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Solaris Reports 475m of 1.03% CuEq from Surface in New Drilling as Further Productivity Gains Drive Record 10km Drilled in August

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Solaris Resources Inc. (TSX: SLS; NYSE: SLSR) has reported assay results from its ongoing 60,000m 2024 drilling program at the Warintza Project in Ecuador. Highlights include:

1. Northwest Sector: SLS-100 intercepted 475m of 1.03% CuEq from surface, including 427m of 1.11% CuEq.

2. Southeast Sector: SLSE-50 intercepted 445m of 0.53% CuEq from surface, including 84m of 0.70% CuEq.

3. New drilling record: 10km drilled in August, surpassing the previous peak of 8km set in 2021.

4. Results continue to build on the 2024 Mineral Resource Estimate, with high-grade mineralization found outside the MRE in northwest and southeast sectors.

5. Mineralization remains open to the southeast for approximately 600m within a large soil anomaly.

Solaris Resources Inc. (TSX: SLS; NYSE: SLSR) ha riportato risultati di analisi dal suo programma di perforazione in corso di 60.000 metri per il 2024 presso il Progetto Warintza in Ecuador. I punti salienti includono:

1. Settore Nord-Ovest: SLS-100 ha intercettato 475 metri di 1,03% CuEq dalla superficie, compresi 427 metri di 1,11% CuEq.

2. Settore Sud-Est: SLSE-50 ha intercettato 445 metri di 0,53% CuEq dalla superficie, compresi 84 metri di 0,70% CuEq.

3. Nuovo record di perforazione: 10 km perforati ad agosto, superando il precedente picco di 8 km stabilito nel 2021.

4. I risultati continuano a contribuire alla Stima delle Risorse Minerali 2024, con mineralizzazione ad alto grado trovata al di fuori della MRE nei settori nord-ovest e sud-est.

5. La mineralizzazione rimane aperta verso sud-est per circa 600 metri all'interno di una grande anomalia del suolo.

Solaris Resources Inc. (TSX: SLS; NYSE: SLSR) ha reportado resultados de ensayos de su programa de perforación en curso de 60.000m para 2024 en el Proyecto Warintza en Ecuador. Los aspectos más destacados incluyen:

1. Sector Noroeste: SLS-100 interceptó 475m de 1.03% CuEq desde la superficie, incluyendo 427m de 1.11% CuEq.

2. Sector Sureste: SLSE-50 interceptó 445m de 0.53% CuEq desde la superficie, incluyendo 84m de 0.70% CuEq.

3. Nuevo récord de perforación: 10 km perforados en agosto, superando el pico anterior de 8 km establecido en 2021.

4. Los resultados continúan contribuyendo a la Estimación de Recursos Minerales 2024, con mineralización de alto grado encontrada fuera de la MRE en los sectores noroeste y sureste.

5. La mineralización permanece abierta hacia el sureste por aproximadamente 600m dentro de una gran anomalía de suelo.

Solaris Resources Inc. (TSX: SLS; NYSE: SLSR)는 에콰도르의 Warintza 프로젝트에서 2024년 60,000m 드릴링 프로그램의 진행 중인 분석 결과를 발표했습니다. 주요 내용은 다음과 같습니다:

1. 북서부 섹터: SLS-100은 표면에서 1.03% CuEq의 475m를 탐지했으며, 이 중 427m는 1.11% CuEq입니다.

2. 남동부 섹터: SLSE-50은 표면에서 0.53% CuEq의 445m를 탐지했으며, 이 중 84m는 0.70% CuEq입니다.

3. 새로운 드릴링 기록: 8km가 2021년 기록을 초과하는 10km를 8월에 드릴링 했습니다.

4. 이 결과는 2024년 광물 자원 추정치의 기초를 세우는 데 지속적으로 기여하고 있으며, 북서부 및 남동부 섹터에서 MRE 외부의 고품질 광물이 발견되었습니다.

5. 광물화는 600m 정도 남동쪽으로 개방되어 있으며, 큰 토양 이상 아래에 있습니다.

