Solaris Resources (TSX:SLS)(NYSEAmerican:SLSR) has announced an In-Pit Mineral Resources Estimate (MRE) for its Warintza Project in southeastern Ecuador. The ongoing mineral resource drilling encompasses over 30,000 meters in the second half of 2024, targeting open extensions and upgrading mineral resources to support the Pre-Feasibility Study (PFS) set for 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.
Mr. Javier Toro, Chief Operating Officer, commented in a press release: “We are very pleased to be able to release this standalone MRE which draws on our combined years of experience with open pit copper projects in the Americas. This new MRE provides a solid foundation for future updates and a robust mine plan with a low strip ratio, simple metallurgy and clean concentrates. In support of the PFS, we are doing further technical, infill and extensional drilling into open areas within and adjacent to the pit shell.”
The In-Pit Mineral Resources at Warintza include 232 million tonnes (Mt) at 0.64% copper equivalent (CuEq) in the measured category and 677 Mt at 0.49% CuEq in the indicated category, resulting in a total of 909 Mt at 0.53% CuEq in measured and indicated categories. An additional 1,426 Mt at 0.37% CuEq is inferred at a base case cut-off grade of 0.25% CuEq. At a higher cut-off grade of 0.50% CuEq, the resources include 157 Mt at 0.76% CuEq in the measured category and 269 Mt at 0.69% CuEq in the indicated category, totaling 427 Mt at 0.71% CuEq in measured and indicated categories, with an additional 177 Mt at 0.62% CuEq in the inferred category.
Warintza is strategically located at a low elevation within the southeast Ecuador mining district. The site benefits from a direct highway connection to Pacific ports and access to low-cost hydroelectric grid power, with potential further development at the adjoining Santiago G8 project. The region has seen significant socioeconomic improvement from mining exploration and development over the past decade.
The 2024 drilling program involves 60,000 meters, with over 30,000 meters planned for the second half of the year. This drilling will be conducted from 140 holes on 80 platforms to provide improved coverage, targeting open lateral extensions, upgrading mineral resources, and converting remaining uncategorized blocks within the pit shell to support the PFS in 2025. Additionally, metallurgical, geotechnical, and hydrogeological drilling is ongoing.
Complementary district exploration efforts are also underway. Fieldwork is targeting epithermal-style gold-silver mineralization south of Caya-Mateo, where recent sampling has returned values between 4 and 12 grams per tonne (g/t) of gold. Field crews are also focused on mapping and sampling combined geophysical and geochemical porphyry copper targets.
Highlights from the results are as follows:
Table 1: Warintza Mineral Resource Estimate Sensitivity
| Cut-off | Category | Tonnage | Grade | |||
| CuEq (%) | (Mt) | CuEq (%) | Cu (%) | Mo (%) | Au (g/t) | |
| 0.15% | Measured | 246 | 0.61 | 0.45 | 0.02 | 0.05 |
| Indicated | 836 | 0.44 | 0.30 | 0.02 | 0.04 | |
| M&I | 1,082 | 0.48 | 0.34 | 0.02 | 0.04 | |
| Inferred | 3,135 | 0.27 | 0.20 | 0.01 | 0.04 | |
| 0.25% (Base Case) |
Measured | 232 | 0.64 | 0.47 | 0.02 | 0.05 |
| Indicated | 677 | 0.49 | 0.34 | 0.02 | 0.04 | |
| M&I | 909 | 0.53 | 0.37 | 0.02 | 0.05 | |
| Inferred | 1,426 | 0.37 | 0.27 | 0.01 | 0.04 | |
| 0.35% | Measured | 207 | 0.68 | 0.50 | 0.03 | 0.06 |
| Indicated | 497 | 0.56 | 0.40 | 0.02 | 0.05 | |
| M&I | 704 | 0.60 | 0.43 | 0.02 | 0.05 | |
| Inferred | 640 | 0.47 | 0.34 | 0.02 | 0.05 | |
| 0.50% (Higher Grade) |
Measured | 157 | 0.76 | 0.56 | 0.03 | 0.06 |
| Indicated | 269 | 0.69 | 0.50 | 0.03 | 0.05 | |
| M&I | 427 | 0.71 | 0.52 | 0.03 | 0.06 | |
| Inferred | 177 | 0.62 | 0.45 | 0.02 | 0.07 | |
Notes to Table 1:
- The Mineral Resource Estimate was prepared in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Definition Standards for Mineral Resources and Mineral Reserves, adopted by the CIM Council on May 10, 2014.
- Reasonable prospects for eventual economic extraction assume open-pit mining with conventional flotation processing and were tested using Whittle and Minesight pit optimization software with the following assumptions: metal prices of US$4.00/lb Cu, US$20.00/lb Mo, and US$1,850/oz Au; operating costs of US$1.50/t+US$0.02/t per bench mining, US$5.0/t milling, US$1.0/t G&A, and recoveries of 90% Cu, 85% Mo, and 70% Au based on preliminary metallurgical testwork.
- Metal price assumptions for copper, molybdenum and gold are based on a discount to the lesser of the 3-year trailing average (in accordance with US Securities and Exchange Commission guidance) and current spot prices for each metal.
- Mineral Resources include grade capping and dilution. Grade was interpolated by ordinary kriging populating a block model with block dimensions of 25m x 25m x 15m.
- Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
- Copper-equivalent 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 and includes provisions for downstream selling costs. CuEq formula: CuEq (%) = Cu (%) + 5.604 × Mo (%) + 0.623 × Au (g/t).
- The Mineral Resources estimate was prepared by Mario E. Rossi, FAusIMM, RM-SME, Principal Geostatistician of Geosystems International Inc., who is an Independent Qualified Person under NI 43-101. The Mineral Resources estimate is at a base case of 0.25% CuEq¹ cut-off grade and other estimates at varying cut-off grades are included only to demonstrate the sensitivity of the Mineral Resources estimate and are not the QP’s estimate of the Mineral Resources for the property.
- In Mr. Rossi’s opinion, there are currently no relevant factors or legal, political, environmental, or other risks that could materially affect the potential development of Mineral Resources.
- All figures are rounded to reflect the relative accuracy of the estimate and therefore may not appear to add precisely.
- The effective date of the mineral resource estimate is July 1, 2024.
Endnotes
- 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 and includes provisions for downstream selling costs. CuEq formula: CuEq (%) = Cu (%) + 5.604 × Mo (%) + 0.623 × Au (g/t).
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