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Solgold PLC
Symbol C : SOLG
Shares Issued 1,696,245,686
Close 2018-07-13 C$ 0.385
Recent Sedar Documents

Solgold drills 458 m of 0.71% CuEq at Cascabel

2018-07-13 07:20 ET - News Release

Mr. Nicholas Mather reports

CASCABEL EXPLORATION UPDATE

The board of Solgold PLC has provided an update on the drilling programs at Alpala and Aguinaga at the company's Cascabel project in northern Ecuador.

Highlights:

  • Extension drilling at Alpala Central high-grade core is expected to extend the high-grade mineralization along the lower and northeast margins of the deposit. Infill drilling at Alpala Central is expected to contribute to an upgrade of the resource, where early-stage copper- and gold-rich intrusions appear on drill evidence to be more continuous than previously modelled. Hole 55R returned 458 metres at 0.71 per cent copper equivalent (CuEq) (including 66 m at 1.17 per cent CuEq). Hole 41-D1-D2 has thus far intersected over 380 m of visible copper sulphide mineralization, including visual estimates of over 4 per cent chalcopyrite (drilling continues). Hole 58 intersected approximately 980 m of visible copper sulphide mineralization, including estimates of over 2.5 per cent chalcopyrite (assay results pending).
  • Extension drilling at Alpala Central western lobe continues to intersect shallow mineralization above the existing resource limits along the southwest margin of the deposit, in a large lobe of early diorite intrusion hosting high-grade mineralization (greater than 1.5 per cent CuEq) to within 450 m of surface, approximately 250 m closer to surface than previously modelled. Hole 60 intersected approximately 180 m of visible copper sulphide mineralization, including visual estimates of over 5.5 per cent chalcopyrite (assay results pending).
  • Extension drilling at Alpala Northwest and Trivinio continues to extend the Alpala deposit. Hole 56 intersected a strongly altered fault zone returning four m at 172.00 g/t Au (quality assurance/quality control reassay of pulp, reject and quarter core, reassay pending). Hole 56-D1, has thus far intersected approximately 305 m of visible copper sulphide mineralization (drilling continues). Hole 59R intersected approximately 570 m of visible copper sulphide mineralization (assay results pending).
  • Aguinaga drilling has confirmed near-surface potential. Hole 6 has intersected strongly mineralized early diorite intrusion, with visual estimates of over 3 per cent chalcopyrite mineralization, from 30 m below surface (drilling continues). Hole 7 has thus far intersected 67 m of visual copper sulphide mineralization from 55 m below surface (drilling continues).

Further information

The Cascabel project is located on the northern section of the prolific Andean copper belt, renowned as the base for nearly half of the world's copper production. The project area hosts mineralization of Eocene age, the same age as numerous Tier 1 deposits along the Andean copper belt in Chile and Peru to the south. The project base is located at Rocafuerte in northern Ecuador, approximately three-hour drive north of Quito, close to water, power supply and Pacific ports. Having fulfilled its earn-in requirements, Solgold is a registered shareholder with an unencumbered legal and beneficial 85-per-cent interest in ENSA (Exploraciones Novomining SA) which holds 100 per cent of the Cascabel tenement covering approximately 50 square kilometres.

Approximately 127,000 metres of diamond drilling have been completed on the project. Currently, 12 drill rigs are active on site, with 10 rigs drilling on the Alpala cluster, and two rigs drilling at the Aguinaga prospect. The Cascabel drill program focuses on extending and infilling the Alpala resource, as well as further drill testing of the evolving Aguinaga prospect, as drilling homes in on the geometry and extent of early diorite intrusions hosting copper-gold mineralization. Drill testing of the Trivinio target has commenced, while the numerous other untested targets, namely at Moran, Cristal, Tandayama-America and Chinambicito, are flagged for drill testing as overall program demands allow.

Alpala targeted resource additions and conversions

Assay results from the initial 53,616 m of drilling at Alpala were incorporated into the Alpala maiden mineral resource estimate (MRE) completed in December, 2017, and announced on Jan. 3, 2018. A further 73,384 m of drilling have been completed since development of the MRE, and major resource growth is expected in a revised MRE.

Solgold geologists continue to observe extensions of mineralization outside current inferred and indicated resource blocks at Alpala as well as substantial upgrading of previously estimated resource tonnage to higher grades as drill hole density increases throughout the deposit area.

