Solaris Resources Inc. (TSX:SLS)(NYSEAMERICAN:SLSR) has shared an operations update for its Warintza copper project in southeastern Ecuador. The update highlights improved productivity and cost savings under new Chief Operating Officer Javier Toro, as well as the appointment of top consultants to support the Environmental Impact Assessment (EIA) and Pre-Feasibility Study (PFS).

Mr. Javier Toro, COO, commented in a press release: “We are excited with the improvements we have made at site where our team is approaching record monthly drilling rates with significantly fewer rigs than at prior peaks. We are also pleased to be making progress in advancing studies and work programs to support the completion of the EIA in H2/24 and PFS in 2025. Warintza is a very unique project given its global scale and location in a mining district adjacent to infrastructure at low elevation.”

Drilling Ramps Up, Targeting 30km in 2024

Drilling at Warintza continues to accelerate, with six rigs completing over 5,400 meters in April, close to setting a new monthly record for the project. Solaris has budgeted a minimum of 30 kilometers of resource growth and infill drilling for 2024. Some of these holes will also provide technical data for mine design and planning to support upcoming technical studies.

The updated mineral resource estimate remains on track for completion at the end of June and release in early July. It will be completed by leading porphyry specialist Mr. Mario E. Rossi of Geosystems International Inc., who also conducted the previous estimate.

EIA Targeted for H2 2024, PFS for H2 2025

Solaris has engaged ESSAM Cía. Ltda., an Ecuadorian environmental consulting firm accredited by Ecuador’s Ministry of Environment, to finalize and submit the EIA for the Warintza exploitation phase. ESSAM has experience supporting Ecuador’s largest copper and gold mines. The EIA submission is targeted for the second half of 2024, building on over three years of baseline environmental monitoring, data collection and studies.

To support the PFS planned for the second half of 2025, Solaris has appointed leading international consulting firms:

– Ausenco Engineering for metallurgical studies, process plant design, and infrastructure assessments
– Knight Piésold Consulting for detailed technical studies and engineering designs for the pit, waste rock facility, and tailings management facility
– AMC Consultants and Minsys Mining Systems for mine scheduling and trade-off studies to optimize mine plans

Improved Site Productivity and Cost Savings

Infrastructure development, logistics optimization, and improved practices at the Warintza site have significantly increased productivity and efficiency. This has enabled a 26% reduction in drilling costs to US$229 per meter and generated substantial savings compared to the Q1 2024 budget.

Current Funding and Future Plans

As of March 31, Solaris held an unaudited cash balance of approximately US$29 million. An additional US$40 million is expected from the previously announced offtake financing package. These funds are expected to support the planned 2024 and 2025 work programs. Upon closing the strategic investment announced in January, Solaris plans to expand activities and continue the consolidation of the land package surrounding Warintza.

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.