11:08 AM EDT, 08/15/2024 (MT Newswires) -- (Adds analyst comment.)

Solaris Resources (SLS.TO) reported Thursday the latest results from the ongoing 60,000-meter exploration-drilling campaign at its Warintza project in Ecuador.

Highlights include 57 meters of 1.11% copper equivalent, 69 meters of 0.82% copper equivalent and 69 meters of 0.77% copper equivalent.

Solaris said additional drilling extended near surface, high-grade mineralization to the north, northwest and southeast of the resource estimate.

The company added that a series of holes from a step-out platform extended mineralization to the northwest with high grades from near surface.

Solaris said drilling is underway from step-out platforms for a potential expansion of the resource estimate. Complementary district exploration efforts are also ongoing.

National Bank maintained its outperform rating and $9.00 price target for the company's shares following the news.

The bank said its rating is based on Warintza's large-scale/near-surface resource, attractive project economics and management's track record of generating shareholder value.

Solaris shares were last seen up $0.17 to $3.15 on the Toronto Stock Exchange.

Price: 3.15, Change: +0.17, Percent Change: +5.70