Solaris unveils new copper resource estimate in Ecuador

Solaris Resources Inc. [SLS-TSX, SLSR-NYSE] has announced a new in-pit resource, including higher grade mineralization at its Warintza copper project in southeastern Ecuador.

The company said it is planning to complete 60,000 metres of resource drilling this year in 140 holes from 80 platforms, including over 30,000 metres in the second half of 2024, targeting open extensions and upgrading mineral resources to support the pre-feasibility study (PFS) in the second half of 2025. Concurrent district exploration programs are also targeting complementary discoveries from an expanded portfolio of epithermal gold/silver and porphyry copper targets.

Meanwhile, the company has announced an in-pit resource of 232 million tonnes of grade 0.64% copper equivalent (CuEq) in the measured category and 677 million tonnes at 0.49% CuEq (indicated) for 909 million tonnes of 0.53% CuEq (measured and indicated) and an additional 1.42 billion tonnes at 0.37% CuEq (inferred) at a base case of 0.25% CuEq cut-off grade.

That includes 157 million tonnes at 0.76% CuEq (measured) and 269 million tonnes at 0.69% CuEq (indicated) for 427 million tonnes at 0.71% CuEq (measured and indicated) and an additional 177 million tonnes at 0.62% CuEq (inferred), at a higher cut-off grade of 0.50% CuEq, which reflects the at or near surface supergene and higher-grade hypogene mineralization.

“This new mineral resource estimate provides a solid foundation for future updates and a robust mine plan with a low strip ratio, simple metallurgy and clean concentrates,’’ said Solaris Chief Operating Officer Javier Toro.

“In support of the PFS, we are doing further technical, infill and extensional drilling into open areas within and adjacent to the pit shell,’’ he said.

In early trading Monday, Solaris shares were almost unchanged, easing 0.3% or $0.01 to $3.40. The shares currently trade in a 52-week range of $6.62 and $3.38.

Toro was hired recently to lead the advancement of the Warintza copper project, one of the last remaining greenfield copper districts at low elevation and adjacent to infrastructure available globally.

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 said copper equivalence grade calculation for reporting assumes metal prices of US$4.00 a pound for copper, US$20 a pound for molybdenum and US$1,850 per ounce for gold and recoveries of 90% copper, 85% molybdenum and 70% for gold.