October 15, 2021

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Solaris Reports 1,184m of 0.68% CuEq From Surface in Expansion of Warintza Central; Maiden Drilling Commences at El Trinche

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VANCOUVER, BC, Sept. 7, 2021 /CNW/ – Solaris Resources Inc. (TSX: SLS) (OTCQB: SLSSF) (“Solaris” or the “Company”) is pleased to report the latest assay results from ongoing resource expansion drilling at its Warintza Project (“Warintza” or “the Project”) in southeastern Ecuador.

Highlights are listed below, with corresponding images in Figures 1-2 and detailed results in Tables 1-2. A dynamic 3D model is available on the Company’s website and will be updated to incorporate the most recent results.

Highlights

  • Three additional holes at Warintza Central have infilled gaps within the drilling pattern and extended the envelope of high-grade mineralization to the east, with high-grade mineralization encountered in all holes starting at or near surface

  • SLS-27 was collared in the southwestern part of Warintza Central and drilled into a partially-open volume to the northeast, returning 462m of 0.91% CuEq¹ from near surface, including 372m of 1.02% CuEq¹ from 36m depth, infilling and extending mineralization in this area

  • SLS-28 was collared in the middle of Warintza Central and drilled into a partially-open volume to the northeast, returning 632m of 0.68% CuEq¹ from surface, including 316m of 1.00% CuEq¹ from 42m depth, infilling and extending mineralization in this area

  • SLS-29 was collared at the southeastern limit of the Warintza Central grid and drilled into an open volume to the east, returning 1,184m of 0.68% CuEq¹ from surface, including 480m of 0.80% CuEq¹ from 48m depth, 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 approximately 500m beyond the southern limit of drilling in an area of rock sampling with values ranging from 0.3-1.1% copper at surface

  • To date, 40 holes have been completed at Warintza Central with assays reported for 29 of these. 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

  • Increased news flow is expected from September through year-end, including remaining assays from SLSE-01, which marked a new discovery at Warintza East (see press release dated July 20, 2021), with the Company adding a second rig to accelerate this important drilling

Mr. Jorge Fierro, Vice President, Exploration, commented: “Drilling at Warintza Central continues to expand the dimensions of the zone beyond its original footprint. The strike length of Central now measures over 1,250m, with ongoing drilling aiming to extend the zone further to the east, broaden the zone to the north, and test the potential for a southern extension of at least 500m at El Trinche. At the same time, we await additional assays for our recent Warintza East discovery, where we have just added a second rig to accelerate drilling.”

Figure 1 – Long Section of 3D Geophysics Looking Northeast (CNW Group/Solaris Resources Inc.)

Note to Figure 1: Figure looks northeast and depicts high-conductivity geophysical anomaly (defined at 100 ohm-m) generated from 3D inversion of electromagnetic data, encompassing from left to right Warintza West, Central, East and the newly-discovered Yawi target (Warintza South lies off image to south).

Figure 2 – Plan View (CNW Group/Solaris Resources Inc.)

Figure 2 – Plan View (CNW Group/Solaris Resources Inc.)

Table 1 – Warintza Central Assay Results

Hole ID

Date Reported

From (m)

To (m)

Interval (m)

Cu (%)

Mo (%)

Au (g/t)

CuEq¹ (%)

