SOLGOLD PLC ('SolGold' or the 'Company')
Cascabel Exploration Update 10 December 2015The Board of SolGold (AIM code: SOLG) is pleased to provide the following exploration update for the Company's Cascabel copper‐gold porphyry project in Ecuador.
- First batch of assay results from 926m to 1302m in Hole 13 (CSD‐15‐013) return an open ended intersection of 376m @ 0.52 % copper and 0.25 g/t gold.
- Confirmation of copper‐gold mineralisation at Alpala Northwest, extends the known strike length of the greater Alpala porphyry system to over 600m.
Hole 13 (CSD‐15‐013) initial batch of assay results, from 926m to 1302m, have returned an open ended interval of 376m @ 0.52 % Cu, and 0.25 g/t Au, including two higher grade intervals as shown in Table 1. Remaining assays are expected before the end of the year.
Hole ID | DepthFrom | DepthTo | Interval (m) | Cu_% | Au_g/t | Cu.Eq_% |
CSD‐15‐013 | 926 | 1302 | 376 | 0.52 | 0.25 | 0.67 |
incls | 932 | 1126 | 194 | 0.62 | 0.31 | 0.81 |
incls | 996 | 1084 | 88 | 0.71 | 0.35 | 0.92 |
Data Aggregation Method
− Intercepts reported with up to 10m internal dilution. (Excluding bridging to a single sample)
Gold Conversion Factor calculated from Cu price US$3/lb and Au price US$40/g
Table 1: Assay results received from 996m to 1302m in Hole 13 (CSD‐15‐013).
The intersections achieved in Hole 13, increase the known strike extent of copper and gold mineralisation along the greater Alpala trend to over 600m (Figure 1). Significant portions of the Alpala porphyry system remain untested and mineralisation remains open in all directions.
Zones of high copper / zinc values in soil samples indicate higher temperatures of mineralisation and suggest that there are several untested porphyry centres within the greater Alpala area (Figure 2). The most promising of these areas will be investigated by field programs that involve the clearing of outcrop, trenching, geological mapping and rock saw channel sampling. Of particular interest is a 200m zone that lies between Holes 13 and 11.
Detailed drill section and level plan interpretations are ongoing and the continual update of geology models, B‐vein abundance models, and copper grade models show the emerging geometry of the copper and gold system at Alpala Central and Alpala Northwest (Figures 3 and 4).
Drill holes 14 and 15 (CSD‐15‐014 and CSD‐15‐015) are currently under way. Hole 14 is currently at 1320m, and Hole 15 is currently at 706m depth. Both holes have intersected visible porphyry style stock work veining and updates on these holes will be forthcoming in due course.
An aggressive drilling program is planned for the coming year in order to test the numerous targets being developed at Alpala, Aguinaga, and the recently defined Trivino.
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.
By order of the Board Karl Schlobohm Company Secretary
Figure 1: Location of drill holes, showing recent results from CSD‐15‐013 and progress of CSD‐15‐014 and CSD‐15‐015.
Figure 2: Location of drill holes, showing soil copper/zinc results and surface abundance outline of B‐ type quartz vein abundance.
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