Mr. Benn Whistler reports
("SOLGOLD" OR THE "COMPANY")
CASCABEL EXPLORATION UPDATE
ALPALA DRILLING UPDATE
Solgold PLC has provided an update on recent drilling at the
company's Alpala deposit in northern Ecuador.
Recent drilling highlights expected to add significantly to an updated mineral resource
estimate (MRE) projected for release in December, 2018, include:
Hole 69 (Alpala Western Limb): 852 metres at 1.14 per cent copper equivalent, including 502 m at 1.55 per cent CuEq and
152 m at 2.49 per cent CuEq;
Hole 68 (Alpala Central): 664 m at 1.53 per cent CuEq (open at depth), including 348 m at 2.25 per cent
CuEq (1.26 per cent Cu and 1.57 grams per tonne Au);
Hole 67 (Alpala Central): 1,028 m at 1.29 per cent CuEq, equating to over 1,320 m per cent CuEq, including
544 m at 2.17 per cent CuEq and a zone of intense porphyry mineralization containing visible
gold (146 m at 4.07 per cent CuEq, 1.96 per cent Cu and 3.36 g/t Au);
Hole 66 (Alpala NW): 633 m at 1.25 per cent CuEq, including a zone of rich mineralization
containing visible gold (173 m at 2.46 per cent CuEq, 1.36 per cent Cu and 1.73 g/t Au);
Hole 64 (Alpala NW-Trivinio): 402 m at 0.65 per cent CuEq, including discovery of a new zone,
north of the Alpala breccia unit, containing primary bornite mineralization (162 m at 0.95 per cent CuEq) and warrants follow-up drill testing which may lead to unearthing further
evidence of a second system adjacent to the Alpala deposit;
- An additional 82,400 metres of additional drilling (holes 33 to 67) to be included in second
MRE in December, 2018 (December, 2017, MRE estimated from only 53,616 m of drilling);
Total metres drilled at Cascabel to date 160,000 (153,000 Alpala plus 7,259 Aguinaga);
- Assays returned to date at Alpala -- 137,000 m. Assays outstanding at Alpala -- 16,000 m;
- Approximately 20,000 m of further drilling to be completed at Alpala in 2018. Two thousand nineteen drilling
campaign to continue to expand the deposit at Alpala SE, Alpala NW, Trivinio and Alpala
Commenting on today's release, Solgold technical services manager Benn Whistler noted:
"Typically, geologists associate visible gold with epithermal bonanza deposits or mesothermal
and orogenic gold lode deposits. However, in the right geological setting porphyry deposits can
hold zones of extraordinarily high grade. The fact that recent infill drilling at Alpala Central and
Alpala Northwest has produced a number of very rich intersections of porphyry style B-type
quartz veining associated with visible gold is a testament to the rare quality of the Alpala
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, an approximate three-hour drive
north of Quito, close to water, power supply and Pacific ports. Solgold holds an 85-per-cent registered
and beneficial interest in ENSA (Exploraciones Novomining SA) which holds 100 per cent of the Cascabel
Solgold is encouraged by recent drilling results, expected to further expand and enrich the existing
resource base at Alpala. The company is also excited about notable drill hole results outside the previous
resource area which promise further growth for the 2019 drilling campaign ahead.
A data cut-off date for the (in progress) mineral resource estimate (MRE) projected for release in
December, 2018, was effected in late October, 2018, and includes drill holes 1 to 67. Highlights of selected
assay results from holes 1 to 67, expected to add significantly to the December, 2018, mineral resource at Alpala,
are summarized in a table available on-line.
The Alpala deposit continues to grow beyond this, as exemplified by strong results achieved in holes 68
and 69, as shown in a table available on-line.
Assay results for drilling on the Cascabel project, including those included in this release, are currently
performed by ALS Global in Lima, Peru.
High-priority drill targets for 2019 include planned resource extensions at Alpala Southeast, Alpala Northwest, Trivinio
and Alpala Western Limb.
The company envisages further MRE updates in 2019 as the company moves beyond the preliminary
economic assessment (projected for release in January, 2019) and toward a prefeasibility study as the
project continue to mature.
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 fellow 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 by the "Mines and Money" Forum
as an example of excellence in the industry, and continue 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 and gold-rich section of the
Andean copper belt.
We seek Safe Harbor.
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