(Alliance News) - SolGold PLC has added a new priority exploration project, it said on Wednesday, following a new discovery at the Cisne Loja project in southern Ecuador.
Brisbane-based SolGold said new mineralised outcrops at the Celen prospect on Cisne Loja suggest a "large" new copper-gold porphyry system. Copper, gold, silver, and molybdenum mineralisation is present, SolGold continued, over a two kilometre by one kilometre area.
There is also strong magnetic anomalism, the gold explorer said, which suggests further targets.
Rock chip results include one sample with grades of 4.3% copper, 4.5 grams of gold per tonne of ore, and 21 grams of silver per tonne.
Jason Ward, SolGold's exploration & country manager, said: "The recent discovery of this large copper gold target at Celen, which outcrops over an area of two kilometres by one kilometre and exhibits all of the geochemical and geophysical hallmarks of a large porphyry system, underscores the prospectivity and unexplored nature of the area and brings the number of SolGold priority projects from 12 to 13.
"The Celen copper gold target is located just five kilometres south of an epithermal gold field we discovered at Cisne Loja which outcrops over an area of two-and-a-half kilometres by one-and-a-half kilometres, and we are optimistic about the discovery of both gold and copper ore bodies at Cisne Loja."
SolGold owns a wide portfolio of exploration projects in Ecuador, including the flagship Alpala prospect on the Cascabel project. Shares were 0.8% higher on Wednesday in London at 20.67 pence each.
By George Collard; georgecollard@alliancenews.com
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SolGold (SOLG)