(Alliance News) - SolGold PLC said Thursday it has potentially discovered a "sleeping giant" at its 100% owned Rio Amarillo copper - gold project in northern Ecuador.
The exploration firm said a cluster of preserved porphyry lithocap zones has been discovered at the Rio Amarillo, located approximately 35km southeast of the company's flagship Alpala Porphyry copper-gold-silver deposit.
The company said extensive porphyry lithocap and associated copper and gold mineralisation at Rio Amarillo are typical of the surface expression of large and fertile porphyry related systems at depth.
SolGold said it has identified four high priority targets within the three lithocap areas at Chalanes, Varela and Palomar.
Benn Whistler, technical services manager, said: "Early work is revealing what we believe could be a "sleeping giant" with a big cluster of large and fertile porphyry systems similar to those discovered at the company's Cascabel Project some 35km to the northeast."
"The main target areas at Chalanes, Target1, Varela and Palomar hold characteristics typical of other similar systems and clusters of systems along the Andean Copper Belt that have generated some very large globally significant porphyry deposits," Whistler said.
SolGold shares were trading 0.2% lower in London at 18.51 pence each on Thursday.
By Loreta Juodagalvyte; loretajuodagalvyte@alliancenews.com
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SolGold (SOLG)