Solaris Resources (TSX: SLS)(NYSE:SLSR) has recently been awarded an option by Empresa Nacional Minera (ENAMI EP), Ecuador’s state-owned mining company, to acquire up to a 100% interest in 10 new exploration concessions. These concessions, covering approximately 40,000 hectares, are strategically located adjacent to the company’s existing Warintza Project and the San Carlos-Panantza porphyry copper-molybdenum deposits within the mineral-rich Zamora belt. This region is known for hosting some of Ecuador’s largest copper and gold mines to the south.

The newly acquired concessions are believed to hold significant potential for porphyry copper and epithermal gold deposits. This assessment is based on a comprehensive analysis of multiple layers of data, including Solaris’ extensive heliborne magnetic survey. The survey results, a portion of which is shown in Figure 2, reveal several promising indicators of mineral deposits.

Porphyry copper targets within the new concessions are characterized by open-ended annular magnetic highs surrounding magnetic lows and erosional depressions. These features are consistent with the outcropping deposits found within the Warintza porphyry cluster, suggesting a high likelihood of mineral presence.

Structural interpretation of the area supports the potential for epithermal gold deposits within dilational jogs and pull-apart basins. These geological settings are common for gold deposits in the Zamora belt and bear similarities to the Caya epithermal target, which was previously announced by Solaris in a press release dated April 23, 2024.

To expedite the exploration process, Solaris plans to deploy two field crews on the ground in May. These teams will begin conducting fieldwork to gather more detailed data and assess the mineral potential of the newly acquired concessions.

The terms of the agreement with ENAMI EP include an upfront payment of US$0.25 million, a proposed exploration program of up to US$25 million over the exploration phase, and the exclusive option for Solaris to acquire the claims from ENAMI EP at a price to be determined by independent experts. This agreement follows similar awards by ENAMI EP to subsidiaries of Barrick Gold Corporation and Hancock Prospecting Pty Ltd, which have committed to investing up to US$148 million in exploration programs in Ecuador.

Solaris’ acquisition of these new exploration concessions demonstrates the company’s commitment to expanding its presence in Ecuador’s thriving mining sector. With the promising potential for porphyry copper and epithermal gold deposits, Solaris is well-positioned to capitalize on the region’s mineral wealth and contribute to the country’s economic growth.

As fieldwork commences and more data becomes available, the mining industry and investors alike will be closely monitoring Solaris’ progress in unlocking the value of these new exploration concessions.

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.