TIDMSOLG
RNS Number : 4355V
SolGold PLC
01 December 2023
1 December 2023
SolGold plc
("SolGold" or the "Company")
Porvenir Project Update
Advancing Exploration Across a Cluster of Porphyry Copper-Gold
Targets
SolGold (LSE & TSX: SOLG) is pleased to provide an update on
the exploration of the Porvenir Project ("Project"), held through
its Ecuadorean subsidiary, Green Rock Resources S.A.
The Porvenir Project is located within the south-eastern portion
of the Eastern Cordillera of Ecuador, approximately 70km south of
the regional centre of Loja. The Project sits within the
northerly-trending, Jurassic metallogenic belt of the northern
Andes, which hosts significant economic gold and copper mines at
Fruta del Norte and Mirador, and large Cu-Au resources at Mirador
Norte, Warintza, San Carlos, Panantza.
Full details on the exploration updated are set out below under
the heading 'Further Information'.
SolGold Geology Manager, Mr. Santiago Vaca, commented on today's
exploration update:
"Drilling completed in the Cacharposa deposit indicates a pit
constrained mineral resource, which is still open. The successful
exploration performed at Cacharposa allows us to enhance our
understanding on the geology and mineralization controls in the
area, building our confidence in the potential to keep growing the
resource with additional drilling, and to validate the high-quality
of the other Cu-Au porphyry targets found within the Porvenir
project".
FURTHER INFORMATION
The Porvenir Project, covers a cluster of geochemical anomalies
that represent porphyry copper-gold targets that include
Cacharposa, Balmore-(Diablo), Bartolo, Palmal and Merino. The
Cacharposa anomaly coincides with a Cu-Au porphyry deposit that has
an open-pit mineral resource estimate (CAC MRE#1) that comprises
396.8 Mt @ 0.44% CuEq for 1.40 Mt Cu and 1.80 Moz Au in the
indicated category, plus 96.9 Mt @ 0.37% CuEq for 0.28 Mt Cu and
0.38 Moz Au in the inferred category, using a cut-off grade of
0.16% CuEq (refer to "Porvenir Property NI 43-101 Technical Report
Mineral Resource Estimate, October 2021"). The remaining anomalies
have yet to be drill-tested.
On 26th October 2021, a data cut-off was applied to the
Cacharposa dataset for the purposes of a Mineral Resource
Estimation. The CAC MRE#1 dataset comprised 18,635.7m of diamond
drilling; 439.6m of surface rock-saw channel sampling from 23
outcrops; and 16,982.4m of final assay results from drill holes 1
to 20.
Since that time, a further 2,610.0m of infill and extension
diamond drilling has been completed at the Cacharposa Deposit and
number of drill holes have been planned for future resource
extension drilling (Figure 1).
Figure 1 : Plan view of drilling at the Cacharposa Deposit,
showing a dditional drilling completed since CAC MRE#1 shown with
red glow and planned diamond drilling shown in green. ( TOP ). The
extents of the orebody at 0.16%CuEq COG utilising all drill holes
are shown BOTTOM LEFT , and the CAC MRE#1 open-pit optimisation
phases are shown BOTTOM RIGHT .
The Cacharposa dataset now comprises 21,245.7m of diamond
drilling; 439.6m of surface rock-saw channel sampling from 23
outcrops; and 21,685.3m of final assay results from drill holes 1
to 27.
Result assays obtained from the infill and extension drilling
show encouraging mineralized intersections (Table 1), which should
support the conversion of a large portion of the deposit into the
measured and indicated categories, as well as significantly
increasing the resource tonnage in both the measured and indicated
categories as well as the inferred category. SolGold is planning to
complete a resource extension drilling program, and when it is
completed, a mineral resource update (CAC MRE#2) for the Cacharposa
deposit will be done.
Table 1 : Mineralized intersections from holes 21 to 27 using
10m composites.
