LONDON (ShareCast) - SolGold shares were down on Wednesday after the miner terminated Hole 7 at the Cascabel project in Ecuador.

The company encountered "substantial" intersections of copper-gold mineralisation at a depth of 1672.76 metres.

However, the group said: "From 1298.30m to 1672.76m there is a progressive reduction in quartz vein intensities indicating that the hole was progressing towards the margin of the system."

The rig will now be mobilised to Hole 8.

SolGold chief executive and managing director, Alan Martin, said on Wednesday that a surface exploration programme in the area west-northwest of the Alpala prospect would be initiated in August to extend the soil grid over magnetic anomalies along structural strike from Alpala.

SolGold shares were down 13.68% to 6.15p at 4:14 on Wednesday.

JF

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