Solaris Resources (TSX:SLS) (NYSEAmerican:SLSR) has announced drilling results from its ongoing exploration program at the Warintza Project in southeastern Ecuador. The company aims to expand mineral resources and upgrade existing ones while enhancing its infrastructure and operational efficiency. The latest update provides insight into the progress made through new assay results and a record-breaking month for drilling activity.
Solaris announced the latest results of its 2024 drilling campaign, which includes a planned total of 60,000 meters. The key findings from recent drilling operations highlight intercepts of high-grade mineralization that extend beyond the current Mineral Resource Estimate (MRE). These findings emerged from drill holes in the northwest and southeast sectors of the Warintza Project, targeting sparsely drilled zones where grades have historically been lower or less understood.
A standout result from the latest drilling includes an intercept measuring 475 meters at a copper-equivalent grade (CuEq) of 1.03%. This intercept came from near the surface and demonstrated the potential to significantly expand the existing resource base. This mineralization is essential for refining the geological model of the Warintza Project and providing a stronger basis for future resource upgrades.
The company also achieved a new drilling record in August 2024. Solaris reported that its team drilled 10 kilometers (km) in one month, surpassing a previous record set in 2021 when 12 rigs managed to drill 8 km. The current 10 km of drilling was achieved using just eight rigs, indicating considerable improvements in productivity and operational efficiency. This record sets the company on a strong trajectory toward completing its 60,000-meter drilling goal for the year, further advancing the exploration potential of Warintza.
Solaris attributes this increase in productivity to significant infrastructure investments made at the site. The company has been focusing on building out the necessary infrastructure to support its expanding exploration activities. The next phase of construction is already underway, which should further bolster their capacity to drill and process results at the site. These infrastructure developments are designed to improve access to drilling targets and enhance overall project efficiency, contributing to the record performance seen in August.
The Warintza Project remains the company’s flagship asset and has attracted attention due to its rich mineralization and potential for resource expansion. Located in Ecuador’s resource-rich southeastern region, the project has been the focus of intensive exploration and development work. Solaris continues to aim for a balance between upgrading known mineral resources and exploring for additional, high-grade mineralized zones. The latest drill results are expected to contribute to the upcoming updates in the MRE, which serves as a key metric for investors and stakeholders to evaluate the potential of the project. While the results highlight continued resource potential, Solaris has emphasized that much of the mineralization discovered lies outside of the currently defined resource estimate, suggesting room for further resource growth and exploration potential.
Highlights from the results are as follows:
Northwest Sector:
- SLS-100 (drilled southeast): 427m of 1.11% CuEq² within 475m of 1.03% CuEq² from surface
- SLS-99 (drilled southwest): 105m of 1.00% CuEq² within 246m of 0.75% CuEq² from surface
- SLS-96 (drilled southeast): 78m of 0.71% CuEq² within 288m of 0.47% CuEq² from surface
- SLS-97 (drilled west): 75m of 0.60% CuEq² within 308m of 0.36% CuEq² from surface
Holes SLS-96, SLS-97 and SLS-99 added new high-grade mineralization partially outside of the MRE while SLS-100 improved upon the modelled grade in its vicinity. These holes were located in the northwest sector where mineralization has now been extended to the contact with a tabular granodiorite that shapes the northwestern pit wall. Step-out exploration drilling is now testing the potential for mineralization within a large area of undrilled soil anomaly on the far side of this body.
Southeast Sector:
- SLSE-50 (southwest): 84m of 0.70% CuEq² within 445m of 0.53% CuEq² from surface
- SLSE-45 (drilled east): 285m of 0.63% CuEq² within 399m of 0.58% CuEq² from surface
- SLSE-47 (drilled southwest): 210m of 0.58% CuEq² within 399m of 0.42% CuEq² from surface
- SLSE-46 (drilled south): 75m of 0.73% CuEq² within 400m of 0.34% CuEq² from surface
Holes SLSE-45, SLSE-46, SLSE-47, and SLSE-50 added new high-grade mineralization partially outside of the MRE while SLSE-45 and SLSE-46 improved upon modelled grades in their vicinity. Mineralization remains open to the southeast for approximately 600m within a large 0.8km x 0.8km soil anomaly that defines the target opportunity in this direction.
