TIDMSOLG
RNS Number : 3874D
SolGold PLC
26 April 2017
26 April 2017
SolGold plc
("SolGold" or the "Company")
Holdings in Company
In accordance with the Disclosure and Transparency Rules
("DTR"), SolGold Plc (the "Company") was informed by Mr Warren
Irwin of Rosseau Asset Management Ltd that, in fulfilment of the
obligations of Rule 5 of the DTR, and as a result of the disposal
of shares with voting rights, Rosseau Asset Management Ltd sold, on
behalf of their funds and clients, on 20 April 2017, an interest in
522,246 ordinary shares of 1 penny each in the capital of the
Company, which had the effect of reducing their total shares held
to 57,065,254 ordinary shares, or approximately 3.98% of the
Company's issued share capital.
By order of the Board
Karl Schlobohm
Company Secretary
Contacts:
Mr Nicholas Mather Tel: +61 (0) 7 3303 0665
SolGold Plc (Executive Director) +61 (0) 417 880 448
nmather@solgold.com.au
Mr Karl Schlobohm Tel: +61 (0) 7 3303 0661
SolGold Plc (Company Secretary)
kschlobohm@solgold.com.au
Mr Ewan Leggat / Richard Morrison Tel: +44 (0) 20 3470 0470
SP Angel Corporate Finance LLP (NOMAD and Broker)
Ewan.leggat@spangel.co.uk / richard.morrison@spangel.co.uk
Follow us on twitter @SolGold_plc
NOTES TO EDITORS
SolGold is a Brisbane, Australia based, AIM--listed (SOLG)
copper gold exploration and future development company with assets
in Ecuador, Solomon Islands and Australia. SolGold's primary
objective is to discover and define world--class copper--gold
deposits. The Board and Management Team have substantial vested
interests in the success of the Company as shareholders as well as
strong track records in the areas of exploration, mine appraisal
and development, investment, finance and law. SolGold's experience
is augmented by state of the art geophysical and modelling
techniques and the guidance of porphyry copper and gold expert Dr
Steve Garwin.
SolGold was shortlisted as a nominee for the Mining Journal
Explorer Achievement Award for 2016. The Company announced USD54m
in capital raisings in September 2016 involving Maxit Capital LP,
Newcrest International Ltd and DGR Global Ltd, all undertaken at
substantial premiums to previous raisings and SolGold has (at March
2017) circa USD35 million in available cash to continue the
exploration and development of its flagship Cascabel Project.
Coincident with those capital raisings, Mr Scott Caldwell (CEO
of TSX-listed Guyana Goldfields Inc) joined the SolGold Board on 9
September 2016. Mr Caldwell is a mining engineer with over 30 years
of experience building and operating gold and base metal mines
worldwide, including USA, Canada, Russia, Zimbabwe, Chile and
Indonesia and was in 2016 recognised as CEO of the year for
South-American resource companies.
Mr Craig Jones also joined the SolGold Board on 3 March 2017,
nominated to the Board of SolGold by Newcrest Mining, a 10%
shareholder in SolGold. Mr Jones is a Mechanical Engineer and is
currently the Executive General Manager Wafi-Golpu
(Newcrest-Harmony MMJV). He has held various senior management and
executive roles within the Newcrest Group, including General
Manager Projects, General Manager Cadia Valley Operations,
Executive General Manager Projects and Asset Management, Executive
General Manager Australian and Indonesian Operations, Executive
General Manager Australian Operations and Projects, and Executive
General Manager Cadia and Morobe Mining Joint Venture. Prior to
joining Newcrest, Mr Jones worked for Rio Tinto.
Cascabel, SolGold's 85% owned world class flagship copper--gold
porphyry project, is located in northern Ecuador on the
under--explored northern section of the richly endowed Andean
Copper Belt. SolGold owns 85% of Exploraciones Novomining S.A.
("ENSA") and approximately 11% of TSX--V--listed Cornerstone
Capital Resources ("Cornerstone"), which holds the remaining 15% of
ENSA, the Ecuadorian registered company which holds 100% of the
Cascabel concession.
The investment by Newcrest into 10% of SolGold, and investment
into SolGold by Guyana Goldfields, Maxit Capital and its clients,
endorses Ecuador as an exploration and mining destination, the
management team at SolGold, the dimension, size and scale of the
growing Alpala, and the prospectivity of Cascabel and its multiple
targets. The gold endowment, location, infrastructure, logistics
are important competitive advantages offered by the project.
To date SolGold has completed geological mapping, soil sampling,
rock saw channel sampling, geochemical and spectral alteration
mapping over 25km(2) , along with an additional 9km(2) of Induced
Polarisation and 14km(2) Magnetotelluric "Orion" surveys over the
Alpala cluster and Aguinaga targets.
