10th Nov 2014 09:13
LONDON (Alliance News) - SolGold PLC Monday said it has received positive results from hole number 8 at the Cascabel copper-gold project in Ecuador and has begun drilling a ninth hole at the project.
Hole 8 at Cascabel was drilled at the Alpala porphyry copper-gold prospect during September and a bulk intersection from hole 8 totalled 914 metres graded 0.41% copper and 0.44 grammes per tonne of gold. From the bulk intersection, significant intercepts included:
- 448 metres at 0.56% copper and 0.64 grammes per tonne of gold from 862 metres to 1,310 metres. This equates to 0.95% copper equivalent.
- 282 metres at 0.6% copper and 0.76 grammes per tonne of gold from 904 metres to 1,186 metres. This equates to 1.06% copper equivalent.
- 46 metres at 0.71% of copper and 0.58 grammes per tonne of gold from 1,264 metres to 1,310 metres. This equates to 1.05% copper equivalent.
Hole number 8 is to be drilled further, and SolGold began drilling a ninth hole at the project on October 28, which has reached around half of its target depth so far, it said in a statement.
"Grades are increasing with depth, with grades of close to 1% copper and 1 gramme per tonne of gold at the end of the hole. That we have tested less than 15% of the area of the primary target...and continue to generate results of this calibre is a remarkable achievement," said Chief Executive Alan Martin.
SolGold shares were up 4.5% to 4.05 pence per share Monday morning
By Joshua Warner; [email protected]; @JoshAlliance
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