Solaris Resources Inc. (TSX:SLS) (OTCQB:SLSSF), a multi-asset exploration company primarily focusing on copper assets in the Americas, has been making significant strides with its flagship Warintza Project in southeastern Ecuador. In particular, the Company just made its sixth major discovery within the Warintza porphyry cluster known as Patrimonio in June. This comes after the original Warintza Central deposit discovered by the late David Lowell in 2000, and Solaris discoveries at Warintza West (February 2021), Warintza East (July 2021), Warintza South (January 2022), most recently Warintza Southeast (May 2023).
Patrimonio: A New Discovery within Close Proximity to Resources
Adding to the excitement surrounding Solaris Resources and the potential of a takeout transaction with a major mining company, the new discovery is located immediately southwest of the Warintza Central deposit, which anchors a large mineral resource of 1.5Bt of 0.5% CuEq including an ‘Indicative Starter Pit’ of 287Mt of 0.8% CuEq.
Patrimonio was discovered through reconnaissance mapping and sampling in an area that had not been previously accessed. It is characterized by highly anomalous sampling over a 1.5km long x 0.6km wide area where outcropping porphyritic diorite displays intense, pervasive biotite alteration and stockwork veining on the western side of a major north-south fault adjacent to Warintza Central.
Sulphide minerals at Patrimonio include pyrite, chalcopyrite and molybdenite with total sulphide abundances up to 10%, as much as two times higher than previously logged at Warintza Central.
First assays are expected within four weeks with follow-up drilling underway expected to aid in defining the architecture of the system and its relationship to Warintza Central.
Warintza Southeast: Offers Potential to Rapidly Expand Starter Pit
In addition to Patrimonio, the Company made its fifth discovery, known as Warintza Southeast in May, a second significantly higher grade porphyry center on what was initially perceived as the southern margin of Warintza East. This new zone offers the potential to rapidly add near surface, high-grade mineralization that could contribute to future starter pit growth. Moreover, the zone is wide open with step-out and extension drilling coming soon.
What the Future Holds
The discoveries and progress made by Solaris Resources demonstrate the company’s potential for resource expansion and value creation. The company’s ongoing drilling programs aim to further expand the ‘Indicative Starter Pit’ and the overall mineral resources, with an updated resource estimate expected around year-end, which ultimately will further boost the valuation of the company and project.
In recent years, the significance of copper exploration has been on the rise, primarily due to the heightened demand for cleaner energy sources and electric cars. Copper plays an indispensable role in these eco-friendly technologies, solidifying its position as a fundamental material in our transition towards a more sustainable world. As this shift towards sustainability becomes increasingly pressing, it’s expected that copper’s demand will sustain its upward trend. This propels the value of fresh copper discoveries, making them exceedingly precious in today’s market.
In this context, the discoveries made by Solaris Resources Inc. at the Warintza Project are something that the industry continues to watch closely. As a multi-asset exploration company, Solaris has demonstrated its ability to find and develop resources, which is vital in a world where many easily accessible copper deposits have already been exploited and yields continue to drop in many other areas of the world.
Given the global surge in demand for copper due to its vital role in sustainable technologies such as renewable energy and electric vehicles, these developments could greatly enhance the company’s near-term M&A position as larger companies look to offset resource depletions and acquire projects with a global scale resource with significant upside potential, like Warintza.
Founder Dinis Guarda
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