2nd Feb 2016 10:27
LONDON (Alliance News) - SolGold PLC Tuesday published the final assay results from hole 13 drilled on the Cascabel copper and gold project in northern Ecuador and provided an update about the ongoing programme.
The results of hole 13 released Tuesday build on the initial results from the same hole reported in December, which showed an open-ended intersection of 376.0 metres at 0.52% copper and 0.25 grammes of gold per tonne of ore.
SolGold said the final assay results from hole 13 returned intersections of 480 metres at 0.46% copper and 0.22 grammes of gold per tonne of ore, including 206 metres at 0.61% copper and 0.3 grammes of gold per tonne.
Hole 13 is in the Alpala Northwest area and the results have confirmed the gold and copper mineralisation extends the known strike length of the greater Alpala porphyry system to over 600 metres - which was reported late last year.
SolGold completed the drilling of hole number 14 on January 17, testing the eastern flank of the Alpala Central deposit, and intersected mineralised porphyry intrusions from 669 metres to 1,176 metres depth, with the assay results expected this month.
Hole 15 is still being drilled and is being delayed by technical issues, which is being addressed by the drilling contractor. Hole 15 is targeting extensions of the Alpala Central deposit to the north east and at depth, and drilling has so far intersected mineralised porphyry from 870 to 1,048 metres depth.
Drilling of hole 16 began on January 25, and has to date intersected volcanics containing fine-grained copper sulphide mineralisation and weak veining, from surface to its current depth of 179.2 metres.
The aim of hole 16 is to extend the Alpala Central deposit by 100 metres to the southeast of the "world class" intersection from hole 12, which stands at 1,312 metres at 0.67% copper and 0.63 grammes of gold per tonne of ore.
In addition to the drilling, a mapping and sampling programme is being conducted. Infill soil sampling has been completed over 360,000 square metres of the Trivinio prospect area at the project.
The Trivinio outcrops have been mapped and sampled in detail and assay results are expected in the middle of February. The prospect is thought to hold a network of veins rich in copper that suggests there is a strong porphyry system exposed at surface.
At the Aguinaga prospect, SolGold said a ridge and spur program of auguring and pitting has commenced and will be completed by the end of February, in order to gain in situ rock samples under the extensive soil cover. This work is to augment the lack of significant rock outcrop in the Aguinaga area.
Back in November SolGold found copper-gold mineralisation at the surface of the Aguinaga prospect, with the rock-saw channel results showing an open-ended intersection of 9.0 metres at 1.01% copper and 0.79 grammes per tonne of gold. The miner has previously said the prospect shares geophysical and geochemical similarities to the Alumbera copper mine in Chile.
SolGold shares were trading up 1.3% to 1.98 pence per share on Tuesday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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