SolGold plc (LON:SOLG), which is advancing the Cascabel Copper-Gold porphyry project in Ecuador, says evidence is mounting, which shows the site is a world-class Tier 1 prophyry property.
Much of the focus has been on the Alpala deposit, one of the targets at the site.
Here, five of 17 holes have shown remarkable results - ranking among the top published porphyry copper-gold exploration drill holes ever by the percent of copper equivalent per metre.
In all, 14 porphyry targets have been found at the Cascabel licence.
Magnetic modeling of the Moran- Alpala trend has also shown similarities to the giant deposit of Oyu Tolgoi in Mongolia.
Solgold's global exploration manager Jason Ward told investors: "….considering that tremendously fertile porphyry copper-gold systems characteristically form clusters of deposits, rather than a single body, the chances that we have discovered the best of this massive copper gold system in outcrop in Alpala Creek is very slim.
"The chance that we have drilled the best portion of the Alpala deposit itself is also very slim, and the ongoing discoveries of similar targets within the overall tenement is very encouraging. As we drill additional holes the eventual size of the greater Cascabel system will unfold."
Solgold shares today gained 0.81% to 3.125p.