11:18 AM EDT, 05/07/2024 (MT Newswires) -- Solaris Resources ( SLSR ) said Tuesday it continues to advance development of itse Warintza copper project in Ecuador.

The company appointed leading international consulting firms including Ausenco Engineering for a pre-feasibility study of the project, 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 completing 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.

Meanwhile, Solaris received an outperform rating and an C$8.50 price target from National Bank of Canada after its update on Warintza.

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 down C$0.05 to C$5.49 on the Toronto Stock Exchange.

Price: 5.49, Change: -0.05, Percent Change: -0.90