Solaris Reports 87m of 1.23% CuEq, 93m of 1.01% CuEq and 84m of 1.00% CuEq Improving Modelled Grades Near Surface in MRE
Solaris Reports 87m of 1.23% CuEq, 93m of 1.01% CuEq and 84m of 1.00% CuEq
Improving Modelled Grades Near Surface in MRE
October 7, 2024 – Quito, Ecuador – Solaris Resources Inc . (TSX: SLS; NYSE: SLSR) (“Solaris” or the
“Company”) is pleased to report assay results from its ongoing 2024 drilling program of 60,000m targeting
open extensions of mineralization while upgrading mineral resources and converting waste at its Warintza
Project (“Warintza” or “the Project”) in southeastern Ecuador. Highlights are listed below with detailed
results in Figure 1 and Tables 1-2.
Highlights
Drill results reported here build on the 2024 Mineral Resource Estimate¹ (“MRE”), with this release
including intercepts of high-grade mineralization partially outside of the MRE in the northwest and
northeast sectors. Holes in this release also improve upon modelled grades in sparsely drilled areas of
the northwest, north and northeast sectors.
Northwest, North and Northeast Sectors:
SLS-102 (drilled northwest): 93m of 1.01% CuEq² within 156m of 0.74% CuEq² from surface
SLS-103 (drilled north): 87m of 1.23% CuEq² within 528m of 0.59% CuEq² from surface
SLS-104 (drilled southeast): 84m of 1.00% CuEq² within 485m of 0.77% CuEq² from surface
SLSE-54 (drilled southwest): 258m of 0.52% CuEq² within 399m of 0.41% CuEq² from surface
Holes SLS-103 and SLSE-54 added new high-grade mineralization at surface partially outside of the MRE
in the northwest and northeast sectors, respectively, while all four holes improved upon the modelled
grade in their vicinity.
SLS-102 is located in the northwest sector where mineralization has been extended to the contact with a
tabular granodiorite that shapes the northwestern pit wall. Step-out exploration drilling testing the
potential for mineralization within a large area of undrilled soil anomaly on the far side of this body has
been completed with assays expected in the coming weeks.
On Track to Exceed 2024 Drilling Plan:
Warintza continues to see high drilling productivity from significant infrastructure investment at site and
is on track to exceed the 60,000m of drilling planned this year, with over 53,000m drilled to the end of
Q3/24. Drilling includes holes focused on open extensions and infill of the MRE, as well as condemnation
and geotechnical drilling.
Figure 1 – Warintza Drilling and Targets
Table 1 – Mineral Resource Extension, Infill and Condemnation Results
Hole ID Date
Reported
From
(m)
To
(m)
Interval
(m)
Cu
(%)
Mo
(%)
Au
(g/t)
CuEq²
(%)
Comments
SLS-104 Oct 7,
2024
0 485 485 0.56 0.03 0.06 0.77 Northern sector - infill
Including 45 129 84 0.82 0.02 0.07 1.00
Including 45 255 210 0.69 0.03 0.07 0.90
Including 45 485 440 0.61 0.03 0.06 0.82
SLS-103 0 528 528 0.26 0.05 0.04 0.59 Northwest sector – infill and
extensional
Including 21 108 87 1.00 0.03 0.11 1.23
Including 21 483 462 0.29 0.06 0.05 0.64
Including 240 345 105 0.28 0.08 0.02 0.72
SLS-102 0 156 156 0.46 0.04 0.08 0.74 Northwest sector - infill
Including 57 150 93 0.73 0.04 0.09 1.01
SLS-101 0 307 307 0.06 0.01 0.02 0.14 Northwest sector - condemnation
SLSE-60 0 290 290 0.16 0.01 0.03 0.23 Northeast sector - infill
Including 93 290 197 0.21 0.01 0.04 0.30
Including 141 290 149 0.24 0.01 0.05 0.35
Including 207 290 83 0.28 0.02 0.03 0.43
SLSE-58 0 453 453 0.03 0.00 0.01 0.04 Northeast sector - condemnation
SLSE-57 0 660 660 0.22 0.01 0.05 0.30 Southeast sector - extensional
Including 552 660 108 0.49 0.02 0.06 0.61
