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Solaris jumps on 1km Warintza intercept

Shares in Solaris Resources jumped 13% after it reported assay results for the second and third drill holes in a 40,000m diamond drill programme at its Warintza copper project in south-eastern Ecuador.
Solaris jumps on 1km Warintza intercept Solaris jumps on 1km Warintza intercept Solaris jumps on 1km Warintza intercept Solaris jumps on 1km Warintza intercept Solaris jumps on 1km Warintza intercept

Solaris hits deep intercept at Warintza in Ecuador

Highlights included a 1,010m interval from surface grading 0.59% copper, 0.02% molybdenum and 0.1 grams per tonne gold including 716m grading 0.63% copper 0.02% molybdenum and 0.1g/t gold in a step out hole. This hole was collared about 426m east of the first two holes and improved upon the depth extent of known mineralisation, given that historical drilling averaged less than 200m in depth.

Geological interpretation suggests the mineralization encountered to date is representative of the outer halo of a porphyry system, with the higher-grade core to be vectored toward with future drilling.

"The third hole stepped out over 400m to the east of the first drilling location within Warintza Central and provided further evidence of the depth extent of the system, which still remains open," said Solaris VP exploration Jorge Fierro.

"Warintza Central continues to demonstrate the potential to become a large, high-grade open pit copper porphyry deposit, which is a rarity in the modern context of the industry," said the company's executive chair, Richard Warke.

Warintza Central is hosts a pit-optimised mineral resource estimate of 124 million tonnes of inferred resources grading 0.56% copper, 0.03% molybdenum and 0.1g/t gold based on historical drilling.

Shares in Solaris Resources are trading at C$4.35, valuing the company at $385 million.