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Solgold PLC
Symbol C : SOLG
Shares Issued 1,696,245,686
Close 2018-08-13 C$ 0.38
Recent Sedar Documents

Solgold drills 832 m of 1.41 per cent CuEq at Cascabel

2018-08-13 09:57 ET - News Release

Mr. Eduardo Valenzuela reprots

CASCABEL EXPLORATION UPDATE

Solgold PLC has provided an update on recent infill drilling at Alpala Central within the company's Cascabel project in northern Ecuador.

Highlights:

  • Exceptional assay results from recent infill and extension drilling at Alpala Central reveal a far more robust high-grade core than previously modelled.
  • Hole 57 (Alpala Central infill):
    • 832 metres at 1.41 per cent copper equivalent (0.72 per cent copper, 1.10 grams per tonne gold), including:
      • 562 metres at 1.72 per cent CuEq (0.85 per cent Cu, 1.37 g/t Au);
      • Including 304 metres at 2.52 per cent CuEq (1.15 per cent Cu, 2.18 g/t Au);
      • Including 182 metres at 3.46 per cent CuEq (1.49 per cent Cu, 3.14 g/t Au);
  • Hole 55R (Alpala Central northwest extension)
    • 1,062 metres at 1.02 per cent CuEq (0.69 per cent Cu, 0.52 g/t Au), including:
      • 548 metres at 1.36 per cent CuEq (0.86 per cent Cu, 0.80 g/t Au), including;
      • 220 metres at 2.07 per cent CuEq (1.22 per cent Cu, 1.34 g/t Au);
  • Hole 41-D1-D2 (Alpala Central infill (partial assay results to 1,458 metres)):
    • 512 metres at 1.09 per cent CuEq (0.59 per cent Cu, 0.80 g/t Au), open at depth, including:
      • 326 metres at 1.51 per cent CuEq (0.77 per cent Cu, 1.18 g/t Au), open at depth, including;
      • 128 metres at 2.51 per cent CuEq (1.11 per cent Cu, 2.23 g/t Au), open at depth.

Eduardo Valenzuela, the company's study manager, commented: "From a potential mining perspective, the updated proposed MRE [mineral resource estimate] could provide not only a stronger resource base, but also a larger and more cohesive high-grade core, which could be mined at a higher production rate in the early years, thus enhancing the project NPV [net present value] and IRR [internal rate of return]."

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 a three-hour drive north of Quito, and is 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.

A maiden mineral resource estimate (MRE) for the Alpala deposit, estimated from the initial 53,616 metres of drilling and released in December, 2017, consisted of:

  • 430 million tonnes at 0.8 per cent CuEq (at 0.3-per-cent-CuEq cut-off) in the indicated category and 650 million tonnes at 0.6 per cent CuEq (at 0.3-per-cent-CuEq cut-off) in the inferred category;
  • Contained metal content of 2.3 million tonnes Cu in the indicated category and 2.9 million tonnes Cu in the inferred category;
  • Contained metal content of six million ounces Au in the indicated category and 6.3 million ounces Au in the inferred category.

A further 80,538 metres of drilling have been completed since development of the maiden MRE and major resource growth is expected in a revised MRE. Solgold is now aiming to expand and upgrade the resource, with infill and extension drilling at Alpala Central expected to expand and enrich the high-grade core (as well as adding major growth to the overall resource).

Exceptional assay results from recent infill and extension drilling at Alpala Central are revealing a more robust high-grade core than estimated in the December, 2017, MRE. This recent drilling shows that early-stage diorite and quartz diorite intrusions (rich in copper and gold) are far more continuous than previously modelled.

Drill hole assays have been received for 111,010 metres of a total 134,155 metres on the project. Approximately 11,300 metres of drilling have assays pending, with 11,800 metres accounted for as non-assayed top holes.

Qualified person

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

About Solgold PLC

Solgold is a leading exploration company focused on the discovery and definition of world-class copper and gold deposits. In 2017 Solgold's management team was recognized as an example of excellence in the industry, and continues to strive to deliver objectives efficiently and in the interests of shareholders. 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.

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