Solaris Reports First Drill Hole Intersection: 567m of 1.0% CuEq From Surface, Expands Warintza Central

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10/08/2020 19:04
August 10, 2020 – Vancouver, B.C. – Solaris Resources Inc. (TSXV: SLS) ("Solaris" or the "Company") is pleased to report assay results for the first hole from the ongoing 40,000 metre (m) diamond drill program at its Warintza Project (“Warintza” or “the Project”) in south-eastern Ecuador. This is the first drill program made possible in nearly 20 years at Warintza and aims to expand the lateral footprint and depth extent of the high-grade Warintza Central zone, discovered by the late David Lowell in 2000.

Highlights from the recent drilling are listed below and summarized in Table 1 and 2.

•The first hole, SLS-01, returned a consistent, high grade interval starting from surface of
567m of 0.80% Cu, 0.04% Mo, and 0.1 g/t Au (1.00% CuEq)(1) and terminated in a barren dyke (true width cannot be determined with the data and information currently available)
•SLS-01 greatly extends mineralization to depth and improves upon the grade of Warintza Central in which historical drilling averaged less than 200m depth
•Geological interpretation places this interval in the ‘outer halo’ of the porphyry system, with the higher-grade core to be vectored toward with additional drilling
•An advanced airborne geophysical survey commencing next week is expected to aid in targeting at Warintza Central and within the broader 5km-long Warintza trend
•A secondary objective of the geophysical survey is to refine the series of three multi-km gold-in-soil anomalies located northeast of Warintza and generated by soil sampling last year
•Additional drill results are expected by early September, with more frequent results expected as drilling ramps up thereafter

Mr. Jorge Fierro, Vice President, Exploration, commented, “We are very pleased to have intersected a long interval of consistent, high grade porphyry mineralization from surface on the first-ever deep hole drilled on this property. The hole was collared within the footprint of Warintza Central, but greatly extends mineralization to depth before terminating in a barren dyke. As expected, no significant values of deleterious elements were detected in assaying.”

Mr. Daniel Earle, President & CEO, commented, “We are delighted to report the results of the first drill hole completed on the Warintza Project in nearly 20 years, an achievement made possible through the Strategic Alliance with the Warints and Yawi indigenous communities that forms the foundation of social support for this project. With this result, we have begun to write a fitting epilogue to David Lowell’s legendary career.”

Warintza Central is presently defined by a pit-optimized Mineral Resource estimate of 124 Million tonnes of Inferred Resources grading 0.56% Cu, 0.03% Mo and 0.1 g/t Au (0.70% CuEq)(2), based on historic drilling totaling less than 7,000m and averaging less than 200m in depth. The resource is entirely open laterally and at depth and is set within the 5 km-long Warintza trend of porphyry mineralization. There has been no drilling outside of the Warintza Central area.

Table 1
Drill Hole From (m) To (m) Interval (m) Cu (%) Mo (%) Au (g/t) CuEq(³) (%)
SLS-01 1 568 567 0.80 0.04 0.1 1.00
Including 48 492 446 0.88 0.04 0.1 1.09
Grades are uncut and true widths have not been determined.

Table 2
Drill Hole Datum Easting Northing Elevation (m) Depth
(m) Azimuth (degrees) Dip (degrees)
SLS-01 WGS84 17S 799765 9648033 1571 805 351 -80

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. ALS Labs is independent from Solaris. In addition, selected pulp check samples are sent to Bureau Veritas 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 technical content of this release has been compiled, 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. All technical information related to Warintza is based on the “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 website.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

On behalf of the Board of Solaris Resources Inc.

“Daniel Earle”
President & CEO, Director

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