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(Alliance News) - SolGold PLC on Monday said there have been "significant improvements" to gold and copper recoveries from metallurgical tests at its Alpala project in Ecuador.
Shares in SolGold were up 3.2% at 21.67 pence in London on Monday morning.
These improved recoveries, according to SolGold, suggest "a major value uplift for Alpala" and include an estimated 3.8% copper recovery increase, giving a life of mine average of 93% recovery.
Other results include an approximately 22% rise in gold recovery for a life-of-mine average of 87% recovery, plus a 28% estimated increase in silver recovery for an 88% life of mine average recovery.
Chief Executive Nicholas Mather said: "The updated metallurgical recoveries for copper, gold and silver are very impressive indeed. Since the metallurgical recovery results adopted in the preliminary economic assessment, the most recent recovery date points to recovery of an additional 4.4 million ounces of gold and 354,000 tonnes (792 million pounds) of copper and 24 million ounces of silver. At gold, copper and silver prices as adopted in the PEA...a further USD8.7 billion in gross revenue would be indicated."
Mather added: "Improvements in concentrate grades since that adopted in the PEA, point to reductions in concentrate volumes, so we are expecting further modelled cost reductions in that area, as well. In comparison to declining global concentrate grades and quality, SolGold is looking at some substantial competitive advantages at the Alpala project in comparison to other undeveloped copper gold resources around the world."
Separately on Monday, SolGold announced results from its comminution and metallurgical test work programme at Alpala, which showed that the copper and gold content within the concentrate exceeded that of the preliminary economic assessment and there were "only trace levels" of "deleterious elements".
Mather said: "SolGold is heartened by the progress we have made to better understand the metallurgical aspects of Alpala. The high copper and gold content in the concentrate (than evident in the PEA) markedly enhances our ability to attract financing for this outstanding asset.
"In combination with the very low content of deleterious elements, we expect the concentrate to be in high demand from all of the major global copper smelters, at a time when the market has gravitated towards developing more complex ore bodies to satisfy the surging demand for copper."
By Anna Farley; annafarley@alliancenews.com
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