Solaris Reports 96m of 0.59% CuEq From Near Surface within 144m of 0.50% CuEq and 148m of 0.52% CuEq in First Two Reconnaissance Holes at Patrimonio
12 September 2023 - 9:00PM
Solaris Resources Inc. (TSX: SLS; OTCQB: SLSSF)
(“Solaris” or the “Company”) is pleased to announce assay results
from the first two reconnaissance drill holes at the Patrimonio
target confirming a significant new discovery, southwest of
Central, on the Warintza Project (“Warintza” or the “Project”) in
southeastern Ecuador. Highlights are listed below, with
corresponding images in Figures 1-2 and detailed results in Tables
1-2.
HighlightsPatrimonio was
discovered in June 2023 as part of a program of mapping and
sampling in an area located approximately 0.5 km southwest of
Warintza Central. The first two reconnaissance drill holes confirm
the discovery of a significant new copper deposit. The drilling
also revealed a new style of what appears to be skarn
mineralization developed within carbonate-rich volcanic sequences
for which the source has not yet been determined.
- SLSP-01 was drilled northwest and
returned 50m of 0.75% CuEq¹ or 96m of 0.59% CuEq¹ within a
broader interval of 144m of 0.50% CuEq¹ from surface before
entering the weakly mineralized dacite porphyry stock
- SLSP-02 was drilled west from the
same platform and returned 148m of 0.52% CuEq¹ within a
broader interval of 276m of 0.40% CuEq¹ from near surface
before the hole was terminated in the
porphyry
- Two distinct phases of
mineralization are evident: the first occurs in the upper portion
of the holes with strong epidote-magnetite (skarn) alteration and
secondary biotite (potassic) alteration in a sequence of volcanics;
the second is associated with a later dacite porphyry altered by
quartz-sericite-pyrite alteration which cuts the mineralization in
the volcanics above
- Observations from drill core
suggest the epidote-magnetite (skarn) mineralization was derived
from a different and, as yet, unidentified source than the dacite
porphyry opening up intriguing potential for the discovery of
additional skarn mineralization and/or its intrusive source within
the Patrimonio anomaly as depicted in the conceptual section in
Figure 1
- The dacite porphyry-related
late-stage quartz-sericite-pyrite alteration contains up to 10%
sulphides dominated by pyrite (over chalcopyrite) and leaves open
the target setting documented in other porphyries within the
Warintza cluster where favourable sulphide zonation associated with
early alteration phases is characterized by chalcopyrite dominant
over pyrite
- Detailed mapping and
sampling are underway to further develop the model of this mineral
system and particularly to establish vectors for skarn and
alteration zonation and prioritize drill locations under
construction. The copper mineralization remains open to the
northwest, south and west while abutting a weakly
mineralized quartz-monzodiorite porphyry to the northeast
- Patrimonio is defined by an
elongated north-south molybdenum soil anomaly measuring 1.5km x
0.5km enveloped by a copper soil anomaly extending west, with
outcropping porphyry displaying pervasive alteration and veining,
located on the western side of an interpreted major north-south
fault adjacent to Warintza Central
Figure 1 – Conceptual Cross Section of
Patrimonio Looking East
Figure 2 – Plan View of Warintza
Porphyry Cluster and Patrimonio Drilling
Table 1 – Assay Results
Hole ID |
Date Reported |
From (m) |
To (m) |
Interval (m) |
Cu (%) |
Mo (%) |
Au (g/t) |
CuEq¹ (%) |
SLSP-01 |
Sep 12, 2023 |
16 |
160 |
144 |
0.34 |
0.03 |
0.09 |
0.50 |
Including |
16 |
112 |
96 |
0.43 |
0.03 |
0.11 |
0.59 |
Including |
62 |
112 |
50 |
0.58 |
0.03 |
0.11 |
0.75 |
SLSP-02 |
18 |
294 |
276 |
0.29 |
0.02 |
0.07 |
0.40 |
Including |
42 |
190 |
148 |
0.38 |
0.02 |
0.09 |
0.52 |
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) |
SLSP-01 |
799430 |
9647634 |
1519 |
310 |
315 |
-60 |
SLSP-02 |
799430 |
9647634 |
1519 |
310 |
260 |
-65 |
Notes to table: The coordinates are in WGS84 17S
Datum.
Endnotes
- 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 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.
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” 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
For Further Information
Jacqueline Wagenaar, VP Investor RelationsDirect: 416-366-5678
Ext. 203Email: jwagenaar@solarisresources.com
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 drilling
revealed a new style of what appears to be skarn mineralization
developed within carbonate-rich volcanic sequences for which the
source has not yet been determined, observations from drill core
suggest the epidote-magnetite (skarn) mineralization was derived
from a different and, as yet, unidentified source than the dacite
porphyry opening up intriguing potential for the discovery of
additional skarn mineralization and/or its intrusive source within
the Patrimonio anomaly, detailed mapping and sampling are underway
to further develop the model of this mineral system and
particularly to establish vectors for skarn and alteration zonation
and prioritize drill locations under construction, and the copper
mineralization remains open to the northwest, south and west.
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
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.
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/0359ac12-707e-4f5a-92ca-26ee73f2e7bfhttps://www.globenewswire.com/NewsRoom/AttachmentNg/5ddc8d95-c221-498f-b023-997946090530
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