1st Apr 2015 08:25
LONDON (Alliance News) - SolGold PLC Wednesday said drilling on Hole 10 on the Cascabel copper-gold porphyry project in Ecuador has been terminated due to "irreversible drilling difficulties", although the hole still encountered an extension to a mineralised zone that it is testing.
SolGold said drilling on Hole 10 has been terminated at a depth of 974.84 metres due to drilling difficulties, which it didn't detail. Drilling was terminated in the mineralised intrusive porphyry, approximately 170 metres short of the expected deeper high grade zone that was previously encountered in Hole 9.
Due to the difficulties, SolGold will not be able to drill Hole 10 any deeper.
The extension of the mineralised zone to the north-west of Hole 9 provided an intersection of 1,327.35 metres at 0.57% copper and 0.74 grammes of gold per tonne, which was also encountered during the drilling of Hole 10.
The company is now preparing to move the drill rig 180 metres further to the north-west and drill Hole 11.
Still, SolGold shares were up 0.8% to 2.69 pence per share on Wednesday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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