Post by
savyinvestor333 on Feb 16, 2021 10:34am
TD Flash Note
Solaris Resources Inc. (SLS-T) C$6.12 New Discovery at West; Doubling Drill Program to 12 Rigs Arun Lamba, CFA Event
This morning, Solaris announced a significant new discovery in maiden drilling at Warintza West and the first detailed geophysical survey covering its Warintza Project have revealed a much more extensive porphyry system than previously understood.
Impact: POSITIVE
Based on this new information, the company is expanding its drill program to 12 rigs from six to accelerate resource and discovery drilling at Warintza Central, West, East, and South in H1/21.
SLSW-01, the first hole drilled at Warintza West, targeting surface geochemistry prior to the receipt of geophysical results, returned a long interval of copper porphyry mineralization, marking a significant new discovery on the Warintza Project.
SLSW-01 returned 798m of 0.31% CuEq (0.25% Cu, 0.02% Mo, and 0.02 g/t Au) from 32m depth, with geophysics later revealing this interval lies adjacent to a high-conductivity anomaly. A continuous high-conductivity volume encompassing Warintza Central, Warinzta East, and Warintza West, was defined by the geophysical survey with approximate dimensions of 3.5 km long x 1 km wide x 1 km deep (Exhibit 1). At Warintza Central, the anomaly correlates closely with high-grade primary mineralization at depth, while the at/near-surface mineralization is not reflected well. The zone previously described as El Trinche, which is reflected on surface as a 500m x 300m area of stockwork mineralization ranging from 0.2%-0.8% copper, appears to be a southern extension of Warintza Central.
Warintza South is a separate large, northwest oriented high-conductivity anomaly located approximately 4km to the south of Warintza Central (approximate dimensions of 2.3km x 1.1km x 0.7km).
Yawi (approximate dimensions of 2.8km x 0.7km and 0.5km) is a previously unknown target generated by the geophysical survey and located approximately 850m to the east of the Warintza East anomaly. The geophysical survey indicates the anomaly commences at a depth of approximately 450m.
We estimate the company has cash of ~C$103mm (~C$23mm as at September 30 plus ~C$80mm from the private placement financing completed in December) and no debt.
As a reminder, Ecuador's presidential elections are headed for a run-off (April 11). See our note 'Ecuador Election Run-Off: Pro Mining vs Pro Mining.'
Comment by
Bottomfisher on Feb 16, 2021 5:25pm
I bought into Solaris last July , already being a shareholder from the Equinox split...and I won't sell any below 10 ...we should see that price level in a few month if drill results continue to provide good numbers...I like the addition of drills. Good management, good company = a win for shareholders.