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Solgold PLC
Symbol C : SOLG
Shares Issued 1,796,245,686
Close 2018-12-31 C$ 0.60
Recent Sedar Documents

Solgold samples 62.4 m of 1.16% CuEq at Porvenir

2019-01-02 06:42 ET - News Release

Mr. Nicholas Mather reports

SOLGOLD PLC ANNOUNCES REGIONAL EXPLORATION UPDATE (PORVENIR)

Solgold PLC has provided an update from the company's regional exploration activities from its 100-per-cent-owned Porvenir project in southern Ecuador, held by wholly owned subsidiary Green Rock Resources.

Highlights:

  • First pass mapping and sampling by Green Rock field teams at the Porvenir project have discovered exciting new porphyry Cu-Au (copper-gold) mineralization at target 15, located on the Porvenir 2 concession in southern Ecuador.
  • A broad zone of northeast-trending porphyry mineralization, approximately one kilometre wide and hosting numerous porphyry centres currently defined over six km long and open-ended, has been defined, including target 15, the subject of this announcement.
  • Within this zone, an 800 m wide, northeast-trending mineralized corridor more than 1,200 m long recognized at target 15, Porvenir contains mineralization styles, size and geometry consistent with exposure of a vertically extensive, well-preserved porphyry copper-gold system.
  • Initial rock-saw channel sampling across along exposed outcrops at Porvenir target 15 has returned open-ended intersections:
    • 62.4 metres at 1.16 per cent copper equivalent (CuEq) (0.71 per cent copper, 0.71 gram per tonne gold) (open-ended), including:
    • 29.5 m at 1.56 per cent CuEq (1.01 per cent Cu, 0.89 g/t Au) from 12.1 to 41.6 m.
  • Continuing field programs continue to identify new mineralized outcrops at Porvenir, across a broad zone with rock chip samples flagged for follow-up work that return up to 2.35 per cent Cu and 3.59 g/t Au.
  • Mineralization style at target 15, Porvenir, is similar to Alpala, Cascabel, with Au:Cu equal to 1:1.
  • Drill testing and ground magnetics are planned at Porvenir target 15 in the first quarter of 2019.
  • An airborne magnetic survey is planned for the entire Porvenir concession package in the first quarter to second quarter of 2019.

Commenting on the result, Solgold chief executive officer Nick Mather said: "The result at Porvenir, especially at target 15, indicates the effort Solgold puts into its first mover advantage secured in 2014 across Ecuador. Solgold's team of geoscientists led by Dr. Steve Garwin, porphyry expert, recognized several targets with the right geochemical, geological and geophysical signature and Solgold has so far secured 11 of them. Solgold is committed to leading the development of a sustainable copper-gold mining industry in Ecuador. The high grades and strong gold endowment at Alpala and Porvenir provides Solgold with a unique opportunity to develop this company without resorting to dilutive and erosive joint ventures.

"Solgold has identified and secured the best of an entire copper-gold province, the size and metallogenic signature of northern Chile. That's a unique approach that can't be replicated. We are confident that Alpala and now Porvenir target 15 are the first projects in a long, large and rich string of them.

"We have the cash, the expertise and the focus to deliver."

Further information

Ecuador is located on the rich and underexplored section of the Andean copper belt, from which the well-explored southern portion is renowned as the production base for nearly half of the world's copper. Solgold's strategy to become a Tier 1 copper and gold producer through systematic exploration continues to yield exciting results. Follow-up exploration has focused on 11 priority projects identified across Solgold's 72 regional concessions.

With 11 priority projects now recognized, continuing exploration by Solgold technical teams is focused on advancing these priority projects with a view to progress to drill testing as soon as possible. Solgold's high success rate has been achieved by operating multiple field teams comprising 42 Ecuadorean geologists in regional exploration, led by highly experienced national geologists and applying the blueprint developed over the last four years.

Drilling is scheduled to commence on regional projects in the first quarter of 2019, subject to finalization of relevant permits.

Porvenir

The Porvenir project in southern Ecuador covers 136.45 square kilometres in four tenements. The geology is characterized by a sequence of prospective intrusive porphyry bodies and regional geochemical sampling and detailed geological mapping has identified a northeasterly zone over six km long and one km wide in the northern part of the project area, hosting at last two significant mineralized porphyry centres believed to be the same age as the 85-per-cent-owned Alpala deposit in northern Ecuador.

Mineralization is hosted within a diorite, monzodiorite and quartz diorite porphyry complex, typical porphyry-style mineralization hosts, hosting an 800 m wide northeast-trending mineralized corridor approximately 1,200 m long and open-ended. This zone is interpreted to be genetically related to the intersection of deep-seated northwest- and northeast-trending deep crustal faults which have focused mineralizing events.

Target 15: initial results

Target 15 is located within Porvenir No. 2 concession, north of the town of La Canel in southern Ecuador.

Rock saw channel sampling across the exposed mineralization along La Cacharposa Creek returned an open-ended intersection of:

  • 62.4 m at 0.71 per cent Cu and 0.71 g/t Au (open-ended), including:
  • 29.5 m at 1.01 per cent Cu and 0.89 g/t Au from 12.1 to 41.6 m.

The assay results from this work show highly consistent copper and gold grades throughout the intersection, and exhibit a consistent copper-gold ratio of approximately 1 per cent Cu:one g/t Au.

