SolGold Plans GBP150,000 Exploration Programme At Kuma

LONDON (Alliance News) - SolGold PLC Tuesday announced plans for a technical review and model of its Kuma prospecting licence in the Solomon Islands in order to define porphyry copper-gold drill targets.

The gold exploration company said that in its third quarter 2014, it will now carry out a GBP150,000 exploration programme at the Islands with soil sampling and diagnostic clay mapping to identify the centre of the copper-gold region.

In previous testing, the company has seen grades of 13.05 grams per tonne of gold and 11.7% copper at lower topographic elevations at the region which suggests that strong targets may exist under or near the surface at certain areas of the site.

"The Kuma copper-gold project in the Solomon Islands contains a major porphyry copper-gold target for SolGold. The Kuma project is an exciting early-stage porphyry target that has not yet been tested by drilling," Chief Executive Alan Martin said in a statement. "A third phase of groundwork is about to commence to define drill targets under the lithocap."

The company added that the programme will be carried out at a very low cost considering the value which could be created rapidly at the site.

Solgold shares were up 5.7% to 8.06 pence Tuesday.

By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1

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