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Solgold PLC
Symbol C : SOLG
Shares Issued 1,696,245,686
Close 2018-06-06 C$ 0.44
Recent Sedar Documents

Solgold samples 15.25 g/t Au, 23.6 g/t Ag at Cisne

2018-06-07 08:13 ET - News Release

Mr. Nicholas Mather reports

EPITHERMAL GOLD TARGETS IDENTIFIED AT CISNE LOJA PROJECT

Solgold PLC has provided an update on exploration at its 100-per-cent-owned Cisne project in Loja, southern Ecuador. The prospect is held in the 100-per-cent-owned subsidiary Green Rock Resources SA.

Highlights:

  • First pass stream sediment survey identifies several areas of strong gold mineralization in the Cisne Loja concessions.
  • Follow-up of gold anomalies has led to the discovery of outcropping epithermal-style alteration and mineralization with multiple episodes of quartz veining.
  • Similarities to the epithermal gold system at Fruta del Norte in southern Ecuador (14 million ounces -- Lundin Gold).
  • Numerous rock chip samples returned gold and silver greater than one gram per tonne Au with a best rock sample result of 15.25 g/t Au and 23.6 g/t Ag.
  • Numerous areas of epithermal quartz veins with alteration exhibiting silica-kaolinite-quartz clay assemblages together with vuggy quartz indicate an intermediate sulphidation epithermal environment.

Background

Solgold continues to aggressively explore its extensive tenement portfolio in Ecuador with the goal of becoming a Tier 1 copper-gold-producing company through discovery. Solgold operates multiple regional field teams rapidly exploring 10 selected major mineralization centres over 73 regional concessions held in four wholly owned Ecuadorean subsidiary companies. With this new discovery at Cisne Loja, Solgold's exploration teams led by experienced geologists have now successfully defined targets indicative of large mineralized porphyry Cu systems and/or epithermal gold systems in 10 regional projects.

The Cisne Loja project comprises three concessions (El Cisne 2A, El Cisne 2B and El Cisne 2C) with a total land area of 14,672 hectares in Loja province in southern Ecuador. Solgold holds a 100-per-cent interest in these three concessions through its Ecuadorean subsidiary company, Green Rock Resources SA. The Cisne Loja project is located at the southern end of Ecuador's Miocene belt which also hosts the INV Metals Loma Larga gold project.

The gold mineralization encountered is similar in style to the large 14-million-ounce Fruta del Norte project (Lundin Gold) in Ecuador.

Exploration activities and results

Solgold has had field teams on the ground conducting reconnaissance stream and rock chip sampling, mapping, and prospecting at the three Cisne Loja concessions since December, 2017. The attached table details the total number of samples collected at the Cisne Loja project to date.

            SAMPLE TOTALS AT CISNE LOJA

Rock chip samples                                 178
Stream sediment samples                           214
Panned heavy concentrate samples                  139

The epithermal gold and silver mineralization is hosted in a lithic tuff unit that has been strongly altered by sacharoidal quartz with minor goethite-hematite alteration. The dominant alteration assemblage consists of silica, kaolinite and quartz clays. Alteration and quartz veining carrying the gold mineralization have been mapped over an area of 2.5 kilometres by 1.5 km. Quartz veins occur in two main orientations, northeast and east-west trending.

Results from initial rock chip samples identifying multiple strongly anomalous gold and silver results greater than one g/t are found in the attached table. A program of gridded soil geochemistry is being planned to help determine the extent of the epithermal system along with possible trenching and rock channel sampling. Assay results have been provided by ALS Laboratories in Lima, Peru.

Solgold is targeting the discovery of a significant gold deposit at Cisne Loja based on the extensive system and widespread ore grade encountered in sampling.

Qualified person

Information in this report relating to the exploration results is based on data reviewed by Jason Ward (BSc, honours, Geol), the chief geologist of the company. Mr. Ward is a member of the Australasian Institute of Mining and Metallurgy, holds the designation MAusIMM (CP), and 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.

                        
    SIGNIFICANT ROCK CHIP RESULTS

Sample ID         Au g/t        Ag ppm

R03000453          15.25         23.60
R03000382          10.00         63.30
R03000353           9.29         33.40
R03000302           4.74         13.90
R03000476           4.58         14.65
R03000383           4.23         65.90
R03000424           2.88         44.30
R03000373           2.00         19.85
R03000388           1.96         12.60
R03000389           1.88          1.34
R03000408           1.81          1.35
R03000416           1.46       >100.00
R03000402           1.41       >100.00
R03000322           1.29          1.08
R03000404           1.18          8.71
R03000324           0.92          0.72
R03000473           0.91          1.38
R03000377           0.82          3.33
R03000303           0.81          2.97
R03000412           0.78         35.70
R03000454           0.76       >100.00
R03000371           0.75          2.63
R03000393           0.68          0.39
R03000398           0.64       >100.00
R03000379           0.61         13.75

* Rock samples taken from multiple zones 
  of epithermal veining over a combined 
  estimated true width of 860 m.

** Samples analyzed at ALS Peru.

*** > is overlimit assay result.

Solgold, based in Brisbane, Australia, is a dual London Stock Exchange- and Toronto Stock Exchange-listed (SOLG on both exchanges) copper-gold exploration and future development company with assets in Ecuador, Solomon Islands and Australia. Solgold's primary objective is to discover and define world-class copper-gold deposits. The board and management team have substantial vested interests in the success of the company as shareholders as well as strong records in the areas of exploration, mine appraisal and development, investment, finance, and law. Solgold's experience is augmented by state-of-the-art geophysical and modelling techniques and the guidance of porphyry copper and gold expert Dr. Steve Garwin.

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