SolGold Provides Cascabel Exploration Update
LONDON, UNITED KINGDOM--(Marketwired - Jul 26, 2017) - The Board of SolGold (AIM and TSX code: SOLG) is pleased to provide an update on the drilling progress of current holes 23R‐D1, 24‐D1R, 26, and 27 at Cascabel, the Company’s 85% owned coppergold porphyry project in Ecuador.
- Hole 23R‐D1 (Rig 1) extending Alpala Central to the east, continuing in a mineralised diorite intrusion at 1351.6m down hole.
- Hole 24‐D1R (Rig 3) extending Alpala Southeast mineralisation to depth, below Hole 24 intercept, continuing in a mineralised diorite intrusion 1067.9m down hole.
- Hole 26 (Rig 4) extends Alpala Central deposit 100m to the northeast, and continues further to confirm the modelled deposit at Alpala Northwest, as drilling continues within strongly mineralised diorite porphyry 1875.9m down hole.
- Hole 27 (Rig 2) completed at 1614.3m extending Alpala Central deposit 100m southeast of Hole 21, and 250m southeast of Hole 16.
- Hole 28 (Rig 2) underway, testing extensions above Hole 16 (which returned 894m @1.41% copper equivalent). Currently at a depth of 276.4m.
- Hole 29 (Rig 5) being set up to test high grade extensions along Alpala Central deposit eastern flank.
- Rig 6 scheduled for arrival at Alpala in August as negotiations with a second drilling contractor progress rapidly towards increasing productivity with a total of up to 9 drill rigs on site in September 2017.
Commenting on the current drilling, SolGold CEO, Nick Mather said:
“Hole 26 is particularly exciting for us, demonstrating clear extension of Alpala to the northwest, with much more intense mineralisation than evident in Holes 11 and 13, which we now suspect drilled over the top of the large high grade zone at Alpala Northwest.”
SolGold’s Alpala deposit continues to grow with each new drill hole as drilling focusses on high grade porphyry centres at Alpala Northwest, Alpala Central and Alpala Southeast. Over 41,600m of drilling has been completed to date along the greater Alpala trend (Figure 1).
Recent state of the art 3D MVI magnetic modelling has revealed a northwest trending line of significant magnetic bodies at Moran, Trivinio, Alpala Northwest, and Alpala Central (Figure 2). These bodies are thought to replicate subsurface mineralised envelopes, such as that confirmed by drilling at Alpala Central. A zone of magnetite‐destruction occurs over much of the Alpala porphyry cluster and is related to hydrothermal alteration in the near surface “lithocap” environment. Below this depth, high‐grade copper and gold mineralization is related to magnetite‐rich, hydrothermally altered intrusions that generally coincide with the 3D MVI magnetic model. At Alpala Southeast, intense phyllic and argillic alteration, determined by spectral alteration mapping, has contributed to magnetite destruction and masks the 3D MVI magnetic targets south of the Alpala Central deposit.
Hole 23R‐D1 (Rig 1 Alpala Central) continues at a current depth of 1351.6m, following a revised deviation from the parent hole (Hole 23R) at 694.9m depth. To date this hole has intersected 656.6m of strongly mineralised diorite porphyry and drilling continues in visible mineralisation. Hole 23R‐D1 is a “daughter” hole testing for the eastern extensions to the high grade intrusions intersected in Hole 23R, which recently returned 770m @ 1.44 % copper equivalent (0.71 % Cu, 1.16 g/t Au). Hole 23RD1 has a planned down hole extension of 1000m from the parent hole.
Hole 24‐D1R (Rig 3 Alpala Southeast) continues at a current depth of 1067.9m. Hole 24‐D1 is a “daughter” hole leaving the “parent” (Hole 24) at 735.0m depth testing for deeper, eastern extensions to the mineralisation discovered in Hole 24 which recently returned 586.0m @ 0.43 % copper equivalent (0.27 % Cu, 0.25 g/t Au) from 636m, including 160m @ 1.04 % copper equivalent (0.63 % Cu, 0.65 g/t Au). Hole 24‐D1R continues in mineralised diorite porphyry, having completed a down hole extension from the parent hole of 276.8m thus far. Hole 24‐D1R has a planned extension from the parent hole of at least 600m.
Hole 26 (Rig 4 Alpala Northwest) continues at a current depth of 1876.0m, within a mineralised diorite intrusion. Visible copper sulphide mineralisation encountered in upper portion of Hole 26 extends the Alpala deposit approximately 120m northeast of hole 15R2, which returned 830m @ 0.93 % copper equivalent (0.63 % Cu, 0.46 g/t Au). A strongly mineralised diorite intrusion encountered in the lower portion of Hole 26 confirms the Alpala Northwest deposit at depth, some 400m below the intersection achieved in Hole 13 of 190m @ 0.82 % copper equivalent (0.63 % Cu, 0.31 g/t Au). Hole 26 continues towards a revised planned depth of at least 2000m.
Hole 27 (Rig 2 Hematite Hill), was completed on 14th July at a depth of 1614.3m, having extended the Alpala Central deposit 100m southeast of Hole 21, and approximately 250m southeast of the intersection achieved in Hole 16 which returned 894m @ 1.41 % copper equivalent (0.78 % Cu, 0.99 g/t Au). Assays results are pending.
Hole 28 (Rig 2 Hematite Hill) started on 15th July from the same site as Hole 27, and is at a current depth of 276.4m, with the aim of infilling between holes 16, 21 and 27 focusing on confirming resource potential at Alpala Central.
Hole 29 (Rig 5) is being set up to test high grade extensions along the eastern flank of the Alpala Central deposit.
Selected examples of mineralisation being encountered in recent drill holes are shown in Figures 3, 4, 5 and 6.
Rig 6 scheduled for arrival at Alpala in August as negotiations with a second drilling contractor progress rapidly towards increasing productivity with a total of up to 9 drill rigs by September.
Information in this report relating to the exploration results is based on data reviewed by Mr Nicholas Mather (B.Sc. Hons Geol.), the Chief Executive Officer of the Company. Mr Mather is a Fellow of the Australasian Institute of Mining and Metallurgy who has in excess of 25 years’ experience in mineral exploration and is a Qualified Person under the AIM Rules. Mr Mather consents to the inclusion of the information in the form and context in which it appears.