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LONDON (Alliance News) - SolGold PLC Wednesday said it will plan the location of the next two holes to be drilled as part of its ongoing work on the Cascabel project in Ecuador once it has analysed the results of the updated magnetic modelling and preliminary evaluation of the Moran prospect.
The miner has recently taken samples from the last two holes to be drilled on the site, CSD-16-015R2 and CSD-16-017, which are currently being analysed and the results should be released shortly. The next two drill holes will be sited once ongoing analysis has been completed.
Field mapping and sampling activities are continuing in the field with a focus on extensions around the Alpala South prospect, Trevinio, and the Aguinaga prospect where an infill deep auguring program is underway across the copper gold and molybdenum anomalous areas. The results will be published once the mapping and sampling programme is completed, SolGold said.
SolGold did state that the programme has identified an additional copper mineralised porphyry system at the Moran prospect - which means SolGold has so far found a total of 11 orebody targets at Cascabel.
The other ten targets found at Cascabel so far include; Alpala, Alpala West, Alpala South, Alpala South East (Hematite Hill), Alpala North East, Crystal, Trevinio, Aguinaga, Tandayama America and Chinambicito.
The Moran prospect lies around 1.2 kilometres north of Alpala North West and the outcropping mineralised zone exhibits visible copper sulphide, quartz and magnetite veins in fractured magnetic diorite intrusive host rock and surrounding host volcanic rocks, the company said.
SolGold said the peripheral areas of the prospect also host numerous veins thought to contain zinc and lead sulphide.
The miner is now targeting a magnetic anomaly that has been identified, sufrace mineralisation and extensions to the north at Moran, which may allow SolGold to define a mineral resource for the prospect of over 1.00 billion tonnes in addition to the Alpala deposit, which is the only area of the 11 identified to be close to having a maiden mineral resource.
SolGold has drilled 18 holes on Alpala, totalling 22,000 metres, and the deposit is expected to obtain a maiden resource estimate in the third quarter of this year.
SolGold is continuing a programme of very detailed soil auguring, mapping, rock chip and rock saw channel sampling and assaying to mature the Moran prospect for drill testing, expected in late 2016, it said.
With Alpala on its way to obtaining that resource and Moran set to be drilled later this year, the other targets identified at Cascabel are not as developed. Field mapping is continuing on eight of the targets, whilst geophysical models and auguring activity is underway on the Aguinaga target in preparation for drilling.
In addition, SolGold said the Carmen Alpala access road is now within 700 metres of the Alpala Camp and expected to be finished within six weeks. The road is expected to provide access for a new drilling contractor with heavier rigs capable of deeper and faster drill holes capable of completing a 2.5 kilometre drill hole in 35 days, subject to ground conditions.
SolGolds 85%-owned subsidiary, Exploraciones Novomining SA, has also applied for a new exploration area near Cascabel, which would be used primarily to address the requirements for future plant site waste rock and a tailings dams for Cascabel.
SolGold shares were down 1.4% to 2.91 pence per share on Wednesday morning.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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