Solaris Resources Update on Warintza Copper mine - July 22

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Solaris is advancing a portfolio of copper and gold assets in the Americas, which includes a world class copper resource with expansion and discovery potential at its Warintza Project in Ecuador; a series of grass roots exploration projects with discovery potential in Peru and Chile; and significant leverage to increasing copper prices through its 60% interest in the La Verde joint-venture project with a subsidiary of Teck Resources in Mexico.

Today's Press Release

VANCOUVER, British Columbia, July 22, 2024 (GLOBE NEWSWIRE) -- Solaris Resources Inc. (TSX: SLS; NYSE: SLSR) (“Solaris” or the “Company”) is pleased to report an In-Pit Mineral Resources Estimate (“MRE”) for its Warintza Project (“Warintza” or “the Project”) in southeastern Ecuador. Ongoing mineral resource drilling includes over 30,000m in H2/24 targeting open extensions and upgrading mineral resources to support the Pre-Feasibility Study (“PFS”) in H2/25. Concurrent district exploration programs are targeting complementary discoveries from an expanded portfolio of epithermal gold/silver and porphyry copper targets.

Highlights

In-Pit Mineral Resources – 232 million tonnes (“Mt”) at 0.64% copper equivalent¹ (“CuEq”) (Measured) and 677 Mt at 0.49% CuEq¹ (Indicated) for 909 Mt at 0.53% CuEq¹ (Measured & Indicated) and an additional 1,426 Mt at 0.37% CuEq¹ (Inferred) at a base case 0.25% CuEq¹ cut-off grade

Includes 157 Mt at 0.76% CuEq¹ (Measured) and 269 Mt at 0.69% CuEq¹ (Indicated) for 427 Mt at 0.71% CuEq¹ (Measured & Indicated) and an additional 177 Mt at 0.62% CuEq¹ (Inferred) at a higher cut-off grade of 0.50% CuEq¹ which reflects the at or near surface supergene and higher-grade hypogene mineralization (Table 1: Warintza Mineral Resource Estimate Sensitivity and Figure 2)

Structural Advantages – Warintza is set at low elevation within the southeast Ecuador mining district that is serviced by direct connection from highway to Pacific ports, low-cost hydroelectric grid power with further development potential at the adjoining Santiago G8 project, and has seen sweeping socioeconomic improvement from mining exploration, development over the last decade (Figure 1)

Resource Drilling Continues – 2024 drill program of 60,000m (over 30,000m in H2/24) in 140 holes from 80 platforms to provide improved drilling coverage targeting open lateral extensions, upgrading mineral resources and converting remaining uncategorized blocks within the pit shell to support the PFS in H2/25; metallurgical, geotechnical and hydrogeological drilling is ongoing (Figure 3)

District Exploration Ongoing – Complementary district exploration efforts are underway with fieldwork targeting epithermal-style gold-silver mineralization south of Caya-Mateo, in an area where recent sampling has returned values between 4 and 12 g/t Au, and field crews also focused on mapping and sampling combined geophysical and geochemical porphyry copper targets (Figure 4)

Mr. Javier Toro, Chief Operating Officer, commented, “We are very pleased to be able to release this standalone MRE which draws on our combined years of experience with open pit copper projects in the Americas. This new MRE provides a solid foundation for future updates and a robust mine plan with a low strip ratio, simple metallurgy and clean concentrates. In support of the PFS, we are doing further technical, infill and extensional drilling into open areas within and adjacent to the pit shell.”

To see all of the maps and charts to: https://www.solarisresources.com/