Solaris Provides Disclosure Clarifications
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Solaris Provides Disclosure Clarifications
March 13, 2024 – Vancouver, B.C. – Solaris Resources Inc . (TSX: SLS; OTCQB: SLSSF) (“Solaris” or the
“Company”) is issuing the following news release as a result of a continuous disclosure review by the
British Columbia Securities Commission.
The Company has disclosed in its technical report with an effective date of April 1, 2022, certain Company
press releases, and in its corporate presentation both a mineral resource estimate for the greater
Warintza project and a mineral resource estimate for an indicative starter pit at the Warintza project. CIM
Best Practices state that there can only be one mineral resource on a project. The Company is therefore
required to select one of these mineral resource estimates as its mineral resource estimate for the
Warintza project. On this basis, the Company is retracting its disclosure of a mineral resource estimate for
its indicative starter pit and confirms its mineral resource estimate at the Warintza Project is the
unchanged mineral resource estimate for the greater Warintza project, with Indicated mineral resources
of 579 million tonnes (“Mt”) at 0.59% copper equivalent (“CuEq”) and Inferred mineral resources of 887
Mt at 0.47% CuEq above a 0.3% CuEq cut -off grade at an effective date of April 1, 2022 (the “MRE”).
Copper equivalent assumes recoveries of 90% Cu, 85% Mo, and 70% Au based on preliminary metallurgical
testwork, and metal prices of US$3.50/lb Cu, US$15.00/lb Mo, and US$1,500/oz Au. The CuEq formula
used is: CuEq (%) = Cu (%) + 4.0476 × Mo (%) + 0.487 × Au (g/t). The Company will file an amended technical
report as soon as practicable with disclosure relating to the indicative starter pit removed from such
disclosure.
The Company has disclosed in its corporate presentation historical district estimates, historical estimates
at adjacent properties and potential future results for the property. This disclosure is restricted as it is not
categorized as an inferred mineral resource, an indicated mineral resource, a measured mineral resource,
a probable mineral reserve, or a proven mineral reserve . The Company has also made certain disclosure
in its corporate presentation regarding potential economic results for the property and consensus analyst
estimates for the MRE . Disclosure of gross values of a mineral resource estimate is restricted. The
Company is retracting the foregoing disclosure noted in this paragraph and confirms it has not completed
an economic assessment at the project.
The Company has disclosed in its corporate presentation information regarding adjacent and regional
properties. This could be misleading if readers infer that the Company will achieve similar results at its
own property. The Company would like to clarify t hat readers should not infer that the Company will
obtain similar results at its own property.
Qualified Person
The MRE was prepared and the scientific and technical information in this news release related to the
MRE was approved by Independent Qualified Person, Mario E. Rossi, FAusIMM, SME, IAMG, Principal
Geostatistician of Geosystems International Inc (“GSI”). Mr. Rossi is a qualified person pursuant to NI 43-
101 and is independent of Solaris under Section 1.5 of NI 43-101. Mr. Rossi has over 30 years of experience
in mining and geostatistics, mineral resource and reserves estimation, audits and reviews in over 100
mining projects at various stages of development and operation. GSI is an independent, international
Suite 555 - 999 Canada Pl., Vancouver, BC Canada V6C 3E1
mining consulting practice offering services specializing in porphyry deposits from exploration through
feasibility, mine planning, and production.
Resource Estimation Methodology and Parameters
Indicated mineral resources were defined where the nominal drill hole spacing is 120m. The classification
reflects not only the drill spacing, but the confidence level in the continuity of the grade and the geometry
of the deposit. Inferred mineral resourc es were defined by blocks which were estimated with less
stringent requirements within search ellipses defined for each domain to a maximum distance of 350m.
Resources include grade capping and internal dilution. Grade was interpolated by ordinary kriging
populating a block model with block dimensions of 25m x 25m x 15m. The Indicated and Inferred mineral
resources are classified in a manner that is consistent with the May 10, 2014 CIM Definition Standards for
Mineral Resources and Mineral Reserves. Mineral resources that are not mineral reserves do not have
demonstrated economic viability. In Mr. Rossi’s opinion, there are currently no relevant factors or legal,
political, environmental, or other risks that could materially affect the potential development of the
mineral resources.
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. Mr. Rossi verified the data disclosed, including sampling, analytical, and test data
underlying the information included in this news release for which such qualified person is responsible ,
by personally inspecting the drill core used in the disclosure and performing a number of checks to confirm
the accuracy of such data. In addition, Mr. Rossi reviewed the QA/QC reports from the Company’s drill
programs and noted that there were no issues that arose which would affect confidence with the assay
data. Mr. Rossi considers the sampling method appropriate for the deposit type, adequate security and
QA/QC measures were maintained, and samples are representative of the existing mineralization.
On behalf of the Board of Solaris Resources Inc.
“Daniel Earle”
President & CEO, Director
For Further Information
Suite 555 - 999 Canada Pl., Vancouver, BC Canada V6C 3E1
Jacqueline Wagenaar, VP Investor Relations
Direct: 416-366-5678 Ext. 203
Email: [email protected]
About Solaris Resources
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 news release 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 regarding filing of an amended technical report. 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 variet y of assumptions including
assumptions made about potential quantity and that further exploration will define a mineral resource at this target.
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, 2022 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.