March 13, 2023 – Vancouver, B.C. – Solaris Resources Inc. (TSX: SLS; OTCQB: SLSSF) (“Solaris” or “the Company”) is pleased to report assay results from a series of holes aimed at growing the Northeast Extension of the ‘Indicative Starter Pit’ at its Warintza Project (“Warintza” or “the Project”) in southeastern Ecuador. Highlights are listed below, with a corresponding image in Figure 1 and detailed results in Tables 1-2.

Highlights
Resource expansion drilling continues to grow the Northeast Extension of the ‘Indicative Starter Pit’, an area of near surface, high-grade mineralization estimated at 180 Mt at 0.82% CuEq¹ (Indicated) and 107 Mt at 0.73% CuEq¹ (Inferred) within the Warintza Mineral Resource Estimate² (“MRE”) based on drilling to the end of 2021. Assays are pending from follow-up step-out drilling, with additional platforms planned for construction.

SLS-70 was collared at the northeastern limit of Warintza Central and drilled northeast into an open volume, returning 186m of 0.64% CuEq¹ from near surface within a broader interval of 264m of 0.55% CuEq¹, expanding the zone to the north where it remains open

This hole follows from SLS-65, drilled approximately 90 degrees to the northwest from the same platform, which returned 286m of 0.55% CuEq¹ from near surface (refer to press release dated December 5, 2022)

SLS-69, collared from the same platform and drilled the opposite direction to the southwest, returned 156m of 0.60% CuEq¹ from 52m depth within a broader interval of 846m of 0.30% CuEq¹, connecting the Northeast Extension to Warintza Central

Prior hole SLS-66, drilled west-southwest, returned 124m of 0.82% CuEq¹ from near surface within a broader interval of 622m of 0.42% CuEq¹ (refer to press release dated September 7, 2022) from a platform to the south where a follow-up southwest-oriented hole is planned to better connect the Northeast Extension to Warintza Central

Assays are pending from two newly constructed 250m step-out platforms testing the zone further to the northeast, with additional platforms planned for construction as the weather improves

Mr. Jorge Fierro, Vice President, Exploration, commented: “The Northeast Extension represents a significant area of focus for growing the ‘Indicative Starter Pit’, one of the two key goals for the follow-on drilling program from the 2022 MRE, with the other being major resource growth at Warintza East, where extensional and step-out holes are due shortly. In addition, a major program of reconnaissance sampling that commenced last summer has identified new areas of well mineralized outcrop in previously inaccessible terrain adjacent to the Warintza Central and Warintza East deposits that present opportunities for additional discoveries, with further details to be released shortly.”


Figure 1 – Plan View of Warintza Central Drilling Released to Date³

Table 1 – Assay Results
Hole ID Date Reported From (m) To (m) Interval (m) Cu (%) Mo (%) Au (g/t) CuEq¹ (%)
SLS-70 Mar 13, 2023 26 290 264 0.38 0.03 0.11 0.55
Including 104 290 186 0.48 0.03 0.11 0.64
Including 104 198 94 0.53 0.03 0.11 0.70
SLS-69 52 898 846 0.20 0.02 0.03 0.30
Including 52 208 156 0.48 0.02 0.08 0.60
Including 52 122 70 0.56 0.03 0.06 0.70
Notes to table: True widths of the mineralized zone are not known at this time.

Table 2 - Collar Location
Hole ID Easting Northing Elevation (m) Depth (m) Azimuth (degrees) Dip (degrees)
SLS-70 800350 9648417 1356 291 20 -65
SLS-69 800350 9648417 1356 944 200 -70
Notes to table: The coordinates are in WGS84 17S Datum.

Endnotes

Copper-equivalence calculated as: CuEq (%) = Cu (%) + 4.0476 × Mo (%) + 0.487 × Au (g/t), utilizing metal prices of US$3.50/lb Cu, US$15.00/lb Mo, and US$1,500/oz Au, and assumes recoveries of 90% Cu, 85% Mo, and 70% Au based on preliminary metallurgical test work. The ‘Indicative Starter Pit’ is based on the same assumptions as the MRE except utilized metal prices of US$1.00/lb Cu, US$7.50/lb Mo, and US$750/oz Au. The ‘Indicative Starter Pit’ is comprised of Indicated mineral resources of 180 Mt at 0.82% CuEq (0.67% Cu, 0.03% Mo, 0.07 g/t Au) and Inferred mineral resources of 107 Mt at 0.73% CuEq (0.64% Cu, 0.02% Mo, 0.05 g/t Au) above a 0.6% CuEq cut-off grade. No economic analysis has been completed by the Company and there is no guarantee an ‘Indicative Starter Pit’ will be realized or prove to be economic.
Refer to Solaris’ technical report titled, “NI 43-101 Technical Report for the Warintza Project, Ecuador” with an effective date of April 1, 2022, prepared by Mario E. Rossi and filed on the Company’s SEDAR profile at www.sedar.com.
For additional details on “Near Surface, High-Grade, NE Extension” intervals, refer to press release dated May 26, 2022 for SLS-57: 230m of 0.73% CuEq (0.59% Cu, 0.03% Mo, 0.08 g/t Au), refer to press release dated July 20, 2022 for SLS-62: 168m of 0.68% CuEq (0.51% Cu, 0.03% Mo, 0.07 g/t Au) and SLS-63: 230m of 1.02% CuEq (0.87% Cu, 0.02% Mo, 0.12 g/t Au), refer to press release dated September 7, 2022 for SLS-64: 110m of 0.54% CuEq (0.38% Cu, 0.04% Mo, 0.03 g/t Au) and SLS-66: 124m of 0.82% CuEq (0.71% Cu, 0.02% Mo, 0.09 g/t Au), refer to press release dated December 5, 2022 for SLS-65: 286m of 0.55% CuEq (0.38% Cu, 0.04% Mo, 0.06 g/t Au) and SLS-68: 72m of 1.00% CuEq (0.88% Cu, 0.02% Mo, 0.06 g/t Au).

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. 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