LONDON (Alliance News) - SolGold PLC said Tuesday that results from drilling and a magnetic and geological model at its Cascabel copper-gold porphyry project in Ecuador give it confidence about the location of the main mineralised zone of the project.
Assays from its 'Hole 7' drill hole show 958 meters at 0.40% copper and 0.17 grams per tonne of gold between the depths of 654 metres to 1,612 meters. It began drilling at the 'Hole 8' hole August 15.
SolGold said that the Orion 3D IP survey of the Alpala grid at the project started August 3. Data from this survey will now be processed. The Orion IP crew are currently moving to the Aguinaga grid to begin surveying. This grid covers around four square kilometres, it said.
SolGold said that Holes 5 and 7 "appear to have intersected the south-west edge of the Central zone," which it said "looks to be very extensive and we are anticipating that IP results will confirm this."
Shares in SolGold were trading down 3.7% at 6.38 pence Tuesday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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SolGold (SOLG)