LONDON (Alliance News) - SolGold PLC on Tuesday said it has received assay results from Hole 17 at the Cascabel copper gold porphyry project in northern Ecuador, which confirm the rich Alpala system extends upwards closer to ground level, as well as to the south-west of the site.
SolGold said the final assay results from Hole 17 returned intersections of 948 metres at 0.54% copper and 0.53 grams per tonne of gold from 330 metres.
SolGold said the high grade sections within the envelope include an intersection of 562 metres at 0.70% copper and 0.75 grams per tonne of gold from 784 metres, as well as an intersection of 248 metres at 0.94% copper and 1.36 grams per tonne of gold from 784 metres.
The company said the intersection commences at 330 metres, and remains untested at higher elevation.
The Alpala mineralisation has now been confirmed to be over 450 metres in width, 700 metres in length and 1.8 kilometres vertically, following the drilling of Hole 17, extending the site upwards and to the south-west, SolGold said, and noted that the next drill campaign will test the south-west area of the site.
"Not only does it extend the Alpala deposit but it confers strong copper and gold grades high up closer to surface. We'll be putting in some new pads to test this zone over a 500 metre strike length and I think it will add significantly to the size of this deposit," said Chief Executive Nick Mather.
Shares in SolGold were up 8.8% at 4.35 pence on Tuesday.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
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SolGold (SOLG)