The Porvenir Project also contains a number of satellite
targets, generated by careful compilation of numerous datasets,
including geological mapping, geochemical anomalies (soils, rocks,
stream sediments, airborne and ground geophysics, regional
structural interpretation, and 3D geochemical modelling. As such,
the targets generated at the Project, display several encouraging
characteristics of porphyry style deposits, such as:
-- Identification of mineral occurrences (chalcopyrite,
chalcocite, bornite, native Cu, pyrite) and porphyry-style veining
(quartz veins) at Bartolo and Eudis.
-- Identification of common hydrothermal alteration minerals in
porphyry systems like K-feldspar, biotite, epidote, chlorite,
and/or sericite (white mica) at Bartolo and Mula Muerta.
-- Coincident Cu, Cu/Zn, Mo, Mo/Mn geochemical anomalies, at
Bartolo, Palmal, Diablo, Eudis and Merino.
-- Airborne and ground geophysics magnetic anomalies that lie
coincident with regional lineaments and lineament intersections at
Mula Muerta, Diablo, Palmal, Bartolo and Merino.
-- 3D geochemical models for the potential (p=0.14) of a
Yerington-like porphyry centre (modified from Core, 2019), based on
B-horizon soil-sample muti-element results. The main anomalies
generated include Cacharposa, Balmore-(Diablo), Bartolo, Palmal and
Merino.
Figure 2 : Porvenir Project target generation summary showing
geochemical anomalies at Cacharposa, Eudis, Mula Muerta, Balmore,
Diablo, Palmal, Bartolo and Merino prospects, flagged for
exploratory drill testing ( TOP ). Copper and Molybdenum in soil
anomalies ( BOTTOM CENTRE & BOTTOM RIGHT), and airborne
reduced-to-pole magnetic image for the project area ( BOTTOM LEFT
).
Qualified Person:
Above information relating to the exploration results is based
on data reviewed by Mr. Santiago Vaca (M.Sc. P.Geo.), Santiago
joined SolGold in 2014 as Chief Geologist for the Cascabel project
and is an Ecuadorian geologist with over 18 years of experience in
mineral Exploration and research. Mr. Vaca holds a Professional
Geoscientist Certification (P.Geo) granted by the Association of
Professional Engineers and Geoscientists of Alberta (APEGA) in
Canada and is a Qualified Person for the purposes of the relevant
LSE and TSX Rules. Mr. Vaca consents to the inclusion of the
information in the form and context in which it appears.
CONTACTS
Scott Caldwell Tel: +44 (0) 20 3807
Chief Executive Officer 6996
Tavistock (Media) Tel: +44 (0) 20 7920
Jos Simson/Gareth Tredway 3150
ABOUT SOLGOLD
SolGold is a leading resources company focused on the discovery,
definition and development of world-class copper and gold deposits
and continues to strive to deliver objectives efficiently and in
the interests of shareholders.
The Company operates with transparency and in accordance with
international best practices. SolGold is committed to delivering
value to its shareholders while simultaneously providing economic
and social benefits to impacted communities, fostering a healthy
and safe workplace, and minimizing the environmental impact.
SolGold is listed on the London Stock Exchange and Toronto Stock
Exchange (LSE/TSX: SOLG).
See www.solgold.com.au for more information.
CAUTIONARY NOTICE
News releases, presentations and public commentary made by
SolGold plc (the "Company") and its Officers may contain certain
statements and expressions of belief, expectation or opinion which
are forward looking statements, and which relate, inter alia, to
interpretations of exploration results to date and the Company's
proposed strategy, plans and objectives or to the expectations or
intentions of the Company's Directors, including the plan for
developing the Project currently being studied as well as the
expectations of the Company as to the forward price of copper. Such
forward-looking and interpretative 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
interpretations and forward-looking statements.
Accordingly, the reader should not rely on any interpretations
or forward-looking statements; and save as required by the exchange
rules of the TSX and LSE or by applicable laws, the Company does
not accept any obligation to disseminate any updates or revisions
to such interpretations or forward-looking statements. The Company
may reinterpret results to date as the status of its assets and
projects changes with time expenditure, metals prices and other
affecting circumstances.
This release may contain "forward--looking information".
