(Alliance News) - SolGold PLC on Tuesday said recent exploration at its La Florida target has led to the discovery of visible gold.
The Ecuador-focused copper and gold exploration company said it discovered high-grade epithermal quartz vein floats at La Florida, which exhibited visible gold intermingled with bladed calcite.
SolGold said assay results have delivered "remarkable" results of up to 276 grams of gold per tonne and 141 grams of silver, "signalling the potential for another gold-silver bonanza zone".
Subsequent testing revealed a 15 metre-wide zone hosting epithermal quartz veins and a breccia outcrop, which yielded "encouraging" results of up to 4.15 g/t of gold and 3.35 g/t of silver.
The La Florida target is located within the Blanca-Nieves project, which is located north of SolGold's Cascabel project in northern Ecuador.
"SolGold is making steady progress toward preparing the new target areas at La Florida for drilling, in alignment with a strategy centred around potential epithermal vein targets," the company said.
Shares in SolGold were up 2.8% at 8.23 pence on Tuesday around midday in London.
By Emma Curzon, Alliance News reporter
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SolGold (SOLG)