(MENAFN- ACCESSWIRE ) BISHOPGATE, LONDON / ACCESSWIRE / May 7, 2019 / The Board of SolGold (LSE & TSX code: SOLG) is pleased to provide an update from the Company's regional exploration activities on its 100% owned Porvenir Project in southern Ecuador, held by SolGold's wholly owned subsidiary Green Rock Resources SA.
Highlights:
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Continued first pass mapping and sampling by Green Rock field teams at Target 15 in the Porvenir Project has extended the porphyry Cu-Au mineralisation at the Cacharposa Creek, located on the Porvenir 2 concession.
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Results from additional rock saw sampling along the Cacharposa Creek has extended the mineralised intercept to:
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147.83m @ 0.64% CuEq (0.43 g/t Au, 0.37% Cu). This intercept is open-ended.
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Including 82.63m @ 0.96% CuEq (0.71 g/t Au, 0.55% Cu).
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The additional mineralisation in the Cacharposa Creek continues to display similar characteristics to Alpala, Cascabel with Au:Cu = 1:1.
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Mapping and sampling of the Mula Muerta Creek on the northwest side of the ridge from the Cacharposa Creek has discovered similar mineralisation. Both areas are believed to be part of the same mineralised system.
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Both these areas form part of an 800m-wide, northeast trending mineralised corridor more than 1200m long. Porvenir contains mineralisation styles, size and geometry consistent with exposure of a vertically extensive, well-preserved porphyry copper-gold system.
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3D geochemical modelling carried out by Fathom Geophysics has confirmed the potential for shallow porphyry style mineralisation extending at depth. Modelling also confirmed the potential for mineralisation at the Bartolo prospect along with two new target areas.
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Drill testing and ground magnetics planned at Porvenir Target 15 in Q2 2019.
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Targeted ground magnetic survey commencing this month.
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Airborne-magnetic survey planned for entire Porvenir concession package in Q2 2019.
References to figures and tables relate to the version visible in PDF format by clicking the link below:
http://www.rns-pdf.londonstockexchange.com/rns/1181Y_1-2019-5-6.pdf
Commenting on the result, SolGold CEO Mr Nick Mather said "The latest
progress at Porvenir is indicative of the effort SolGold puts into its first
mover advantage secured in 2014 across Ecuador. SolGold's team of geoscientists
led by Dr. Steve Garwin, porphyry expert, recognised several targets with the
right geochemical, geological and geophysical signature and we have so far
secured eleven of them. SolGold is committed to leading the development
of a sustainable copper-gold mining industry in Ecuador. The high grades and
strong gold endowment at Alpala and Porvenir provide us with a unique
opportunity to develop this Company without joint ventures.
The
size and grade of the outcropping mineralisation at Porvenir indicates a
significant copper gold porphyry system. The 150m long channel sample is
significantly longer and richer than the 50m long discovery outcrop at Alpala
in the Cascabel tenement, which has so far yielded a contained resource of 23
million ounces of gold and nearly 11 million tonnes of copper.
The
Porvenir system has the hallmarks of a significant discovery so far.
SolGold
has identified and secured the best of an entire copper-gold province, the size
and metallurgy of northern Chile. That's a unique approach that can't be
replicated. We are confident that Alpala and now Porvenir are the first
projects in a long, large and rich string of them.
The
next generation of growth in SolGold is going to come from more spectacular
discoveries on a 100% basis like Porvenir. All SolGold shareholders will enjoy
that growth, including hopefully the Cornerstone Capital Corporation
shareholders who are soon to be availed of our bid for Cornerstone.
We have
the cash, the expertise and the focus to deliver."
Further
Information
Ecuador is located on the rich and under-explored northern section of the Andean Copper Belt. The well explored southern portion is renowned as the production base for nearly half of the world's copper (Figure 1). Follow up exploration has focussed on 12 priority projects identified across SolGold's 72 regional concessions.
SolGold is applying the successful, rapid, socially and environmentally responsible and efficient copper gold exploration blueprint it developed at Cascabel to these targets.
SolGold's strategy is to become a tier 1 copper and gold producer and build the base for a strong copper gold production house based on diverse projects. SolGold's first mover advantage, strong operational capability and systematic exploration programs continues to yield exciting results.
With 11 priority projects now recognised, ongoing exploration by SolGold technical teams is focussed on advancing these priority projects with a view to progress to drill testing as soon as possible. SolGold's high success rate has been achieved by operating multiple field teams comprising 42 Ecuadorean geologists in regional exploration, led by highly experienced national geologists and applying the blueprint developed over the last 4 years.
Drilling is scheduled to commence on regional projects in Q2 2019, subject to finalisation of relevant permits.
Target
15: Initial Results
Target 15 is located within Porvenir 2 concession, north of the town of La Canel in southern Ecuador (Figures 1 and 2).
Additional rock saw sampling along the Cacharposa Creek has continued to return encouraging results, with the current intercept along the Cacharposa Creek now:
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147.83m @ 0.64% CuEq (0.43 g/t Au, 0.37% Cu) - open ended.