Solaris Resources Inc. (TSX: SLS; NYSE: SLSR) a rapporté les résultats d'analyse de son programme de forage en cours de 60 000 m pour 2024 au projet Warintza en Équateur. Les points forts incluent :

1. Secteur Nord-Ouest : SLS-100 a intercepté 475 m de 1,03 % CuEq à partir de la surface, y compris 427 m de 1,11 % CuEq.

2. Secteur Sud-Est : SLSE-50 a intercepté 445 m de 0,53 % CuEq à partir de la surface, y compris 84 m de 0,70 % CuEq.

3. Nouveau record de forage : 10 km forés en août, surpassant le précédent pic de 8 km établi en 2021.

4. Les résultats continuent de s'ajouter à l'estimation des ressources minérales de 2024, avec une minéralisation de haute qualité trouvée en dehors de la MRE dans les secteurs nord-ouest et sud-est.

5. La minéralisation reste ouverte au sud-est sur environ 600 m dans une grande anomalie de sol.

Solaris Resources Inc. (TSX: SLS; NYSE: SLSR) hat Analysenergebnisse aus seinem laufenden Bohrprogramm über 60.000 m für 2024 im Warintza-Projekt in Ecuador veröffentlicht. Die Highlights umfassen:

1. Nordwest-Sektor: SLS-100 hat 475 m mit 1,03% CuEq von der Oberfläche durchteuft, einschließlich 427 m mit 1,11% CuEq.

2. Südost-Sektor: SLSE-50 hat 445 m mit 0,53% CuEq von der Oberfläche durchteuft, einschließlich 84 m mit 0,70% CuEq.

3. Neuer Bohrrekord: 10 km im August gebohrt, über dem vorherigen Höchststand von 8 km aus dem Jahr 2021.

4. Die Ergebnisse tragen weiterhin zur Mineralressourcenschätzung 2024 bei, mit hochgradiger Mineralisierung, die außerhalb der MRE in den nordwestlichen und südöstlichen Sektoren gefunden wurde.

5. Die Mineralisierung bleibt nach Südosten für etwa 600 m offen in einer großen Bodenanomalie.

Positive
  • Intercepted high-grade mineralization outside the 2024 Mineral Resource Estimate in northwest and southeast sectors
  • New monthly drilling record of 10km achieved in August, surpassing previous peak of 8km
  • Potential to exceed the planned 60,000m of drilling for 2024
  • Mineralization remains open to the southeast for approximately 600m
  • Significant infrastructure investment driving productivity gains
Negative
  • None.

Insights

The latest drilling results from Solaris Resources' Warintza Project in Ecuador are highly encouraging. The company reported significant high-grade copper equivalent intercepts, including 475m of 1.03% CuEq from surface in the northwest sector. This extends known mineralization and improves upon previously modeled grades in some areas.

Notably, the southeast sector shows potential for further expansion, with mineralization remaining open for approximately 600m within a large soil anomaly. This suggests there may be additional resources to be defined in future drilling campaigns.

The company's operational efficiency is also improving, with a new monthly drilling record of 10km achieved in August. This increased productivity could accelerate resource definition and potentially lead to faster project advancement.

For investors, these results indicate growing project value and the potential for an expanded resource estimate in the future. However, it's important to note that further drilling and economic studies will be required to fully assess the project's viability.

The drilling results at Warintza reveal a robust and expanding porphyry copper system. The intercepts of high-grade mineralization outside the current Mineral Resource Estimate (MRE) are particularly significant, as they indicate potential for resource growth.

The northwest sector's results, especially SLS-100 with 475m of 1.03% CuEq from surface, demonstrate the continuity and strength of mineralization. The extension of mineralization to the contact with a tabular granodiorite is geologically intriguing and may provide insights into the deposit's structural controls.

In the southeast, the open mineralization within a 0.8km x 0.8km soil anomaly presents a compelling exploration target. This large footprint suggests the potential for significant additional tonnage.

The consistent copper-equivalent grades above 0.5% in many intercepts are impressive for a porphyry system, indicating a relatively high-grade deposit by global standards. However, investors should note that further infill drilling will be necessary to fully delineate these extensions and upgrade the resource classification.

