BASE METALS

Solaris soars on stellar first assay

Reports 567m at 1% copper-equivalent

Staff reporter

This article is 4 years old. Images might not display.

The company said it was the first drill programme made possible in nearly 20 years at Warintza, where the Equinox Gold spin-out is aiming to expand the Warintza Central zone, discovered by the late David Lowell in 2000. 

The first hole returned 567m from 1m, grading 0.8% copper, 0.04% molybdenum and 0.1g/t gold.

Solaris said it was the first deep hole drilled at Warintza, where past drilling had averaged less than 200m.

President and CEO Daniel Earle said the drilling was made possible through a strategic alliance with the Warints and Yawi indigenous communities.

"With this result, we have begun to write a fitting epilogue to David Lowell's legendary career," Earle said.

Warintza Central has an inferred 124 million tonne resource grading 0.7% Cu-eq.

Solaris said it would begin an advanced airborne geophysical survey next week and anticipated more drilling results by early September from its ongoing 40,000m programme.

The company (TSXV: SLS) debuted on the TSX Venture Exchange in mid-July, with more than C$25 million cash on hand.

It's backed by the Augusta Group, Equinox, Richard Warke, Lukas Lundin and Ross Beaty.

Its shares have almost doubled, from $1.38 on July 14 to peak at $2.62 intraday.

They closed up 38% to $2.43 to value the explorer about $215 million (US$161 million).

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Journal Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Journal Intelligence team.

editions

Mining Journal Intelligence: Investor Sentiment Report 2025

Exclusive insights into the plans, priorities and preferences of 130+ mining investors and top factors influencing investment decisions in 2025.

editions

Mining Journal Intelligence World Risk Report 2024 (feat. MineHutte ratings)

A detailed analysis of mining investment risks across 117 jurisdictions globally, assessed across six risk categories and an industrywide survey.

editions

ESG Mining Company Index: Benchmarking the Future of Sustainable Mining

The ESG Mining Company Index report provides an in-depth evaluation of ESG performance of 61 of the world's largest mining companies. Using a robust framework, it assesses each company across 9 meticulously weighted indicators within 6 essential pillars.

editions

Mining Journal Intelligence Global Leadership Report 2024: Net Zero

Gain insights into decarbonisation trends and strategies from interviews with 20+ top mining executives and experts plus an industrywide survey.