December 30, 2019 – Vancouver, B.C. – Solaris Resources Inc. (“Solaris” or the “Company”) is pleased to announce that it has filed an updated Technical Report for the Warintza Project in Ecuador entitled, “Resource Estimate of the Warintza Central Cu-Mo Porphyry Deposit”. In addition, the Company closed a C$2.76 million non-brokered private placement financing (the “Private Placement”).
The updated Technical Report includes an Inferred Mineral Resource of 124 million tonnes grading 0.56% copper, 0.03% molybdenum and 0.1 g/t gold within an optimized pit shell having a strip ratio of 0.7:1. The Mineral Resource is reported using a cut-off grade of 0.2% copper.
The Technical Report was prepared in accordance with the Canadian Securities Administrator’s National Instrument 43-101 – Standards of Disclosure for Mineral Projects, and is available for review
under the Company's profile on SEDAR (www.sedar.com) and on the Company's website (www.solarisresources.com).
Pursuant to the Private Placement, Solaris issued 6,904,000 units of the Company at a price of C$0.40 per unit for aggregate gross proceeds of approximately C$2.76 million. Each unit consists of one common share of the Company and one-half of a common share purchase warrant of the Company (each whole warrant being a "Warrant"). Each Warrant entitles the holder to acquire one common share at a price of CAD$0.60 for a period of three years. The common shares and Warrants issued pursuant to the financing are subject to a four-month hold period. The proceeds from the Private Placement are expected to be used to fund permitting, exploration and drilling activities at the Company’s projects and for general and working capital purposes.
The updated Mineral Resource, with an effective date of December 13, 2019, was prepared by Trevor Rabb, PGeo, an independent Qualified Person as defined by National Instrument 43-101, who has reviewed, approved and verified the technical content of this news release.
On behalf of the Board of Solaris Resources Inc.