February 16, 2021 – 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 at Warintza West and the first detailed geophysical survey covering its Warintza Project (“Warintza” or “the Project”) have revealed a much more extensive porphyry system than previously understood. To meet the increased scope of resource and discovery drilling, the Company is doubling its drill program from six to 12 rigs.

Highlights are listed below and corresponding Figures 1-3 and Tables 1-2 are provided.

Highlights

SLSW-01, the first hole drilled at Warintza West, targeting surface geochemistry prior to the receipt of geophysical results, returned a long interval of copper porphyry mineralization, marking a significant new discovery on the Warintza Project
SLSW-01 returned 798m of 0.31% CuEq¹ (0.25% Cu, 0.02% Mo, and 0.02 g/t Au), including 260m of 0.42% CuEq¹ (0.35% Cu, 0.01% Mo, and 0.02 g/t Au) from 32m depth, with geophysics later revealing this interval lies adjacent to a high-conductivity anomaly, described below
Continuous high-conductivity anomaly encompassing Warintza Central, East and West, with approximate dimensions of 3.5km long x 1km wide x 1km deep (Figures 1 and 2)
High conductivity reflects sulphide stockwork mineralization correlating closely to high-grade copper mineralization at Warintza Central
Separate, large-scale high-conductivity anomaly at Warintza South dwarfing geochemical expression, with approximate dimensions of 2.3km x 1.1km x 0.7km (Figure 3)
Previously unknown, large-scale high-conductivity anomaly identified, referred as Yawi, with approximate dimensions of 2.8km x 0.7km x 0.5km
Drill program expanded from six to 12 rigs to accelerate resource and discovery drilling at Warintza Central, West, East and South in the first half of 2021
Mr. Daniel Earle, President and CEO, commented: "We are delighted to have made a significant new discovery at Warintza West, with our first hole returning a long interval of copper porphyry mineralization outside the high-conductivity anomaly that corresponds to high-grades at Warintza Central. With the geophysics revealing a much more extensive porphyry system than previously recognized, we’re doubling our resource growth and discovery drill program from six to 12 rigs."

Geophysical Survey

The advanced airborne ZTEM survey, carried out by Geotech Ltd., covered the entire Warintza and area land package totaling 268km². The survey employed the latest technology specifically designed to map large-scale porphyry targets to theoretical depths exceeding 2km. High-conductivity (low resistivity) anomalies, as referred to in this press release, are presented at <100 ohm-m from three-dimensional inversion of the measured electromagnetic data.

Warintza Central, East and West

A continuous high-conductivity volume encompassing Warintza Central, Warinzta East and Warintza West, was defined by the geophysical survey with approximate dimensions of 3.5km long x 1km wide x 1km deep. At Warintza Central, the anomaly correlates closely with high-grade primary mineralization at depth, while the at/near-surface mineralization is not reflected well.

The zone previously described as El Trinche, which is reflected on surface as a 500m x 300m area of stockwork mineralization ranging from 0.2%-0.8% copper, appears to be a southern extension of Warintza Central. Warintza West appears to be down-dropped to the west of Warintza Central by faulting with moderate grade disseminated mineralization intersected in SLSW-01 preserved to surface above the high conductivity anomaly. Maiden drilling at El Trinche and Warintza East is planned for the first half of 2021.

Warintza South

Warintza South is a separate large, northwest oriented high-conductivity anomaly located approximately 4km to the south of Warintza Central. The conductivity anomaly measures approximately 2.3km x 1.1km and averages 700m in thickness, beginning approximately 200m below surface, with possible overlying disseminated and/or leached and supergene mineralization reflected in its corresponding geochemical anomaly. Maiden drilling is planned for the first half of 2021.

Yawi

Yawi is a previously unknown target generated by the geophysical survey and located approximately 850m to the east of the Warintza East anomaly. Yawi is oriented north-south and the high conductivity anomaly measures approximately 2.8km x 0.7km and 0.5km in thickness. The geophysical survey indicates the anomaly commences at a depth of approximately 450m.

Table 1 – Assay Results

Hole ID Date Reported From (m) To (m) Interval (m) Cu (%) Mo (%) Au (g/t) CuEq¹ (%)
SLSW-01 Feb 16, 2021 32 830 798 0.25 0.02 0.02 0.31
Including 32 292 260 0.35 0.01 0.02 0.42
SLS-08 Jan 14, 2021 134 588 454 0.51 0.03 0.03 0.62
Including 134 274 140 0.90 0.03 0.05 1.05
SLS-07 0 1067 1067 0.49 0.02 0.04 0.60
Including 2 702 700 0.58 0.03 0.04 0.70
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 1004 1004 0.59 0.03 0.05 0.71
SLS-03 Sept 28, 2020 4 1014 1010 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

Notes to table: Grades are uncut and true widths have not been determined.

Table 2 – Collar Location for Warintza West

Hole ID Easting Northing Elevation (m) Depth (m) Azimuth (degrees) Dip (degrees)
SLSW-01 798507 9648465 1519 993 320 -66

Notes to table: The coordinates are in WGS84 17S Datum.

Figure 1 – Plan View of Geophysics Overlayed with Drilling and Geochemistry

Plan View of Geophysics Overlayed with Drilling and Geochemistry

Figure 2 – 3D Long Section Looking Northeast at Warintza Central

3D Long Section Looking Northeast at Warintza Central

Figure 3 – 3D Long Section Looking Northeast at Warintza South

3D Long Section Looking Northeast at Warintza South

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

On behalf of the Board of Solaris Resources Inc.

“Daniel Earle”
President & CEO, Director

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