January 18, 2022 – Vancouver, B.C. – Solaris Resources Inc. (TSX: SLS; OTCQB: SLSSF) ("Solaris" or the "Company") is pleased to announce a significant new discovery in maiden drilling of the Warintza South target at its Warintza Project (“Warintza” or “the Project”) in southeastern Ecuador.

Highlights are listed below, with corresponding images in Figures 1-4 and detailed results in Tables 1-2. A dynamic 3D model is available on the Company’s website.

Highlights

SLSS-01 was the first hole ever drilled at Warintza South, which is an entirely separate porphyry deposit, located approximately 3kms south of the Warintza Central zone that has been the focus of the Company’s resource expansion drilling efforts to date

SLSS-01 was drilled vertically and returned 606m of 0.41% CuEq¹ of continuous porphyry copper mineralization from near surface, within a broader interval of 755m of 0.36% CuEq¹, marking a significant new discovery on the Project

Warintza South is reflected by a high conductivity anomaly over twice the size of Warintza Central, illustrating the very broad proportions of this newly discovered porphyry system, with approximate dimensions of 2.5km x 2.0km x 0.7km

SLSS-01 targeted an exposure of leached capping within this anomaly; an ongoing program of detailed sampling, including an additional 265 soil samples and 131 rock samples, significantly expanded the geochemical anomaly and shifted its core to the northeast (Figure 1)

Follow-up drilling targeting the interpreted core of the porphyry system is set to commence after additional drill platforms are prepared based on this recent mapping and sampling work refining the target and a dedicated exploration camp is set up to support a ramp-up in activities

Warintza South marks the fourth major copper discovery within the 7km x 5km Warintza porphyry cluster, with the adjacent Yawi and Caya targets still to be tested, as well as other recently generated targets within the broader land package to be revealed in a forthcoming update

Mr. Jorge Fierro, Vice President, Exploration, commented: “We are delighted to have made a significant new discovery at Warintza South, with the first ever hole returning a long interval of well mineralized copper porphyry. The multi-km dimensions of the target present a large-scale opportunity. Interpretation of the drill core together with recent mapping and sampling provide important vectors for follow-up drilling to be completed once additional access and infrastructure are established.”

Figure 1 – Plan View

Figure 1

Figure 2 – Long Section of 3D Geophysics Looking Southwest

Figure 2

Figure 3 – Long Section of Warintza South 3D Geophysics Looking Northeast

Figure 3

Figure 4 – SLSS-01 Drill Core

Figure 4

Notes to Figure 4: SLSS-01 core interval from 377.03 to 379.15m, averaging 0.74% Cu, 0.04% Mo and 0.05g/t Au. Quartz-diorite intermineral dike is cutting andestic volcanics. Alteration and mineralization is mainly composed of early-stage, halo-type associations with quartz, anhydrite, chlorite, biotite, epidote, pyrite, chalcopyrite, and magnetite cut by A- and B-type Mo-bearing quartz veinlets.

Table 1 – Warintza South Results
Hole ID Date Reported From (m) To (m) Interval (m) Cu (%) Mo (%) Au (g/t) CuEq¹ (%)
SLSS-01 Jan 18, 2022 0 755 755 0.28 0.02 0.02 0.36
Including 42 648 606 0.32 0.02 0.02 0.41
Including 188 512 324 0.35 0.02 0.02 0.45
Notes to Table 1: True widths cannot be determined at this time.


Table 2 - Collar Location
Hole ID Easting Northing Elevation (m) Depth (m) Azimuth (degrees) Dip (degrees)
SLSS-01 801494 9645194 1215 755 0 -89
Notes to Table 2: The coordinates are in WGS84 17S Datum.

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. ZTEM data quality was validated by a qualified external professional using data validation procedures under high industry standards, and the Company therefore did not deem it necessary to have such ZTEM data verified by a Qualified Person. Analytical data for the surface samples collected are from recent interpretations derived from ZTEM data and from previous operators as detailed in the technical report entitled, “Resource Estimate of the Warintza Central Cu-Mo Porphyry Deposit" prepared by Equity Exploration Consultants Inc. with an effective date of December 13, 2019, 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 Relations
Direct: 416-366-5678 Ext. 203
Email: jwagenaar@solarisresources.com

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