TIDMSOLG
RNS Number : 9918I
SolGold PLC
23 June 2017
23 June 2017
SolGold Plc
("SolGold" or the "Company")
TSX Listing Approval Granted
The Board of SolGold plc (SolGold or the Company) is pleased to
advise that the Listing Committee of the Toronto Stock Exchange
(TSX) has conditionally approved the Company's application to list
SolGold on the TSX.
The TSX/TSXV is a robust market with liquidity and access to
capital, particularly for the mining sector with participation from
over 200 Canadian institutional mining investors and over 500
international institutional mining investors. The TSX/TSXV is the
#1 public market for mining companies globally with 1,213 public
listings with combined market capitalization of +C$297 billion and
coverage by more than 200 mining analysts. In 2016, the TSX/TSXV
accounted for 57% of all equity capital raised in the mining
sector, making it the top source of investment for mining companies
globally.
Final approval for the listing is conditional upon the Company
satisfying the conditions and requirements imposed by the TSX. The
Company will work to satisfy these conditions as quickly as
possible. Upon obtaining final approval, the Company will issue a
further press release.
SolGold CEO Nick Mather commented:
"The TSX listing will constitute a milestone for SolGold,
providing a local Canadian trading platform for existing and new
Canadian shareholders and investors. SolGold's listing on TSX will
deliver access to the world's premier copper gold explorer in
Ecuador, one of the most promising and relatively unexplored
theatres in the world.
SolGold's strong operating capability, 85% ownership of
Cascabel, extensive tenure position over a large portfolio of other
promising copper gold porphyry across Ecuador, strong cash position
and the endorsement of the company by one of the world's most
accomplished block cave copper gold miners, Newcrest Mining
Limited, combine to make the pending TSX listing a timely
development."
The Company will remain listed on the AIM Board until such time
as its application to move to the Main Board of the LSE is
approved.
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, and a USD41.2m
raising in June of 2017 largely from Newcrest International with
USD1.2m raised from Ecuadorean investors. All of these raisings
were undertaken at substantial premiums to previous raisings, and
SolGold has circa USD70 million in available cash to continue the
exploration and development of its flagship Cascabel Project.
Mr Craig Jones joined the SolGold Board on 3 March 2017,
nominated to the Board of SolGold by Newcrest Mining, now a 14.54%
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 investments by Newcrest for 14.54% of SolGold, and the
investments 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 39,000m of drilling and expended over
USD45.6M on the program, which includes corporate costs and
investments into Cornerstone. This has been accomplished with a
workforce of up to 176 Ecuadorean workers and geoscientists, and 6
expatriate Australian geoscientists. The results of 26 holes
drilled (including re-drilled holes) and assayed to date have
produced some of the greatest drill hole intercepts in porphyry
copper-gold exploration history, as indicated by Hole 12
(CSD-16-012) returning 1560m grading 0.59% copper and 0.54 g/t gold
including, 1044m grading 0.74% copper and 0.54 g/t gold. The
average grade of all metres drilled to date on the project
currently stands at 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 by 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 4 of the 15 targets, being
Alpala Northwest, Alpala Central, Hematite Hill, and Alpala
Southeast. Currently drill testing of Alpala Northwest, Alpala
Central and Alpala Southeast targets is underway, with drill
testing of the Aguinaga target to commence in August 2017.
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 Aguinaga, Tandayama-America, Alpala West, Carmen,
Alpala East, Moran, 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 have been updated to reflect current
commodity prices, 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 widths 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 1,511,195,685 ordinary shares issued,
together with 33,975,884 options exercisable at 28p and 11,975,884
options exercisable at 14p.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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