13th Jun 2014 09:27
LONDON (Alliance News) - SolGold PLC Friday said it has found copper sulphide mineralisation at Hole 7 of its Cascabel copper-gold porphyry project in Ecuador.
The gold exploration company said drilling at the hole found visual mineralisation from 540.7 to 960 metres and is continuing to find copper sulphide mineralisation as it drills deeper.
The company said its high-priority targets to the southeast and northwest of the site are reinforced by an updated magnetic model of the site and the intersection of mineralisation in Hole 7, while the drill results show a continuity between its Hole 5 and Hole 7 copper intercepts.
"The results confirm that we have continuity of copper mineralisation between Hole 5 and Hole 7. Whilst visible copper sulphides of similar style are observed in both drill holes, we wait for assays to confirm the copper and gold grades in Hole 7," Chief Executive Alan Martin said in a statement.
The news comes after the company announced in May that it found extensive halo mineralisation in Hole 6, with copper mineralisation averaging 0.14% over 821.5 metres at the site.
SolGold shares were down 1.8% to 8.35 pence on Friday.
By Tom McIvor; [email protected]; @TomMcIvor1
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