24th Aug 2015 08:58
LONDON (Alliance News) - SolGold PLC Monday said the Aguinaga prospect at the Cascabel copper and gold project in Ecuador is now a "major target" after the company completed further work on the area.
SolGold said recent geological mapping, geochemical sampling and re-processing of geophysical datasets has revealed strong prospectivity for porphyry copper-gold mineralisation at the Aguinaga prospect, which sits in a cluster of porphyry centres at the project.
A total of four "high-priority" porphyry centres have now been identified at Cascabel, from a total of nine centres found to date.
A porphyry is an igneous rock consisting of large-grained crystals which can contain copper, gold or other mineralisation.
"It looks a lot like an Alumbrera magnetic signature. Porphyries often tend to cluster, like at Chuquicamata in Chile, so seeing four or five of them within the broader Cascabel project area is very encouraging," said Executive Director Nicholas Mather.
SolGold shares were up 1.3% to 1.95 pence per share on Monday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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