Solaris Resources Inc T.SLS

Alternate Symbol(s): SLSR

Metals & Mining Industrial Metals & Minerals

Solaris Resources Inc. is a Canada-based multi-asset exploration company that is engaged in advancing a portfolio of copper and gold assets in the Americas. Its Warintza property is a porphyry copper-molybdenum-gold project located in southeastern Ecuador in the province of Morona Santiago. It includes nine metallic mineral concessions covering 26,777 hectares (ha). The Ricardo property is an exploration porphyry copper prospect located near Calama, Chile in the Calama Mining District. Its claim block covers approximately 16,000 ha. The Tamarugo property is a grass-roots copper porphyry target located in northern Chile approximately 85 kilometers northeast of Copiapo. Its claim blocks cover a total of approximately 12,300 ha. The Capricho project is a 4,200-ha copper-molybdenum-gold property. The Paco Orco project is a 4,400-ha lead, zinc and silver property. The La Verde property is situated in the Sierra Madre del Sur west of Mexico City, including the Unificacion Santa Maria claim.

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Solaris Resources Inc

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Post by retiredcfon Nov 15, 2022 8:25am

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Post# 35099171

Still Looking for a Triple

TD maintain their $20.00 target. GLTA

Solaris Resources Inc.

(SLS-T) C$6.21

Warintza East Continues to Expand Event

This morning, Solaris reported assay results from seven holes on the Warintza East discovery within its Warintza Project in southeastern Ecuador.

Impact: SLIGHTLY POSITIVE

Solaris continues to focus expanding the Northeast Extension of the ‘Indicative Starter Pit’, which was estimated at 180 Mt at 0.82% CuEq (Indicated) and 107 Mt at 0.73% CuEq (Inferred) within the Warintza Resource Estimate. This zone is characterized by near surface, high-grade mineralization and remains open for further growth with follow-up drilling underway.
In our view, today's results significantly expand the drilled dimensions of the Warintza East (discovered July 2021) footprint to the east and southwest, with the deposit remaining open to the northeast and southeast.
Drilling to-date still only covers only a small portion of the Warintza East discovery (eight holes from East were included in the April Warintza Central Resource Estimate of ~1.5 Bt at 0.52% CuEq — drilling only to November 2021), which represents a target for resource growth. Further extensional and step-out drilling is planned to the east and southeast with a 400m step-out platform located on the southern margin of the drill grid targeting strong soil anomalism in this area.
Our view that Warintza provides strong exploration upside exposure continues to increase, given recent results. In an effort to be conservative, our model for Warintza does not incorporate the company's other discoveries/targets (West/ South and Yawi).
Solaris last reported cash of ~$27mm (September 30 cash of $11.5mm + $15.4mm from warrants exercised post quarter-end) and no debt. Additional funds could come from warrants expiring in Q2/23 (C$30mm at C$1.20/sh).
In summary, we see the company as very well-positioned. There has been a dearth of discoveries over the past two decades, leaving the pipeline slim to fill the looming copper supply gap. We see Warintza as a natural acquisition target as the company continues to advance the project.

TD Investment Conclusion

World-class discoveries are rare and unique, and we believe that Solaris is in the early stages of making multiple world-class discoveries among its cluster of porphyries on the Warintza property. We expect the stock to continue to re-rate higher as the company demonstrates the growth potential of the project.