exploration company, advancing a portfolio of copper and gold assets in the
Americas, which includes: its primary focus, a world class large-scale resource with expansion and
discovery potential at the Warintza Project (“Warintza”) in Ecuador; discovery potential at its Ricardo
Project and optioned and owned grass-roots Tamarugo Project in Chile; discovery potential at its Capricho
and Paco Orco projects in Peru; 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 Company outlined a broad porphyry deposit of at least 900m x 600m at Warintza West which
remains open and lies adjacent to and not included within the Warintza Central Mineral Resource Estimate (“MRE”),
follow-up drilling to test the further extent of the deposit is planned after priority drilling at Warintza Central aimed
at expanding the starter pit and higher-grade resource expansion potential at Warintza East, drilling at Warintza
West confirms the interpretation of a broad porphyry deposit that remains open in all directions, with assays pending
from a series of three additional holes testing the zone further to the west, east and south, step-out drilling is planned
targeting high-grade surface sampling, and that this drilling has outlined a significant new deposit at Warintza West
that remains open within the Warintza porphyry cluster, adjacent to the MRE published in April, and that ongoing
drilling is targeting growth of the high-grade starter pit at Warintza Central and expanding the Warintza East
discovery with results expected in the coming weeks, while further drilling is planned for Warintza West. 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. These
statements are based on a variety of assumptions including assumptions made about the Company’s ability to
advance exploration efforts at the Warintza Project; the results of such exploration efforts; and the Company’s ability
to achieve its growth objectives. These statements 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, 2021, 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 obligation to publicly update or revise any of these forward-looking statements except as may be required by
applicable securities laws.