Exploration And Drilling Program Continues At Warintza Project

VANCOUVER - Solaris Resources Inc. reported on drilling program and an exploration update at its Warintza Project in southeastern Ecuador. Drilling activities ramped up through the first quarter rainy season with six rigs now in operation at Warintza Central, East and Southeast and drilling expected to continue throughout the year in support of expanding and upgrading resources. In addition, follow-up exploration drilling is set to commence at the Patrimonio discovery and regional exploration is underway at the promising Caya epithermal gold target.

SLS-76 was collared on the northeastern limit of the Northeast Extension zone and drilled northwest, returning 150m of 0.67% CuEq within a broader interval of 384m of 0.51% CuEq, before the hole was terminated in lower grade mineralization. SLSE-31 was collared on the southern margin of Warintza Southeast and drilled east to the ~300m depth capacity of the KD-200 rig, returning 284m of 0.53% CuEq from near surface, with the final 10m averaging 0.75% CuEq and remaining open for extension drilling with a larger rig. SLS-75, drilled northeast from a new 200m step-out platform at Northeast Extension zone, returned 26m of 0.52% CuEq and 46m of 0.66% CuEq¹ within a low-grade section from surface with a post-mineral dyke before a final 62m mineralized interval averaging 0.51% CuEq. SLSE-32 was collared on the northern margin of Warintza East and drilled north, returning 380m of 0.31% CuEq from surface within a broader interval of 634m of 0.27% CuEq where the hole cut the contact of the primary host lithology with bordering lower grade volcanic rock.

Exploration drilling is underway at Patrimonio to follow up on the discovery holes (144m of 0.50% CuEq and 148m of 0.52% CuEq) while field crews expand sampling coverage over the highest grade part of the anomaly to the south and down-dip of the replacement mineralization to locate the potential porphyry source. Regional exploration programs are underway at the promising Caya epithermal gold target, located 6km to the northeast of Warintza East, where field crews are expanding sampling and alteration mapping to the west to cover an area where evidence of historical artisanal mining has been identified. Funded for 2024 and 2025 programs with the offtake financing package announced in December, with plans to aggressively expand activities and consolidate the surrounding district with funds from closing the strategic investment announced in January.

The 2024 drilling program has progressively ramped up over the rainy season with approximately 700m drilled in January, 1800m in February, 3800m in March, and on track for 5,200m in April with six rigs now in operation. A minimum of 30km of drilling is planned in 2024, with a Mineral Resource Update expected by the end of June, and drilling planned to continue thereafter.

The Company is funded for its 2024 and 2025 programs with the offtake financing package announced in December. As at December 31, 2023, the Company had approximately US$39 million in cash and equivalents, with an additional US$40 million expected from its offtake financing package.

The Company plans to aggressively expand activities and consolidate the surrounding district with funding from the closing of the strategic investment. The parties are continuing to work through the Canadian regulatory process to close the transaction and Solaris will update the market when it has a material update to provide.