Solaris Provides Disclosure Clarifications

VANCOUVER, British Columbia, March 13, 2024 (GLOBE NEWSWIRE) -- Solaris Resources Inc. (TSX: SLS; OTCQB: SLSSF) (“Solaris” or the “Company”) is issuing the following news release as a result of a continuous disclosure review by the British Columbia Securities Commission.

The Company has disclosed in its technical report with an effective date of April 1, 2022, certain Company press releases, and in its corporate presentation both a mineral resource estimate for the greater Warintza project and a mineral resource estimate for an indicative starter pit at the Warintza project. CIM Best Practices state that there can only be one mineral resource on a project. The Company is therefore required to select one of these mineral resource estimates as its mineral resource estimate for the Warintza project. On this basis, the Company is retracting its disclosure of a mineral resource estimate for its indicative starter pit and confirms its mineral resource estimate at the Warintza Project is the unchanged mineral resource estimate for the greater Warintza project, with Indicated mineral resources of 579 million tonnes (“Mt”) at 0.59% copper equivalent (“CuEq”) and Inferred mineral resources of 887 Mt at 0.47% CuEq above a 0.3% CuEq cut-off grade at an effective date of April 1, 2022 (the “MRE”). Copper equivalent assumes recoveries of 90% Cu, 85% Mo, and 70% Au based on preliminary metallurgical testwork, and metal prices of US$3.50/lb Cu, US$15.00/lb Mo, and US$1,500/oz Au. The CuEq formula used is: CuEq (%) = Cu (%) + 4.0476 × Mo (%) + 0.487 × Au (g/t). The Company will file an amended technical report as soon as practicable with disclosure relating to the indicative starter pit removed from such disclosure.

The Company has disclosed in its corporate presentation historical district estimates, historical estimates at adjacent properties and potential future results for the property. This disclosure is restricted as it is not categorized as an inferred mineral resource, an indicated mineral resource, a measured mineral resource, a probable mineral reserve, or a proven mineral reserve. The Company has also made certain disclosure in its corporate presentation regarding potential economic results for the property and consensus analyst estimates for the MRE. Disclosure of gross values of a mineral resource estimate is restricted. The Company is retracting the foregoing disclosure noted in this paragraph and confirms it has not completed an economic assessment at the project.