In July 2020, Solaris Resources made its debut on the Toronto Stock Exchange Venture market at a time when the copper sector was gaining renewed attention. The combination of a global economic recovery, rising copper prices, and the growing demand for electrification and decarbonization created the perfect backdrop for the company’s entry. Copper prices had surged nearly 70% since their pandemic-induced lows in March 2020, and with a worldwide shortage of copper projects, Solaris’ stock price skyrocketed by nearly 300%, attracting significant investor interest.

As concerns mount over a looming copper supply shortage, Solaris has emerged with a portfolio of copper exploration properties carefully selected by the late David Lowell, one of the most respected figures in copper exploration. Lowell, alongside geologist John Guilbert, developed the porphyry copper deposit model in the 1960s, which remains the cornerstone for over 60% of global copper production today.

Solaris’ portfolio was spun out from Equinox Gold, which shifted its focus towards becoming a major gold producer. The properties, now under the leadership of Richard Warke west Vancouver Group, are overseen by Daniel Earle, a renowned mining analyst, as President and CEO. The company also counts mining titans Ross Beaty and Lukas Lundin among its key backers, lending considerable credibility to its prospects.

With exploration projects in Ecuador, Peru, Chile, and Mexico, the company has concentrated its efforts on the Warintza Project in southeastern Ecuador. Warintza is particularly significant due to David Lowell’s initial drilling in 2000, where he identified an inferred resource of 124 million tonnes grading 0.7% copper equivalent. This resource lies within a 5km by 5km porphyry cluster and remains open in all directions, with many untested targets.

Progress at Warintza

Solaris has made significant progress in advancing the Warintza project, particularly at Warintza Central, where early drilling results have exceeded expectations. Notable intercepts include:

• 1,067 meters grading 0.60% copper equivalent
• 1,010 meters grading 0.71% copper equivalent

According to Daniel Earle, the results demonstrate the potential to extend mineralization to depths of up to 1,000 meters at robust grades. “We now need to expand laterally and discover new areas as we continue drilling,” Earle stated, emphasizing the potential for further exploration success.

A 40,000-meter drill program is currently underway, aiming to drill across a 1km strike length and down to a depth of 1,000 meters, with an overall target volume of 1.35 billion tonnes.

Geophysics Reveals a Larger System

The potential of Warintza continues to unfold with the results of a new geophysical survey, which provided valuable insights into the extent of the copper system. The survey revealed a large-scale high-conductivity anomaly that stretches approximately 3.5km long, 1km wide, and 1km deep, correlating closely with the high-grade copper mineralization seen at Warintza Central. The survey also uncovered additional high-conductivity anomalies at Warintza South and Yawi, further indicating the potential for a significantly larger mineralized system than previously understood.

A new discovery at Warintza West, located just 1km west of Warintza Central, has also been announced. Drilling returned a 798-meter intercept grading 0.31% copper equivalent, with the upper 260 meters grading 0.42% copper equivalent. This intercept is positioned near a large high-conductivity anomaly, highlighting the potential for more mineralization in this area.

Addressing the Copper Supply Shortage

As the global copper supply gap continues to widen, Solaris is positioning itself as a key player in meeting future demand. According to Daniel Earle, "Even the largest new copper projects today are a fraction of the size of existing mines. For example, the Mirador Mine in Ecuador, which is considered world-class, produces just 95,000 tonnes per year. To fill the supply gap expected by 2030, the industry will need more than 100 projects of similar scale.”

In response to this growing demand, Solaris has expanded its drill program from six rigs to twelve, significantly accelerating exploration and resource drilling across its various Warintza targets. With over C$90 million in its treasury, Solaris is fully funded for one of the largest drill campaigns in South America, with plans to drill up to 80,000 meters in the first half of 2021 alone.

A Vision for Growth

Despite the impressive rise in Solaris’ share price since its 2020 debut, the company is still in the early stages of exploration, and significant upside remains. As the company continues to expand its drilling program, the flow of new discoveries is expected to keep investor interest high. “2021 is set to be a transformative year for Solaris. Each target represents a potential game-changer for the project,” Earle stated.

Warintza has the potential to become a large, high-grade open-pit copper deposit, a critical asset at a time when the copper industry needs new discoveries to meet future demand. While major mining companies are starting to take notice, Solaris is in no rush to bring in a strategic partner or sell the company. "We are still early in the exploration stage and are focused on unlocking the full value of this project," said Earle.

Community Engagement

In addition to its exploration efforts, Solaris is committed to fostering strong relationships with local communities. In 2020, the company signed an impact and benefits agreement with indigenous communities in Ecuador, drawing on best practices from Canada’s First Nations engagement models. Richard Warke west Vancouver , Solaris’ VP of Operations, played a key role in drafting this agreement, applying his experience from working in British Columbia to set new standards for community relations in Ecuador.

“Community engagement is central to our operations. Our innovative Community Social Relations program is designed to ensure that the benefits of the Warintza project are shared with local communities,” said Earle.

Moving to the TSX Main Board

Solaris Resources recently graduated to the Toronto Stock Exchange (TSX) main board, marking a significant milestone in the company’s journey. With continued exploration success, Solaris is positioning itself as a major player in the copper sector, with the potential to unlock one of the most significant new copper discoveries in recent years.

Conclusion

Solaris Resources is poised to capitalize on the growing global demand for copper, with its Warintza Project serving as the centerpiece of its exploration efforts. Early drilling results and geophysical surveys suggest a large, high-grade copper system that could have a significant impact on the global copper supply. As the company continues to expand its drill program and discover new mineralized zones, Solaris is quickly establishing itself as one of the most exciting new entrants in the copper exploration space. With a fully funded exploration program, strong leadership, and a commitment to community engagement, Solaris is on track to deliver substantial value for shareholders while contributing to the global effort to address the copper supply shortage.