Solaris Resources (SLS.TO) Update - Jan 22

[dan_s]

SLS is on my Watch List. It has a World Class copper discovery called Warintza.
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Solaris Resources Inc. (TSX: SLS)(OTCQB: SLSSF) has press released a corporate update this morning including the commencement of the 2024 drilling program at Warintza.

Summary

Warintza 2024 drilling program is underway with the first rig turning at Warintza East and a total of six rigs planned to be in operation by the end of February
Updated mineral resource estimate is expected in late Q2/24 (nearly double the meterage of the prior MRE and deliver major growth at Warintza Central, East and Southeast within a common pit shell)
Drilling will continue through the updated mineral resource estimate with a focus on opportunities for further growth and infill drilling of at least 30km, taking advantage of additional permitted platform locations to optimize the drilling pattern, with some of these holes doubling as metallurgical, geotechnical and hydrogeological holes for mine design purposes
Regional exploration is underway including initial detailed sampling at Mateo, a 3km x 1.4km arc of copper-molybdenum enrichment in soil samples is expressed around the margin of an overlapping sandstone unit that may cover a blind porphyry
Closed US$40 million (C$54 million) in funding including US$10 million (C$14 million) in equity financing and the drawdown of the first US$30 million (C$40 million) of the senior secured debt facility as part of the previously announced US$80 million offtake financing package. This financing package funds the baseline programs for 2024/25
Upon closing the C$130 million strategic investment by Zijin, the Company plans to aggressively expand its 2024/25 programs to bring ten rigs into operation, and significantly scale up its regional exploration programs, including land consolidation, and commencing infrastructure and site development for fast-tracking the Project, with details to follow