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SolGold Expands Alpala At Cascabel, Remains Open In Most Directions

Tue, 11th Apr 2017 14:42


LONDON (Alliance News) - SoldGold PLC on Tuesday said Hole 22 drilled on the Cascabel copper and gold project in Ecuador has extended the Alpala Central high-grade core approximately 200 metres closer to the surface, and said an update on three further holes will be released before the end of this week.

The miner said Hole 22 returned final results of 730 metres at 0.52% copper and 0.23 grammes of gold per tonne of ore from 446 metres, including 384 metres at 0.65% copper and 0.34 grammes gold from 770 metres, and 100 metres at 1.10% copper and 0.57 grammes gold from 896 metres.

An update for Hole 23R, 24 and 25 is planned "before Easter", SolGold said.

SolGold said the discovery of the growing Alpala deposit has been through 50 squared kilometres of geophysical and geochemical surveys, 34,000 metres of diamond drilling, and USD43 million expenditure.

"Upgrade and expansion of site facilities are well underway at Cascabel as the project continues to expand towards seven rigs by October and 10 rigs next year. The geology team have yet to define the extents of the Alpala porphyry system, and the deposit remains open in most directions, continuing to grow with each new drill hole," said SolGold.

"An aggressive drill programme, producing approximately 90,000 metres of diamond drill core per annum from early 2018 is planned to delineate the system limits along the greater Alpala trend prior to a maiden resource statement, and to test the other multiple targets within the concession," SolGold added.

SolGold shares were trading down 0.2% on Tuesday at 41.69 pence.

By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance

Copyright 2017 Alliance News Limited. All Rights Reserved.

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