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including 82.63m @ 0.96% CuEq (0.71 g/t Au, 0.55% Cu).
The mineralised rock saw intersection at Target 15 is significantly longer than the initial rock saw sampling of the Alpala discovery outcrop which returned 56.93m at 1.16g/t Gold and 0.30% Copper. Field teams are clearing and preparing extensions of the Cacharposa Creek for additional sampling, following the mineralisation upstream.
The assay results from this work show highly consistent copper and gold grades throughout the intersection, and exhibit a consistent copper ̶ gold ratio of approximately 1% Cu : 1g/t Au (Figure 3).
The Target 15 mineralised corridor is characterised by surface exposure of porphyry-style sheeted and stockwork B-type quartz-chalcopyrite-magnetite veining. Veining occurs as three steeply-dipping vein sets orientated northwest, east-northeast, and west-northwest (Figure 5). Field studies of the porphyry-related vein types and paragenesis at Target 15 are ongoing, and initial work indicates a sequential vein development typical of many significant porphyry copper-gold systems, such as SolGold's Alpala porphyry copper-gold deposit in Northern Ecuador (10.9Mt Cu, 23.2Moz Au).
The exposed outcrops along La Cacharposa Creek in Target 15 lie within soil copper, gold, molybdenum, Cu/Zn and Mo/Mn geochemical anomalies that cover an area approximately 1200m long and 800m wide (Figure 4). The presence of potassic alteration (K-feldspar - magnetite) overprinted by intermediate argillic alteration (chlorite - sericite - clay) is associated with higher gold grades and surrounded by phyllic (quartz - sericite - pyrite) and extensive epidote-propylitic alteration (Figure 7 & 8). The size and strength of the geochemical anomalies and the zoning of the hydrothermal alteration assemblages are consistent with the presence of a porphyry copper-gold system.
As rock-saw sampling and mapping work continues in the field, SolGold geologists are developing the target towards drill ready status in the coming quarter.
A program of detailed ground magnetics will commence early next year covering the entire Target 15 area. Followed by an airborne-magnetic survey covering the entire Porvenir Project.
Figure 1: Location plan showing the Porvenir project in southern Ecuador.
Figure
2: Prospect locations showing soil copper geochemical results.
Figure
3: Rock saw channel sampling copper and gold results from La Cacharposa Creek in Target 15 at Porvenir.
Figure
4: Geology with anomalous soil gold, copper and molybdenum contours for Target 15 at Porvenir.
Figure
5: Examples of veining and alteration styles at Target 15, Porvenir.
Figure 6: Mineralised rock samples taken from the Mula Muerta Creek
Figure
7: Hydrothermal alteration assemblages at Target 15, Porvenir.
Figure
8: Target 15 - Hydrothermal alteration map shown draped over the results of 3D geochemical modelling by Fathom Geophysics. The 3D geochemical shapes (red volumes) suggest that the soil geochemical results are consistent with the occurrence of porphyry copper-(gold) mineralisation both near surface and at depth.
Sample ID
Easting
Northing
Interval (m)
Cu %
Au g/t
CuEq %
R03002563
726437 9501435
1.95 0.92
0.68 1.34
R03002564
726435 9501435
2 0.04
0.4 0.29
R03002565
726433 9501434
2 0.55
0.45 0.83
R03002566
726430 9501432
1.9 0.07
0.3 0.26
R03002567
726429 9501432
2.2 0.05
0.28 0.23
R03002568
726428 9501433
2.05 0.28
0.33 0.48
R03002569
726427 9501435
2 1.17
0.47 1.47
R03002571
726426 9501437
2 0.99
0.78 1.48
R03002572
726429 9501443
1.9 0.14
0.59 0.51
R03002573
726428 9501444
2 1.31
1.13 2.02
R03002574
726427 9501445
1.75 1.42
1.4 2.3
R03002575
726426 9501446
1.75 0.85
0.75 1.32
R03002576
726425 9501447
2.2 0.75
0.58 1.11
R03002577
726424 9501448
1.9 0.62
0.71 1.06
R03002578
726423 9501449
1.6 1.07
1 1.7
R03002579
726420 9501447
2.3 1
1 1.63
R03002580
726420 9501449
2.1 0.98
1.33 1.82
R03002581
726419 9501451
1.95 0.9
0.73 1.37
R03002582
726418 9501452
2.05 1.55
1.02 2.19
R03002583
726417 9501454
2 1.32
1.16 2.05
R03002584
726417 9501456
2 1.02
0.71 1.46
R03002585
726418 9501457
2 0.8
0.8 1.3
R03002586
