7th May 2019 10:39
LONDON (Alliance News) - SolGold PLC on Tuesday said recent results from the Porvenir project in Ecuador suggest a "significant" copper-gold system.
Mapping and sampling, SolGold said, has extended copper-gold mineralisation at the Cacharposa Creek on Porvenir, with this showing similar veins to SolGold's other major target, Alpala on the Cascabel project, also in Ecuador.
Results from rock saw sampling at Porvenir include 148 metres at 0.6% copper equivalent, which includes 83 metres at 1.0% copper.
SolGold has found similar mineralisation at the Mula Muerta Creek at Porvenir, and it believes both targets are part of the same system, comprising an 800 metre-wide corridor over 1,200 metres long.
SolGold is planning to carry out drill testing and ground magnetics during the second quarter of the year, with the latter starting May.
Chief Executive Nick Mather said: "The size and grade of the outcropping mineralisation at Porvenir indicates a significant copper-gold porphyry system."
"The 150-metre long channel sample is significantly longer and richer than the 50-metre long discovery outcrop at Alpala in the Cascabel tenement, which has so far yielded a contained resource of 23 million ounces of gold and nearly 11 million tonnes of copper," he continued.
"The Porvenir system has the hallmarks of a significant discovery so far."
Shares were 0.1% higher on Tuesday at a price of 37.68 pence each.
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