The Board of SolGold (LSE & TSX: SOLG) is pleased to provide an update on its Porvenir Project, held by Green Rock Resources S.A, a 100% owned and unencumbered subsidiary of SolGold.
Highlights
Ø Final assay results received for the entirety of drill hole one (PDH-20-001) at Porvenir:
· 899.3m @ 0.53% CuEq (0.40% Cu, 0.18g/t Au) from 10m (open at depth) at a cut-off grade of 0.10% CuEq, including
· 644m @ 0.65% CuEq (0.47% Cu, 0.24g/t Au) from 10m at a cut-off grade of 0.20% CuEq
Ø PDH-20-001 was terminated in chalcopyrite and molybdenum mineralisation, leaving the system open towards the east and at depth.
Ø The end of the hole returned 21.3m @ 0.51% CuEq (0.48% Cu, 0.03g/t Au) and 1,216ppm Mo from 888m to 909.3m at a cut-off grade of 0.30% CuEq.
Ø The third drill hole (PDH-20-003) is at a current depth of 593m and has intersected visible chalcopyrite copper sulphide mineralisation over a distinct zone from 24m to 136m.
Ø The fourth drill hole (PDH-20-004), which is being drilled by Rig 2, sited approximately 230m west-northwest of PDH-20-001, is at a current depth of 217m and has so far intersected visible chalcopyrite copper sulphide mineralisation from 32m depth, with an increase in chalcopyrite abundance from 182m.
References to figures relate to the version visible in PDF format by clicking the link below:
http://www.rns-pdf.londonstockexchange.com/rns/8158H_1-2020-12-7.pdf
SolGold Technical Services Manager, Benn Whistler, commenting on today's update at Porvenir:
"The assay results from the first hole at Porvenir totalling almost 900 metres at a half percent copper equivalent is an encouraging start to the Cacharposa drilling program. This couples with the strong copper and molybdenum assay results received over the final metres of the first drill hole to make the project even more interesting, leaving the system still open toward the east.
The strong copper and molybdenum assay results received over the final 21 metres of the first drill hole far exceed the visual estimates made. This less conspicuous disseminated copper-molybdenum mineralisation is hosted within a quartz-monzonite intrusion that has not been intersected in other holes to date and warrants further drill testing for depth extensions to existing intercepts from PDH-20-001. The disseminated mineralisation encountered contains grades of up to 0.95 % Copper and 2,290 ppm Molybdenum which encourages extension drilling through a re-entry into the existing hole."
With respect to the fourth drill hole PDH-20-004, the hole appears to be drilling a vector towards increasing mineralisation with increasing chalcopyrite abundance from 182m depth. This likely means that the Cacharposa system is open to the west on the current drilling section, and further drilling will aim to define the extents and geometry of the Cacharposa system."
Further Information
SolGold is continuing to pursue its strategy to systematically explore its extensive tenement portfolio in Ecuador. The first pass regional exploration program is fully funded until mid- to late- 2021.
The Porvenir Project is in Southern Ecuador, some 100 km north of the Peruvian border, and situated within the eastern most metallogenic portion of the Ecuadorian sector of the Andean Copper Belt which hosts several of the world's largest and most significant copper and gold deposits in Columbia, Ecuador, Peru, Argentina and Chile, including the Fruta Del Norte gold project owned by Lundin Gold, approximately 100km to the north-northeast (Figure 1).
Final assay results received for the entirety of drill hole one (PDH-20-001) at Porvenir, returning:
· 899.3m @ 0.53% CuEq (0.40% Cu, 0.18g/t Au) from 10m to 909.3m (open at depth) at a cut-off grade of 0.10% CuEq, including
· 644m @ 0.65% CuEq (0.47% Cu, 0.24g/t Au) from 10m to 654m at a cut-off grade of 0.20% CuEq, and
· 21.3m @ 0.51% CuEq (0.48% Cu, 0.03g/t Au) and 1216ppm Mo from 888m to the end of the hole at 909.3m at a cut-off grade of 0.3% CuEq.
Updated assay results finalised for drilling completed at Cacharposa are summarised in Table1.
PDH-20-001 was terminated in chalcopyrite and molybdenum mineralisation, leaving the system open towards the east and at depth (Figure 2).
True widths of downhole intersections are not well constrained. The first drill hole at Cacharposa, PDH-20-001, was drilled at a declination of -55 degrees towards the east. The second drill hole was drilled at a declination of -75 degrees. The interpreted orientation of the Cacharposa Intrusive Complex and its associated porphyry copper-gold mineralisation is subvertical, dipping approximately 85-90 degrees to the west. The true width of down-hole intersections reported are therefore expected to be approximately 35-65% of the down-hole lengths.
Mineralisation in Cacharposa Creek is part of a 1700m long northerly-trending mineralised corridor, up to 1000m wide.
The Cacharposa target area is characterised by coincident Cu, Mo, Au and Cu:Zn soil anomalies that lie central to a magnetic high and zone of Mn-depletion in soil. The RTP magnetics exhibit a central magnetic high surrounded by an annular magnetic low. Soil Molybdenum geochemistry shows a broad high nested within the magnetic feature and exhibits good inverse correlation with soil Manganese (Figure 3).
Ground reduced-to-the-pole (RTP) magnetics and geochemical signatures at Cacharposa are characteristic of porphyry copper and copper-gold deposits globally.
Table 1: Summary of down-hole intercepts at Cacharposa, Porvenir.
Figure 1: Location plan showing Porvenir Project in Southern Ecuador, highlighting the locations of the Cacharposa porphyry deposit.
Figure 2: Cross-section looking north with window thickness of 50m, showing final assay results to 909.3m in PDH-20-001 and to 500m in PDH-20-002. PDH-20-003 and 004 are in progress. Mineralisation remains open below the bottom of PDH-20-001.
Figure 3: Drilling Plans showing reduced-to -pole (RTP) ground magnetics (top left) and geochemical signatures at Cacharposa. RTP magnetics exhibit a central magnetic high surrounded by an annular magnetic low. Soil Molybdenum geochemistry shows a broad high nested within the magnetic feature (top centre) and exhibits good inverse correlation with soil Manganese (top right).
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of the Regulation (EU) No 596/2014 until the release of this announcement.
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