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SolGold set for Cascabel resource expansion

Infill drilling at Alpala within SolGold’s Cascabel copper-gold project in northern Ecuador has raised expectations of a significant resource update next month.
SolGold set for Cascabel resource expansion SolGold set for Cascabel resource expansion SolGold set for Cascabel resource expansion SolGold set for Cascabel resource expansion SolGold set for Cascabel resource expansion

SolGold is continuing drilling at the Alpala deposit of its Cascabel project

Staff reporter

The company said highlights of recent drilling included 852m at 1.14% copper-equivalent, including 502m at 1.55% Cu-eq and 152m at 2.49% Cu-eq from one hole in the Western Limb; and 664m at 1.53% Cu-eq, including 348m at 2.25% Cu-eq from another in Alpala Central.

Another hole in Alpala Central had 1,028m at 1.29% Cu-eq and a zone of intense porphyry mineralisation containing visible gold with 146m at 4.07% Cu-eq, 1.96% Cu and 3.36g/t Au.

Other highlights were 633m at 1.25% Cu-eq at a hole in the Northwest of the deposit, including a zone of rich mineralisation containing visible gold with 173m at 2.46% Cu-eq, 1.36% Cu and 1.73 g/t Au.

In the northwest-Trivinio area of Alpala, SolGold reported intersections of 402m at 0.65% Cu-eq, including the discovery of a new zone, north of the Alpala Breccia unit, containing primary bornite mineralisation of 162m at 0.95% Cu-eq, which the company said warranted follow-up drill testing which might produce further evidence of a second system adjacent to the Alpala deposit.

SolGold sees the results as another step towards its goal of becoming a globally significant copper company, although its shares (LSE:SOLG) were down 0.93% Tuesday to 38.39p (US49.51c).

SolGold technical services manager Benn Whistler said in the right geological setting, porphyry deposits could host 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," he said.

SolGold has already drilled 160,000m at Cascabel, including 153,000m at Alpala, with  20,000m still to be completed at the deposit before the end of the year.

The company said an additional 82,400m of drilling results would be included in the December mineral resource estimate.