Solaris issues in-pit resource for ‘world class’ Warintza copper project in Ecuador

Solaris Resources (TSX: SLS; NYSE: SLSR) has provided a mineral resource estimate (MRE) for the in-pit portion of its Warintza project in southeastern Ecuador in support of an upcoming pre-feasibility study (PFS).

The resource totalled 909 million tonnes grading 0.53% copper equivalent (CuEq) in the measured and indicated categories, Solaris said in Monday. There’s an additional 1.43 billion tonnes at 0.37% CuEq in inferred, at the base case cut-off grade of 0.25% CuEq.

Applying a higher cut-off grade (0.5% CuEq) to reflect the near-surface, higher-grade mineralization, the resource would then total 427 million tonnes measured and indicated at 0.71% CuEq and 177 million tonnes inferred at 0.62% CuEq.

“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,” Javier Toro, chief operating officer of Solaris, said in a release. 

Shares in Solaris Resources closed 2¢ higher on Wednesday in Toronto at $3.43 apiece, valuing the company at $517.3million. They’ve traded in a 52-week range of $3.38 to $6.62. 

China interest

Warintza, a world-class copper discovery made in 2001, was owned by Equinox Resources until the project was spun out in 2018. Since then, Solaris has been tasked with its exploration and development, and it recently attracted interest from majors such as China’s Zijin Mining.

“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,” Toro added.

The company is in the midst of a 60,000-metre drill program (140 holes from 80 platforms) at Warintza. It aims to improve drilling coverage, target open lateral extensions, upgrade mineral resources and convert remaining uncategorized blocks within the pit shell. Results will be used to support the PFS, which it expects to complete in the second half of 2025.

Concurrent district exploration programs are also underway, targeting complementary discoveries from an expanded portfolio of epithermal gold/silver and porphyry copper targets. This is occurring in an area where recent sampling has returned values between 4 and 12 grams gold per tonne.