Metals explorer SolGold plc (LON:SOLG) says the latest drill test results at its Cascabel copper-gold porphyry project in Ecuador have confirmed that the Alpala system is “very rich”.
Hole 15R2 returned an intersection of 1,338m at 0.49% copper and 0.36g/t gold (0.81% copper equivalent) from a depth of 394m.
Within this, there were smaller intersections of 344m at 0.86% copper and 0.68 g/t gold, as well as one of 750m at 0.67% copper and 0.5g/t gold from 890m.
“The Alpala system is clearly very strong, very rich and very large,” said executive director Nick Mather.
“An intersection of over 1,300m at an average grade of 0.81% copper equivalent is outstanding.”
SolGold added that hole 17 results testing the shallow south-westerly extensions of the deposit are expected within the next ten days.
The explorer says further targets have been identified via a “refined” magnetic modelling process bringing the total number of targets to 14 in total.
A final version of the model across the entire tenement survey is expected within two weeks.
Shares in SolGold were up 0.04p, or 1.4%, to 3.12p.