SolGold plc (LON:SOLG) has received some good news at its Cascabel copper-gold project in Ecuador after a reporting error means the latest assay results for one of its drill holes were better than initially thought.
The correction to Hole 17’s results increases the high grade intersection to 150m at 1.64% copper and 2.05 grams per tonne (g/t) of gold (3.36% copper equivalent).
The intersection was previously misreported by an independent laboratory as 136m at 1.28% copper and 2.2g/t of gold (3.24% copper equivalent).
The overall hole intersection was also upgraded from 948m at 0.54% copper and 0.53g/t of gold (1.01% copper equivalent) to 948m at 0.6% copper and 0.53g/t of gold (1.07% copper equivalent).
SolGold said its geologists picked up on the mistake after the results had been announced, with broker SP Angel calling the detection of the error “a testament to [the site geologists’] diligence and professionalism”.
The Brisbane-based explorer added that it has now put in place measures to avoid the error happening again.
Cascabel is SolGold’s flagship copper-gold porphyry project in Ecuador, in which it owns an 85% stake.
Shares were up 0.18p, or 5%, to 4.08p.