Solaris Resources Inc. (TSX: SLS; OTCQB: SLSSF)
(“Solaris” or the “Company”) is pleased to announce a corporate
update including the commencement of the 2024 drilling program at
its Warintza Project (“Warintza” or “the Project”) in southeastern
Ecuador.
Warintza 2024 Drilling Program Underway
The 2024 drilling program has commenced with the
first rig turning at Warintza East and a total of six rigs planned
to be in operation by the end of February. An updated mineral
resource estimate is expected in late Q2/24 to take in nearly
double the meterage of the prior estimate and deliver major growth
at Warintza Central, East and the recent discovery of Warintza
Southeast within a common pit shell.
Drilling will continue through the updated
mineral resource estimate with a focus on opportunities for further
growth and infill drilling of at least 30km, taking advantage of
additional permitted platform locations to optimize the drilling
pattern, with some of these holes doubling as metallurgical and
geotechnical and hydrogeological holes for mine design
purposes.
Regional Exploration
Underway
Field programs are underway to define drill
targets at prospective areas identified in the regional exploration
program (refer to press release dated January 8, 2024). This
includes further detailed sampling at the Mateo prospect where a
3km x 1.4km arc of copper-molybdenum enrichment in soil samples is
expressed around the margin of an overlapping sandstone unit that
may cover a blind porphyry.
Financing Update
The Company has closed US$40 million (C$54
million) in funding including US$10 million (C$14 million) in
equity financing and the drawdown of the first US$30 million (C$40
million) of the senior secured debt facility as part of the
previously announced US$80 million offtake financing package (refer
to press release dated December 11, 2023). This financing package
funds the baseline programs for 2024 and 2025.
Upon closing the C$130 million strategic
investment by an affiliate of Zijin Mining Group Co., Ltd. (refer
to press release dated January 11, 2024), the Company plans to
aggressively expand its 2024 and 2025 programs to bring ten rigs
into operation, and significantly scale up its regional exploration
programs, including land consolidation, and commencing
infrastructure and site development for fast-tracking the Project,
with details to follow.
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 a total of six
rigs planned to be in operation by the end of February, an updated
mineral resource estimate is expected in late Q2/24 to take in
nearly double the meterage of the prior estimate and deliver major
growth at Warintza Central, East and the recent discovery of
Warintza Southeast within a common pit shell, drilling will
continue through the updated mineral resource estimate with a focus
on opportunities for further growth and infill drilling of at least
30km, taking advantage of additional permitted platform locations
to optimize the drilling pattern, with some of these holes doubling
as metallurgical and geotechnical & hydrogeological holes for
mine design purposes, field programs are underway to define drill
targets at prospective areas identified in the regional exploration
program including further detailed sampling at the Mateo prospect
where a 3km x 1.4km arc of copper-molybdenum enrichment in soil
samples is expressed around the margin of an overlapping sandstone
unit that may cover a blind porphyry, the Company has closed US$40
million (C$54 million) in funding including US$10 million (C$14
million) in equity financing and the drawdown of the first US$30
million (C$40 million) of the senior secured debt facility which
funds the baseline programs for 2024 and 2025, upon closing the
C$130 million strategic investment by an affiliate of Zijin Mining
Group Co., Ltd., the Company plans to aggressively expand its 2024
and 2025 programs to bring ten rigs into operation, and
significantly scale up its regional exploration programs, including
land consolidation, and commencing infrastructure and site
development for fast-tracking the Project, with details to follow;
that the remaining portions of the US$80 million will close; and
that the C$130 million strategic investment will close. 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 all conditions
required to close the remaining portions of the US$80 million being
satisfied including, but not limited to, the submission of an
Environmental Impact Assessment and filing of pre-feasibility study
at Warintza; all conditions required to close the C$130 million
being satisfied including, but not limited to, obtaining all
required regulatory approvals, including receipt of the requisite
approval of the TSX, receipt of regulatory approval under the
Investment Canada Act, and receipt of regulatory approval from the
relevant authorities in the People’s Republic of China; 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.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.
Solaris Resources (TSX:SLS)
Historical Stock Chart
From Apr 2024 to May 2024
Solaris Resources (TSX:SLS)
Historical Stock Chart
From May 2023 to May 2024