The recent and continuing drilling at Alpala Central is also predicted to significantly increase the resource estimate of the high-grade core at Alpala. Infill drilling at Alpala Central is expected to upgrade the high-grade resource, where early-stage copper- and gold-rich intrusions appear on drill evidence to be more continuous than previously modelled.

Extension drilling at Alpala Central is expected to extend mineralization beyond the high-grade resource along the lower and northeast margins of the deposit, while drilling at Alpala Northwest and Alpala Southeast continues to expand the Alpala deposit.

Extension drilling at Alpala Central continues to intersect shallow mineralization above the existing resource limits, along the southwest margin of the deposit, in a large lobe of early diorite intrusion-hosting high-grade mineralization (greater than 1.5 per cent CuEq) to within 450 m of surface, approximately 250 m closer to surface than previously modelled.

Exploration drilling at Trivinio prospect recently revealed a new potential for major north extensions to the Alpala deposit.

Highlights from recent visual estimates and assayed drilling results at Alpala include:

  • Hole 55R (Alpala Central high-grade core): 458 m at 0.71 per cent CuEq (including 66 m at 1.17 per cent CuEq);
  • Hole 57 (Alpala Central high-grade core): partial assay results to 682 m, 124 m at 0.60 per cent CuEq (including 60 m at 0.74 per cent CuEq) both open at depth. Drilling continues. Further assay results pending.
  • Hole 58 (Alpala Central high-grade core): approximately 980 m of visible copper sulphide mineralization, including visual estimates of over 2.5 per cent chalcopyrite; assay results pending (1);
  • Hole 41-D1-D2 (Alpala Central high-grade core): thus far over 380 m of visible copper sulphide mineralization, including visual estimates of over 4 per cent chalcopyrite; drilling continues (1);
  • Hole 60 (Alpala Central western lobe): approximately 180 m of visible copper sulphide mineralization, including visual estimates of over 5.5 per cent chalcopyrite; assay results pending (1);
  • Hole 54 (Alpala Northwest): 102 m at 0.43 per cent CuEq;
  • Hole 56 (Alpala Northwest): partial assay results to 870 m, 604 m at 0.45 per cent CuEq (including 186 m at 0.59 per cent CuEq);
  • Hole 56 (Alpala Northwest): strongly altered fault zone, four m at 172.00 g/t Au, from 448 m depth (QA/QC reassay of pulp, reject and quarter core, reassay pending);
  • Hole 56-D1 (Alpala Northwest): approximately 305 m of visible copper sulphide mineralization, open at depth; drilling continues;
  • Hole 59R (Alpala Northwest): approximately 570 m of visible copper sulphide mineralization, open at depth; assay results pending;
  • Hole 53 (Alpala Southeast): over 400 m of visible copper mineralization, and over 190 m of strong highly visible copper mineralization; final assay results pending.

(1) Estimates of visual mineralization should not be interpreted with the same confidence as assay results.

Drill hole assays have been received for 102,193 metres of drilling to date, while approximately 24,800 m of drilling have assays pending. Recent construction of an in-country certified preparation facility by ALS Global is expected to further expedite assay turnaround.

Aguinaga drilling program

Aguinaga drilling is progressing with hole 7 under way. Hole 6 intersected strongly mineralized early diorite intrusion, with visual estimates of over 3 per cent chalcopyrite mineralization, from 30 m below surface. Hole 6 is located near the summit of Aguinaga hill and lies approximately 400 m south-southeast of mineralization discovered in previous drill holes. Hole 7 has thus far intersected 67 m of visual copper sulphide mineralization from 55 m below surface.

Drilling now demonstrates a vertical column to the mineralizing system of more than 700 m, a width of up to 350 m, along a 400 m length. The drilling program at Aguinaga is in its early stages. As drilling progresses, the geometry and extent of mineralization are becoming more apparent. The evolving near-surface potential at Aguinaga, coupled with strong propylitic alteration encountered along the bottom 150 m of hole 1, provides strong potential for continuing discoveries through further drilling.

The scope for a significant near-surface copper-gold deposit at Aguinaga may prove beneficial as early mill feed for the project while the main Alpala decline progresses toward the initial extraction levels at the Alpala deposit.

Qualified person

Information in this report relating to the exploration results is based on data reviewed by Jason Ward ((CP) BSc, Geol), exploration manager, global, 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.

