Solaris Reports 54m of 0.80% CuEq from Surface in Northwest Step-Out at Warintza Central; 268m of 0.60% CuEq within 830m averaging 0.50% CuEq in Northeast Step-Out
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Solaris Reports 54m of 0.80% CuEq from Surface in Northwest Step-Out at Warintza Central;
268m of 0.60% CuEq within 830m averaging 0.50% CuEq in Northeast Step-Out
June 28, 2023 – Vancouver, B.C. – Solaris Resources Inc . (TSX: SLS; OTCQB: SLSSF) (“Solaris” or the
“Company”) is pleased to report assay results from a series of holes aimed at growing the ‘Indicative
Starter Pit’ within the Warintza Central zone at 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
Mineral resource expansion drilling continues to target growth of the ‘Indicative Starter Pit’, an area of
near surface, high-grade mineralization estimated at 180 Mt at 0.82% CuEq¹ (Indicated) and 107 Mt at
0.73% CuEq¹ (Inferred) in the Warintza Mineral Resource Estimate² (“MRE”). Recent drilling has expanded
the Northeast Extension zone to the north-northeast where further step-outs are planned, while a 250m
step-out on the opposite side of Warintza Central has expanded the zone to the northwest and opened
up new potential.
SLS-72 was collared from a newly-constructed step out platform 200m to the northeast, returning
268m of 0.60% CuEq¹ within a broader interval of 830m averaging 0.50% CuEq¹ from 48m depth,
extending the zone to the northeast where it remains open
SLS-71 was collared from the same platform within the northeast extension zone and drilled
northwest into a partially open volume, returning 212m of 0.60% CuEq¹, including 50m of 0.87%
CuEq¹, within a broader interval of 494m of 0.42% CuEq¹ from near surface
SLS-73 was collared from another newly-constructed step out platform 250m to the north,
returning 26m of 0.96% CuEq¹ from near surface and 128m of 0.60% CuEq¹ within a broader
interval, extending the zone to the northeast where it remains open
These three holes expand the Northeast Extension zone to the east and northeast where two
additional 200m step-out platforms have been planned for construction to test the potential
extension of the zone beneath shallow saprolitic cover
On the opposite side of Warintza Central, SLS-74 was collared from a newly-constructed platform
stepping out 250m to the northwest of the existing drill grid to test the potential extension of high
grade, near surface mineralization – it returned 54m of 0.80% CuEq¹ from surface within a
broader interval of 224m of 0.41% CuEq¹
SLS-74 includes lower grade mineralization within a porphyritic granodiorite modelled as the
northwestern contact of Warintza Central – ongoing mapping and sampling aims to assess the
potential for better-developed mineralization higher up in this intrusive phase in the 700m gap to
Warintza West
Additional assays are expected soon from drilling targeting further growth at Warintza East,
follow-up drilling at the recent high-grade Warintza Southeast discovery and the new
Patrimonio discovery
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Figure 1 – Plan View of Warintza Central Drilling Released to Date³
Table 1 – Assay Results
Hole ID Date Reported From (m) To (m) Interval (m) Cu (%) Mo (%) Au (g/t) CuEq¹ (%)
SLS-74
June 28, 2023
6 230 224 0.28 0.03 0.04 0.41
Including 6 60 54 0.59 0.05 0.07 0.80
Including 120 230 110 0.22 0.03 0.03 0.38
SLS-73 12 228 216 0.40 0.02 0.11 0.53
Including 26 52 26 0.83 0.01 0.13 0.96
Including 100 228 128 0.45 0.02 0.12 0.60
SLS-72 48 878 830 0.39 0.02 0.08 0.50
Including 48 100 52 0.50 0.01 0.08 0.58
Including 610 878 268 0.47 0.02 0.08 0.60
SLS-71 30 524 494 0.33 0.01 0.08 0.42
Including 54 266 212 0.47 0.02 0.09 0.60
Including 54 104 50 0.76 0.02 0.10 0.87
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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)
SLS-74 799558 9648247 1325 236 130 -80
SLS-73 800531 9648518 1262 294 0 -90
SLS-72 800552 9648378 1358 878 25 -80
SLS-71 800552 9648378 1358 568 330 -70
Notes to table: The coordinates are in WGS84 17S Datum.
Endnotes
1. 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. The ‘Indicative Starter Pit’ is
based on the same assumptions as the MRE except utilized metal prices of US$1.00/lb Cu, US$7.50/lb
Mo, and US$750/oz Au. The ‘Indicative Starter Pit’ is comprised of Indicated mineral resources of 180
Mt at 0.82% CuEq (0.67% Cu, 0.03% Mo, 0.07 g/t Au) and Inferred mineral resources of 107 Mt at
0.73% CuEq (0.64% Cu, 0.02% Mo, 0.05 g/t Au) above a 0.6% CuEq cut-off grade. No economic analysis
has been completed by the Company and there is no guarantee an ‘Indicative Starter Pit’ will be
realized or prove to be economic.
2. Refer to Solaris’ 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.
3. For additional details on “Near Surface, High-Grade, NE Extension” intervals, refer to press release
dated May 26, 2022 for SLS-57: 230m of 0.73% CuEq (0.59% Cu, 0.03% Mo, 0.08 g/t Au), refer to press
release dated July 20, 2022 for SLS-62: 168m of 0.68% CuEq (0.51% Cu, 0.03% Mo, 0.07 g/t Au) and
SLS-63: 230m of 1.02% CuEq (0.87% Cu, 0.02% Mo, 0.12 g/t Au), refer to press release dated
September 7, 2022 for SLS-64: 110m of 0.54% CuEq (0.38% Cu, 0.04% Mo, 0.03 g/t Au) and SLS-66:
124m of 0.82% CuEq (0.71% Cu, 0.02% Mo, 0.09 g/t Au) and SLS-67: 108m of 1.20% CuEq (1.06% Cu,
0.03% Mo, 0.09 g/t Au), refer to press release dated December 5, 2022 for SLS-65: 286m of 0.55%
CuEq (0.38% Cu, 0.04% Mo, 0.06 g/t Au) and SLS-68: 72m of 1.00% CuEq (0.88% Cu, 0.02% Mo, 0.06
g/t Au), refer to press release dated Mar 13, 2023 for SLS-69: 70m of 0.70% CuEq (0.56% Cu, 0.03%
Mo, 0.06 g/t Au) and SLS-70: 94m of 0.70% CuEq (0.53% Cu, 0.03% Mo, 0.11 g/t Au).
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
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referred to herein. 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]
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 in Ecuador; discovery potential at its Ricardo Project and
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 recent drilling has expanded the Northeast Extension zone to the north-northeast where further
step-outs are planned, while a 250m step-out on the opposite side of Warintza Central has expanded the zone to the
northwest and opened up new potential, holes SLS-71, SLS-72 and SLS-73 expanded the Northeast Extension zone to
the east and northeast where two additional 200m step-out platforms have been planned for construction to test the
potential extension of the zone beneath shallow saprolitic cover, SLS-74 includes lower grade mineralization within a
porphyritic granodiorite modelled as the northwestern contact of Warintza Central – ongoing mapping and sampling
aims to assess the potential for better-developed mineralization higher up in this intrusive phase in the 700m gap to
Warintza West, additional assays are expected soon from drilling targeting further growth at Warintza East, follow-
up drilling at the recent high-grade Warintza Southeast discovery and the new Patrimonio discovery. 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
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risks, uncertainties and other factors identified in the Solaris Management’s Discussion and Analysis for the year
ended December 31, 2022 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.