Solaris Resources (TSX:SLS) (NYSEAMERICAN:SLSR) has shared the initial results from its 2024 drilling efforts and provided an update on exploration at its Warintza Project in southeastern Ecuador. These early results include intersections of 150 meters of 0.67% copper equivalent (CuEq) within a broader section of 384 meters of 0.51% CuEq, and another segment measuring 284 meters of 0.53% CuEq starting near the surface.

The drilling operations, which intensified during the first quarter despite the rainy season, are part of a large-scale plan to both expand and upgrade the mineral resources at the project. With six rigs currently operating across multiple zones including Warintza Central, East, and Southeast, the company expects the drilling to continue throughout the year. This effort is also accompanied by exploratory drilling at the newly discovered Patrimonio site and regional exploration at the promising Caya epithermal gold target.

In terms of the 2024 drilling campaign specifics, January saw 700 meters drilled, which increased to 1,800 meters in February and 3,800 meters in March. The company anticipates reaching 5,200 meters by the end of April. Overall, Solaris plans to complete at least 30 kilometers of drilling this year, with an updated report on mineral resources expected by the end of June.

Solaris has secured the necessary funds for its 2024 and 2025 exploration programs through an offtake financing package announced in December last year. As of the end of 2023, the company reported having around US$39 million in cash and equivalents. It expects an additional US$40 million from its financing activities, further bolstered by a strategic investment finalized in January 2024. However, the details of this investment are still under review by Canadian regulators.

In addition to its drilling program, Solaris is also focusing on the Caya epithermal gold target. Recent field work at this site has highlighted a 5 km by 3 km gold anomaly located northeast of Warintza East. Soil samples have outlined a significant area of gold and other pathfinder elements indicative of epithermal mineral deposits. The alteration patterns and mineral assemblages found at Caya suggest a high-sulfidation epithermal system, a style of mineralization known for hosting significant gold deposits.

The exploration team has recently expanded its soil sampling grid to include areas affected by historical artisanal mining, which could offer insights into the broader mineral potential of the region. The company plans to use additional spectral analysis to better understand the alteration patterns in the volcanic sediment layers covering the target area. Further details on these findings are expected to be reported in June.

Highlights from the results are as follows:

• SLS-76 was collared on the northeastern limit of the Northeast Extension zone and drilled northwest, returning 150m of 0.67% CuEq¹ within a broader interval of 384m of 0.51% CuEq¹, before the hole was terminated in lower grade mineralization

• SLSE-31 was collared on the southern margin of Warintza Southeast and drilled east to the ~300m depth capacity of the KD-200 rig, returning 284m of 0.53% CuEq¹ from near surface, with the final 10m averaging 0.75% CuEq¹ and remaining open for extension drilling with a larger rig

• SLS-75, drilled northeast from a new 200m step-out platform at Northeast Extension zone, returned 26m of 0.52% CuEq¹ and 46m of 0.66% CuEq¹ within a low-grade section from surface with a post-mineral dyke before a final 62m mineralized interval averaging 0.51% CuEq¹

• SLSE-32 was collared on the northern margin of Warintza East and drilled north, returning 380m of 0.31% CuEq¹ from surface within a broader interval of 634m of 0.27% CuEq¹ where the hole cut the contact of the primary host lithology with bordering lower grade volcanic rock

• Exploration drilling is underway at Patrimonio to follow up on the discovery holes (144m of 0.50% CuEq¹ and 148m of 0.52% CuEq¹, respectively – refer to press release dated September 12, 2023) while field crews expand sampling coverage over the highest grade part of the anomaly to the south and down-dip of the replacement mineralization to locate the potential porphyry source

• Regional exploration programs are underway at the promising Caya epithermal gold target, located 6km to the northeast of Warintza East, where field crews are expanding sampling and alteration mapping to the west to cover an area where evidence of historical artisanal mining has been identified

• Funded for 2024 and 2025 programs with the offtake financing package announced in December, with plans to aggressively expand activities and consolidate the surrounding district with funds from closing the strategic investment announced in January