11:16 AM EDT, 09/10/2024 (MT Newswires) -- Solaris Resources ( SLSR ) , trading near the low end of its 52-week range, on Tuesday reported recent results from the Celestina target area as part of its continuing district exploration program at the Warintza project in Ecuador.

A statement noted Celestina lies within the search domain for epithermal deposits east of the Warintza porphyry cluster and is defined by a 4.5k by 3.0 kilometer area of hydrothermal alteration and elevated zinc, lead, arsenic and mercury values in soil.

It said additional prospecting in an overburden-covered area outside of these anomalies identified three parallel vein exposures in creek beds within 100m either side of the original breccia outcrop. The company added that follow-up rock-chip sampling returned values of 16,019 grams per tonne (g/t) silver and 25.3 g/t gold, with other samples supporting the presence of an underlying silver-gold-base metals vein system.

Solaris said ongoing field work is now focused on locating additional exposures that provide further views to the underlying vein system. District exploration efforts in other target areas continue to progress.

National Bank of Canada maintained its outperform rating and $9.00 price target following the news.

"Discoveries of this type are significant as they represent potentially smaller-scale, higher grade gold/silver deposits within the land package that offer additional value beyond advancing Warintza," the bank said.

Solaris shares were last seen up $0.05 to $2.75 on the Toronto Stock Exchange.

Price: 2.74, Change: +0.04, Percent Change: +1.48