16th Jul 2014 10:08
LONDON (Alliance News) - SolGold PLC Wednesday confirmed its Hole 7 drilling at the Cascabel copper-gold porphyry project in Ecuador has found strong mineralisation and has proved continuity of a mineralised zone from its Hole 5 site nearby.
The gold exploration company announced the original find on June 13 but could only provide the exact details on Wednesday following assay results.
The hole intersected a 597.26 metre region grading 0.46% copper and 0.18 grams per tonne of gold from 654 metres to 1,251.26 metres in depth. It said the region holds a range of higher-grade gold or copper intervals.
The company said the higher-grade intervals get stronger further down the hole, and copper mineralisation extends to the current hole depth of 1351.80 metres.
SolGold said the broad zone of copper and gold correlates with findings at its previous Hole 5 site 150 metres to the southeast and as such represents a large mineralisation block on site, reinforcing the potential of the Cascabel project. .
The company said Hole 7 is now being deepened to a minimum depth of 1,500 metres, and it will drill beyond this point if it continues to find copper sulphide mineralisation.
"We are encouraged that further copper and gold mineralisation is likely to be discovered as we extend the hole beyond 1,251 metres," Chief Executive Officer Alan Martin said in a statement.
SolGold shares were up 0.7% to 7.73 pence on Wednesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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