Mr. Nicholas Mather of Solgold reports
SOLGOLD PLC ANNOUNCES NI 43-101 TECHNICAL REPORT
The board of Solgold PLC has filed on SEDAR an independent National Instrument 43-101 technical report completed by SRK Consulting (U.K.) Ltd. entitled "A Technical Report on an Updated Mineral Resource Estimate for the Alpala Deposit, Cascabel Project, Northern Ecuador."
- Alpala mineral resource is 2.05 million tonnes of 0.6 per cent copper equivalent (at a cut-off of 0.2 per cent copper equivalent) in the indicated category and 900 million tonnes of 0.35 per cent copper equivalent (at a cut-off of 0.2 copper equivalent) in the inferred category;
- Contained metal content of 8.4 million tonnes copper and 19.4 million ounces gold in the indicated category;
- Contained metal content of 2.5 million tonnes copper and 3.8 million ounces gold in the inferred category;
- Potential for further growth with the 2019 drilling campaign to continue to expand the deposit at Alpala SE, Alpala NW, Trivinio and Alpala Western limb;
- 958 million tonnes of 0.97 per cent copper equivalent (9.3 million tonnes copper equivalent) containing 6.1 million tonnes copper and 16.2 million ounces gold at a cut-off of 0.45 per cent copper equivalent, 93 per cent of which is in the indicated category (by metal content);
- 420 million tonnes of 1.47 per cent copper equivalent (6.1 million tonnes copper equivalent) containing 3.8 million tonnes copper and 12.3 million ounces gold at a cut-off of 0.9 per cent copper equivalent, 97 per cent of which is in the indicated category (by metal content).
The Alpala deposit is located in northern Ecuador, lying upon 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 is a 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.
SRK Consulting (U.K.) was retained by Solgold to prepare an updated mineral resource estimate and an independent NI 43-101 report on the Alpala deposit. The resource estimate technical report was prepared by SRK project manager Martin Pittuck using all available information.
The updated Alpala deposit mineral resource estimate was estimated from 68,173 assays, with 66,739 assays representing diamond drill core samples and 1,434 assays representing rock-saw channel samples cut from surface rock exposures. Drill core samples were obtained from total of 133,576 metres of drilling comprising 128 diamond drill holes, including 75 drill holes (holes 1 to 75), 34 daughter holes, eight redrills, and 11 overruns, and represent full assay data from holes 1 to 67 and partial assay data received from holes 68 to 75. Rock-saw samples were obtained from 2,743 metres of rock-saw cuts from 262 surface rock exposure trenches.
Mineral resource estimate No. 2 comprises 2.05 billion grading 0.60 per cent copper equivalent of indicated mineral resources for a contained metal content of 8.4 million tonnes copper and 19.4 million ounces gold and 900 million tonnes grading 0.35 per cent copper equivalent of inferred mineral resources for 2.5 million tonnes copper and 3.8 million ounces gold, using a cut-off grade of 0.2 per cent copper equivalent.
ALPALA MINERAL RESOURCE STATEMENT EFFECTIVE NOV. 7, 2018*
Grade Resource Tonnage Grade Contained metal
category category (Mt) Cu Au CuEq Cu Au CuEq
(%) (g/t) (%) (Mt) (Moz) (Mt)
Total >0.2% CuEq Indicated 2,050 0.41 0.29 0.60 8.4 19.4 12.2
Inferred 900 0.27 0.13 0.35 2.5 3.8 3.2
(1) Martin Pittuck, CEng, MIMMM, FGS, is responsible for this mineral resource
statement and is an independent qualified person as such term is defined in
(2) The mineral resource is reported using a cut-off grade of 0.2 per cent copper
equivalent calculated using (copper grade (per cent)) plus (gold grade (grams
per tonne) multiplied by 0.63).
(3) The mineral resource is considered to have reasonable prospects for eventual
economic extraction by underground mass mining such as block caving.
(4) Mineral resources are not mineral reserves and do not have demonstrated
(5) The statement uses the terminology, definitions and guidelines given in the
CIM (Canadian Institute of Mining, Metallurgy and Petroleum) standards on
mineral resources and mineral reserves (May, 2014) as required by NI 43-101.
(6) The mineral resource estimate is reported on a 100-per-cent basis.
Within the deposit and included in the total mineral resource estimate figures, a higher-grade core exists, totalling 400 million tonnes grading 1.49 per cent copper equivalent of indicated mineral resources for a contained metal content of 3.6 million tonnes copper and 11.9 million ounces gold as well as 20 million tonnes grading 1.05 per cent copper equivalent of inferred mineral resources for a contained metal content of 200,000 tonnes copper and 400,000 ounces gold, using a cut-off of 0.9 per cent copper equivalent.
ALPALA GRADE-TONNAGE CURVES EFFECTIVE NOV. 7, 2018,
EXPRESSED BY A RANGE IN COPPER EQUIVALENT CUT-OFF GRADES
Cut-off Resource Tonnage Grade Contained metal
grade category (Mt) Cu Au CuEq Cu Au CuEq
(% CuEq) (%) (g/t) (%) (Mt) (Moz) (Mt)
0.1 Indicated 2,460 0.36 0.26 0.52 8.9 20.2 12.9
0.15 Indicated 2,290 0.38 0.27 0.55 8.8 19.9 12.7
0.2 Indicated 2,050 0.41 0.29 0.6 8.4 19.4 12.2
0.3 Indicated 1,500 0.49 0.37 0.73 7.4 17.8 10.9
0.45 Indicated 810 0.66 0.57 1.03 5.4 15 8.3
0.7 Indicated 490 0.84 0.83 1.37 4.1 13 6.7
0.9 Indicated 400 0.9 0.93 1.49 3.6 11.9 5.9
1.1 Indicated 200 1.13 1.36 1.99 2.2 8.7 3.9
1.5 Indicated 120 1.35 1.77 2.47 1.7 7 3
0.1 Inferred 1,380 0.22 0.11 0.28 3 4.7 3.9
0.15 Inferred 1,140 0.24 0.12 0.32 2.8 4.3 3.6
0.2 Inferred 900 0.27 0.13 0.35 2.5 3.8 3.2
0.3 Inferred 490 0.34 0.16 0.45 1.7 2.5 2.2
0.45 Inferred 150 0.49 0.26 0.65 0.7 1.2 1
0.7 Inferred 50 0.67 0.41 0.93 0.4 0.7 0.5
0.9 Inferred 20 0.72 0.52 1.05 0.2 0.4 0.2
1.1 Inferred 10 0.76 0.7 1.2 0.1 0.1 0.1
1.5 Inferred - - - - - - -
The November, 2018, mineral resource estimate update (mineral resource estimate No. 2) is reported using a cut-off grade of 0.2 per cent copper equivalent, which Solgold and SRK Consulting consider to be reasonable, reflecting the potential for economic extraction by high-production-rate mass mining methods such as block caving. The central portions of the deposit present an opportunity for early extraction of higher-grade material.
The updated resource estimate represents an increase in the overall reported resource of 108 per cent (by metal content) from 7.4 million tonnes copper equivalent in the December, 2017, maiden mineral resource estimate (mineral resource estimate No. 1) using at a cut-off of 0.3 per cent copper equivalent, to the current 15.4 million tonnes copper equivalent using a cut-off of 0.2 per cent copper equivalent.
Information in this report relating to the exploration results is based on data reviewed by Jason Ward, CP BSc (geology), the chief geologist of the company. Mr. Ward is a member of the Australasian Institute of Mining and Metallurgy, holds the designation MAusIMM (CP), 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 and gold-rich section of the Andean copper belt.
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