10th Feb 2014 11:46
LONDON (Alliance News) - SolGold PLC Monday said its pretax loss narrowed in its first half and it has extended the copper mineralisation at its Alpala site in Ecuador.
The gold exploration company said its pretax loss for the six months ended December 31 narrowed to AUD1.0 million, from AUD1.3 million in the same period the previous year.
The company made a small revenue of AUD320 for the six months, down from AUD6,634 the previous year, while its administration and consulting expenses increased to AUD771,270 from AUD678,223.
However, the company saw lower charges during the quarter, including a AUD170,502 charge for employee benefit expenses, down from AUD381,167 the previous year, and a AUD16,793 charge for share based payments, down from AUD86,464 the previous year.
The loss after income tax for the company for the half year was AUD782,452, almost half of the AUD1.3 million loss the previous year.
The company separately announced that copper mineralisation found during the stage one drill programme at the Alpala prospect within the Cascabel project in Ecuador has continued to the hole's current depth of 1,106.80 metres.
SolGold said that the correlation between certain mineralisation at the 4 kilometre squared Alpala Magnetic Complex indicates the potential for a large scale copper-gold porphyry system at the site.
The company said it now intends to drill the fifth hole to 1,500 metres, which it expects to take roughly three weeks, to test the full extent of this strong system.
Results for drilling below 869.68 metres at the site are expected to be delivered during the second half of February.
SolGold shares were down 0.4% to 7.97 pence Monday.
By Tom McIvor; [email protected]; @TomMcIvor1
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