Bishopsgate, London (FSCwire) - The Board of SolGold (LSE and TSX code: SOLG) is pleased to provide an update on the drill program at the Alpala Porphyry Copper-Gold Deposit, at the Company's Cascabel project in Northern Ecuador.
HIGHLIGHTS:
- Assay results from recent drill holes expected to add significantly to the existing December 2017 Alpala Mineral Resource Estimate (MRE), include:
- Hole 26-D3: 1100m @ 0.54% CuEq, incl. 164m @ 0.76% CuEq, and 224m @ 0.75% CuEq;
- Hole 29-D1: 178m @ 0.62% CuEq, incl. 48m @ 0.82% CuEq;
- Hole 33: 824m @ 0.80% CuEq, incl. 576m @ 0.93% CuEq, and 262m @ 1.15% CuEq;
- Hole 33-D1: 604m @ 0.73%CuEq, incl. 146m @ 1.71% CuEq, and 106m @ 2.13% CuEq;
- Hole 35: 320m @ 0.60% CuEq, incl. 160m @ 0.76%CuEq.
- Hole 36 partial assays indicate very high grades at Alpala Northwest, returning an open ended 82m @ 1.57% CuEq (1494-1576m). Assays beyond 1576m are pending.
- Drilling intersections, awaiting assay results, expected to add significantly to the existing December 2017 Alpala Mineral Resource Estimate (MRE), include:
- Hole 36: Approximately 568m of visual copper sulphide mineralisation (1432-2000m);
- Hole 37: Approximately 222m of visual copper sulphide mineralisation, open at depth as drilling continues (1620-1842m). This hole is particularly important, implying major system extensions northwest towards the Trivinio prospect;
- Hole 39: Approximately 205m of visual copper sulphide mineralisation (665-870m);
- Hole 42: Approximately 602m of visual copper sulphide mineralisation, including bornite, open at depth as drilling continues (309-911m);
- Hole 43: Approximately 205m of visual copper sulphide mineralisation, including bornite, open at depth as drilling continues (665-870m).
- Hole 37 (in progress) at Alpala Northwest intersects primary Bornite-Chalcopyrite-Magnetite assemblage, characteristic of the rich centre of many porphyry copper-gold systems.
- Drilling costs more than halved from USD1,100 per metre to USD500 per metre.
- Track mounted rigs exceeding expectations allowing rig release and man-portable deployments to satellite targets.
- Significant budget savings planned.
The Cascabel Project is located on the northern section of the prolific Andean Copper belt, renowned as the base for nearly half of the world’s copper production. The project area hosts mineralisation of Eocene age, the same age as numerous Tier 1 deposits along the Andean Copper Belt in Chile and Peru to the south. The project base is located at Rocafuerte, in northern Ecuador, approximately three hour drive north of Quito, close to water, power supply and Pacific ports (Figure 1). Having fulfilled its earning requirements, SolGold is a registered shareholder with an unencumbered legal and beneficial 85% interest in ENSA (Exploraciones Novomining S.A.) which holds 100% of the Cascabel tenement.
