New drilling expands near-surface zone flagged for starter pit potential at Solaris Resources’ Warintza in Ecuador 

Solaris Resources (TSX: SLS) has reported assay results from six holes aimed at upgrading and growing the resources at its Warintza copper porphyry project in southeastern Ecuador. 

Highlights from the drill results included 930 metres grading 0.62% copper, starting at 2 metres in drillhole SLS-61 and 926 metres grading 0.49% copper starting from surface in drillhole SLS 57. Hole 57 targeting the Northeast Extension zone, extended the mineralization by about 200 metres to the northeast. Solaris has flagged the zone as a potential starter pit. 

“Ongoing follow-up drilling from existing and newly constructed platforms aims to expand on the Northeast Extension zone and grow the high-grade indicative starter pit, while also targeting areas within Warintza Central where resource classification can be upgraded with targeted drilling,” said Jorge Fierro the company’s vice-president, exploration. 

The Warintza project covers about 268 sq. km. and is located about 60 km north of Lundin Gold’s (TSX: LUG) Fruta del Norte gold mine, which produced 428,514 oz. of gold in 2021, and about 30 km north of the Mirador copper-gold mine, which began production in 2019.   

It is situated within a mining district that has access to a highway, a low-cost hydroelectric power, fresh water and is located at a low elevation.  

In April, Solaris posted an updated resource for the Warintza Central deposit that expanded inferred tonnage by seven times, included a first-ever indicated resource, and outlined a potential starter pit.   

The property has indicated resources of 579 million tonnes grading 0.47% copper, 0.03% molybdenum and 0.05 gram gold per tonne for 2.7 million tonnes of copper, 150,000 tonnes of molybdenum and 930,000 oz. of gold. Inferred resources add 887 million tonnes grading 0.39% copper, 0.01% molybdenum, 0.04 gram gold for 3.5 million tonnes of copper, 130,000 tonnes of molybdenum and 1.1 million oz. gold.   

The project’s previous resource estimate totalled 124 million tonnes grading 0.56% copper, 0.03% molybdenum and 0.1 gram gold per tonne in the inferred resource category.  

The potential starter pit resource totals 180 million indicated tonnes grading 0.67% copper and 107 million inferred tonnes grading 0.64% copper.   

Jacqueline Wagenaar, the company’s vice-president of investor relations, has described the resource update as globally significant. 

The company believes Warintza could play in important role to meet the globe’s increasing demand for copper in the coming years.    

“We estimate that, in addition to brownfield expansions, over 100 new copper mines must be built to address this gap by the end of the decade, which makes every new project, particularly projects of robust grades and great scale set within mining districts rich with infrastructure, like Warintza, very important,” Wagenaar said.   

Scotiabank analyst Erin Winmill described the latest assay results as positive in a research note to clients on May 26.  

“We view the latest drill results positively, as they continue to return high-grade mineralization, including near-surface, high-grade extensions,” he wrote. “Importantly, the latest drilling has expanded the growing northeast extension area, which Solaris indicates is a priority target for the ‘Indicative Starter Pit.’” 

At press time in Toronto on May 26, Solaris Resources closed at $11.35 per share within a 52-week trading range of $10.16 and $17.17. The company has 108.8 million common shares outstanding.