LONDON (Alliance News) - SolGold PLC on Tuesday published a revised mineral resource estimate for its Alpala porphyry copper-gold deposit in northern Ecuador, doubled since the last estimate in December last year.
The company now estimates a total of 2,050 metres at 0.60% of copper equivalent in the indicated category and 900 metres at 0.35% copper equivalent in the inferred category. Furthermore, contained metal content of 8.4 metres of copper and 19.4 million ounces of gold indicated and contained metal content of 2.5 metres of copper and 3.8 million ounces of gold inferred have been estimated.
Chief Executive Officer Nick Mather said: "We are very happy with the rapid and inexorable growth of this resource and progression of the Alpala project.
"The high-grade, gold-rich core of the deposit now contains double the copper and gold at a higher grade than in December 2017. The high grade resource has increased in size by 99% at a 0.96% copper equivalent cut off to 420 metres at 1.47% copper equivalent."
SolGold shares were trading up 5.2% at 37.85 pence each on Tuesday.
SolGold (SOLG)