Solaris Resources (TSX:SLS) announced this morning the signing of a Memorandum of Understanding with Electric Corporation of Ecuador (CELEC) to provide low-cost, locally sourced hydroelectric power to the Warintza Project in southeastern Ecuador.

The Warintza Project is Solaris’ flagship exploration project, for which CELEC will provide locally-sourced hydroelectric power from the National Transmission System in Ecuador. This clean-power initiative will provide the primary power to the entire Warintza Project.

The adoption of this plan is aligned with the “Ecuador Zero Carbon Program” created by the Ministry of Environment, Water and Ecological Transition, as well as the National Decarbonization Pact, for which Solaris was one of the first mining signatories in September 2021.

Daniel Earle, President & CEO of Solaris Resources, commented in a press release: “The MOU with CELEC supports our vision to study the potential for electrified operations that maximize the structural benefits of the Warintza Project within an infrastructure-rich mining district with the aim of lowering costs, increasing efficiencies, reducing emissions, and broadly positioning the Project as a leading development opportunity across a range of financial and ESG metrics in the industry.”

Solaris aims to maximize the efficiency possibilities from this enormous, renewable, and low-cost energy source by investigating potential solutions for electrification of infrastructure, mobile mining equipment, including drills, trucks and shovels, material transportation and conveyance, such as gravity-assisted methods, and processing and pumping systems.

Mr. Gonzalo Uquillas Vallejo, General Manager of CELEC, also said: “As a leading strategic public company in the generation and transmission of electric power, we work in compliance with national guidelines to move toward the electrification of all areas of national industry, including large-scale mining, which will be a mainstay for the development of the Ecuadorian economy in the coming decades.”

Solaris has been singled out by the government for its commitment to best practices, and the Warintza Project is expected to set a new industry standard for low-cost, emission-free mining.

This announcement comes as good news for the Warintza Project and for Solaris Resources as a whole. Not only does it reduce the environmental impact of the project, but it also demonstrates Solaris’ commitment to working with the local community and government to create a sustainable future for all.

The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a licensed professional for investment advice. The author is not an insider or shareholder of any of the companies mentioned above.