SolGold PLC (LON:SOLG) has made another discovery of porphyry style copper gold mineralisation at its Cascabel prospect in Ecuador.
The discovery is at the surface 400m south of Alpala Creek and points to a new target area at Alpala South.
SolGold is carrying out detailed mailing and rock sampling over the prospect and also the Hematite Hill area.
The outcrop, along the northern and southern slopes of the newly discovered Alpala South prospect, lies 400m due south of Hole 5 at Alpala Central, which has returned some of the highest grades so far from exploration at the deposit.
These new prospects occur along either side of the south-eastern extension of the Alpala Structural Zone (ASZ). The ASZ is a deep seated regional north‐west trending structure inferred to be a zone of crustal weakness tapping into copper and gold rich intrusions at Alpala Central.
The outcrops at Alpala South contain porphyry style quartz-iron oxide veins, the fresh sulphides having been leached or oxidised from the weathering environment.
The frequency of discovery of new outcrops of porphyry style mineralisation at Cascabel endorses the importance of this system as a globally significant discovery, SolGold added.