August 18, 2020 – Vancouver, B.C. – Solaris Resources Inc. (TSXV: SLS) ("Solaris" or the "Company") is pleased to announce details of the ongoing ramp-up in exploration activities at its Warintza Project (“Warintza” or “the Project”) in south-eastern Ecuador. The company is fully-funded for these activities with approximately C$25 million in cash¹.
Highlights
An advanced airborne geophysical survey has commenced, covering the Company’s entire Warintza and area land package totaling 268 square kilometres (km) (see Figure 1)
The geophysical survey aims to refine targeting within the 5 km-long Warintza porphyry trend, including the interpreted high-grade core at Warintza Central and additional porphyry centers
A secondary objective of the geophysical survey is to define targets within a series of three multi-km gold-in-soil anomalies generated by sampling northeast of Warintza last year
The Company also reports that a second drill rig has arrived on site and is set to commence drilling at Warintza Central this week, with a third drill rig due to arrive in September
Warintza Central was discovered by the late David Lowell in 2000, and was the top-ranked target within a regional exploration program that also yielded the Mirador discovery the following year². The discovery resulted from David’s classic approach of ‘boots on the ground’ geology, with more than two months of grueling fieldwork in rugged, almost completely-covered terrain, without the benefit of the trails and access the Company now utilizes.
Mr. Daniel Earle, President & CEO, commented:
“We are fortunate to have access to capital that was not available to David in his time and look forward to completing the first detailed geophysical survey in the history of the property, with results due in September. The survey is designed to aid in vectoring toward the interpreted high-grade core of Warintza Central and additional porphyry centers on the Warintza trend. We’re also keen to define targets within our large-scale gold anomalies, and learn about what other potential exists on this bounteous property.”
Warintza Targets
Warintza Central, where drilling is currently being conducted, is 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)³, based on historic drilling totaling less than 7,000m and averaging less than 200m in depth. The resource is open laterally and at depth.
In addition, Warintza hosts a 5 km-long trend of porphyry mineralization comprising from west to east: the Warintza West, Central, and East zones. Warintza South is a separate porphyry occurrence approximately 4 km to the south. Numerous areas feature +1% Cu in rock samples, and a channel sample at Warintza West returned 81 m of 1.1% Cu last year. There has been no drilling outside of the Warintza Central area.
Gold Anomalies
Stream sediment and soil sampling last year identified a series of three multi-km gold anomalies in a covered area at low elevation to the northeast of the Warintza Trend. The largest of these anomalies is known as Caya and measures approximately 4.5 km east-west by 4 km north-south in soils. The northern anomalies are known as Maiki 1 and Maiki 2.
Geophysical Survey
Solaris has contracted Geotech Ltd. to complete an advanced ZTEM survey, which is designed to provide precise electromagnetic measurements to great depths. The survey employs the latest technology specifically designed to map large porphyry-hosted and structurally-controlled targets to theoretical depths exceeding 2,000m. The contract covers a total of approximately 1,666 line-kms over 268 square kms (26,777 hectares), with results expected in September.
Figure 1: Property Map
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