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LONDON (Alliance News) - SolGold PLC shares were given a boost on Wednesday after the company reported copper sulphides intersects, encouraging metallurgical tests, a second drill rig, and supportive induced-polarisation survey results at the Cascabel project in Ecuador.
The company said Hole 8 at the site had now reached a depth of 606.5 metres, with visible copper sulphide mineralisation starting at 378.2 metres. Preliminary metallurgical tests at the site showed 91-98% recovery of copper and gold, SolGold said.
It said the preliminary resistivity and conductance modelling from the IP survey supported the geological model for the site and the presence of porphyry targets.
SolGold said a second drill rig is now ready to be moved to Cascabel upon the completion of the IP modelling process.
"The results are particularly encouraging as they continue to strengthen our confidence in the geologic model for Cascabel. The company has an arsenal of highly experienced geoscientists at its disposal, all with vast experience in porphyry copper-gold exploration," said SolGold Chief Executive and Managing Director Alan Martin.
SolGold shares were up 7.6% to 6.59 pence in early trade on Wednesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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