SolGold: Further mineralisation encountered at Cascabel

AIM-listed SolGold has announced that recent follow-up channel sampling at its Alpala Prospect within the Cascabel Project in Ecuador has returned highly encouraging gold and copper assays from all follow-up trenching.

AIM-listed SolGold has announced that recent follow-up channel sampling at its Alpala Prospect within the Cascabel Project in Ecuador has returned highly encouraging gold and copper assays from all follow-up trenching.

The company said that the results significantly expanded the area of mapped and mineralised porphyry gold-copper stockwork veining in the Alpala region.

A channel sample intersection at Alpala, previously reported on January 24th 2013 - Trench TH46, previously labelled by SolGold as TR5 - occurred in outcropping porphyry mineralisation within a copper-molybdenum-gold soil geochemical anomaly, the company said.

Subsequent follow-up channel sampling on Trench TH57, 130m south-southeast of Trench TH46, also yielded 45.50m grading 0.46 grammes per tonne (g/t) gold and 0.25% copper.

Follow-up trenches TH56B and TH56C, located 30m west of TH46 respectively, assayed 21.45m grading 0.47(g/t) gold and 0.42% copper, and 2.3m grading 0.30 g/t gold and 0.96% copper.

Nicholas Mather, Executive Director of SolGold, said: "The Cascabel project continues to yield results that exceed our expectations. We have identified the top of what we believe to be a very significant and, on our current evidence, gold-rich porphyry system in the Miocene belt of Northern Ecuador, a poorly explored terrain that hosts the 982m tonnes 0.89% copper Junin porphyry copper-molybdenum deposit to the south."

He added: "We are highly encouraged by the continuity of excellent gold and copper grades at surface at Alpala, and our next step is to define the surface extent of the mineralised stockwork, and then identify where it projects under the overlying zones of argillic alteration that are preserved on the flanks of the system."

SolGold's share price was up 5.88% to 2.25p at 10:30 on Monday.

MF

Recommended

Three top-notch Asian stocks to buy
Share tips

Three top-notch Asian stocks to buy

Professional investors Adrian Lim and Pruksa Iamthongthong, managers of the Asia Dragon Trust, pick three of their favourite Asian stocks to buy now.
23 Sep 2022
Why you should short this satellite broadband company
Trading

Why you should short this satellite broadband company

With an ill-considered business plan, satellite broadband company AST SpaceMobile is doomed to failure, says Matthew Partridge. Here's how to short th…
23 Sep 2022
Share tips of the week – 23 September
Share tips

Share tips of the week – 23 September

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
23 Sep 2022
Momentum investing – and why price matters more than anything else
Investment strategy

Momentum investing – and why price matters more than anything else

The recent fashion for momentum investing, with investors piling into expensive growth stocks, is nothing new, says Merryn Somerset Webb. And the dang…
21 Sep 2022

Most Popular

Beating inflation takes more luck than skill – but are we about to get lucky?
Inflation

Beating inflation takes more luck than skill – but are we about to get lucky?

The US Federal Reserve managed to beat inflation in the 1980s. But much of that was down to pure luck. Thankfully, says Merryn Somerset Webb, the Bank…
26 Sep 2022
The pick of this year's best-performing investment trusts
Investment trusts

The pick of this year's best-performing investment trusts

Market conditions haven’t been easy, but these investment trusts have delivered strong growth, says David Stevenson.
23 Sep 2022
Share tips of the week – 23 September
Share tips

Share tips of the week – 23 September

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
23 Sep 2022