Shares in SolGold PLC (LON:SOLG) moved up in mid-morning trading Wednesday after the firm discovered new mineralisation at Target 15 in its Porvenir project in southern Ecuador.
The exploration firm said it had discovered new porphyry copper-gold mineralisation at Target 15, with initial rock-saw channel sampling across exposed outcrops at the target returning open-ended intersections including;
• 62.4m at 1.16 copper equivalent (CuEq) (0.71 % Cu, 0.71 grams per tonne of gold) (open-ended) with 29.5m at 1.56 CuEq (1.01 % copper, 0.89 g/t gold) from 12.1 to 41.6m
Target 15 is part of a broad zone of northeast trending porphyry mineralisation approximately 1km wide at the project, which includes an 800m-wide, northeast trending mineralised corridor more than 1200m long.
SolGold added that Porvenir contains “mineralisation styles, size and geometry consistent with exposure of a vertically extensive, well-preserved porphyry copper-gold system”.
READ: SolGold chief thinks his company has the potential to become a mining major as he delivers latest update on Ecuador asset
The company has ongoing field programs that continued to identify newly mineralised outcrops at the project across a broad zone, with rock chip samples flagged for follow up work returning up to 2.35% copper and 3.59 g/t gold.
Drill testing and ground magnetics are planned at Target 15 for the first quarter of 2019, while an airborne-magnetic survey is planned for the entire Porvenir concession across the first and second quarters.
Nick Mather, chief executive of SolGold, said the firm’s team of geoscientists had already secured 11 targets at the project with “the right geochemical, geological and geophysical signature”, adding that the results from Target 15 “indicates the effort SolGold puts into its first mover advantage secured in 2014 across Ecuador”.
Shares were up 2.8% at 37.8p.