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

Avoid easyJet shares – there are better airlines to invest in
Share tips

Avoid easyJet shares – there are better airlines to invest in

EasyJet used to be one of Europe’s most impressive airlines. But now it is facing challenges on all fronts and losing out to the competition. Rupert …
16 May 2022
Britain’s ten most-hated shares – w/e 13 May
Stocks and shares

Britain’s ten most-hated shares – w/e 13 May

Rupert Hargreaves looks at Britain's ten-most hated shares, and what short-sellers are looking right now.
16 May 2022
Anna Macdonald and Mikhail Zverev: Investing in innovative new frontiers
Investment strategy

Anna Macdonald and Mikhail Zverev: Investing in innovative new frontiers

Merryn talks to Anna Macdonald and Mikhail Zverev of Amati about investing in growth-focused innovation in the teeth of a tech-stock selloff, and the …
12 May 2022
BT is making progress and the dividend is back – but is it time to buy yet?
Share tips

BT is making progress and the dividend is back – but is it time to buy yet?

Investors in telecoms giant BT have seen dismal returns over the last 15 years. But there are signs that it is starting to turn things around, says Ru…
12 May 2022

Most Popular

Get set for another debt binge as real interest rates fall
UK Economy

Get set for another debt binge as real interest rates fall

Despite the fuss about rising interest rates, they’re falling in real terms. That will blow up a wild bubble, says Matthew Lynn.
15 May 2022
High inflation will fade – here’s why
Inflation

High inflation will fade – here’s why

Many people expect high inflation to persist for a long time. But that might not be true, says Max King. Inflation may fall faster than expected – and…
13 May 2022
What the Ukraine crisis might mean for ESG investing
Advertisement Feature

What the Ukraine crisis might mean for ESG investing

The Ukraine crisis has brought many of the issues around ESG investing into sharper focus. Where does the sector go from here?
3 May 2022