EXHIBIT 99.1
Solaris Reports 87m of 1.23% CuEq, 93m of 1.01% CuEq and 84m of 1.00% CuEq Improving Modelled Grades Near Surface in MRE
QUITO, Ecuador, Oct. 07, 2024 (GLOBE NEWSWIRE) -- Solaris Resources Inc. (TSX: SLS; NYSE: SLSR) (“Solaris”
or the “Company”) is pleased to report assay results from its ongoing 2024 drilling program of 60,000m targeting open extensions
of mineralization while upgrading mineral resources and converting waste at its Warintza Project (“Warintza” or “the
Project”) in southeastern Ecuador. Highlights are listed below with detailed results in Figure 1 and Tables 1-2.
Highlights
Drill results reported here build on the 2024 Mineral Resource Estimateˆ
(“MRE”), with this release including intercepts of high-grade mineralization partially outside of the MRE in the northwest
and northeast sectors. Holes in this release also improve upon modelled grades in sparsely drilled areas of the northwest, north and northeast
sectors.
Northwest, North and Northeast Sectors:
- SLS-102 (drilled northwest): 93m of 1.01% CuEq² within 156m of 0.74% CuEq² from surface
- SLS-103 (drilled north): 87m of 1.23% CuEq² within 528m of 0.59% CuEq² from surface
- SLS-104 (drilled southeast): 84m of 1.00% CuEq² within 485m of 0.77% CuEq² from surface
- SLSE-54 (drilled southwest): 258m of 0.52% CuEq² within 399m of 0.41% CuEq² from surface
Holes SLS-103 and SLSE-54 added new high-grade mineralization at surface partially outside of the MRE in the northwest and northeast sectors, respectively, while all four holes improved upon the modelled grade in their vicinity.
SLS-102 is located in the northwest sector where mineralization has been extended to the contact with a tabular granodiorite that shapes the northwestern pit wall. Step-out exploration drilling testing the potential for mineralization within a large area of undrilled soil anomaly on the far side of this body has been completed with assays expected in the coming weeks.
On Track to Exceed 2024 Drilling Plan:
Warintza continues to see high drilling productivity from significant infrastructure investment at site and is on track to exceed the 60,000m of drilling planned this year, with over 53,000m drilled to the end of Q3/24. Drilling includes holes focused on open extensions and infill of the MRE, as well as condemnation and geotechnical drilling.
Figure 1 – Warintza Drilling and Targets
Table 1 – Mineral Resource Extension, Infill and Condemnation Results
| Hole ID | Date Reported |
From (m) |
To (m) |
Interval (m) |
Cu (%) |
Mo (%) |
Au (g/t) |
CuEq² (%) |
Comments |
| SLS-104 | Oct 7, 2024 |
0 | 485 | 485 | 0.56 | 0.03 | 0.06 | 0.77 | Northern sector - infill |
| Including | 45 | 129 | 84 | 0.82 | 0.02 | 0.07 | 1.00 | ||
| Including | 45 | 255 | 210 | 0.69 | 0.03 | 0.07 | 0.90 | ||
| Including | 45 | 485 | 440 | 0.61 | 0.03 | 0.06 | 0.82 | ||
| SLS-103 | 0 | 528 | 528 | 0.26 | 0.05 | 0.04 | 0.59 | Northwest sector – infill
and extensional | |
