Solaris Resources Inc. announced that the Ecuadorian state-owned mining company, Empresa Nacional Minera (ENAMI EP?, has awarded the Company an option to acquire up to a 100% interest in 10 new explorations concessions. These concessions comprise a land package of ~40,000 hectares adjacent to the Warintza Project (Warintza or the Project) and San Carlos-Panantza porphyry copper-molybdenum deposits within the prolific Zamora belt that hosts Ecuador?s largest copper and gold mines to the south. Zamora Intrusive Complex: Most of the significant copper and gold deposits in southeastern Ecuador are located within or immediately adjacent to the Zamora Intrusive Complex that forms a belt approximately 300km long, bounded to the north and south by northeast-trending shear zones.

In addition to the Company?s Warintza porphyries, major deposits not owned by the Company include the adjacent San Carlos-Panantza porphyries, and to the south, the Mirador porphyries, Fruta del Norte epithermal deposit, and Nambija skarn deposits. Porphyry Targets: The main cluster of Warintza porphyries lie in a fault-bounded wedge that opens to the east. North-south compression at the time of mineralization resulted in the expulsion of the wedge towards the east, creating local transtensional areas into which porphyries were intruded.

The Warintza cluster is enclosed by an open-ended annular magnetic high which corresponds to magnetite accumulation in the outer rim of the cluster, with the porphyries represented by magnetic lows. Warintza South sits outside the main cluster and is represented by a large standalone magnetic low adjacent to a wedge-bounding fault. A similar structural wedge is interpreted from magnetic, LIDAR and other data on the concessions to the southeast of the Warintza cluster.

Magnetic imagery of the concession shows several open-ended annular magnetic highs, like the one that rims the main cluster of Warintza porphyries, with associated topographic depressions formed from preferential weathering of the quartz-sericite mineral alteration zone located in the upper part of the deposits. The largest of these magnetic features has an east-west strike length of nearly 5km and is associated with several hundred meters of topographic relief in the area of the magnetic low. Epithermal Targets: The same convergence of tectonic blocks that resulted in the north-south orientated compression and expulsion of fault-bounded wedges noted above is also thought to have formed dilational jogs and pull-apart basins from lateral movement on the wedge-bounding faults.

These structures may also have formed conduits for mineralizing hydrothermal fluids to have entered, potentially forming epithermal gold-silver deposits. The fertile faults in the new concessions to the southeast and north of the Warintza concession block highlight the exploration potential of the new areas. The Caya epithermal target is located in an area that would have been subjected to transtension and the ingress of hydrothermal fluids during left-lateral movement on an adjacent regional-scale, NE-trending fault.

Concession Terms: The award follows a process established by ENAMI EP pursuant to which credentialed bidders submit non-binding proposals for proposed minimum investments on the new concessions. The award is subject to entry into a definitive framework agreement for the concessions, with the terms expected to include: (i) an upfront payment to ENAMI EP of USD 0.25 million; (ii) a proposed exploration program of up to USD 25 million over the exploration phase; and (iii) the exclusive option to acquire the claims from ENAMI EP at a price to be determined by independent experts. The award to Solaris follows similar awards in Ecuador by ENAMI EP to subsidiaries of Barrick Gold Corporation and Hancock Prospecting Pty Ltd. pursuant to which such parties have agreed to invest up to USD 148 million in exploration programs according to ENAMI EP.