SolGold Share News (SOLG)

(ShareCast News) - SolGold updated the market on exploration at its Cascabel copper-gold porphyry project in Ecuador on Thursday.The AIM-traded company said drill hole CSD-16-018, is at a depth of 1829.7m, extending the rich lower portions of the Alpala deposit, and confirming the deepest mineralised intrusive body discovered at the project to date."Drilling continues towards a planned depth of 2300m," it confirmed."Hole 18 has intersected visible copper mineralisation from 903.9m depth to current depth, including a 330m intersection of exceptionally intense quartz - copper sulphide veining, up to 45% of the rock mass, from 1179.7m to 1509.3m."At drill hole CSD-16-019, a current depth of 727.9m had been reached.The board said drilling intersected strong visible copper mineralisation from 473.1m depth, which continues at the current depth."Bornite, a 64% copper sulphide mineral, occurs from 668m depth in hole 19."Bornite is an important metal that raises mill concentrate grades significantly, [and] hole 19 confirms the shallowest mineralised intrusive body discovered at the project to date, and extends the upper portions of the Alpala deposit above holes 12 and 16."SolGold said drilling was continuing to the planned depth of 1600m.Thirdly, drill Hole CSD-16-020R is at a current depth of 676.7m, as drilling passes through hydrothermal breccias and volcanic rocks towards the deepest richest portion of the Alpala Deposit, some 600m below known mineralisation.The firm also confirmed the mobilisation of an additional, large, track mounted, deep hole directional Sandvik DE880 top drive drilling rig."Engineering and building of a third, custom, deep hole directional man-portable Hydracore drilling rig with depth capabilities up to 2600m is underway."Finally, it confirmed the independent technical report on the Cascabel Project is in preparation under National Instrument 43-101 and accompanying Documents 43-101F1 and 43-101CP by SRK Exploration in preparation for listing on the Toronto Stock Exchange in early 2017.