13th Nov 2013 15:04
LONDON (Alliance News) - SolGold PLC Wednesday said it had got the first test results back from a drill hole on the Alpala prospect at its Cascabel project indicating there's porphyry copper-gold mineralisation at depth.
It said the results show 0.33% copper and 0.41 grammes per tonne of gold at 18 metres, 0.5% copper and 0.68 grammes a tonne of gold at 42 metres ad 0.37% copper and 0.3 grammes a tonne of gold at 292 metres.
The CSD-13-002 drill hole was terminated at just over 547 metres when the drill ran into deviations caused by faults. However, it intersected two main lengths of mineralisation.
"The extensive mineralisation within the hole is particularly encouraging, and it laterally expands the extent of mineralisation on cross-section at Alpala Creek," the company said in a statement.
It expects results from the CSD-13-003 drill hole in two weeks after terminating it at just over 751 metres. However, drill Hole CSD-13-004 was terminated at a depth of just over 318 metres due to poor ground conditions, and has been relocated.
SolGold holds a 50% interest, and can earn up to 85% interest, in Exploraciones Novomining SA, the Ecuadorean company, which owns the Cascabel concession in the north of the country.
SolGold shares were down 9.3% at 11.339 pence Thursday afternoon.
By Steve McGrath; [email protected]; @SteveMcGrath1
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