Mr. Nicholas Mather reports
SOLGOLD PLC ANNOUNCES TECHNICAL REPORT FILED ON SEDAR
Solgold PLC has filed on SEDAR an independent National Instrument 43-101 technical report completed by Mining Plus, entitled,
"Cascabel Property NI 43-101 Technical Report Alpala Mineral Resource Estimation April 2020 Effective date: 11 November 2019."
Highlights of the latest Alpala mineral resource at a cut-off grade of 0.21 per cent copper equivalent:
Mineral Resource of 2,663 Mt at 0.53% CuEq for 9.9 Mt Cu, 21.7 Moz Au and 92.2 Moz Ag in the Measured plus Indicated categories;
- Mineral Resource of 544 Mt at 0.31% CuEq for 1.3 Mt Cu, 1.9 Moz Au and 10.6 Moz Ag in the Inferred category;
- High-grade core of 442 Mt at 1.40% CuEq for 3.8 Mt Cu, 12.3Moz Au and 33.3 Moz Ag in the Measured plus Indicated categories;
- MRE No. 3 update has added 1.6 Mt copper, 2.5 Moz gold and 92.2 Moz silver to Measured plus Indicated Mineral Resources (at a cut-off grade of 0.20% CuEq, applied for comparative purposes).
Mining Plus was commissioned by Solgold to prepare a Mineral Resource Estimate ("MRE") and subsequent Technical Report for the Alpala Porphyry Copper-Gold-Silver Deposit in the Cascabel Property (the Property) in Northern Ecuador. Solgold is a leading exploration company focussed on the discovery, definition and development of world-class copper-gold deposits. Solgold is listed on the Toronto Stock Exchange (TSX) and the London Stock Exchange (LSE). The Alpala resource, the subject of the NI 43-101 Report and this announcement, is wholly contained within the Cascabel Licence. The Cascabel licence is wholly owned by Exploraciones Novamining S.A. ("ENSA"). Solgold holds an 85% legal and beneficial interest in ENSA.
The MRE, with an effective date of 11 November 2019, has been reported in accordance with the Canadian National Instrument 43-101 ("NI 43-101") Standards for Disclosure for Mineral projects. The estimation process followed the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) "Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines" (CIM, 2019). Mining Plus employee, Mrs Cecilia Artica takes Qualified Person ("QP") responsibility for the MRE.
The Alpala Deposit, at a cut-off grade of 0.21% Cu equivalent (CuEq), comprises 2,663 Mt at 0.53% CuEq in the Measured plus Indicated categories, which includes 1,192 Mt at 0.72% CuEq in the Measured category and 1,470 Mt at 0.37% CuEq in the Indicated category (Table 1). The Inferred category contains an additional 544 Mt at 0.31% CuEq.
The MRE comprises a contained metal content of 9.9 Mt Cu and 21.7 Moz Au in the Measured plus Indicated categories, which includes 5.7 Mt Cu and 15.0 Moz Au in the Measured category, and 4.2 Mt Cu and 6.6 Moz Au in the Indicated category. The Inferred category contains an additional 1.3 Mt Cu and 1.9 Moz Au.
To the best of Mining Plus's knowledge, there are no environmental, permitting, legal, title, tax, socio-economic, market, political or other relevant factors that would affect the Mineral Resource Estimate presented in the Technical Report.
The NI 43-101 technical report on the updated Mineral Resource Estimate for the Alpala Deposit can be found on SEDAR.
Solgold is preparing a Pre-Feasibility Study ("PFS") for the development of the Alpala deposit. The Company has initiated work on the PFS together with work streams to acquire further information for completion of the proposed Definitive Feasibility Study ("DFS"). Currently, subject to funding, land acquisition programs and the current impacts the Company is facing from the COVID-19 global pandemic, these studies are scheduled for completion by the end of 2020 for the PFS and early 2021 for the DFS.
Solgold's field operations are currently on care and maintenance due to COVID-19 social isolation rules and respect for communities in the area in an effort to reduce the potential transmission of the virus. The Ecuadorian mining authorities have requested the Company's plans for re-activation of operations, pending the full agreement from local county authorities. Solgold continues to actively monitor all its employees as health and safety are top priorities for the Company. Solgold will continue supporting its employees and local communities where possible in their efforts to curtail the spread of the virus.
Information in this report relating to the exploration results is based on data reviewed by Mr Jason Ward ((CP) B.Sc. 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 LSE and TSX Rules. Mr Ward consents to the inclusion of the information in the form and context in which it appears.
Information in this report relating to the Mineral Resource Estimate was reviewed by Mrs Cecilia Artica MSc. Mrs Artica is a Registered Member of The Society for Mining Metallurgy and Exploration and has in excess of 20 years' experience in Mineral Resource Estimation and mineral exploration. She is an independent Qualified Person for the purposes of the relevant LSE and TSX Rules. Mrs Artica consents to the inclusion of the information in the form and context in which it appears.
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