726420 9501459
2.05 0.8
0.49 1.1
R03002587
726422 9501460
2 1.03
0.65 1.44
R03002588
726423 9501462
2.05 0.47
0.56 0.82
R03002589
726425 9501463
2.15 0.47
0.51 0.79
R03002590
726426 9501464
1.75 0.77
0.77 1.26
R03002592
726430 9501465
2 0.35
1.13 1.06
R03002593
726431 9501468
2.25 0.26
0.55 0.61
R03002594
726431 9501469
1.2 0.19
0.38 0.43
R03002595
726431 9501470
1.2 0.18
0.72 0.63
R03002596
726431 9501471
2.18 0.23
0.53 0.56
R03002645
726429 9501476
2 0.07
0.73 0.53
R03002646
726429 9501478
2 0.09
0.46 0.38
R03002647
726429 9501480
2 0.18
0.68 0.61
R03002648
726430 9501482
2 0.09
0.34 0.3
R03002649
726430 9501484
2.2 0.11
0.23 0.26
R03002651
726434 9501485
2 0.03
0.16 0.13
R03002652
726434 9501487
2 0.04
0.36 0.26
R03002653
726434 9501489
2 0.04
0.52 0.37
R03002654
726434 9501491
2 0.05
0.55 0.4
R03002655
726433 9501492
2 0.05
0.44 0.32
R03002656
726426 9501496
2 0.08
0.16 0.18
R03002657
726426 9501498
2 0.04
0.1 0.1
R03002658
726425 9501499
2 0.06
0.14 0.15
R03002659
726425 9501501
2 0.1
0.11 0.17
R03002660
726424 9501503
2 0.12
0.16 0.21
R03002662
726424 9501505
2 0.13
0.13 0.22
R03002663
726424 9501507
2 0.17
0.14 0.25
R03002664
726424 9501509
2 0.09
0.11 0.16
R03002665
726424 9501511
2 0.07
0.12 0.14
R03002666
726426 9501512
2 0.07
0.22 0.2
R03002667
726426 9501518
2 0.07
0.08 0.12
R03002668
726426 9501520
2 0.05
0.04 0.07
R03002669
726426 9501521
2 0.06
0.1 0.12
R03002671
726428 9501525
2 0.07
0.18 0.18
R03002672
726427 9501527
2 0.08
0.15 0.18
R03002673
726426 9501529
2 0.07
0.06 0.11
R03002674
726425 9501530
2 0.09
0.13 0.17
R03002675
726424 9501532
2 0.16
0.06 0.2
R03002676
726424 9501534
2 0.08
0.1 0.14
R03002677
726420 9501533
2 0.06
0.14 0.15
R03002678
726420 9501535
2 0.08
0.08 0.12
R03002679
726419 9501537
2 0.22
0.16 0.32
R03002680
726418 9501539
2 0.14
0.53 0.47
R03002681
726418 9501541
2 0.48
0.23 0.62
R03002682
726418 9501542
2 0.38
0.21 0.51
R03002683
726419 9501543
2 0.24
0.12 0.32
R03002684
726421 9501544
2 0.3
0.15 0.39
R03002685
726425 9501545
1.2 0.41
0.19 0.52
R03002686
726457 9501420
2 0.04
0.08 0.09
R03002687
726455 9501421
2 0.13
0.19 0.25
R03002688
726453 9501422
2 0.08
0.21 0.21
R03002689
726452 9501423
2 0.17
0.13 0.25
R03002690
726450 9501423
2 0.24
0.17 0.34
Table 1: Rock saw channel results for copper, gold and copper-equivalent at Target 15, Porvenir.
Note: Copper-equivalent values calculated using the formula, % CuEq = % Cu + (0.63 * g/t Au).
*All samples were analysed by ALS in Lima Peru using Au 30g FA-AA Finish and 48 element four acid digest ICP-MS.
Market
Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of the Regulation (EU) No 596/2014 until the release of this announcement.
Qualified
Person:
Information in this report relating to the exploration results is based on data reviewed by Mr Jason Ward ((CP) B.Sc. Geol.), the Chief Geologist of the Company. Mr Ward is a Fellow of the Australasian Institute of Mining and Metallurgy, holds the designation FAusIMM (CP), and has in excess of 20 years' experience in mineral exploration and is a Qualified Person for the purposes of the relevant LSE and TSX Rules. Mr Ward consents to the inclusion of the information in the form and context in which it appears.
By order of the Board
Karl Schlobohm
Company Secretary
CONTACTS
Nicholas Mather
SolGold Plc (Chief Executive Officer) [email protected]
Tel: +61 (0) 7 3303 0665 +61 (0) 417 880 448
Karl Schlobohm
SolGold Plc (Company Secretary) [email protected]
Tel: +61 (0) 7 3303 0661
Anna Legge
SolGold Plc (Corporate Communications) [email protected]
Tel: +44 (0) 20 3823 2131
Gordon Poole / Nick Hennis Camarco (Financial PR / IR) [email protected]
Tel: +44 (0) 20 3757 4997
Andrew Chubb / Ingo Hofmaier
Hannam & Partners (Joint Broker and Financial Advisor)
[email protected]
Tel: +44 (0) 20 7907 8500
Ross Allister / David McKeown
Peel Hunt (Joint Broker and Financial Advisor)
[email protected]
Tel: +44 (0)20 7418 8900
James Kofman / Darren Wallace
Cormark Securities Inc. (Financial Advisor)
[email protected]
Tel: +1 416 943 6411
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SOURCE: SolGold PLC
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