SolGold plc (LON:SOLG) has continues to build world class credentials at the emerging Cascabel copper gold porphyry project, in Northern Ecuador, where the latest exploration results have impressed.
On AIM the exploration share rose 6.25% to trade at 4.25p each.
Final assay results from Drill Hole 17 reveal 948 metres of mineralisation with an overall copper grade of 54%, as well as 0.53 grams per tonne gold (1.01% copper equivalent).
Within that there were higher grade sections, including 562 metres at 0.7% copper and 0.75 g/t gold (1.36% copper equivalent). A 248 metre section measured 0.94% copper and 1.36 g/t (2.16% copper equivalent) and there was 1.28% copper and 2.2 g/t (3.24% copper equivalent) across 136 metres.
The drill results confirm the extension of Cascabel’s Alpapa deposit both upwards and to the south west.
The Alpapa mineralisation is now demonstrated over a width of 450 metres and 700 metres in length, while vertically it spans some 1,800 metres. In Drill Hole 17 it began at a depth of 330 metres.
SolGold highlighted that the next drilling will test the south west area, over a 500 metre strike length.
Nick Mather, SolGold chief executive, described it as “a most pleasing result”.
“Not only does it extend the Alpala deposit but it confers strong copper and gold grades high up closer to surface,” he said in a statement.
“We'll be putting in some new pads to test this zone over a 500 metre strike length and I think it will add significantly to the size of this deposit.”
Mather added: “The gold content of this system suggests that it may be more appropriately referred to as a gold deposit.
“There simply aren't very many gold systems like this in the world that are big rich and predictable. Cascabel is certainly unique."