BASE METALS

Solaris reports another plus-1km intercept at Warintza

Solaris Resources is adding a more powerful drill rig to continue testing its flagship Warintza project in Ecuador after reporting results including 1,004m at 0.71% copper-equivalent from surface.

Staff reporter
 Solaris Resources’ Warintza copper project in Ecuador

Solaris Resources’ Warintza copper project in Ecuador

Solaris said the above-mentioned hole had returned 0.59% copper, 0.03% molybdenum and 0.05g/t gold, "far beyond the length of the corresponding historical hole and bottoming in mineralisation at the depth-capacity of the rig".

The other two results were 918m at 0.5% Cu-eq and 884m at 0.62% Cu-eq, all from drilling at Warintza Central.

Solaris had intersected 1,010m at 0.71% Cu-eq among results announced in September.

"Warintza Central continues to demonstrate the potential to become a large, high-grade, openpit copper porphyry deposit, with the limits of mineralisation yet to be found," president and CEO Daniel Earle said.

The deposit currently has an inferred resource of 124 million tonnes grading 0.7% Cu-eq, based on historical drilling of less than 7,000m and averaging less than 200m in depth.

The company also completed the property's first modern geophysical survey and Earle said preliminary results had revealed new targets, most immediately the possible extension of Warintza Central to the south of current drilling.

Solaris had raised C$20 million at 80c per unit in May to accelerate drilling at Warintza.

It was spun out of Equinox Gold two years ago and listed on the TSX Venture Exchange in July.

Equinox, Solaris executive chairman Richard Warke and mining entrepreneur Ross Beaty are among its major shareholders.

Solaris shares (TSXV: SLS) hit a fresh high of C$6 intraday before closing up 2% to $5.84, capitalising it about $521 million (US$399 million).

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