LONDON (ShareCast) - (ShareCast News) - SolGold announced a fresh mineralisation discovery on Monday, at its Cascabel copper-gold porphyry project in Ecuador.
The AIM-traded company said the discovery of porphyry-style mineralisation on the surface some 440 yards south of Alpala Creek pointed to a new target area - Alpala South.

It said the extent of outcropping mineralisation at Alpala South and Hematite Hill had not yet been defined, with mapping continuing over the ridges that separated Alpala Central and Alpala Southeast.

"The outcrops at Alpala South contain porphyry-style quartz-iron oxide veins, the fresh sulphides having been leached or oxidised from the weathering environment," the company's board said in a statement.

"The veining occurs within volcanic host rocks in a sheeted form, with veins orientated along a west-north-west trend, and dipping steeply towards the north-north-east."

SolGold said the discovery highlighted the fertility and potential of the broader porphyry copper-gold system at Cascabel, with mineralised surface outcrops such as this displaying very high vein density of up to 10% of total rock mass.

SolGold shares were steadily declining for much of the morning, but had pared back some of their losses after the discovery was published.

At 1230 BST, SolGold was down 1.08% at 3.66p.

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