Copper company Solaris Resources on Monday reported assay results for the first hole from the ongoing 40 000 m diamond drill programme at its Warintza project, in south-east Ecuador, sending its share price up 38%.
This is the first drill hole completed on the Warintza project in nearly 20 years.
The TSX-V-listed company stated that the first hole, SLS-01, returned a consistent, high-grade interval starting from surface of 567 m of 0.80% copper, 0.04% molybdenum, and 0.1 g/t gold, or 1.00% copper equivalent.
“We are very pleased to have intersected a long interval of consistent, high-grade porphyry mineralisation from surface on the first-ever deep hole drilled on this property. The hole was collared within the footprint of Warintza central, but greatly extends mineralisation to depth before terminating in a barren dyke. As expected, no significant values of deleterious elements were detected in assaying,” said VP for exploration, Jorge Fierro.
Solaris’ stock closed at C$2.43 a share, giving the company a market capitalisation of C$97.07-million.