Solaris Resources' latest drilling results could have positive implications for the company's valuation. The extension and upgrading of mineralization outside the current resource envelope suggest potential for increased contained metal in future resource updates.

The company's improved drilling productivity, reaching 10km per month, is a significant operational achievement. This efficiency could lead to faster resource delineation and potentially lower exploration costs per ton of resource added.

Investors should note that Solaris is well-funded for its current 60,000m drilling program, with the potential to exceed this target given the improved drilling rates. This aggressive exploration approach could accelerate the project's development timeline.

However, it's important to remember that Warintza is still in the exploration stage. While the results are promising, significant capital investment will be required to bring the project to production. The company's ability to finance future development stages and navigate the permitting process in Ecuador will be key factors to watch.

Overall, these results are likely to be viewed positively by the market, potentially supporting the company's share price in the near term.

QUITO, Ecuador, Sept. 19, 2024 (GLOBE NEWSWIRE) -- Solaris Resources Inc. (TSX: SLS; NYSE: SLSR) (“Solaris” or the “Company”) is pleased to report assay results from its ongoing 60,000m 2024 drilling program that aims to target 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 continue to build on the 2024 Mineral Resource Estimate¹ (“MRE”), with this release highlighted by intercepts of high-grade mineralization outside of the MRE in the northwest and southeast sectors. Some of these holes also significantly improve upon modelled grades in sparsely drilled areas.

Northwest Sector:

  • SLS-100 (drilled southeast): 427m of 1.11% CuEq² within 475m of 1.03% CuEq² from surface
  • SLS-99 (drilled southwest): 105m of 1.00% CuEq² within 246m of 0.75% CuEq² from surface
  • SLS-96 (drilled southeast): 78m of 0.71% CuEq² within 288m of 0.47% CuEq² from surface
  • SLS-97 (drilled west): 75m of 0.60% CuEq² within 308m of 0.36% CuEq² from surface

Holes SLS-96, SLS-97 and SLS-99 added new high-grade mineralization partially outside of the MRE while SLS-100 improved upon the modelled grade in its vicinity. These holes were located in the northwest sector where mineralization has now been extended to the contact with a tabular granodiorite that shapes the northwestern pit wall. Step-out exploration drilling is now testing the potential for mineralization within a large area of undrilled soil anomaly on the far side of this body.

Southeast Sector:

  • SLSE-50 (southwest): 84m of 0.70% CuEq² within 445m of 0.53% CuEq² from surface
  • SLSE-45 (drilled east): 285m of 0.63% CuEq² within 399m of 0.58% CuEq² from surface
  • SLSE-47 (drilled southwest): 210m of 0.58% CuEq² within 399m of 0.42% CuEq² from surface
  • SLSE-46 (drilled south): 75m of 0.73% CuEq² within 400m of 0.34% CuEq² from surface

Holes SLSE-45, SLSE-46, SLSE-47, and SLSE-50 added new high-grade mineralization partially outside of the MRE while SLSE-45 and SLSE-46 improved upon modelled grades in their vicinity. Mineralization remains open to the southeast for approximately 600m within a large 0.8km x 0.8km soil anomaly that defines the target opportunity in this direction.

New Drilling Record:
Warintza continues to see gains from significant infrastructure investment at site, with the next phase of construction underway. These improvements have supported the Project team achieving a new monthly drilling record of 10km (8 rigs) in August – well above the prior monthly peak of 8km (12 rigs) set in 2021. The Company is now well positioned to exceed the 60,000m of drilling planned this year.

