TD Flash Note Impact PositiveSolaris Resources Inc. (SLS-T) C$7.09 Central Keeps Expanding; 600m and 462m of 1.0% CuEq From Surface Arun Lamba,
CFA Event This morning, Solaris reported results for four holes from the ongoing drill program at its Warintza copper-molybdenum-gold project (100%) in south-eastern Ecuador.
Impact: POSITIVE The latest four holes have returned long intervals of high-grade mineralization from surface, well beyond the 200m average depth-extent of historical drilling that the Warintza Central resource estimate is based upon (124 Mt Inf grading 0.70% CuEq, based on historic drilling of <7 km).
The resource is open laterally and at depth and is one of the many targets set within the 5km x 5km cluster of copper porphyries identified on the Warintza property (Exhibit 1).
SLS-10 was an extensional hole collared at the western limit of drilling and drilled to the west, returning 600m of 1.00% CuEq (0.83% Cu, 0.02% Mo, and 0.12 g/t Au) from surface, significantly extending mineralization in this direction.
The high-grade interval of 600m of 1.00% CuEq (recall, the median grade for open-pit copper discoveries over the last two decades is ~0.37 g/t Cu) reported in SLS-10 corresponds to a high conductivity anomaly that continues to the west for a further 1.5km at or near surface and is being targeted in follow-up extensional drilling that is now underway.
SLS-11 was drilled to the northwest into an open area, returning 688m of 0.57% CuEq from surface.
SLS-12 returned 736m of 0.74% CuEq from near surface, extending mineralization into an undrilled, open area between the eastern and western drilling at Warintza Central.
SLS-13 stepped out ~100m beyond the western limit of Warintza Central drilling and was drilled north into an open area, returning 462m of 1.00% CuEq from surface, with the hole ending prematurely in mineralization.
To date, 17.4 km have been drilled at Warintza Central in 21 holes (13 reported to-date). Drilling is ongoing with six rigs currently operating and six more being added by mid-year.
The company reported a cash balance of C$93mm (December 31).
Separately, yesterday, it was confirmed that the Ecuador's presidential elections are headed for a run-off (April 11) between Andres Arauz and Guillermo Lasso (see our previous note Ecuador Election Run-Off: Pro Mining vs Pro Mining)