Vancouver-based Solaris Resources (TSX:SLS) is hitting a regular stride as the company continues to report positive assay results, expands its drill holes at its flagship Warintza Project, and continues to see strong stock growth. 

Yesterday saw Canaccord Genuity analyst Michael Pettingell maintain a Buy rating for Solaris Resources (TSX:SLS) with a price target of C$12.50. As of May 27 12:16 EST, that target has already been broken.

How High Could It Go?

The stock has seen a steady, uninterrupted climb as it moves from strength to strength. With a strong balance sheet, the company has been able to move forward on all of its projects, with a particular emphasis on its Warintza Project in Ecuador. The project has seen strong results, and has reported for 22 of 31 holes drilled so far at the site. 

The company continues to expand the project, and has begun with its first drill hole at Warintza East, sitting east of the Warintza Central site. The target has returned positive results already, and the stock is reflecting the optimism the results are setting. As more results are reported, the trend is likely to continue and possibly accelerate. The stock is also a value play considering the current trendline that could see it rise to $25 or higher. 

As Solaris (TSX:SLS) continues to set new all-time highs, investors might be wondering when they should get in. However, it’s clear from the chart that any moment since the first day of trading would have been a good time to buy. 

Positive Results Driving Positive Investor Returns

Solaris Resources (TSX:SLS) has released new assay results from new drill holes at the company’s Warintza Project in south-eastern Ecuador. The company announced results from three additional drill holes at Warintza Central, for a total of 31 holes drilled at the site. Results have been reported for 22 of them, with results looking very promising:

• Three additional holes at Warintza Central, as detailed below, have extended the drill defined envelope of high-grade mineralization to the east and west over a strike length of over 1,100m and open and to a depth up to 1,200m, with the highest-grade mineralization starting at surface 
• SLS-21 was collared on the eastern side of Warintza Central and drilled into an open volume to the east, returning 1,029m of 0.73% CuEq¹, including 420m of 0.83% CuEq¹ from surface, extending the limits of mineralization to the east, with the hole terminating prematurely in mineralized porphyry
• SLS-22 was collared on the north-western side of Warintza Central and drilled into an open volume to the west, returning 238m of 0.68% CuEq¹, including 100m of 0.77% CuEq¹, extending the limits of mineralization in this direction
• SLS-23 was collared on the south-western side of Warintza Central and drilled to the west, returning 548m of 0.42% CuEq¹, including 352m of 0.46% CuEq¹ from surface, extending the limit of mineralization in this direction
• Maiden drilling is set to commence at Warintza East, which is one of the five main targets within the 5km x 5km cluster of copper porphyries identified on the property and has a similar geochemical and geophysical expression as Warintza Central
• To date, 31 holes have been drilled at Warintza Central with results reported for 22 of these. Unusually heavy rain in Ecuador has significantly impacted the pace of drilling productivity and platform construction over recent months, however weather conditions are now sporadically improving and the planned ramp-up of drilling activities is expected to resume

Source: Solaris Resources

Solaris has ventured into its new site, Warintza East with the first hole (SLSE-01) being collared in weathered porphyry stockwork mineralization. The mineralization was first discovered by earthworks during drilling platform construction.

The target located at the site is defined by overlapping and molybdenum anomalies that hold similar values to Wartinza Central. With approximately 1,200 m in diameter, the high-conductivity anomaly extends continuously from Warintza Central to the target in the east. 

Figure 1 – Long Section of 3D Geophysics Looking Northeast

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 – Long Section of Warintza Central Drilling Looking Southeast

Figure 3 – Plan View

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.