The target 15 mineralized corridor is characterized by surface exposure of porphyry-style sheeted and stockwork B-type quartz-chalcopyrite-magnetite veining. Veining occurs as three steeply dipping vein sets orientated northwest, east-northeast and west-northwest. Field studies of the porphyry-related vein types sequencing and genetic relationships at target 15 are continuing, and initial work indicates a sequential vein development typical of many significant porphyry deposits, such as Solgold's Alpala porphyry copper-gold deposit in northern Ecuador (10.9 million tonnes Cu, 23.2 million ounces Au).

The exposed outcrops along La Cacharposa Creek in target 15 lie within soil copper, gold, molybdenum, Cu/zinc and molybdenum/manganese geochemical anomalies that cover an area approximately 1,200 m long and 800 m wide. The presence of diagnostic potassic alteration (K-feldspar-magnetite) overprinted by intermediate argillic alteration (chlorite-sericite-clay) is associated with higher gold grades, and surrounded by phyllic (quartz-sericite-pyrite) and extensive epidote-propylitic alteration. The size and strength of the geochemical anomalies and the zoning of the hydrothermal alteration assemblages are consistent with the presence of a porphyry copper-gold system.

Target 15: forward program

An extended rock saw channel sampling program continues to further expose mineralization and determine the surface extent of mineralization at target 15.

Continued detailed Anaconda-style mapping (as applied at Alpala) within target 15 continues to identify new mineralized outcrops along nearby streams, displaying porphyry-style B-type quartz veining and associated strong hydrothermal alteration assemblages. Highlights of rock chip assays from outcrops flagged for upcoming rock saw channel sampling include:

  • 2.35 per cent Cu, 1.67 g/t Au (R03000986);
  • 2.17 per cent Cu, 0.73 g/t Au (R03002510);
  • 1.91 per cent Cu, 3.59 g/t Au (R03002519);
  • 1.52 per cent Cu, 0.85 g/t Au (R03002518);
  • 1.27 per cent Cu, 1.04 g/t Au (R03002526).

As rock saw sampling and mapping work continues in the field, Solgold geologists plan to develop the target toward drill-ready status in the coming quarter.

A program of detailed ground magnetics will commence early next year covering the entire target 15 area, followed by an airborne magnetic survey covering the entire Porvenir project.

   ROCK SAW CHANNEL RESULTS FOR COPPER, GOLD AND COPPER 
            EQUIVALENT AT TARGET 15, PORVENIR

Sample ID         Interval         Cu      Au       CuEq
                       (m)        (%)   (g/t)        (%)

R03002563             1.95       0.92    0.68       1.34
R03002564                2       0.04    0.40       0.29
R03002565                2       0.55    0.45       0.83
R03002566              1.9       0.07    0.30       0.26
R03002567              2.2       0.05    0.28       0.23
R03002568             2.05       0.28    0.33       0.48
R03002569                2       1.17    0.47       1.47
R03002571                2       0.99    0.78       1.48
R03002572              1.9       0.14    0.59       0.51
R03002573                2       1.31    1.13       2.02
R03002574             1.75       1.42    1.40       2.30
R03002575             1.75       0.85    0.75       1.32
R03002576              2.2       0.75    0.58       1.11
R03002577              1.9       0.62    0.71       1.06
R03002578              1.6       1.07    1.00       1.70
R03002579              2.3       1.00    1.00       1.63
R03002580              2.1       0.98    1.33       1.82
R03002581             1.95       0.90    0.73       1.37
R03002582             2.05       1.55    1.02       2.19
R03002583                2       1.32    1.16       2.05
R03002584                2       1.02    0.71       1.46
R03002585                2       0.80    0.80       1.30
R03002586             2.05       0.80    0.49       1.10
R03002587                2       1.03    0.65       1.44
R03002588             2.05       0.47    0.56       0.82
R03002589             2.15       0.47    0.51       0.79
R03002590             1.75       0.77    0.77       1.26
R03002592                2       0.35    1.13       1.06
R03002593             2.25       0.26    0.55       0.61
R03002594              1.2       0.19    0.38       0.43
R03002595              1.2       0.18    0.72       0.63
R03002596             2.18       0.23    0.53       0.56

Note
Copper equivalent values calculated using the formula, 
per cent CuEq equals per cent Cu plus (0.63 times g/t 
Au).

  INDIVIDUAL ROCK CHIP RESULTS FROM TARGET 15 AT PORVENIR

Sample ID                Cu               Au             CuEq
                        (%)            (g/t)              (%)

R03002519             1.914             3.59           4.1757
R03000986             2.351            1.675          3.40625
R03002510             2.169            0.729          2.62827
R03002518             1.515            0.853          2.05239
R03002526             1.265            1.045          1.92335
R03002527             1.036             0.97           1.6471
R03002524             0.987              0.9            1.554
R03002528             0.976            0.697          1.41511
R03002514             0.929            0.409          1.18667
R03002532             0.546            0.348          0.76524
R03002508             0.417            0.379          0.65577
R03002529             0.493            0.276          0.66688
R03002509             0.579            0.124          0.65712
R03002507             0.604            0.082          0.65566
R03002504             0.506            0.139          0.59357

Note
Copper equivalent values calculated using the formula, 
per cent CuEq equals per cent Cu plus (0.63 times g/t 
Au).

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 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.

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