Solaris Resources (TSX:SLS) Provides Regional Exploration Update With New Porphyry, Skarn and Epithermal Targets and Corporate Update

Solaris Resources (TSX:SLS) has provided an update for the Warintza Project in southeastern Ecuador, and announced that it has identified a number of new targets for further exploration in the support of the drill program. The company also provided a report on the progress of the proposed asset spin-out to create Solaris Exploration Inc. Ecuador’s recent protests concluded on June 30, and the company’s samples have now been able to flow from the core processing facility to the prep lab, which has resumed operations. The samples are continuing on for final assays in Lima, Peru, although there is a considerable backlog of assays still pending. 

The company is continuing its regional exploration program and identified new porphyry, skarn, and epithermal targets. A large high sulphidation epithermal target was identified adjacent to the Warintza porphyry cluster where overlapping mineralized porphyries have intruded a layered sequence of carbonate and volcanic rocks. This has given the mineralization a very fertile setting to be able to develop.

Solaris also provided an update of the proposed Solaris Exploration spin-out, and when completed, it is expected that 100% of the common shares of Solaris Exploration will be spun out to shareholders of Solaris relative to their current shareholdings. Details of the corporate update are as follows:

Corporate Update on Proposed Solaris Exploration Spin-Out

Solaris continues to advance the proposed spin-out and has made considerable progress with the internal re-organization of the Company, its subsidiaries and mineral concessions including the transfer of its non-core assets held in Ecuador outside of the Warintza porphyry cluster (involving the authorization of the Ministry of Energy and Mines), Peru, Chile and Mexico into a newly incorporated wholly-owned subsidiary of Solaris named Solaris Exploration Inc. Following the internal re-organization, it is expected that 100% of the common shares of Solaris Exploration Inc. will be spun out to shareholders of Solaris relative to their shareholdings (refer to press release dated December 6, 2021). 

Source: Solaris Resources

A full update from Warintza and the regional exploration program is as follows: 

Warintza Update

Exploration activities at the Warintza Project continue with seven drill rigs targeting high value growth of the recently reported Warintza Mineral Resource Estimate (refer to press release dated April 18, 2022), with drilling at Warintza Central targeting extensions to near surface, high-grade mineralization, and major growth targeted from the expansion of drill coverage at Warintza East within a largely undrilled footprint. With the protests in Ecuador having concluded on June 30, the flow of samples from the Company’s core processing facility to its prep lab, which has now resumed operations, and onward for final assay in Lima has restarted, with a considerable backlog of assays pending.

Regional Exploration Update

Solaris has undertaken the first significant program of regional exploration at Warintza since the original stream sediment sampling program that identified the Warintza porphyry cluster in the 1990s. This work has identified additional porphyry targets (refer to Figure 1), potentially expanding the footprint of the cluster to the northeast, and possibly a new area of porphyry emplacement to the west, approximately halfway to the adjacent San Carlos copper porphyry deposit.

In addition, this work has established a series of skarn targets, as well as a large high sulphidation epithermal target adjacent to the Warintza porphyry cluster where overlapping mineralized porphyries have intruded a layered sequence of carbonate and volcanic rocks that have provided a fertile setting to develop these styles of mineralization.

Porphyry Targets:

  • Mateo: 3km x 1.4km area of copper-molybdenum enrichment in soil samples located approximately 5km to the east of Warintza East. A program of detailed mapping and sampling is underway to refine the target in support of drilling.
  • Cora: 1.2km x 1.4km copper-molybdenum-gold soil anomaly in andesitic volcanic sequences cut by porphyry dikes approximately 3km to the northeast of Warintza East. This anomaly resembles those that defined the Warintza East and Warintza South discoveries. Detailed mapping and sampling are planned to refine the target in support of drilling.
  • Medio Camino: 3.5km x 1.5km area of porphyry-related alteration, and copper-molybdenum veining 5km to the west of Warintza West and 7km east of the adjacent San Carlos copper porphyry deposit. An extensive program of soil and rock chip sampling has been completed to refine the large target area, with results pending.

Skarn Targets:

Five skarn targets have been identified with three of these forming a partial arc on the northeastern side of the Warintza porphyry cluster, which is typical of skarn mineralization related to porphyry systems.

  • Playas and Justo: Extensive mineral alteration typical of skarn systems has been identified in an area of copper mineralization concentrated in a permeable horizon 3.5km northwest of Warintza West. Soil sampling of the 10km2 area surrounding the Justo target has been completed in an effort to refine the target, with results pending. Soil sampling is also planned at the Playas target, along with detailed mapping at both targets based on the results of soil sampling.

  • Betty and Yawi: Betty, a 1.2km x 1.4km skarn and potential carbonate replacement target located 0.5km north of Warintza Central, features significant copper values in rock samples in carbonate horizons within volcano-sedimentary sequences. Within the Yawi target, a 2km x 1km skarn/carbonate replacement target features strongly anomalous zinc values in limited soil sampling within a high conductivity anomaly interpreted from ZTEM. Additional soil sampling is planned at both targets.

  • La Celestina: Marble exposed in streams in this 1.7km x 1.2km area host copper-zinc veinlets that may represent leakage from a mineralized zone below, with soil geochemistry showing enrichment of pathfinder elements and anomalous copper. Two windows of garnet-bearing skarn containing copper mineralization are exposed through the marble. Detailed mapping and sampling of marble and exposed skarn are underway to help define drill targets.

High Sulphidation Epithermal Gold Target

  • Caya: Large 5km x 3km gold anomaly in stream sediments, 6km to the northeast of Warintza East, where recent follow-up soil and rock sampling in the southern part of the anomaly has identified a flat-lying volcano-sedimentary layer that has a high permeability over at least 300m in thickness. In this portion of the anomaly, an area of 0.7km x 1.3km features anomalous gold, copper and pathfinder element values in soil and rock samples, and a concentration of dickite clay and vuggy silica, characteristic of high sulphidation systems.

Figure 1 – Regional Map of Solaris Land Package in Ecuador

Source: Solaris Resources

 

The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a licensed professional for investment advice. The author is not an insider or shareholder of any of the companies mentioned above.

By Matthew Evanoff

I cover the mining industry and the best mining stocks around the world. I write about industry news, individual companies, projects, management, and profiles on industry leaders.

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