SolGold (LON:SOLG), the mining exploration firm, reckons it may have found a second 1bn tonne target at Cascabel, its copper-gold porphyry project in Ecuador.
The pronouncement follows some early work carried out on Aguinaga area, 1.6km north of Alpala, its most developed prospect.
SolGold said a rocksaw channel cut over 9 metres (m) at surface returned grades of 1.1% copper and 0.79 grams per tonne of gold at surface.
The mineralisation was the stock-work variety associated with large porphyry copper deposits.
In fact, the company said Aguinaga is geologically and geochemically similar to the Alumbrera mine in Chile.
The company has drilled extensively at nearby Alpala and last month its twelfth hole showed copper grades of 0.67% over more than 1.3 km, with the best results in a half a kilometre stretch at 1.03%.
Including a gold credit the copper grades were the equivalent of 1.75% over 576m, 1.22% over 1,002m and 1.05% over 1.31m.