23rd Jun 2014 07:00
LONDON (Alliance News) - SolGold PLC Monday said it has extended a visible copper mineralisation region at Hole 7 of its Cascabel copper-gold porphyry project in Ecuador, ahead of its first assay results from drilling at the hole.
The gold exploration company announced the original find on June 13, saying at the time that the hole found visual mineralisation from 540.7 to 960 metres and is continuing to find copper sulphide mineralisation as it drilled deeper.
On Monday, it said the hole has now found mineralisation over a 710.60 metre down-hole area from 540.7 to 1251.3 metres, with visible mineralisation continuing to increase.
The company said the results continue to reinforce its updated magnetic model of the site, showing a continuity between its Hole 5 and Hole 7 copper intercepts.
The news comes after the company announced in May that it found extensive mineralisation in Hole 6 at the site, with copper mineralisation averaging 0.14% over 821.5 metres at the site.
"This depth extension of strengthening copper sulphide abundance in Hole 7 provides encouragement that the Central Zone at Alpala may soon transition from the discovery stage to a resource drill-out stage," Chief Executive Alan Martin said in a statement. "The board and I are extremely pleased with how the program is progressing at Alpala, and we look forward to reporting the first batches of assay results from Hole 7 in the coming two weeks."
By Tom McIvor; [email protected]; @TomMcIvor1
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