Solaris names new COO, talks US$80 million financing

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Solaris Resources Inc. [TSXV-SLS, OTCQB-SLSSF] has named Javier Toro as Chief Operating Officer to lead the advancement of the company’s Warintza copper project in southeastern Ecuador, starting on January 1st, 2024.

In addition, the company said it is in advanced discussions in relation to a US$80 million offtake financing package to fund the project through studies and permitting. The company said there are a number of conditions to closing the US$80 million financing that need to be satisfied, including entering into definitive documentation. It said there is no guarantee that the financing will be completed.

Solaris shares were unchanged at $5.11 on Monday and currently traded in a 52-week range of $7.60 and $4.73.

Toro is a mining engineer with over 25 years of experience, leading the design and execution of engineering and economic studies for global scale open pit copper projects in the Americas. During an 11-year spell with HudBay Minerals Inc.  [TSX, NYSE-HBM], he worked as Vice-President, Mining Technical Services, with prior executive and director-level roles in mining, technical services and mine optimization.

“ Javier is a highly successful leader with a proven record of achievement that is directly relevant to our plans for Warintza,’’ said Solaris President and CEO Daniel Earle.

On October 3, 2023, Solaris announced the appointment of China International Capital Corp. (CICC) as its Chinese financial advisor. CICC is a Beijing-based global investment bank with over 200 branches in China and offices in Kong Kong SAR and internationally. Solaris said that in recent months it has received a number of proposals from parties interested in acquiring all or part of the Warintza. It said CICC will assist in fielding and evaluating the merit of these enquiries and other strategic matters.

Solaris recently reported the discovery of a significant new porphyry deposit at the Patrimonio target area southwest of its Warintza copper project.

Patrimonio represents the sixth porphyry deposit discovered on the Warintza Project, the company said in a press release. The target was identified as part of a program of reconnaissance mapping and sampling.

The first drill hole into this target was completed with visual results from SLSP-01 confirming the discovery of a significant new porphyry deposit, mineralized with high concentrations of chalcopyrite, molybdenite and pyrite from surface to the end of the hole.

Warintza is a world class porphyry copper discovery, with untested gold potential, that the company has been able to expand in recent months. It was discovered in the early 2000s by geologist David Lowell, who was a consultant and strategic partner to Solaris when he passed away in May, 2020. He was 92 at the time of his death.

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