LONDON (Alliance News) - SolGold PLC on Friday said the final assay results from the main mineralised portion of hole 21 drilled on the Cascabel copper and gold project in Ecuador have confirmed the strike has been extended by 150 metres, a fifth longer than it was before.
The miner said the final result from hole 21 at Hematite Hill extended the strike length to 900 metres from 750 metres, while holes 23R, 24 and 25 are still being drilled, and updates will be provided once drilling nears completion.
SolGold said the collar of hole 21 - referring to the mouth or upper end of a mine shaft - lies around 250 metres along strike to the southeast of the collars of hole 23R and hole 16, which has already been completed to deliver 856 metres at 0.8% copper and 1.04 grammes of gold per tonne of ore.
The intersections from hole 21 were 844 metres at 0.73% copper and 0.43 grammes gold, 670 metres at 0.82% copper and 0.51 grammes gold, and 304 metres at 0.99% copper and 0.63 grammes gold.
A total of 15 individual targets have been defined at Cascabel. SolGold has successfully drill tested four, being Alpala Central, Alpala Northwest, Hematite Hill through hole 25, and Alpala Southeast through hole 24.
"Upgrade and expansion of site facilities are well underway at Cascabel as the project continues to expand towards seven rigs by October and 10 rigs next year. The geology team have yet to define the extents of the Alpala porphyry system, and the deposit remains open in most directions, continuing to grow with each new drill hole," said the miner.
"An aggressive drill program, producing approximately 90,000 metres of diamond drill core per annum from early 2018 is planned to delineate the system limits along the greater Alpala trend prior to a maiden resource statement, and to test the other multiple targets within the concession," SolGold added.
SolGold shares were down 0.7% on Friday at 44.69 pence.
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