Solaris drills 600 m of 1% CuEq at Warintza

2021-02-22 06:41 ET - News Release

Mr. Daniel Earle reports

SOLARIS REPORTS 600M OF 1.0% CUEQ AND 462M OF 1.0% CUEQ FROM SURFACE, CONTINUED EXPANSION OF WARINTZA CENTRAL

Solaris Resources Inc. has released assay results from a series of additional holes from the continuing diamond drilling program at its Warintza project in southeastern Ecuador.

Highlights from recent drilling are listed below and results are summarized in the associated table. An updated 3-D model will be posted on the company's website when available.

Highlights:

Four additional holes, as detailed below, have returned long intervals of high-grade mineralization starting from surface, extending the limits of mineralization to the west and northwest.

SLS-10 was an extensional hole collared at the western limit of drilling and drilled to the west, returning 600 m of 1.00 per cent copper equivalent (0.83 per cent copper, 0.02 per cent molybdenum and 0.12 gram per tonne gold), including 546 m of 1.06 per cent CuEq (0.88 per cent Cu, 0.03 per cent Mo and 0.12 g/t Au) from surface, significantly extending mineralization in this direction.

The high-grade interval of 600 m of 1.00 per cent CuEq reported in SLS-10 corresponds to a high-conductivity anomaly reflecting sulphide stockwork mineralization that continues to the west for a further 1.5 km at or near surface and is being targeted in follow-up extensional drilling that is now under way.

SLS-11 was an extensional hole collared in the southeastern portion of the current Warintza Central drill pattern and drilled to the northwest into an open area, returning 688 m of 0.57 per cent CuEq (0.39 per cent Cu, 0.04 per cent Mo and 0.05 g/t Au) from surface.

SLS-12 returned 736 m of 0.74 per cent CuEq (0.59 per cent Cu, 0.03 per cent Mo and 0.07 g/t Au) from near surface, extending mineralization into an undrilled, open area between the eastern and western drilling at Warintza Central.

SLS-13 stepped out approximately 100 m beyond the western limit of Warintza Central drilling and was drilled north into an open area, returning 462 m of 1.00 per cent CuEq (0.80 per cent Cu, 0.04 per cent Mo and 0.09 g/t Au) from surface, with the hole ending prematurely in strong mineralization.

To date, 17,400 metres have been drilled at Warintza Central in 21 holes of which results have been reported for 13; drilling is continuing with six rigs currently operating and six more being added by midyear, which will lead to a commensurate increase in the pace of results being reported.

Jorge Fierro, vice-president, exploration, commented, "Our drilling continues to demonstrate significant extensions of mineralization at Warintza Central with the latest results extending high-grade mineralization to the west, a direction in which the high-conductivity anomaly that correlates to high-grade mineralization at Warintza Central continues for a further 1.5 km at or near surface and is being targeted in ongoing and planned drilling."

                                  WARINTZA CENTRAL ASSAY RESULTS 

Hole ID Date reported From To Interval Cu Mo Au CuEq

                                (m) (m) (m) (%) (%) (g/t) (%)

SLS-13 Feb. 22, 2021 6 468 462 0.80 0.04 0.09 1.00

SLS-12 22 758 736 0.59 0.03 0.07 0.74

SLS-11 6 694 688 0.39 0.04 0.05 0.57

SLS-10 2 602 600 0.83 0.02 0.12 1.00

including 56 602 546 0.88 0.03 0.12 1.06

SLS-09 122 220 98 0.60 0.02 0.04 0.71

including 122 168 46 0.96 0.03 0.05 1.09

SLS-08 Jan. 14, 2021 134 588 454 0.51 0.03 0.03 0.62

SLS-07 0 1,067 1,067 0.49 0.02 0.04 0.60

SLS-06 Nov. 23, 2020 8 892 884 0.50 0.03 0.04 0.62

SLS-05 18 936 918 0.43 0.01 0.04 0.50

SLS-04 0 1,004 1,004 0.59 0.03 0.05 0.71

SLS-03 Sept. 28, 2020 4 1,014 1,010 0.59 0.02 0.10 0.71

SLS-02 0 660 660 0.79 0.03 0.10 0.97

SLS-01 Aug. 10, 2020 1 568 567 0.80 0.04 0.10 1.00

Grades are uncut and true widths have not been determined.

Technical information and quality assurance/quality control

Sample assay results have been independently monitored through a quality control/quality assurance 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. ALS Labs is independent from Solaris. In addition, selected pulp check samples are sent to Bureau Veritas's lab in Lima, Peru. 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.

Qualified person

The scientific and technical content of this press release and the sampling, analytical and test data underlying the scientific and technical content have been compiled, reviewed, approved and verified by Jorge Fierro, MSc, 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. The data were verified using data validation and quality assurance procedures under high industry standards. ZTEM data quality was validated by a qualified external professional.

About Solaris Resources Inc.

Solaris is advancing a portfolio of copper and gold assets in the Americas, which includes: a high-grade resource with expansion and additional discovery potential at the Warintza copper and gold project in Ecuador; discovery potential on the grassroots Tamarugo project in Chile and the Capricho and Paco Orco projects in Peru; exposure to $130-million (U.S.) spending over five years through a farmout agreement with Freeport-McMoRan on the Ricardo project in Chile; and significant leverage to increasing copper prices through the 60-per-cent interest in the development-stage La Verde joint venture project with Teck Resources in Mexico.

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