3rd Mar 2014 09:48
LONDON (Alliance News) - SolGold PLC Monday said it has found further high-grade copper and gold assays from additional tests at its hole 5 at Cascabel in Ecuador, vertically extending the mineralised zone.
The gold exploration company said assays for the hole, at the Alpala prospect of the site, between 1194 metres and 1330 metres showed 0.95% copper grading and 0.96 grams per tonne of gold.
The company said that incorporating previous results announced on February 27, there is a 672 metre space grading 0.93% copper and 0.91 grams per tonne of gold from 672 metres depth, a 552 metre space grading 1.03% copper and 1.05 grams per tonne of gold from 778 metres and a 258 metre space grading 1.27% copper and 1.40 grams per tonne of gold from 1052 metres depth.
In total, the length of hole assayed so far from 24 metres depth to 1330 metres depth grades 0.62% copper and 0.54 grams per tonne of gold.
SolGold said remaining assays from 1330 metres to 1370 metres are expected within 14 days, and it confirmed that the drill rig has been mobilised to drill site 6, with drilling expected shortly.
The company announced last week 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 down 3.2% to 13.43 pence Monday.
By Tom McIvor; [email protected]; @TomMcIvor1
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