12th Jan 2015 10:50
LONDON (Alliance News) - SolGold PLC share rose in early trade on Monday after the company reported the "best intersection" results from the Cascabel copper-gold porphyry project in Ecuador to date.
The company said the results are the strongest intersections received to date on the project and are comparable to significant drill intersections at existing large copper-gold porphyry projects.
The total downhole interval for Hole 9 at the site extends more than 1 kilometre and remains open at depth. The company has drilled down to 1,750 metres and said it has been assayed to 1,700 metres.
The bulk intersection result was 1270.8 metres at 0.59% copper and 0.77 grammes of gold per tonne for 1.05% copper equivalent between 430 metres and 1,700 metres.
This includes 1,050 metres at 0.68% copper and 0.92 grammes of gold per tonne for 1.23% copper equivalent between 650 metres and 1,700 metres. It also includes 772 metres at 0.8% copper and 1.19 grammes of gold per tonne for 1.51% copper equivalent between 710 metres and 1,482 metres.
There was also two distinct high grade porphyry zones that were intersected. Results from the upper zone reached 110 metres at 1.13% copper and 2.32 grammes of gold per tonne for 2.53% copper equivalent, whilst the lower zone result was 420 metres at 1% copper and 1.32 grammes of gold per tonne for 1.81% copper equivalent from 1,062 metres.
The lower zone intersect includes 298 metres at 1.24% copper and 1.72 grammes of gold per tonne for 2.28% copper equivalent from 1,184 metres.
"Importantly this intersection in Hole 9 extends the high grade copper and gold zone into a third dimension at Central Alpala. The discovery of multiple high grade zones at Central Alpala, which are open in all dimensions, bodes well for the definition of high grade resources at Alpala within the broader large tonnage porphyry system," said Chief executive and Managing Director Alan Martin.
Shares in the company were up 7.1% to 3.32 pence in morning trade, one of the best performers in the AIM All-Share. They touched an intraday high of 3.68p at the open.
By Sam Unsted; [email protected]; @SamUAtAlliance
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