Bishopsgate, London (FSCwire) - The Board of SolGold (LSE and TSX code: SOLG) is pleased to provide an update on the drilling programs at Alpala and Aguinaga, at the Company’s Cascabel project in Northern Ecuador.
HIGHLIGHTS:
- Aguinaga first drill hole (AGD-18-001) intersecting porphyry style veining and visible chalcopyrite and bornite mineralisation from 295m to current depth of 537m, with drilling continuing.
- Alpala drilling program discovering strongly mineralised extensions outside current inferred and indicated resource blocks along the southwestern margin of Alpala Central Deposit.
- Infill drilling within Alpala Central high-grade core predicted to significantly increase high grade resource tonnage.
Commenting on progress, SolGold CEO Mr Nick Mather said, “The current focus on drilling for extensions to the high-grade resource at Alpala is proceeding at pace and the mineralisation we are encountering supports this approach. A collateral outcome will of course be a likely increase in the overall resource size. Rapid developments in block-cave mining efficiencies would further enhance the economic outlook for Alpala. We note, encouraging improvements in Capex, Opex and value for Newcrest’s Wafi-Golpu block cave project in PNG, which augers well for the upcoming assessment of the Alpala Project. The early intersection of strong porphyry style veining and strong visible copper sulphide mineralisation confirms Aguinaga as an important second resource target at Cascabel. The diagnostic relationship between magnetic, geochemical, resistivity and chargeability data suggests that Aguinaga may represent a significant copper gold porphyry system with the potential to deliver a step-change to the magnitude and value of the Cascabel project. It obviously augers well for the untested targets at Moran, Tandayama-America, Parambas and Chinambicito.”
