Solaris reports another plus-1km assay from Warintza
Solaris Resources has reported results including 1,184m at 0.68% copper-equivalent from ongoing drilling at Warintza Central in south-east Ecuador.
Other assays from the resource expansion programme included 372m at 1.02% Cu-eq from 36m, within 462m at 0.91% Cu-eq.
"The strike length of Central now measures over 1,250m, with ongoing drilling aiming to extend the zone further to the east, broaden the zone to the north, and test the potential for a southern extension of at least 500m at El Trinche," VP exploration Jorge Fierro said.
Initial drilling has started at El Trinche and the company has added a second rig to drill its recent Warintza East discovery, which has pointed to super pit potential at the project.
Warintza currently has an in-pit inferred 124 million tonne resource grading 0.7% Cu-eq.
Solaris had circa US$60 million in cash and equivalents at June 30.
Its shares (TSX: SLS), which graduated from the TSX Venture Exchange earlier this year, have doubled year-to-date and closed at C$12.30 yesterday to capitalise it at $1.3 billion (US$1 billion).
Equinox Gold sold a chunk of Solaris shares in the June quarter but retained 17% and had "no further plans to divest any shares for the foreseeable future," chair Ross Beaty was quoted as saying in Solaris' latest presentation.
"Warintza would be of interest to any major mining company, so I fully expect not too far away, maybe this year, they'll get an offer they can't refuse and we will be more than happy to exit with them," Beaty said.