SLSE-56 0 381 381 0.09 0.00 0.03 0.11 Northeast sector - condemnation
SLSE-55 0 473 473 0.12 0.00 0.02 0.16 Northeast sector - condemnation
SLSE-54 0 399 399 0.29 0.01 0.04 0.41 Northeast sector – infill and
extensional
Including 0 258 258 0.37 0.02 0.05 0.52
Including 81 231 150 0.43 0.02 0.05 0.60
SLSE-53 0 455 455 0.04 0.00 0.02 0.07 Northeast sector – condemnation
SLSE-52 0 138 138 0.15 0.01 0.03 0.23 Southeast sector - condemnation
SLSE-51 0 257 257 0.15 0.01 0.03 0.20 Southeast sector - condemnation
Notes to Table 1: True widths are interpreted to be very close to drilled widths due to the bulk-porphyry style mineralized zones
at Warintza.
Table 2 - Collar Locations
Hole ID Easting Northing Elevation
(m)
Depth
(m) Azimuth (degrees) Dip
(degrees)
SLS-104 800383 9648303 1411 485 110 -70
SLS-103 799760 9648031 1575 528 360 -56
SLS-102 799568 9648147 1403 253 315 -60
SLS-101 799760 9648031 1575 307 180 -45
SLSE-60 801800 9648235 1102 290 243 -54
SLSE-58 801806 9648243 1098 454 90 -58
SLSE-57 801150 9647610 1396 660 45 -60
SLSE-56 801163 9648335 1309 382 326 -71
SLSE-55 801597 9648134 1155 473 25 -50
SLSE-54 801596 9648136 1154 481 240 -70
SLSE-53 801802 9648239 1100 455 23 -68
SLSE-52 801248 9647968 1252 354 270 -46
SLSE-51 801246 9647967 1252 257 225 -45
Notes to Table 2: The coordinates are in WGS84 17S Datum.
Endnotes
1. Refer to the technical report entitled “Mineral Resource Estimate Update - NI 43-101 Technical
Report, Warintza Project, Ecuador” with an effective date of July 1, 2024 and available on SEDAR+
under the Company’s profile at www.sedarplus.ca and on the Company’s website.
2. Copper-equivalence grade calculation for reporting assumes metal prices of US$4.00/lb Cu,
US$20.00/lb Mo, and US$1,850/oz Au, and recoveries of 90% Cu, 85% Mo, and 70% Au based on
preliminary metallurgical testwork. CuEq formula: CuEq (%) = Cu (%) + 5.604 × Mo (%) + 0.623 × Au
(g/t).
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 secure 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. Heliborne magnetic, LIDAR and other layers of data quality for Warintza district exploration were
validated by a qualified external professional using data validation procedures under high industry
standards and the Company therefore did not require such data to be further verified by a “Qualified
Person” as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects . The
remaining scientific and technical information, including the drillhole data, has been verified by Jorge
Fierro, M.Sc., DIC, PG, using data validation and quality assurance procedures under high industry
standards. The verification activities included a search for factual errors, completeness of the lithological
and assay data, and suitability of the primary data. As part of the database verification activities, the assay
information and certificates obtained directly from the analytical laboratory have been examined as well.
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 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 its ongoing 60,000m 2024 drilling program aims to target open extensions of mineralization while
upgrading mineral resources and converting waste at Warintza, step-out exploration drilling testing the potential for
mineralization on the far side of this body is completed with assays expected in the coming weeks, and the Company
is on track to exceed the 60,000m of drilling planned this year, and drilling includes holes focused on open extensions
and infill of the MRE, as well as condemnation and geotechnical drilling. 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.