Forward--looking information includes, but is not limited to,
statements regarding the Company's plans for developing its
properties. Generally, forward--looking information can be
identified by the use of forward-looking terminology such as
"plans", "expects" or "does not expect", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates" or
"does not anticipate", or "believes", or variations of such words
and phrases or state that certain actions, events or results "may",
"could", "would", "might" or "will be taken", "occur" or "be
achieved".
Forward--looking information is subject to known and unknown
risks, uncertainties and other factors that may cause the actual
results, level of activity, performance or achievements of the
Company to be materially different from those expressed or implied
by such forward--looking information, including but not limited to:
transaction risks; general business, economic, competitive,
political and social uncertainties; future prices of mineral
prices; accidents, labour disputes and shortages and other risks of
the mining industry. Although the Company has attempted to identify
important factors that could cause actual results to differ
materially from those contained in forward-looking information,
there may be other factors that cause results not to be as
anticipated, estimated or intended. There can be no assurance that
such information will prove to be accurate, as actual results and
future events could differ materially from those anticipated in
such statements. Factors that could cause actual results to differ
materially from such forward-looking information include, but are
not limited to, risks relating to the ability of exploration
activities (including assay results) to accurately predict
mineralization; errors in management's geological modelling and/or
mine development plan; capital and operating costs varying
significantly from estimates; the preliminary nature of visual
assessments; delays in obtaining or failures to obtain required
governmental, environmental or other required approvals;
uncertainties relating to the availability and costs of financing
needed in the future; changes in equity markets; inflation; the
global economic climate; fluctuations in commodity prices; the
ability of the Company to complete further exploration activities,
including drilling; delays in the development of projects;
environmental risks; community and non-governmental actions; other
risks involved in the mineral exploration and development industry;
the ability of the Company to retain its key management employees
and skilled and experienced personnel; and those risks set out in
the Company's public documents filed on SEDAR+ at www.sedarplus.ca
. Accordingly, readers should not place undue reliance on
forward--looking information. The Company does not undertake to
update any forward-looking information, except in accordance with
applicable securities laws.
The Company and its officers do not endorse, or reject or
otherwise comment on the conclusions, interpretations or views
expressed in press articles or third-party analysis.
Quality Assurance / Quality Control on Sample Collection,
Security and Assaying
SolGold operates according to its rigorous Quality Assurance and
Quality Control (QA/QC) protocol, which is consistent with industry
best practices.
Primary sample collection involves secure transport from
SolGold's concessions in Ecuador, to the ALS certified sample
preparation facility in Quito, Ecuador. Samples are then air
freighted from Quito to the ALS certified laboratory in Lima, Peru
where the assaying of drill core, channel samples, rock chips and
soil samples is undertaken. SolGold utilises ALS certified
laboratories in Canada and Australia for the analysis of
metallurgical samples.
Samples are prepared and analysed using 100g 4-Acid digest ICP
with MS finish for 48 elements on a 0.25g aliquot (ME-MS61).
Laboratory performance is routinely monitored using umpire assays,
check batches and inter-laboratory comparisons between ALS
certified laboratory in Lima and the ACME certified laboratory in
Cuenca, Ecuador.
In order to monitor the ongoing quality of its analytical
database, SolGold's QA/QC protocol encompasses standard sampling
methodologies, including the insertion of certified powder blanks,
coarse chip blanks, standards, pulp duplicates and field
duplicates. The blanks and standards are Certified Reference
Materials supplied by Ore Research and Exploration, Australia.
SolGold's QA/QC protocol also monitors the ongoing quality of
its analytical database. The Company's protocol involves
Independent data validation of the digital analytical database
including search for sample overlaps, duplicate or absent samples
as well as anomalous assay and survey results. These are routinely
performed ahead of Mineral Resource Estimates and Feasibility
Studies. No material QA/QC issues have been identified with respect
to sample collection, security and assaying.
Reviews of the sample preparation, chain of custody, data
security procedures and assaying methods used by SolGold confirm
that they are consistent with industry best practices and all
results stated in this announcement have passed SolGold's QA/QC
protocol.
See www.solgold.com.au for more information. Follow us on 'X'
@SolGold_plc
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