LONDON (Alliance News) - SolGold PLC on Wednesday said evidence was mounting to define its Cascabel project as a world call Tier 1 copper-gold porphyry field, after additional targets were identified at the site.
The company said drilling to date at the Alpala system at the site has returned good results, with foruteen targets now having been identified, supported through magnetic modelling and molybdenum in soils samples at the Carmen, Parambas and Moran areas. In light of this, the company now has increased confidence in targeting other rich parts of the wider porphyry systems within the Cascabel tenement, SolGold said.
SolGold said the proximity to the growing high-grade Alpala porphyry copper-gold deposit and genetic similarity bodes well for the prospectivity of these satellite targets, and the Alpala Central deposit continues to grow with each drill hole, holding numerous similarities with the large high-grade Golpu deposit in Morobe Province, Papua New Guinea.
In light of this, SolGold said there was mounting evidence to define Casabel as a world calls Tier 1 copper-gold porphyry field, with fourteen porphyry targets generated within the Cascabel concession, seven of which have been elevated to close to drill ready status.
Shares in SolGold were up 2.4% at 3.17 pence on Wednesday.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
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SolGold (SOLG)