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Solgold PLC
Symbol SOLG
Shares Issued 1,696,245,686
Close 2018-11-13 C$ 0.66
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Solgold drills 1,028 m of 1.29% CuEq at Alpala

2018-11-13 08:42 ET - News Release

Mr. Benn Whistler reports


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 Western Limb.

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 deposit."

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, 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 tenement.

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.

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 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.

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