LONDON (ShareCast) - (Sharecast News) - SolGold updated the market on its regional exploration activities at the 100%-owned Porvenir Project in southern Ecuador, held by its wholly-owned subsidiary Green Rock Resources, on Wednesday.
The Toronto and London-listed firm said first pass mapping and sampling by Green Rock field teams at the project discovered "exciting" new porphyry Cu-Au mineralisation at target 15, located on the Porvenir 2 concession.

It said a broad zone of north-east trending porphyry mineralisation approximately one kilometre wide and hosting numerous porphyry centres currently defined over six kilometres long and open ended had been defined, including target 15.

Within that zone, an 800 metre-wide, northeast trending mineralised corridor more than 1200 metres long was recognised at target 15, and contained mineralisation styles, size and geometry consistent with exposure of a vertically extensive, well-preserved porphyry copper-gold system.

Initial rock-saw channel sampling across along exposed outcrops at target 15 had returned open ended intersections including 62.4m at 1.16 CuEq, which included 29.5m at 1.56 CuEq.

SolGold said ongoing field programmed continued to identify new mineralised outcrops at Porvenir, across a broad zone with rock chip samples flagged for follow-up work that returned up to 2.35% Cu and 3.59 g/t Au.

It said the mineralisation style at target 15, Porvenir was similar to Alpala, Cascabel with an Au:Cu ratio of 1:1.

Drill testing and ground magnetics were planned at target 15 in the first quarter of 2019, with an airborne-magnetic survey planned for entire Porvenir concession package in the first and second quarters of 2019.

"The result at Porvenir - especially at target 15 - indicates the effort SolGold puts into its first mover advantage secured in 2014 across Ecuador," said chief executive officer Nick Mather.

"SolGold's team of geoscientists led by Steve Garwin, porphyry expert, recognised several targets with the right geochemical, geological and geophysical signature and SolGold has so far secured 11 of them.

"SolGold is committed to leading the development of a sustainable copper-gold mining industry in Ecuador."

Mather said the high grades and strong gold endowment at Alpala and Porvenir provided the company with a "unique opportunity" to develop without resorting to "dilutive and erosive" joint ventures.

"SolGold has identified and secured the best of an entire copper-gold province, the size and metallogenic signature of northern Chile.

"That's a unique approach that can't be replicated. We are confident that Alpala and now Porvenir target 15 are the first projects in a long, large and rich string of them.

"We have the cash, the expertise and the focus to deliver."

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE