27th Feb 2014 11:04
LONDON (Alliance News) - SolGold PLC Thursday said latest results from drilling at its Cascabel copper-gold porphyry exploration project in Ecuador have shown further exceptional grades.
The gold exploration company said results from its hole 5 drilling at its Alapala prospect on the site found a 324.32 metre space with 1.07% copper and 1.16 grams per tonne of gold from 869.68 metres depth.
The company added that the 324.32 metre space includes a 50 metre space grading at 1.80% copper and 2.26 grams per tonne of gold.
SolGold said that taking into account previous results, the length of hole interval assayed so far from 24 metres to 1194 metres depth has yielded 1170 metres at grades of 0.58% copper and 0.49 grams per tonne of gold.
Previous results include 536 metres grading 0.92% copper and 0.90 grams per tonne of gold and 416 metres grading 1.03% copper and 1.08 grams per tonne of gold.
The company said the results have now confirmed the gold-rich nature of the Alpala system and the drill rig has now been mobilised to the drill site 6, targeting extension to the mineralisation in Hole 5.
SolGold added that gridding continues for its planned 12 square kilometre 3D induced polarisation survey in April to assist prediction of the distribution of copper sulphide zones.
The company announced on Tuesday that it has taken 85% ownership of Cascabel from its previous 50% holding after paying Cornerstone Capital Resources, the Ecuadorean registered company that owns the project, CAD250,000 for Cornerstone shares and allotting Cornerstone CAD100,000 worth of SolGold shares as payment for the deal.
SolGold shares were up 11% to 13.00 pence, putting it in the top ten AIM risers Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
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