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Solgold PLC
Symbol C : SOLG
Shares Issued 1,696,245,686
Close 2018-05-22 C$ 0.455
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Solgold finds two new Cu targets at La Hueca

2018-05-22 10:18 ET - News Release

Mr. Nicholas Mather reports

NEW HIGH-GRADE COPPER AND GOLD MINERALISATION DISCOVERED WITHIN ECUADOR'S RICHLY COPPER-ENDOWED SOUTHERN JURASSIC PORPHYRY CORRIDOR

Solgold PLC has provided an update on exploration at its 100-per-cent-owned La Hueca, Porvenir and Timbara projects in southern Ecuador. The prospects are held in the 100-per-cent-owned subsidiaries Green Rock Resources and Cruz Del Sol SA.

Highlights:

  • Solgold's La Hueca, Timbara and Porvenir project concessions cover 60 kilometres of strike along Ecuador's Southern Jurassic porphyry corridor.
  • Two new copper targets have been discovered on the western side of the La Hueca project.
  • Channel chip sampling returned 17.3 metres of 3.87 per cent copper and 0.46 gram per tonne gold (including six metres of 9.39 per cent copper and 0.98 gram per tonne gold).
  • New mineralized outcrops identified in the Porvenir project that are rich in chalcopyrite, chalcocite, covellite, bornite (copper sulphide minerals) and malachite (copper carbonate mineral).
  • The southern Jurassic porphyry corridor is of similar age to nearby Fruta del Norte, Mirador and Santa Barbara deposits.
  • Detailed auger soil programs are planned for La Hueca, Porvenir and Timbara to further delineate drill targets.

Introduction

Solgold's strategy to become a Tier 1 copper-producing company through aggressive exploration is producing exciting results. Multiple new mineralized targets have now been identified throughout its extensive tenement portfolio in Ecuador. Solgold's high success rate has been achieved by operating multiple field teams utilizing a specialized method of rapid prospect recognition in each of its four regional subsidiary companies. Solgold employs 42 Ecuadorean geologists in regional exploration, led by highly experienced national senior geologists. Teams have thus far successfully located copper and gold occurrences in eight projects indicative of either epithermal or large mineralized porphyry systems.

As previously announced in October, 2017, Solgold's technical teams discovered an extensive new corridor of porphyry copper-plus-or-minus-gold mineralization at its 100-per-cent-owned La Hueca project that trends through Green Rocks's Porvenir and Timbara projects, located southwest of the La Hueca project. Mineralized outcrops have been discovered along trend in all three projects with previously announced peak surface results that include 13.83 per cent copper at La Hueca, 28.9 per cent copper at Timbara and 4.13 per cent copper at Porvenir.

These projects are hosted in the southern part of Ecuador's eastern Jurassic belt, which contains the Fruta del Norte epithermal gold deposit (14 million ounces gold), the Mirador porphyry copper deposit (three million tonnes copper) and the Santa Barbara porphyry gold-copper deposit (eight million ounces gold and 500,000 tonnes copper).

Exploration activities and results

Follow-up prospecting of initial stream sediment geochemical results continues to locate new mineralized outcrops. New copper-gold targets areas have recently been discovered in La Hueca and the copper porphyry targets in Porvenir. Along with the mineralized prospects at Timbara, these porphyry camps are interpreted to occur in an extensive southern porphyry corridor with Solgold companies having tenure covering 60 kilometres of strike along this corridor.

La Hueca project

Cruz Del Sol field teams have located two new mineralized target zones (targets 5 and 6) on the western side of the La Hueca project.

Target 5

This target is characterized by intense chlorite prophylitic alteration of porphyritic diorite that outcrops over an area of approximately 500 metres by 500 metres. Mineralization includes abundant chalcopyrite-rich, C-type veins. Channel chip sampling of the mineralized diorite outcrop returned an intersection of 17.3 metres of 3.87 per cent copper and 0.46 gram per tonne gold.

The geology of this area is characterized by a volcanic sequence of the Misahualli unit with several diorite intrusive bodies.

Target 6

Target 6 is characterized by moderate-to-strong chlorite-epidote propylitic altered diorite that outcrops over an area of approximately one kilometre by 1.5 kilometres. The porphyritic diorite rocks are affected by a moderate-to-strong chlorite-epidote propylitic alteration. The rock contains 0.5 per cent to 3.5 per cent chalcopyrite (Cpy), 0.8 per cent malachite (Mal), 1 per cent chalcocite (Cc) and 0.1 per cent bornite (Bn).

A monzonite unit has also been mapped with moderate phyllic alteration and minor chlorite propylitic alteration. The mineralization related to this zone of alteration contains up to 3 per cent pyrite, 0.6 per cent chalcopyrite, 1 per cent chalcocite and 0.1 per cent bornite.

A total of 50 rock samples have been collected from target 6 and sent to ALS for analysis. Teams are continuing their work in the vicinity of target 6, collecting additional samples and prospecting new streams. From these prospecting results and planned follow-up auger soils, drill targets will be developed.

Porvenir project

Teams from Green Rock Resources have continued follow-up prospecting in the Bartolo prospect area, which returned highly anomalous geochemical stream sediment results. Previous prospecting in the Bartolo area located abundant chalcopyrite mineralization with a maximum rock-chip assay of 4.27 per cent copper. Continued work has recently located new mineralized outcrops that extend over approximately 1.5 kilometres by one kilometre with up to 7 per cent chalcopyrite and up to 1 per cent lesser covellite, up to 2 per cent chalcocite, up to 1 per cent bornite, up to 3 per cent malachite as well as pyrite.

The new mineralized outcrops consist of stocks of granodiorite and diorite porphyries cutting the intrusions of the Jurassic Zamora batholith. The porphyries are characteristically highly fractured with a northeast-southwest trend, parallel to the regional trend of the southern porphyry corridor.

Alteration consists of weak-to-moderate chlorite, epidote and sericite with a later silica alteration overprint in places.

Rock-chip sample results from Porvenir are pending.

All assay results quoted have been supplied to the company by ALS Laboratories in Lima, Peru.

Qualified person

Information in this report relating to the exploration results is based on data reviewed by Jason Ward, CP, BSc (geology), the chief geologist of the company. Mr. Ward is a member of the Australasian Institute of Mining and Metallurgy, holds the designation MAusIMM (CP), has in excess of 20 years of experience in mineral exploration, and is a qualified person for the purposes of the relevant London Stock Exchange and Toronto Stock Exchange rules. Mr. Ward consents to the inclusion of the information in the form and context in which it appears.

Solgold is a copper-gold exploration and future development company based in Brisbane, Australia, with assets in Ecuador, Solomon Islands and Australia. Solgold's primary objective is to discover and define world-class copper-gold deposits.

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