Solaris Reports 81m of 0.73% CuEq within 544m of 0.50% CuEq from Surface; Announces Major Expansion of 2024 Drill Program Supported by Record Productivity
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Solaris Reports 81m of 0.73% CuEq within 544m of 0.50% CuEq from Surface;
Announces Major Expansion of 2024 Drill Program Supported by Record Productivity
June 11, 2024 – Vancouver, B.C. – Solaris Resources Inc . (TSX: SLS; NYSE: SLSR) (“Solaris” or the
“Company”) is pleased to report additional drill results as its 2024 drilling program ramps up and a major
expansion of planned meterage from 30km to 60km in this program. The expansion of the 2024 drilling
program is supported by the closing of its recent financing and significant productivity improvements from
past infrastructure investments and improved logistics and processes at its Warintza Project (“Warintza”
or “the Project”) in southeastern Ecuador. Highlights are listed below, with a corresponding image in
Figure 1 and results in Tables 1-2.
Highlights
Latest drilling results include SLSE-33, collared on the southern margin of Warintza Southeast
and drilled at a steep inclination northeast, returning 81m of 0.73% CuEq¹ from near surface
within a broader interval of 544m of 0.50% CuEq¹ from surface and bottoming in mineralization
SLSE-35 was collared from a central platform at Warintza East and drilled east, returning 189m
of 0.50% CuEq¹ from surface within a broader interval of 580m of 0.42% CuEq¹ and remaining
open in mineralization, with the last 10m averaging 0.41% CuEq¹
● Major expansion of 2024 drilling program from 30km to 60km supported by the proceeds of the
recently closed financing (see press release dated June 10, 2024) and significant productivity
improvements to target open lateral extensions of mineralization beyond the pit, including into
the Patrimonio target area, improve drilling density and support technical studies
● Continued drilling ramp up with six rigs completing 7.7 km in May and a seventh rig expected
soon to challenge the prior peak drilling rate achieved with 12 rigs in 2021 primarily as a result
of improved logistics from infrastructure investments, construction of on-site facilities and trail
networks connecting new drilling platform locations together with process optimization
● Updated mineral resource estimate on track for release early July
● Ongoing regional exploration efforts have expanded the footprint of epithermal-style mineral
alteration from the Caya area into the adjacent Mateo porphyry target 6km east of the Warintza
cluster, while field crews have also been active on the newly-acquired adjacent claims (see press
release dated April 30, 2024), with further details to be provided in subsequent releases
Mr. Javier Toro, Chief Operating Officer, commented: “We are very pleased to have doubled the planned
drilling for the Warintza project which will contribute to future growth and improved confidence in
resources while also providing technical data for mine design and mine planning purposes to support
technical studies. The forthcoming mineral resource estimate update in July will reflect two years of
additional drilling from the prior estimate in 2022, with drilling continuing through the end of the year.”
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Figure 1 – Plan View of Drilling to Date
Table 1 – Assay Results
Hole ID Date Reported From (m) To (m) Interval (m) Cu (%) Mo (%) Au (g/t) CuEq¹ (%)
SLSE-35
June 11, 2024
0 580 580 0.33 0.02 0.04 0.42
Including 0 189 189 0.41 0.02 0.04 0.50
SLSE-34 0 522 522 0.28 0.02 0.03 0.36
Including 66 318 252 0.31 0.02 0.03 0.40
SLSE-33 6 550 544 0.40 0.02 0.06 0.50
Including 54 135 81 0.60 0.02 0.07 0.73
Notes to table: True widths are interpreted to be very close to drilled widths due to the bulk-porphyry
style mineralized zones at Warintza.
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Table 2 - Collar Locations
Hole ID Easting Northing Elevation
(m)
Depth
(m)
Azimuth
(degrees)
Dip
(degrees)
SLSE-35 801485 9648192 1129 580 90 -80
SLSE-34 801483 9648241 1170 523 40 -80
SLSE-33 801532 9647848 1154 550 50 -85
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.
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
on site. 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. 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 (Amended)” 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
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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 SLSE-35 remains open in mineralization, a major expansion of 2024 drilling program from 30km to
60km to target open lateral extensions of mineralization beyond the pit, including into the Patrimonio target area,
improve drilling density and support technical studies, seventh rig expected soon to challenge the prior peak drilling
rate achieved with 13 rigs in 2021, updated mineral resource estimate on track for release early July, ongoing regional
exploration efforts have expanded the footprint of epithermal-style mineral alteration from the Caya area into the
adjacent Mateo porphyry target 6km east of the Warintza cluster, while field crews have also been active on the
newly-acquired adjacent claims, with further details to be provided in subsequent releases. 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 assumptions regarding the exploration and regional programs. 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, 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.