Figure 1 – Warintza Drilling and Targets

Figure 1 – Warintza Drilling and Targets

Table 1 – Mineral Resource Extension, Infill and Condemnation Results

Hole IDDate
Reported
From
(m)
To
(m)
Interval
(m)
Cu
(%)
Mo
(%)
Au
(g/t)
CuEq²
(%)
Comments
SLS-100Sep 19, 2024
04754750.760.040.091.03Northwest sector – infill
Including484754270.840.040.091.11
SLS-9902462460.240.090.050.75Northwest sector – extensional
Including211261050.490.080.091.00
Including211651440.370.080.070.87
SLS-98241591350.240.000.050.28Northern sector – extensional
Including5481270.530.000.070.59
SLS-9703083080.190.030.040.36Northwest sector – extensional
Including51126750.370.040.050.60
SLS-9602882880.100.060.020.47Northwest sector – extensional
Including02102100.130.060.030.50
Including078780.280.070.070.71
SLS-95933973040.170.000.060.22Northern sector – extensional
SLS-94543813270.280.030.030.45Northern sector – infill
Including542131590.350.020.040.50
Including5490360.600.010.060.69
SLS-9301961960.070.020.020.15Northwest sector – condemnation/geotechnical
SLS-9201051050.140.030.040.33Northern sector – infill
Including69105360.320.040.030.54
SLS-91123052930.220.000.070.27Northern sector – extensional
SLS-9001411410.100.030.020.29Northwest sector – extensional
Including75141660.180.030.020.34
SLS-8902002000.050.010.020.12Northern sector – condemnation/geotechnical
SLS-882484600.110.010.140.24Northern sector – extensional
SLSE-5004454450.370.020.040.53Southeast sector – extensional
Including1324453130.420.030.040.60
Including180264840.520.030.050.70
SLSE-4902732730.430.010.060.55Southeast sector – infill
Including332732400.480.010.060.60
SLSE-48153893740.140.010.020.19Southeast sector – extensional
SLSE-4703993990.280.020.060.42Southeast sector – extensional
Including572672100.430.020.050.58
SLSE-4604004000.260.010.040.34Southeast sector – extensional
Including75150750.600.020.070.73
SLSE-4503993990.440.020.050.58Southeast sector – extensional
Including333182850.500.020.060.63
SLSE-4403413410.110.000.020.13Northeast sector – condemnation/geotechnical

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 IDEastingNorthingElevation
(m)
Depth
(m)
Azimuth (degrees)Dip (degrees)
SLS-10079956896481471403475107-49
SLS-9979968496483361373246200-60
SLS-9880061696483981334214180-50
SLS-9779956996481461404308270-60
SLS-9679968396483351373288140-60
SLS-958006179648399133439745-60
SLS-9480019696484701340381180-60
SLS-93799681964833313721960-60
SLS-928002009648475133634045-60
SLS-918006199648397133230590-60
SLS-907996849648331137428662-45
SLS-898002019648476133620045-45
SLS-88800620964839613313670-50
SLSE-5080159396481381153445240-85
SLSE-4980152896478461153273260-50
SLSE-488012489647968125238990-60
SLSE-4780152996478451153403120-60
SLSE-4680125096479671251400180-60
SLSE-458015309647847115439990-80
SLSE-4480161396484651106341270-60

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: jwagenaar@solarisresources.com

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 is now testing the potential for mineralization on the far side of this body, and the Company is now well positioned to exceed the 60,000m of drilling planned this year. 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.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c586b97f-443b-4463-baf2-e7409256cf67


FAQ

What were the key drilling results for Solaris Resources (NYSE: SLSR) in September 2024?

In September 2024, Solaris Resources reported significant drilling results, including 475m of 1.03% CuEq from surface in the Northwest Sector (SLS-100) and 445m of 0.53% CuEq from surface in the Southeast Sector (SLSE-50).

How much drilling did Solaris Resources (NYSE: SLSR) complete in August 2024?

Solaris Resources achieved a new monthly drilling record of 10km in August 2024, surpassing their previous peak of 8km set in 2021.

What is the status of mineralization in the Southeast Sector of Solaris Resources' (NYSE: SLSR) Warintza Project?

Mineralization in the Southeast Sector of the Warintza Project remains open for approximately 600m within a large 0.8km x 0.8km soil anomaly, indicating potential for further exploration and resource expansion.

How do the recent drilling results impact Solaris Resources' (NYSE: SLSR) 2024 Mineral Resource Estimate?

The recent drilling results continue to build on the 2024 Mineral Resource Estimate, with high-grade mineralization found outside the MRE in both the northwest and southeast sectors, potentially expanding the resource.

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