About Solgold PLC

Solgold is a leading exploration company focused on the discovery and definition of world-class copper and gold deposits. Solgold is the largest and most active concession holder in Ecuador and is aggressively exploring the length and breadth of this highly prospective section of the Andean copper belt.


Hole ID                 From      To    Interval       Cu       Au     CuEq     Cut-off        m %
                         (m)     (m)         (m)      (%)    (g/t)      (%)    (CuEq %)     (CuEq)

                         328     676         348     0.30     0.12     0.37        0.20      128.8
AGD-18-001               374     592         218     0.35     0.15     0.45        0.30       98.1
                         388     510         122     0.40     0.18     0.52        0.40       63.4
                         344     516         172     0.34     0.13     0.42        0.30       72.2
AGD-18-002
                         406     452          46     0.50     0.22     0.63        0.50       29.0
                     1,017.9   1,449       431.1     0.41     0.24     0.56        0.30      241.4
CSD-18-041-D1-D1       1,202   1,449         247     0.45     0.33     0.65          na      160.6
                       1,356   1,449          93     0.48     0.37     0.71        0.50       66.0
                         312   1,110         798     0.32     0.24     0.47        0.10      375.1
                         312     614         302     0.45     0.50     0.76        0.20      229.5
CSD-18-042-D2
                         312   364.5        52.5     0.78     1.34     1.63        0.40       85.6
                         312     552         240     0.52     0.59     0.90        0.40      216.0
                         600   1,574         974     0.48     0.37     0.71        0.10      690.1
                         636   1,534         898     0.51     0.40     0.76        0.30      682.5
                         896   1,412         516     0.61     0.58     0.98        0.40      505.7
CSD-18-043
                         932   1,410         478     0.64     0.61     1.02        0.50      487.6
                       1,090   1,408         318     0.70     0.73     1.16        0.70      368.9
                       1,108   1,268         160     0.90     1.06     1.56        1.00      249.6
                         648 1,303.7       655.7     0.24     0.11     0.31        0.10      203.3
CSD-18-044               800   1,142         342     0.29     0.14     0.38        0.20      130.0
                         908   1,042         134     0.41     0.25     0.57        0.30       76.4
                         530   747.8       217.8     0.50     0.23     0.65        0.30      141.6
CSD-18-048               524     620          96     0.62     0.39     0.86        0.50       82.6
                         550     600          50     0.78     0.58     1.15        0.70       57.5
                         850   1,700         850     0.49     0.28     0.66        0.10      561.0
                         872   1,316         444     0.60     0.38     0.83        0.30      368.5
CSD-18-049               882   1,150         268     0.77     0.56     1.12        0.60      300.2
                         890   1,010         120     1.01     0.88     1.57        1.00      188.4
                       1,494   1,668         174     0.53     0.29     0.71        0.30      123.5
                         714   1,408         694     0.43     0.28     0.61        0.20      423.3
                         826   1,302         476     0.53     0.36     0.75        0.30      357.0
CSD-18-051
                       1,084   1,278         194     0.81     0.74     1.28        0.40      248.3
                       1,226   1,278          52     1.94     2.48     3.51        0.50      182.5
                         604   1,134         530     0.26     0.11     0.33        0.10      174.9
CSD-18-052               932   1,134         202     0.35     0.15     0.44        0.10       88.9
                         946   1,052         106     0.53     0.22     0.67        0.40       71.0
CSD-18-054             1,058   1,190         132     0.29     0.14     0.38        0.10       50.2
CSD-18-054             1,088   1,190         102     0.32     0.16     0.43        0.30       43.9
                         542   1,064         522     0.52     0.22     0.66        0.10      344.5
                         542   1,000         458     0.56     0.24     0.71        0.30      325.2
CSD-18-055R              542     594          52     0.82     0.33     1.03        0.30       53.6
                         628   1,000         372     0.54     0.25     0.70        0.40      260.4
                         934   1,000          66     0.78     0.63     1.17        0.50       77.2
                         448     452           4     0.21   172.00   108.57          na      434.3
CSD-18-056               520   1,124         604     0.36     0.13     0.45          na      271.8
                         646     844         198     0.47     0.17     0.58        0.50      114.8
                         500     682         182     0.31     0.26     0.47        0.10       85.5
                         558     682         124     0.38     0.34     0.60        0.30       74.4
CSD-18-057
                         588     682          94     0.43     0.39     0.68        0.50       63.9
                         622     682          60     0.44     0.47     0.74        0.70       44.4

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