25th Feb 2016 10:41
LONDON (Alliance News) - SolGold PLC on Thursday said drilling at Hole 16 at the Cascabel copper-gold porphyry project in Ecuador has progressed without difficulty.
The company said the mineralisation seen so far in Hole 16 has comprised magnetite, chalcopyrite and bornite shows and indicators suggest the richer core of the drill hole has yet to be reached.
SolGold said negotiations to secure a further rig and contractor at the site are ongoing and said the Carmen Road, being build by the Ecuadorian government, is expected to reach the project in April, lowering exploration costs and boosting the logistic efficiency of the site.
SolGold shares were up 16% to 2.46 pence following the news.
By Sam Unsted; [email protected]; @SamUAtAlliance
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