Table 1 – Mineral Resource Extension, Infill and Condemnation Results
| Hole ID | Date Reported |
From (m) |
To (m) |
Interval (m) |
Cu (%) |
Mo (%) |
Au (g/t) |
CuEq² (%) |
Comments |
| SLS-100 | Sep 19, 2024 | 0 | 475 | 475 | 0.76 | 0.04 | 0.09 | 1.03 | Northwest sector – infill |
| Including | 48 | 475 | 427 | 0.84 | 0.04 | 0.09 | 1.11 | ||
| SLS-99 | 0 | 246 | 246 | 0.24 | 0.09 | 0.05 | 0.75 | Northwest sector – extensional | |
| Including | 21 | 126 | 105 | 0.49 | 0.08 | 0.09 | 1.00 | ||
| Including | 21 | 165 | 144 | 0.37 | 0.08 | 0.07 | 0.87 | ||
| SLS-98 | 24 | 159 | 135 | 0.24 | 0.00 | 0.05 | 0.28 | Northern sector – extensional | |
| Including | 54 | 81 | 27 | 0.53 | 0.00 | 0.07 | 0.59 | ||
| SLS-97 | 0 | 308 | 308 | 0.19 | 0.03 | 0.04 | 0.36 | Northwest sector – extensional | |
| Including | 51 | 126 | 75 | 0.37 | 0.04 | 0.05 | 0.60 | ||
| SLS-96 | 0 | 288 | 288 | 0.10 | 0.06 | 0.02 | 0.47 | Northwest sector – extensional | |
| Including | 0 | 210 | 210 | 0.13 | 0.06 | 0.03 | 0.50 | ||
| Including | 0 | 78 | 78 | 0.28 | 0.07 | 0.07 | 0.71 | ||
| SLS-95 | 93 | 397 | 304 | 0.17 | 0.00 | 0.06 | 0.22 | Northern sector – extensional | |
| SLS-94 | 54 | 381 | 327 | 0.28 | 0.03 | 0.03 | 0.45 | Northern sector – infill | |
| Including | 54 | 213 | 159 | 0.35 | 0.02 | 0.04 | 0.50 | ||
| Including | 54 | 90 | 36 | 0.60 | 0.01 | 0.06 | 0.69 | ||
| SLS-93 | 0 | 196 | 196 | 0.07 | 0.02 | 0.02 | 0.15 | Northwest sector – condemnation/geotechnical | |
| SLS-92 | 0 | 105 | 105 | 0.14 | 0.03 | 0.04 | 0.33 | Northern sector – infill | |
| Including | 69 | 105 | 36 | 0.32 | 0.04 | 0.03 | 0.54 | ||
| SLS-91 | 12 | 305 | 293 | 0.22 | 0.00 | 0.07 | 0.27 | Northern sector – extensional | |
| SLS-90 | 0 | 141 | 141 | 0.10 | 0.03 | 0.02 | 0.29 | Northwest sector – extensional | |
| Including | 75 | 141 | 66 | 0.18 | 0.03 | 0.02 | 0.34 | ||
| SLS-89 | 0 | 200 | 200 | 0.05 | 0.01 | 0.02 | 0.12 | Northern sector – condemnation/geotechnical | |
| SLS-88 | 24 | 84 | 60 | 0.11 | 0.01 | 0.14 | 0.24 | Northern sector – extensional | |
| SLSE-50 | 0 | 445 | 445 | 0.37 | 0.02 | 0.04 | 0.53 | Southeast sector – extensional | |
| Including | 132 | 445 | 313 | 0.42 | 0.03 | 0.04 | 0.60 | ||
| Including | 180 | 264 | 84 | 0.52 | 0.03 | 0.05 | 0.70 | ||
| SLSE-49 | 0 | 273 | 273 | 0.43 | 0.01 | 0.06 | 0.55 | Southeast sector – infill | |
| Including | 33 | 273 | 240 | 0.48 | 0.01 | 0.06 | 0.60 | ||
| SLSE-48 | 15 | 389 | 374 | 0.14 | 0.01 | 0.02 | 0.19 | Southeast sector – extensional | |
| SLSE-47 | 0 | 399 | 399 | 0.28 | 0.02 | 0.06 | 0.42 | Southeast sector – extensional | |
