Solaris Reports Highest Grades to Date in Second Porphyry Centre Outside Resource at Warintza East, with 301m of 0.65% CuEq from Surface Ending in 31m of 0.76% CuEq

June 1, 2023 – Vancouver, B.C. – Solaris Resources Inc. (TSX: SLS; OTCQB: SLSSF) (“Solaris” or the “Company”) is pleased to announce assay results confirming the discovery of a second porphyry center featuring the highest grades to date at Warintza East, with strong mineralization starting from bedrock surface extending to the end of the hole. The new zone is open to the east, west, south and at depth, with follow-up drilling already underway at this important new discovery at the Warintza Project (“Warintza” or “the Project”) in southeastern Ecuador. Highlights are listed below, with a corresponding image in Figure 1 and results in Tables 1-2.

Highlights

Warintza East was discovered in July 2021, with eight drill holes included in the Warintza Central Mineral Resource Estimate (“MRE”)¹ in April 2022. Subsequent drilling has significantly expanded the dimensions of the deposit, with ongoing drilling targeting further mineral resource growth

The latest drilling made an important discovery of a second, more intensely-mineralized porphyry center located outside the MRE, approximately 350m south of the original discovery, with assays now confirming the highest grades encountered at Warintza East to date

SLSE-28 was collared to the south of the Warintza East drill grid and drilled vertically to the limit of the KD-200 rig, returning 301m of 0.65% CuEq² from bedrock surface at 8m depth to the end of the hole, with the final 31m averaging 0.76% CuEq²

Two new platforms were constructed to the east and west, also outside the MRE, with follow-up drill hole SLSE-29 testing the southeast extension up to 200m to the east now completed and SLSE-30 in progress testing the potential to the west

SLSE-29 and SLSE-30 were both drilled with KD-200 rigs to allow for the rapid expansion of this emerging zone of near surface, high grade mineralization, with follow-up deeper drilling planned with larger capacity KD-1400 rigs

The new zone is wide open and additional follow-up drilling is planned to test the potential for lateral expansion, focusing on vectors to the south and southeast where new step-out platforms are under construction

Mr. Jorge Fierro, Vice President, Exploration, commented, “The discovery of a second, significantly higher grade porphyry center at Warintza East is a welcome surprise in our ongoing mineral resource growth drilling program. This new zone offers the potential to rapidly add near surface, high grade mineralization to the deposit that could contribute to future starter pit growth. Moreover, the zone is wide open with step-out and extension drilling coming soon.”

Figure 1 – Plan View of Warintza East Drilling Released to Date

Table 1 – Assay Results
Hole ID Date Reported From (m) To (m) Interval (m) Cu (%) Mo (%) Au (g/t) CuEq² (%)
SLSE-28 May 31, 2023 8 309 301 0.54 0.02 0.07 0.65
Including 278 309 31 0.68 0.01 0.07 0.76

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)
SLSE-28 801438 9647864 1162 309 0 -90
Notes to table: The coordinates are in WGS84 17S Datum.

Endnotes

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.
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.

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. Details on the surface sampling conducted at the Project are set out in the 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 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

About Solaris Resources Inc.