LONDON (Alliance News) - SolGold PLC shares rose early Monday after the company posted encouraging results from the Cascabel copper-gold porphyry project in Ecuador.
The company said drill hole 8 at the site was completed, and encountered visible copper sulphides from 367.1 metres to 680.8 metres and at 908.8 metres to 1,310.5 metres.
It said hole 9 at Cascabel is due to start in November and said final processing on the Orion 3D "Deep Earth Imaging" process is nearing completion.
The geological model for porphyry copper-gold mineralisation has been further refined, SolGold said, adding expert consultants maintain the view for high prospectivity for large open pit and underground targets at the Alpala prospect.
"We are encouraged by the visual results from Hole 8 which indicate the widespread nature of the mineralisation at Alpala," said Alan Martin, Chief Executive Officer and Managing Director of SolGold.
Shares in the company were up around 8% in opening trade before paring back to be up 1.5% to 5.33 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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SolGold (SOLG)