SolGold reports 20% strike extension from Hole 21

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

solgold drilling ecudaor
  • 27.25
  • 1.87%0.50
  • Max: 27.25
  • Min: 26.50
  • Volume: 1,825,232
  • MM 200 : n/a
17:20 22/11/17
  • 17,418.68
  • 0.93%159.99
  • Max: 17,496.08
  • Min: 17,256.79
  • Volume: 0
  • MM 200 : n/a
17:20 22/11/17
  • 1,029.23
  • 0.43%4.36
  • Max: 1,029.38
  • Min: 1,024.46
  • Volume: 0
  • MM 200 : n/a
17:30 22/11/17
  • 5,902.98
  • 0.78%45.76
  • Max: 5,903.41
  • Min: 5,842.39
  • Volume: 0
  • MM 200 : n/a
17:30 22/11/17
  • 5,293.57
  • 0.53%27.91
  • Max: 5,296.60
  • Min: 5,260.30
  • Volume: 0
  • MM 200 : n/a
17:30 22/11/17

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

19:37 Lebanon prime minister Hariri retracts resignation

Saad al-Hariri has revoked his resignation as Lebanon's prime minister, according to a local news report on Wednesday.

19:36 Budget: Planning probe spooks builders, mixed reaction for stamp duty cut

A range of new housing policies were proposed by Chancellor Philip Hammond in his Budget statement, including more funds for smaller housebuilder, a probe into potential holding of land by major housebuilders and a stamp duty cut for first-time buyers.

18:28 US open: Shares hold ground ahead of FOMC minutes

Wall Street is holding its ground following the record highs set the day before, albeit amid lighter than usual trading volumes ahead of the Thanksgiving Holiday on Thursday, with investors looking to the release of the minutes of the most recent meeting of the Federal Open Market Committee.

17:24 London close: Stocks higher on UK budget

Shares closed higher on Wednesday as investors sifted through corporate releases as well as the Autumn Budget.

17:10 FTSE 250 movers: Qinetiq boosted by Berenberg note as Thomas Cook tanks

The FTSE 250 index was up around 0.50% on the day in which Chancellor Philip Hammond revealed his budget for the upcoming year.

17:04 Higher margins offset declining sales volumes at Cambria

Motor dealer Cambria Automobiles managed to successfully grow profit and revenue throughout the financial year, as per-unit profits counteracted a slide in sales volumes.

16:58 First production at Texas asset transforms Pantheon Resources into full-cycle energy and power business

Oil and gas exploration firm Pantheon Resources announced "another year of progress" in its full-year results on Wednesday, as it completed the transition from a pure-play exploration company to a full-cycle energy and power business.

16:53 Integrated Diagnostics revenue up 41% despite tighter margins

Egyptian-focused medical diagnostics firm Integrated Diagnostics (IDH) reported an unaudited net profit of EGP 283m for the first nine months of its trading year, as revenue "accelerated meaningfully" in the third quarter.

16:51 Cadence Minerals discovers 21m tonnes of resources at Yangibana project

Mineral resource investment and development company Cadence Minerals issued updates on its Yangibana and Pilbara rare earth projects in Australia, with work set to begin on extensive ferrocarbonite/ironstone veins that had previously been evaluated by drilling in the 1980s.

16:33 Eurozone consumer confidence jumps in November

Consumer confidence in the single currency bloc shot higher in November, according to the executive arm of the European Union.