SolGold has completed over 35,000m of drilling and expended over
USD43M on the program, corporate costs and investments into
Cornerstone. This has been accomplished without lost time injury or
environmental incident, employing a workforce of up to 176
Ecuadoreans workers and geoscientists and 6 expatriate Australian
geoscientists. The results of 26 holes drilled (including
re-drilled holes) and assayed to date have produced, in our
opinion, some of the greatest drill hole intercepts in porphyry
copper-gold exploration history including Hole 12 (CSD-16-012)
returning 1002m grading 0.76 % copper and 0.77 g/t gold. The
average grade of all metres drilled to date on the project boasts
0.32 % copper and 0.27 g/t gold. Intensive diamond drilling is
planned for the next 12 months with 10 drill rigs expected to be
operational early 2018, targeting over 90,000m of drilling per
annum.
Cascabel is characterised by fifteen (15) identified targets,
world class drilling intersections over 1km in length at
potentially economic grades, and high copper and gold grades in
richer sections, as well as logistic advantages in location,
elevation, water supply, proximity to roads, port and power
services; and a progressive legislative approach to resource
development in Ecuador. To date, SolGold has drill tested 3 of the
15 targets, being Alpala Central, Alpala Northwest, and Hematite
Hill. Currently drill testing of the Alpala Southeast target is
underway.
The Alpala deposit is open in multiple directions and the
mineralised corridor marked for drill testing of the greater Alpala
cluster occurs over a 2.2km strike length from Trivinio in the
northwest to Cristal in the southeast. The mineralised corridor is
known to be prospective over approximately 700m width. High
priority targets within the Alpala cluster, at Moran approximately
700m to the north, and at Aguinaga approximately 2.3km north east,
are closely modelled by 3D MVI magnetic signatures that currently
encompass over 15Bt of magnetic rock. Based on a strong spatial and
genetic relationship between copper sulphides and magnetite, this
body of magnetic rock is considered to be highly prospective for
significant copper and gold mineralisation, and requires drill
testing.
SolGold is focussing on extending the dimensions of the Alpala
deposit including Hematite Hill, Alpala South East, Cristal, Alpala
Northwest and Trivinio before completing a resource statement and
drill testing of the other key targets within the Cascabel
concession at Alpala West, Carmen, Alpala East, Moran, Aguinaga,
Tandayama-America, Parambas, and Chinambicito.
The Company is currently planning further metallurgical testing
and completion of an independent Pre-Feasibility Study at Cascabel.
SolGold is investigating both high tonnage open cut and underground
block caving operations, as well as a high grade / low tonnage
initial underground development towards the economic development of
the copper gold deposit/s at Cascabel.
Drill hole intercepts are calculated using a data aggregation
method, defined by copper equivalent cut-off grades and reported
with up to 10m internal dilution, excluding bridging to a single
sample. Copper equivalent grades are calculated using a gold
conversion factor of 0.63, determined using an updated copper price
of USD3.00/pound and an updated gold price of USD1300/ounce. True
width of down hole intersections are estimated to be approximately
25-50%.
Following a comprehensive review of the geology and
prospectivity of Ecuador, SolGold and its subsidiaries have also
applied for additional exploration licences in Ecuador over a
number of promising porphyry copper gold targets throughout the
Country. SolGold is negotiating external funding options which will
provide the Company with the ability to have some of these projects
fully funded by a third party while focussing on Cascabel.
In Queensland, Australia the Company is evaluating the future
exploration plans for the Mt Perry, Rannes and Normanby projects,
with drill testing of the Normanby project planned for the coming
quarter. Joint venture agreements are being investigated for a
joint venture partner to commit funds and carry out exploration to
earn an interest in the tenements.
SolGold retains interests in its original theatre of operations,
Solomon Islands in the South West Pacific, where the 100% owned,
but as yet undrilled, Kuma prospect on the island of Guadalcanal
exhibits surface lithocap characteristics which are traditionally
indicative of a large metal rich copper gold intrusive porphyry
system. SolGold intends in the future to apply intellectual
property and experience developed in Ecuador to target additional
world class copper gold porphyries at Kuma and other targets in
Ecuador and Argentina.
SolGold is based in Brisbane, Queensland, Australia. The Company
listed on London's AIM Market in 2006, under the AIM code 'SOLG'
and currently has a total of 1,431,166,605 ordinary shares issued,
together with 33,975,884 options exercisable at 28p and 12,875,884
options exercisable at 14p.
CAUTIONARY NOTICE
This news release may contain certain statements and expressions
of belief, expectation or opinion which are forward looking
statements, and which relate, inter alia, to the Company's proposed
strategy, plans and objectives or to the expectations or intentions
of the Company's directors. Such forward-looking statements involve
known and unknown risks, uncertainties and other important factors
beyond the control of the Company that could cause the actual
performance or achievements of the Company to be materially
different from such forward-looking statements. Accordingly, you
should not rely on any forward-looking statements and save as
required by the AIM Rules for Companies or by law, the Company does
not accept any obligation to disseminate any updates or revisions
to such forward-looking statements.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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