Solaris Resources Inc. [SLS-TSXV, SLSSF-OTCQB] on Monday released more impressive drill results from its Warintza project in southeastern Ecuador.
Solaris President and CEO Daniel Earle has said Warintza is a world class discovery. It sat largely dormant since 2001 due to breakdown in social acceptance from local communities. However, an extensive dialogue has led to an understanding of the root causes of the conflict, and the resolution of underlying issues in mid-2019. That led to the institution of an informed and innovative CSR program.
The company said the Warintza Central area of the 26,777-hectare project continues to demonstrate the potential to become a large, high-grade, open pit copper porphyry deposit, within the limits of the mineralization yet to be found.
Warintza Central is presently defined by a pit-optimized mineral resource estimate of 124 million tonnes of inferred resources, grading 0.70% copper equivalent (0.56% copper, 0.03% molybdenum, and 0.1 g/t gold). The estimate is based on less than 7,000 metres of drilling on the discovery outcrop and to an average depth of just under 200 metres.
However, with a 40,000-metre drilling program under way, the company is hoping to increase the inferred resource at Warintza Central to around the 1.0 billion tonnes level by the end of this year.
On Monday, Solaris said additional holes at Warintza Central have infilled gaps within the drilling pattern and extended the envelope of high-grade mineralization to the east. (the highest grades are once again starting at surface or near surface).
Hole SLS-27, for example, Â was collared in the southwestern part of Warintza Central and drilled into a partially-open volume to the northeast, returning 462 metres of 0.91% copper equivalent (CuEq) from near surface, including 372 metres of 1.02% CuEq from a depth of 36 metres, infilling and extending mineralization in this area.
Hole SLS-29 was collared at the southeast limit of the Warintza Central grid and drilled into an open volume to the east, returning 1,184 metres of 0.68% CuEq from surface, including 480 metres of 0.80% CuEq from a depth of 48 metres, extending mineralization to the east in this area.
Maiden drilling has begun at El Trinche, a potential southern extension of Warintza Central, with the first hole collared roughly 500 metres beyond the southern limit of drilling in an area of rock sampling with values ranging from 0.3%-1.1% copper at surface.
On Monday the company said 40 holes have been completed at Warintza Central with assays reported for 29 holes. It said the assay backlog has grown due to downtime at the project’s principal lab in Lima to install additional equipment and increase capacity, with operations having now resumed.
Solaris shares advanced 1.0% or 12 cents to $12.29 in light trading The shares are currently trading in a 52-week range of $15.20 and $2.67.