SolGold PLC (LSE:SOLG, TSX:SOLG, OTC:SLGGF) has reported strong near-surface assay results from its ongoing drilling at the Tandayama deposit within the Cascabel project in northern Ecuador.
The results are part of a strategy to bring forward low-cost, open-pit ore in the early stages of mine development.
Drill hole TAD-58 intersected 140 metres at 0.92% copper equivalent from 8 metres depth, including 106 metres at 1.10%.
"TAD-58 is one of the most robust results we've seen from Cascabel to date - with high grades from near surface over substantial widths in a location that aligns with our open-pit to underground strategy," chief executive Dan Vujcic said.
"These results continue to show the potential to deliver early, high-margin tonnes from Tandayama-the kind of material that can provide valuable flexibility in the development of Cascabel."
In London, SolGold shares were up 17% changing hands at 13.96p.