LONDON (ShareCast) - Sol Gold has identified porphyry copper mineralisation at the Alpala prospect in northern Ecuador.

The company said magnetite and finely disseminated chalcopyrite and bornite in relic clasts suggest the copper sulphide mineralisation is part of a larger porphyry system, which is the main target at Alpala, part of the Cascabel Project.

The company completed drill holes at Alpala, CSD-13-001 and CSD-13-002, in the area of outcropping sheeted and stockwork veins.

The CSD-13-002 drill hole was drilled on September 15th and was terminated at 547.42 metres depth on October 3rd. Long runs of mineralisation in the hole suggest that it lies within a broad regional halo of copper mineralisation.

CSD-13-001 encountered an extensive zone of phyllic alteration in the upper part of the hole before transecting alternating zones of argillic, propylitic and phyllic alteration in the lower part.

Sol Gold has now started on drill hole CSD-13-003, which is targeted to test the main magnetic body under the southeast lobe and has a planned depth of 750 metres.

The group also announced that Chief Executive Officer Alan Martin has completed his probationary period and has been promoted to Managing Director.

"The board of SolGold is very pleased with the performance of Alan since he joined the company," said Chairman Brian Moller.

"During this period, Alan has assisted with the refocus of the company's exploration activities to the Cascabel Project, streamlined reporting functions, reduced operating costs of the company, and overseen the raising of approximately AUD6.4m (£3.8m).

"The board welcomes Alan to the position of Managing Director, and looks forward to working with him to continue to generate value for shareholders."

Shares were down 3.57 % to 09:52 on Tuesday.

RD

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