Sign up UNITED KINGDOM
Proactive Investors - Run By Investors For Investors

SolGold shares surge as drillbit continues to succeed in Ecuador

Shares in Solgold shot up over 14% in early deals as it revealed Hole 16 at the Cascabel copper project in Ecuador continues to hit intense porphyry style mineralisation.
SolGold shares surge as drillbit continues to succeed in Ecuador
SolGold shares gained ground on Friday morning....

Shares in SolGold (LON:SOLG) shot up over 14% in early deals as it revealed Hole 16 at the Cascabel copper project in Ecuador continues to hit intense porphyry style mineralisation.

The firm also told investors it is preparing to drill another prospect - the Trivnio-  after surface gold copper samples showed up to 0.43% copper and 0.43g/t gold. 

Hole 16 at the Alpala Central Deposit is now at 1,217 metres in depth and more than 650 metres of mineralsiation have been found so far.

Assays from between 516m and 764 metres include 216metres at 0.94% copper and 3.41 g/t gold from 548metres.

In addition, the firm hit a 60 metre intersection at 2.01% copper and 3.41 g/t gold from 704m.

"Hole 16 at Alpala has a planned depth of 1,800m and is currently drilling at a rate of approximately 30 metres per day, without difficulties," the group said.

"The hole is projected to intersect the upper surface of the typically high grade Quartz Diorite intrusive phase at a depth of 1,270m.  The intersections achieved in Hole 16 increase the known strike extent of copper and gold mineralisation along the greater Alpala trend to over 650m," the firm said.

Porphyry systems, deep underground, have housed some of the world’s largest ever copper discoveries.

Cascabel lies on the Andean copper belt, the same geological trend as some of the largest copper and gold finds.

SolGold added on Friday that the Trivinio prospect, which has been  mapped, is unclosed and is more extensive than the Alpala Creek discovery out crop. 

"Trivinio has been advanced to drill-ready status and a drilling platform has been identified.  Subject to the results of Hole 16, rig availability and logistics, SolGold intends to drill this target in the next 6 months along with the promising outcropping Aguinaga Prospect located 1.2kms north east of Alpala Central," the firm told investors.

Shares in the miner added 14.14% to 2.825p.

Giles_55af4ddca6481.jpg


Register here to be notified of future SOLG Company articles
View full SOLG profile

SolGold plc Timeline

Newswire
March 08 2016

Related Articles

gold-pour.jpg
February 17 2016
Shares in Condor Gold have doubled in the past four weeks, following two key announcements and a resurgence in the gold price this year.
Gold---usable.jpg
April 07 2016
Caledonia Mining is now well into an expansion plan that could boost gold production significantly
1-shutterstock_17373397.jpg
December 30 2015
There can be no doubt that Mariana Resources was one of the hits of this year’s Mines & Money Conference in London.

© Proactive Investors 2016

Proactive Investor UK Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.