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LONDON (Alliance News) - Gold explorer SolGold PLC on Friday said it has received further "encouraging" drilling results from the Cascabel project in northern Ecuador.
SolGold has now drilled over 124,000 metres at the Alpala prospect, and another 32,000 metres are due to be completed by the end of the year.
The latest results include 869 metres at 0.7% copper equivalent, 983 metres at 1.1% copper equivalent, 456 metres at 1.7% copper equivalent, and 174 metres at 2.5% copper equivalent.
Hole 66, SolGold said, interests "rich" porphyry style mineralisation with visible gold, and hole 64 found a new zone containing primary bornite mineralisation. Bornite is a copper ore.
SolGold will use this drilling for its updated mineral resource, which it hopes to release in December.
Chief Executive Nick Mather said: "The results from these latest drill holes are very encouraging, with several notable drill hole results outside the previous resource area, such as hole 64, which last week intersected primary bornite mineralisation deep at Alpala north-west."
"The 2018 drilling campaign at Alpala will add approximately 105,000 metres of drilling to what we believe is already one of the top five undeveloped copper-gold resources in the world," he added."
"Initial results of internal modelling updates at the Alpala deposit suggest a resource update planned for release in December could deliver significant resource growth, and the conversion of a large amount of tonnage into the Indicated category."
"We expect the update to validate a far more robust high-grade core, and an additional, much shallower second high-grade "western lobe" extension to the high-grade core," Mather finished.
Shares were 0.8% lower Friday morning at 37 pence each.