Solaris Achieves Significant Milestones in Warintza Project
HIGHLIGHTS:
- Completion of Extensive Drilling Campaign
- In total, 82,000 metres of infill drilling have been accomplished
- Mineral Resource Estimate update is anticipated for 2025
- Ongoing exploration activities are set to uncover more potential
- Environmental Impact Assessment Technical Approval Target
- Upcoming Pre-Feasibility Study Expected in 2025
- Political Transition Brings Stability to Operations
Solaris Resources Inc. is thrilled to announce the successful completion of a notable drilling campaign at the Warintza Project. This project, situated in a promising area, represents a cornerstone for the company.
Over the past year, Solaris has achieved remarkable progress by executing more than 82,000 metres of infill drilling. The results from this extensive effort will allow the company to significantly upgrade its Inferred Resources to the more prestigious Measured and Indicated categories, a strategic move that enhances the project’s economic viability. An updated Mineral Resource Estimate is expected in 2025, and this data will pave the way for detailed economic studies, bringing Warintza closer to development.
In addition to the infill drilling, more than 15,000 metres have been dedicated to geotechnical, hydrogeological, and metallurgical inquiries, essential for the comprehensive technical analyses that support the project.
Unlocking Value Across the Warintza Copper Project
To date, Solaris has drilled an impressive total of over 200,000 metres across both the Warintza Central and East porphyries. This wealth of information is pivotal in developing a flexible and staged mine plan that emphasizes near-surface mineralization, a crucial factor for reducing initial capital expenditures. Furthermore, these improved geological insights allow for a better understanding of the mine's overburden to ore characteristics, ensuring efficient long-term operations.
While Warintza is set to transform into a premier multigenerational copper project, Solaris is simultaneously focused on unlocking further value from its extensive 100%-owned land package exceeding 260 km², which includes several high-priority exploration targets. Active field exploration continues to unveil more opportunities for growth.
Infrastructure Development and Political Stability
On the infrastructure side, Solaris has made significant strides by completing 20 kilometres of internal road access, which enhances the project's feasibility by allowing year-round access. This development not only accelerates timelines but also plays a critical role in cost management during the construction phase, a vital advantage as the company gears towards development.
The recent political stability brought about by the re-election of President Daniel Noboa has further reinforced the environment conducive to mining operations. Solaris has made substantial progress in permitting and engaging with various stakeholders, working closely with Ecuador’s Ministries of Environment and Mines on the Environmental Impact Assessment (EIA), with approval expected in the mid-2020s.
Progressing Towards Feasibility and Sustainable Mining
In tandem with environmental assessments, the company is advancing its Pre-Feasibility Study (PFS) under the expertise of Ausenco and Knight Piésold, with targeted completion in 2025. Following this, the project will transition into a Bankable Feasibility Study, culminating in a well-structured and financeable development plan.
Solaris is deeply committed to participatory mining, nurturing robust partnerships with local communities, and ensuring that sustainable practices guide all operations. The adherence to these principles not only protects community interests but also supports long-term value creation for all stakeholders involved.
With ongoing advancements in technical, environmental, and social sectors, Solaris has set its sights on delivering a Final Investment Decision (FID) by late 2026. This milestone aligns perfectly with an optimistic outlook for the global copper market, ensuring that the company is well-positioned for future success.
Matthew Rowlinson, President and CEO, remarked on the prospects ahead: “Ecuador’s bright future is within reach, and we are excited to work collaboratively with the government to tap into the vast potential offered by the Warintza Copper Project. This endeavor is more than a mining operation; it’s an opportunity for sustainable growth and development.”
Rowlinson added, “Warintza is a testament to what responsible development can accomplish. Our core mission is to operate with integrity, empower communities, and generate lasting benefits for all stakeholders involved.”
For Further Information
For more insights and details, interested parties can contact Patrick Chambers, VP Investor Relations.
Email: pchambers@solarisresources.com
Frequently Asked Questions
What milestones has Solaris achieved in the Warintza Project?
Solaris has completed over 82,000 metres of drilling, advanced the Environmental Impact Assessment, and is preparing a Pre-Feasibility Study.
What is the significance of the recent drilling campaign?
This campaign aims to upgrade Inferred Resources to Measured and Indicated categories, which are crucial for detailed economic studies.
How is Solaris addressing infrastructure challenges?
By completing 20 kilometres of internal road access, Solaris significantly improves project accessibility, reducing costs and accelerations timelines.
What role does political stability play in Solaris's operations?
The re-election of President Noboa bolsters the supportive policy environment, essential for permitting and stakeholder engagement.
What is Solaris's commitment to sustainable mining?
Solaris focuses on participatory mining, involving local communities and fostering responsible development practices that benefit stakeholders.