| Including | 21 | 108 | 87 | 1.00 | 0.03 | 0.11 | 1.23 | ||
| Including | 21 | 483 | 462 | 0.29 | 0.06 | 0.05 | 0.64 | ||
| Including | 240 | 345 | 105 | 0.28 | 0.08 | 0.02 | 0.72 | ||
| SLS-102 | 0 | 156 | 156 | 0.46 | 0.04 | 0.08 | 0.74 | Northwest sector - infill | |
| Including | 57 | 150 | 93 | 0.73 | 0.04 | 0.09 | 1.01 | ||
| SLS-101 | 0 | 307 | 307 | 0.06 | 0.01 | 0.02 | 0.14 | Northwest sector - condemnation | |
| SLSE-60 | 0 | 290 | 290 | 0.16 | 0.01 | 0.03 | 0.23 | Northeast sector - infill | |
| Including | 93 | 290 | 197 | 0.21 | 0.01 | 0.04 | 0.30 | ||
| Including | 141 | 290 | 149 | 0.24 | 0.01 | 0.05 | 0.35 | ||
| Including | 207 | 290 | 83 | 0.28 | 0.02 | 0.03 | 0.43 | ||
| SLSE-58 | 0 | 453 | 453 | 0.03 | 0.00 | 0.01 | 0.04 | Northeast sector - condemnation | |
| SLSE-57 | 0 | 660 | 660 | 0.22 | 0.01 | 0.05 | 0.30 | Southeast sector - extensional | |
| Including | 552 | 660 | 108 | 0.49 | 0.02 | 0.06 | 0.61 | ||
| SLSE-56 | 0 | 381 | 381 | 0.09 | 0.00 | 0.03 | 0.11 | Northeast sector - condemnation | |
| SLSE-55 | 0 | 473 | 473 | 0.12 | 0.00 | 0.02 | 0.16 | Northeast sector - condemnation | |
| SLSE-54 | 0 | 399 | 399 | 0.29 | 0.01 | 0.04 | 0.41 | Northeast sector – infill
and extensional | |
| Including | 0 | 258 | 258 | 0.37 | 0.02 | 0.05 | 0.52 | ||
| Including | 81 | 231 | 150 | 0.43 | 0.02 | 0.05 | 0.60 | ||
| SLSE-53 | 0 | 455 | 455 | 0.04 | 0.00 | 0.02 | 0.07 | Northeast sector – condemnation | |
| SLSE-52 | 0 | 138 | 138 | 0.15 | 0.01 | 0.03 | 0.23 | Southeast sector - condemnation | |
| SLSE-51 | 0 | 257 | 257 | 0.15 | 0.01 | 0.03 | 0.20 | Southeast sector - condemnation |
Notes to Table 1: True widths are interpreted to be very close to drilled widths due to the bulk-porphyry style mineralized zones at Warintza.
Table 2 - Collar Locations
| Hole ID | Easting | Northing | Elevation
(m) |
Depth
(m) |
Azimuth (degrees) | Dip (degrees) |
| SLS-104 | 800383 | 9648303 | 1411 | 485 | 110 | -70 |
| SLS-103 | 799760 | 9648031 | 1575 | 528 | 360 | -56 |
| SLS-102 | 799568 | 9648147 | 1403 | 253 | 315 | -60 |
| SLS-101 | 799760 | 9648031 | 1575 | 307 | 180 | -45 |
| SLSE-60 | 801800 | 9648235 | 1102 | 290 | 243 | -54 |
| SLSE-58 | 801806 | 9648243 | 1098 | 454 | 90 | -58 |
| SLSE-57 | 801150 | 9647610 | 1396 | 660 | 45 | -60 |
| SLSE-56 | 801163 | 9648335 | 1309 | 382 | 326 | -71 |
| SLSE-55 | 801597 | 9648134 | 1155 | 473 | 25 | -50 |
| SLSE-54 | 801596 | 9648136 | 1154 | 481 | 240 | -70 |
| SLSE-53 | 801802 | 9648239 | 1100 | 455 | 23 | -68 |
| SLSE-52 | 801248 | 9647968 | 1252 | 354 | 270 | -46 |
| SLSE-51 | 801246 | 9647967 | 1252 | 257 | 225 | -45 |
Notes to Table 2: The coordinates are in WGS84 17S Datum.
Endnotes
- Refer to the technical report entitled “Mineral Resource Estimate Update - NI 43-101 Technical Report, Warintza Project, Ecuador” with an effective date of July 1, 2024 and available on SEDAR+ under the Company’s profile at www.sedarplus.ca and on the Company’s website.
