2nd Jan 2019 13:11
LONDON (Alliance News) - SolGold PLC said Wednesday it has discovered new copper and gold mineralisation at the Porvenir project located in southern Ecuador.
A broad zone of northeast-trending porphyry mineralisation approximately one kilometre wide and hosting numerous porphyry centres currently defined over six kilometre long and open-ended has been defined, including target 15, the company said.
At target 15, the company has recognised a 800 metre-wide northeast-trending mineralised corridor more than 1,200 metres long.
The exploration company said the mineralisation style at target 15 of Porvenir is similar to the Alpala and Cascabel projects, and an extended rock-saw channel sampling program continues to further expose mineralisation and determine the extent of mineralisation at the target.
SolGold plans to undertake drill testing and ground magnetics at target 15 in the first quarter. It also is scheduled to undertake airborne-magnetic survey for entire Porvenir concession package in the first and second quarter.
"SolGold's team of geoscientists led by Dr Steve Garwin, porphyry expert, recognised several targets with the right geochemical, geological and geophysical signature and SolGold has so far secured 11 of them. The high grades and strong gold endowment at Alpala and Porvenir provides SolGold with a unique opportunity to develop this company without resorting to dilutive and erosive joint ventures," SolGold Chief Executive Nick Mather said.
London listed shares in SolGold were up 1.2% at 37.20 pence each on Wednesday afternoon.
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