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Solgold PLC
Symbol C : SOLG
Shares Issued 1,846,321,033
Close 2019-06-11 C$ 0.51
Recent Sedar Documents

Solgold samples up to 2.52% Cu at Sharug

2019-06-13 06:10 ET - News Release

Mr. Nick Mather reports

SOLGOLD PLC ANNOUNCES REGIONAL EXPLORATION UPDATE

Solgold PLC has provided an update from the company's regional exploration activities from its 100-per-cent-owned Sharug project, held by wholly owned subsidiary Greenrock Resources.

Ecuador is located on the gold-rich section of the northern Andean copper belt which 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 producing company through aggressive exploration is continuing to yield exciting results. Based on initial exploration of Solgold's 72 regional concessions, 12 priority targets have been identified for second phase exploration.

The Sharug project is one of Solgold's 12 priority projects.

Highlights:

  • Having discovered a new mineralized epithermal field (Quillosis prospect) one kilometre by 1.4 km in the northern part of the Sharug 2 concession with grades of up to 39.6 grams per tonne gold in rock chips, teams have continued to explore farther south and have identified a potential porphyry copper-gold-molybdenum system prospect called Santa Martha.
  • Outcrops of diorite and quartz diorite at Santa Martha consist of mineralized breccias and quartz stockworks with associated zoned hydrothermal alteration.
  • The best results returned for outcropping quartz stockworks and hydrothermal breccias include:
    • R03001043: 2.52 per cent Cu, 0.15 g/t Au, 491 parts per million molybdenum:
    • R03001045: 0.78 per cent Cu, 0.51 g/t Au, six ppm Mo;
    • R03001044: 0.73 per cent Cu, 0.33 g/t Au, 53 ppm Mo;
    • R03001052: 0.60 per cent Cu, 0.56 g/t Au, 84 ppm Mo;
    • R03000168: 0.56 per cent Cu, 0.20 g/t Au, 13 ppm Mo.
  • A gridded auger soil program was carried out over the Santa Martha prospect with results further highlighting the prospect as an exciting new copper-gold-molybdenum porphyry target.
  • Highly anomalous rock values, followed by strong auger soil anomalies, show this target covers an area 1.2 km by 0.5 km and remains open to the east.

Solgold chief executive officer Nick Mather commented: "Solgold's pan Ecuadorean exploration strategy is well on the way to establishing Solgold with a unique pedigree in an integrated pipeline of projects, each with the opportunity to yield world-class targets or better. Solgold is not just about Alpala. We offer shareholders an almost unparalleled opportunity for exponential growth through a number of discoveries and developments on the most underexplored sector of the world's richest copper belt.

"The Sharug tenement is the latest in a string of wholly owned projects uncomplicated by joint ventures or co-ownership.

"The Santa Martha copper-gold porphyry target has the areal extent and copper endowment at surface to yield a significant copper-gold porphyry orebody and the Quillilosa epithermal gold target is probably related and just as big.

"My sincere congratulations to all of Solgold's loyal and brilliant explorationists at every level in the company for assembling this extraordinary portfolio and then finding the drill targets everywhere."

Introduction

With 12 priority projects now recognized, continuing exploration by Solgold technical teams is focused on advancing these priority projects with a view to progressing to drill testing as soon as permissions are in place. Solgold's high success rate has been achieved by operating multiple field teams utilizing a specialized method of rapid prospect recognition in each of its four regional subsidiary companies. Solgold employs 42 Ecuadorean geologists in its regional exploration programs.

Drilling is scheduled to commence on regional projects early next year subject to the government indicating a clear administrative path for obtaining the relevant environmental and water permits.

The Sharug project is located in the southern end of the Miocene belt. It is located south of known mineral deposits, namely the Tres Chorreras and Cerro Negro mining project areas.

Exploration activities and results

Initial exploration on the two Sharug concessions by Solgold's regional exploration teams recognized a strong north-northeast-structural corridor traversing the Sharug 2 concession. Continued mapping and sampling along this corridor have led to the discovery of the Quillosis prospect, a new mineralized epithermal field over a one km by 1.4 km zone, in the northern section of the prospect. As previously announced, rock chip values up to 39.6 g/t Au, and high antimony, silver, lead and bismuth values were returned from this epithermal vein system.

Continued field mapping along the identified structural corridor has now discovered a significant copper-gold-molybdenum porphyry target called Santa Martha. Highly anomalous rock values, followed by strong auger soil anomalies show this target covers an area 1.2 km by 0.5 km and remains open to the east. Auger soils were unable to test the eastern flank of the anomaly due to a drainage system comprising colluvial material.

The Santa Martha prospect consists of diorite, quartz diorite and small zones of tourmaline breccia. Hydrothermal alteration comprises zones of biotite-sericite, quartz-sericite, chlorite, chlorite-epidote and sericite alteration.

The best results returned for outcropping quartz stockworks and hydrothermal breccias include:

  • R03001043: 2.52 per cent Cu, 0.15 g/t Au, 491 ppm Mo;
  • R03001045: 0.78 per cent Cu, 0.51 g/t Au, six ppm Mo;
  • R03001044: 0.73 per cent Cu, 0.33 g/t Au, 53 ppm Mo;
  • R03001052: 0.60 per cent Cu, 0.56 g/t Au, 84 ppm Mo;
  • R03000168: 0.56 per cent Cu, 0.20 g/t Au, 13 ppm Mo.

A ground magnetics geophysical program has been designed, covering both the Quillosis and Santa Martha prospects. This program is to be conducted by Quantec Geophysics and is scheduled to start during June, 2019.


SampleID            Cu         Au            Mo
                   (%)      (g/t)         (ppm)

R03001043         2.52       0.15        491.00
R03001045         0.78       0.51          6.35
R03001044         0.73       0.33         53.70
R03001052         0.60       0.56         84.20
R03000168         0.56       0.20         13.80
R03001046         0.33       0.01          2.42

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 fellow of the Australasian Institute of Mining and Metallurgy, holds the designation FAusIMM (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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