Solaris Resources Inc. [SLS-TSXV, SLSSF-OTCQB] on Wednesday reported the discovery of a significant new porphyry deposit at the Patrimonio target area southwest of its Warintza copper project in southeastern Ecuador.
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 has now been 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.
The first assays from SLSP-01 are expected within four to six week weeks, the company said.
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.
The company has said the Warintza Central area of the 26,777-hectare project demonstrates 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 contains an indicated resource of 579 million tonnes of grade 0.59% copper equivalent. On top of that is an inferred resource of 887 million tonnes of 0.47% copper equivalent (CuEq).
“Patrimonio is an exciting, new discovery, unique in terms of the intensity of mineralization and alteration within the Warintza porphyry cluster,’’ said Jorge Fierro, Vice-President, Exploration at Solaris. “Together with the recent discovery of a second and higher-grade porphyry centre to the south of Warintza East, we now distinguish as Warintza Southeast, the Patrimonio discovery provides strong validation of our exploration approach of systematic soil sampling led by senior geologist Keller Guerra, that has also identified areas of significantly stronger soil anomalism in the Warintza West and Warintza South areas for future exploration,’’ he said.
The company said Patrimonio is defined by an elongated north-south molybdenum anomaly measuring 1.5 kilometres by 0.5 kilometres, enveloped by a copper anomaly extending west, with outcropping porphyry displaying pervasive potassic alteration and stockwork veining, located on the western side of an interpreted major north-south fault adjacent to Warintza Central.
Solaris shares were largely unchanged on the news, easing 0.16% or $0.01 to $5.93. The shares trade in a 52-week range of $11.06 and $4.57.