SolGold reports 20% strike extension from Hole 21

Oliver Haill Sharecast | 21 Apr, 2017 14:54 - Updated: 15:54 | | |

solgold drilling ecudaor
  • 36.00
  • -3.36%-1.25
  • Max: 39.50
  • Min: 36.00
  • Volume: 1,731,726
  • MM 200 : n/a
17:25 26/07/17
  • 16,306.21
  • 0.10%16.40
  • Max: 16,518.70
  • Min: 16,231.97
  • Volume: 0
  • MM 200 : n/a
17:25 26/07/17
  • 983.64
  • 0.49%4.80
  • Max: 986.51
  • Min: 978.28
  • Volume: 0
  • MM 200 : n/a
17:30 26/07/17
  • 5,638.94
  • 0.66%36.94
  • Max: 5,675.38
  • Min: 5,592.51
  • Volume: 0
  • MM 200 : n/a
17:30 26/07/17
  • 4,954.53
  • 0.56%27.83
  • Max: 4,972.35
  • Min: 4,919.59
  • Volume: 0
  • MM 200 : n/a
17:30 26/07/17

SolGold reported drilling at its Cascabel site in Ecuador had extended the known length of copper-gold mineralised by 20%.

Hole 21 at the Alpala section of its 85%-owned Cascabel project extended the known strike length of the deposit by some 150m to 900m, with assay results from the lower portion of the hole between 650m and the end of the hole at 1619.2m

Using a 0.7% copper equivalent cut-off, Hole 21 showed three mineralised zones: 304m averaging 0.99% copper and 0.63g per tonne of gold between 962m and 1266m; 98m averaging 0.57% copper and 0.46g/t gold between 1278m and 1376m; and 100m averaging 0.69% copper and 0.46g/t gold between 1396m and 1496m.

AIM-listed SoldGold, which owns 85% of the company that owns Cascabel outright, has drill tested four of fifteen targets defined so far.

Three more, Holes 23R, 24 and 25, are in progress at current depths of 844m, 1171m, and 1204m.

Having mapped and sampled 25 sq km of the Andean copper belt project so far and drilled 35,000m, at an exploration cost to date of $43m, new investments by Newcrest, Guyana Goldfields and Maxit Capital are allowing an accelerated rate of exploration.

As it works towards the all-important pre-feasibility study, SolGold has set out plans to expand the drilling program to seven drilling rigs by October, eight by the year end and 10 next year.

"An aggressive drill program, producing approximately 90,000m of diamond drill core per annum from early 2018 is planned to delineate the system limits along the greater Alpala trend prior to a maiden resource statement, and to test the other multiple targets within the concession," the company said, that it was "excited" by the strong correlation between magnetic signatures and copper mineralisation across several magnetic bodies of the project.

House broker and Nomad SP Angel said Solgold was accelerating its exploration as it considers appropriate mining development options.

"In addition, it is building upon its in-country expertise to acquire additional exploration licences though, prudently in our view, exploring third party funding options in order to focus its efforts on the advancement of Cascabel."

More news

07:43 Schroders profit up as AuM reach all-time high

Wealth manager Schroders reported a rise in first-half pre-tax profit on Thursday as assets under management grew.

07:43 Revenues slide at AstraZeneca as it announces partnership with Merck

AstraZeneca performed in line with expectations in the first half of 2017, it reported on Thursday, with total revenue falling 11%, or 9% at constant currencies, to $10.46bn.

07:41 Revenues fall at AstraZeneca, Glencore copper production slides

London open

07:33 London pre-open: Stocks seen steady as earnings roll in

London stocks were set for a steady open on Thursday as investors braced for a blizzard of earnings releases and digested the latest policy announcement from the Federal Reserve.

07:26 Thursday newspaper round-up: Housing market, car makers, Facebook, retailers

Ten years on the housing market is still feeling the after-effects of the credit crunch, with existing homeowners struggling to trade up, a doubling of typical first-time buyer deposits, and a “huge gap” between London and the rest of Britain, according to a new report. Property company Savills has found that the global financial crisis – which it considers to have started on 9 August 2007, when the French bank BNP Paribas froze three investment funds – is “still shaping the UK housing market” and will continue to cast its shadow over the sector for years to come. - Guardian

26 Jul US close: Markets higher as Fed hints at imminent unwinding

US stocks finished higher on Wednesday thanks to some well-received corporate news, as investors looked ahead the Federal Reserve statement on interest rates and its balance sheet unwinding.

26 Jul Commodities: Brent rally continues as inventories decline

Brent crude continued its rally higher on Wednesday, fuelled by a reduction in oil inventories from the US, which fell by 7.2m barrels, versus expectations for a smaller drop of 3.3m.

26 Jul Europe close: Stocks end higher amid earnings news; Fed in focus

European stocks ended higher on Wednesday as investors sifted through more earnings and eyed the latest policy announcement from the Federal Reserve.

26 Jul London close: Stocks close slightly higher as ITV rallies; UK GDP digested

London stocks ended Wednesday's session sightly higher following a well-received update from broadcaster ITV and a deluge of other earnings news, as investors digested the latest reading on the UK economy, which met expectations.

26 Jul RBS to offer £775m to encourage SMEs to switch to challenger banks

Royal Bank of Scotland will be required to set up a £425m innovation fund and a £350m scheme to encourage SMEs to switch their accounts, both administered independently with grants paid to challenger banks and fintech companies to boost competition in the sector.