8th May 2019 10:03
LONDON (Alliance News) - SolGold PLC has found "large" copper-gold systems at the Chical project, it said Wednesday, having announced discoveries a day before at the Porvenir project.
SolGold has been following up stream sediment geochemistry at Chical, in northern Ecuador, which has found a 5.8 square kilometre area of gold and porphyry-style mineralisation.
There are three prospect areas: Pascal, La Esperanza, and Espinoza.
Rock chip sampling at Pascal and Espinoza has returned grades of up to 45.5 grams of gold per tonne of ore, 7.05 grams, 3.27 grams, and 2.57 grams across four samples.
Exploration & Country Manager Jason Ward commented: "The large areas of geochemical anomalism, the widespread extent of the altered and mineralised outcrops, and the mineralisation style comprising multi-directional veining accompanied by molybdenum are strong indicators of a large copper-rich porphyry system at La Esperanza.
"Peripheral high-grade gold-rich epithermal veins have also been identified at Pascal and Espinoza. The high-grade gold vein occurrences also indicate the potential for early high-grade gold resources beside the porphyries."
"The proximity of Chical to Cascabel is geologically and logistically encouraging and vindicates our long-held opinion that we have discovered a new copper porphyry province. The generative foundations laid in 2014 are certainly paying off."
SolGold on Tuesday said it was confident of a "significant" copper-gold system at Porvenir, also in Ecuador, with results suggesting similar veins to SolGold's flagship Alpala deposit at Cascabel.
Shares were up 0.3% on Wednesday at a price of 37.85 pence each.
Related Shares:
SolGold