SLS-29

September 7,
2021

6

1190

1184

0.58

0.02

0.05

0.68

Including

48

528

480

0.69

0.03

0.04

0.80

SLS-28

6

638

632

0.51

0.04

0.06

0.68

Including

42

358

316

0.81

0.04

0.09

1.00

SLS-27

22

484

462

0.70

0.04

0.08

0.91

Including

36

408

372

0.81

0.04

0.09

1.02

SLS-26

July 7, 2021

2

1002

1000

0.51

0.02

0.04

0.60

SLS-25

62

444

382

0.62

0.03

0.08

0.77

SLS-24

10

962

952

0.53

0.02

0.04

0.62

SLS-19

6

420

414

0.21

0.01

0.06

0.31

SLS-23

May 26, 2021

10

558

548

0.31

0.02

0.06

0.42

SLS-22

86

324

238

0.52

0.03

0.06

0.68

SLS-21

2

1031

1029

0.63

0.02

0.04

0.73

SLS-20

April 19, 2021

18

706

688

0.35

0.04

0.05

0.51

SLS-18

78

875

797

0.62

0.05

0.06

0.83

SLS-17

12

506

494

0.39

0.02

0.06

0.50

SLS-16

Mar 22, 2021

20

978

958

0.63

0.03

0.06

0.77

SLS-15

2

1231

1229

0.48

0.01

0.04

0.56

SLS-14

0

922

922

0.79

0.03

0.08

0.94

SLS-13

Feb 22, 2021

6

468

462

0.80

0.04

0.09

1.00

SLS-12

22

758

736

0.59

0.03

0.07

0.74

SLS-11

6

694

688

0.39

0.04

0.05

0.57

SLS-10

2

602

600

0.83

0.02

0.12

1.00

SLS-09

122

220

98

0.60

0.02

0.04

0.71

SLS-08

Jan 14, 2021

134

588

454

0.51

0.03

0.03

0.62

SLS-07

0

1067

1067

0.49

0.02

0.04

0.60

SLS-06

Nov 23, 2020

8

892

884

0.50

0.03

0.04

0.62

SLS-05

18

936

918

0.43

0.01

0.04

0.50

SLS-04

0

1004

1004

0.59

0.03

0.05

0.71

SLS-03

Sep 28, 2020

4

1014

1010

0.59

0.02

0.10

0.71

SLS-02

0

660

660

0.79

0.03

0.10

0.97

SLS-01

Aug 10, 2020

1

568

567

0.80

0.04

0.10

1.00

Notes to table: Grades are uncut and true widths cannot be determined at this time.

Table 2 – Collar Locations for New Drill Holes

Hole ID

Easting

Northing

Elevation (m)

Depth (m)

Azimuth (degrees)

Dip (degrees)

SLS-29

800124

9648035

1580

1190

80

-72

SLS-28

799765

9648033

1571

570

50

-75

SLS-27

799667

9648029

1499

588

45

-70

Notes to table: The coordinates are in WGS84 17S Datum.

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 secured Company facility located in Quito, Ecuador. Drill core is cut in half on site and samples are securely transported to ALS Labs in Quito.

(1) No adjustments were made for recovery as the project is an early-stage exploration project and metallurgical data to allow for estimation of recoveries is not yet available. Solaris defines copper equivalent calculation for reporting purposes only. Copper-equivalence calculated as: CuEq (%) = Cu (%) + 3.33 × Mo (%) + 0.73 × Au (g/t), utilizing metal prices of Cu – US$3.00/lb, Mo – US$10.00/lb and Au – US$1,500/oz.

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. ALS Labs is independent from Solaris. In addition, selected pulp check samples are sent to Bureau Veritas lab in Lima, Peru. 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. ZTEM data quality was validated by a qualified external professional using data validation procedures under high industry standards. Analytical data for the surface samples collected are from recent interpretations derived from ZTEM data and from previous operators as detailed in the technical report entitled, “Resource Estimate of the Warintza Central Cu-Mo Porphyry Deposit” prepared by Equity Exploration Consultants Inc. with an effective date of December 13, 2019, and available on the Company’s SEDAR profile and website. The drillhole data has been verified by Donald Taylor using data validation and quality assurance procedures under high industry standards.

Qualified Person

The scientific and technical content of this press release has been reviewed and approved by Donald Taylor, MSc., PG, Director of Solaris who is a “Qualified Person” as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects. Donald Taylor is a Registered Professional Geologist through the SME (registered member #4029597).

On behalf of the Board of Solaris Resources Inc.

Daniel Earle
President & CEO, Director

About Solaris Resources Inc.

Solaris is advancing a portfolio of copper and gold assets in the Americas, which includes: a high-grade resource with expansion and additional discovery potential at the Warintza copper and gold project in Ecuador; discovery potential on the grass-roots Tamarugo project in Chile and Capricho and Paco Orco projects in Peru; exposure to US$130M spending / 5-yrs through a farm-out agreement with Freeport-McMoRan on the Ricardo Project in Chile; and significant leverage to increasing copper prices through its 60%-interest in the La Verde joint-venture project with 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 regarding our intent, or the beliefs or current expectations of our officers and directors, including statements the dynamic 3D model on the Company’s website will be updated for the latest results, that El Trinche is a potential southern extension of Warintza Central, that increased news flow is expected in September through year-end, including additional assays at El Trinche and SLSE-01 at Warintza East where the Company is adding a second rig to accelerate drilling, as well as, ongoing drilling at Warintza Central aiming to extend the zone further to the east, broaden the zone to the north, and test the potential for a southern extension of at least 500m at El Trinche. 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. These statements are based on a variety of assumptions including assumptions made about the Company’s ability to advance exploration efforts at the Warintza Project; the results of such exploration efforts; and the Company’s ability to achieve its growth objectives. 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 Managements Discussion and Analysis for the year ended December 31, 2020 available at www.sedar.com. 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.

Solaris Resources Inc. Logo (CNW Group/Solaris Resources Inc.)

Solaris Resources Inc. Logo (CNW Group/Solaris Resources Inc.)

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SOURCE Solaris Resources Inc.

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