08:22 AM EDT, 04/30/2024 (MT Newswires) -- Solaris Resources ( SLSR ) said Tuesday that Ecuadorian state-owned miner Empresa Nacional Minera (Enami) awarded the company an option to acquire up to a 100% interest in 10 new exploration concessions.

Solaris said the concessions comprise a land package of about 40,000 hectares adjacent to the Warintza project and the San Carlos-Panantza porphyry copper-molybdenum deposits.

The terms are expected to include an upfront payment to Enami of US$250,000 and a proposed exploration program of up to US$25 million over the exploration phase.

The agreement would also include an exclusive option to acquire the claims at a price to be determined by independent experts.

Solaris said the award follows a bidding process established by Enami, and is subject to the entry into a definitive framework agreement for the concessions.

Solaris expects fieldwork to begin in May.

The company's share price fell 1.8% yesterday to $5.46.