- Copper-equivalence grade calculation for reporting assumes metal prices of US$4.00/lb Cu, US$20.00/lb Mo, and US$1,850/oz Au, and recoveries of 90% Cu, 85% Mo, and 70% Au based on preliminary metallurgical testwork. CuEq formula: CuEq (%) = Cu (%) + 5.604 × Mo (%) + 0.623 × Au (g/t).
Technical Information and Quality Control & Quality Assurance
Sample assay results have been
independently monitored through a quality control/quality assurance (“QA/QC”) program that includes the insertion of blind
certified reference materials (standards), blanks and field duplicate samples. Logging and sampling are completed at a secure Company
facility located on site. Drill core is cut in half on site and samples are securely transported to ALS Labs in Quito. Sample pulps are
sent to ALS Labs in Lima, Peru and Vancouver, Canada for analysis. Total copper and molybdenum contents are determined by four-acid digestion
with AAS finish. Gold is determined by fire assay of a 30-gram charge. In addition, selected pulp check samples are sent to Bureau Veritas
lab in Lima, Peru. Both ALS Labs and Bureau Veritas lab are independent of Solaris. Solaris is not aware of any drilling, sampling, recovery
or other factors that could materially affect the accuracy or reliability of the data referred to herein. Heliborne magnetic, LIDAR and
other layers of data quality for Warintza district exploration were validated by a qualified external professional using data validation
procedures under high industry standards and the Company therefore did not require such data to be further verified by a “Qualified
Person” as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects. The remaining scientific
and technical information, including the drillhole data, has been verified by Jorge Fierro, M.Sc., DIC, PG, using data validation and
quality assurance procedures under high industry standards. The verification activities included a search for factual errors, completeness
of the lithological and assay data, and suitability of the primary data. As part of the database verification activities, the assay information
and certificates obtained directly from the analytical laboratory have been examined as well.
Qualified Person
The scientific and technical content of this press release has been reviewed and approved by Jorge Fierro, M.Sc., DIC,
PG, Vice President Exploration of Solaris who is a “Qualified Person” as defined in National Instrument 43-101 Standards
of Disclosure for Mineral Projects. Jorge Fierro is a Registered Professional Geologist through the SME (registered member #4279075).
On
behalf of the Board of Solaris Resources Inc.
“Daniel Earle”
President & CEO, Director
For Further Information
Jacqueline Wagenaar, VP Investor Relations
Direct: 416-366-5678 Ext. 203
Email: jwagenaar@solarisresources.com
About Solaris Resources Inc.
Solaris is advancing a portfolio of copper and gold assets in the Americas, which includes a world class copper resource with expansion and discovery potential at its Warintza Project in Ecuador; a series of grass roots exploration projects with discovery potential in Peru and Chile; and significant leverage to increasing copper prices through its 60% interest in the La Verde joint-venture project with a subsidiary of Teck Resources in Mexico.
Cautionary Notes and Forward-looking Statements
This document contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively “forward-looking statements”). The use of the words “will” and “expected” and similar expressions are intended to identify forward-looking statements. These statements include statements that its ongoing 60,000m 2024 drilling program aims to target open extensions of mineralization while upgrading mineral resources and converting waste at Warintza, step-out exploration drilling testing the potential for mineralization on the far side of this body is completed with assays expected in the coming weeks, and the Company is on track to exceed the 60,000m of drilling planned this year, and drilling includes holes focused on open extensions and infill of the MRE, as well as condemnation and geotechnical drilling. Although Solaris believes that the expectations reflected in such forward-looking statements and/or information are reasonable, readers are cautioned that actual results may vary from the forward-looking statements. The Company has based these forward-looking statements and information on the Company’s current expectations and assumptions about future events including assumptions regarding the exploration and regional programs. These statements also involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements, including the risks, uncertainties and other factors identified in the Solaris Management’s Discussion and Analysis, for the year ended December 31, 2023 available at www.sedarplus.ca. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and Solaris does not undertake any obligation to publicly update or revise any of these forward-looking statements except as may be required by applicable securities laws.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d0963a96-4d37-48fa-a14c-2ec80d9b947b