08:14 AM EDT, 05/07/2024 (MT Newswires) -- Solaris Resources ( SLSR ) said Tuesday that it continues to advance the development of the Warintza copper project in Ecuador.

The company said it has appointed leading international consulting firms including Ausenco Engineering for the pre-feasibility study, which is expected to be completed in the second half of 2025.

Solaris also tapped Ecuador-based ESSAM Cia. Ltda. to support studies and work programs for an environmental impact assessment, which is scheduled to be finalized in the second half of this year.

Solaris continues to ramp up drilling with six rigs having completed over 5,400 meters in April, nearly a new monthly record for the project. A minimum 30-kilometer drill program is budgeted for 2024.

Solaris also noted the significant increase in site productivity and efficiency from infrastructure development and optimization, logistics and practices. This resulted in a 26% reduction in drilling costs and savings against the first-quarter budget.

"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," Chief Operating Officer Javier Toro said.

Solaris' share price jumped 5.3% to $5.54 yesterday.