| Including | 57 | 267 | 210 | 0.43 | 0.02 | 0.05 | 0.58 | ||
| SLSE-46 | 0 | 400 | 400 | 0.26 | 0.01 | 0.04 | 0.34 | Southeast sector – extensional | |
| Including | 75 | 150 | 75 | 0.60 | 0.02 | 0.07 | 0.73 | ||
| SLSE-45 | 0 | 399 | 399 | 0.44 | 0.02 | 0.05 | 0.58 | Southeast sector – extensional | |
| Including | 33 | 318 | 285 | 0.50 | 0.02 | 0.06 | 0.63 | ||
| SLSE-44 | 0 | 341 | 341 | 0.11 | 0.00 | 0.02 | 0.13 | Northeast sector – condemnation/geotechnical |
Notes to Table 1: True widths are interpreted to be very close to drilled widths due to the bulk-porphyry style mineralized zones at Warintza.
Table 2 – Collar Locations
| Hole ID | Easting | Northing | Elevation (m) |
Depth (m) |
Azimuth (degrees) | Dip (degrees) |
| SLS-100 | 799568 | 9648147 | 1403 | 475 | 107 | -49 |
| SLS-99 | 799684 | 9648336 | 1373 | 246 | 200 | -60 |
| SLS-98 | 800616 | 9648398 | 1334 | 214 | 180 | -50 |
| SLS-97 | 799569 | 9648146 | 1404 | 308 | 270 | -60 |
| SLS-96 | 799683 | 9648335 | 1373 | 288 | 140 | -60 |
| SLS-95 | 800617 | 9648399 | 1334 | 397 | 45 | -60 |
| SLS-94 | 800196 | 9648470 | 1340 | 381 | 180 | -60 |
| SLS-93 | 799681 | 9648333 | 1372 | 196 | 0 | -60 |
| SLS-92 | 800200 | 9648475 | 1336 | 340 | 45 | -60 |
| SLS-91 | 800619 | 9648397 | 1332 | 305 | 90 | -60 |
| SLS-90 | 799684 | 9648331 | 1374 | 286 | 62 | -45 |
| SLS-89 | 800201 | 9648476 | 1336 | 200 | 45 | -45 |
| SLS-88 | 800620 | 9648396 | 1331 | 367 | 0 | -50 |
| SLSE-50 | 801593 | 9648138 | 1153 | 445 | 240 | -85 |
| SLSE-49 | 801528 | 9647846 | 1153 | 273 | 260 | -50 |
| SLSE-48 | 801248 | 9647968 | 1252 | 389 | 90 | -60 |
| SLSE-47 | 801529 | 9647845 | 1153 | 403 | 120 | -60 |
| SLSE-46 | 801250 | 9647967 | 1251 | 400 | 180 | -60 |
| SLSE-45 | 801530 | 9647847 | 1154 | 399 | 90 | -80 |
| SLSE-44 | 801613 | 9648465 | 1106 | 341 | 270 | -60 |
Notes to Table 2: The coordinates are in WGS84 17S Datum.
Endnotes
- Refer to the technical report entitled “Mineral Resource Estimate Update – NI 43-101 Technical Report, Warintza Project, Ecuador” with an effective date of July 1, 2024 and available on SEDAR+ under the Company’s profile at www.sedarplus.ca and on the Company’s website.
- Copper-equivalence grade calculation for reporting assumes metal prices of US$4.00/lb Cu, US$20.00/lb Mo, and US$1,850/oz Au, and recoveries of 90% Cu, 85% Mo, and 70% Au based on preliminary metallurgical testwork. CuEq formula: CuEq (%) = Cu (%) + 5.604 × Mo (%) + 0.623 × Au (g/t).
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.
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