Systematic Blueprint In Place For Evaluation Of Large Land Position
SolGold (LSE/TSX:SOLG) has obtained highly encouraging recent results as it continues to pursue its strategy as an integrated explorer and developer in Ecuador.
The company has been undertaking a regional exploration programme and is particularly pleased with the results achieved to date at the Porvenir project in southern Ecuador where it has received strong drilling results to date and where ongoing drilling continues to intersect visible copper-sulphide mineralisation.
Technical Services Manager, Benn Whistler, said the results further endorses the company’s blueprint of systematic evaluation and exploration across its 75 concessions, having created the successful blueprint at the company’s world class Alpala project (9.9Mt Cu, 21.7Moz Au, 92.2Moz Ag).
Mr Whistler said SolGold’s technical team continues to uncover high potential at each project within the suite of concessions and will focus exploration efforts where needed. The company currently operates 12 drill rigs in Ecuador employing more than 800 Ecuadorians.
SolGold’s final assays from Holes 5,6 and 7 at the Cacharposa porphyry copper-gold target at Porvenir returned encouraging results, including the best intersections to date:
Hole 5: 528m @ 0.35% CuEq from surface, including 102m @ 0.66 % CuEq from 78m.
Hole 6: 818m @ 0.41% CuEq from 46m, including 138m @ 0.74 % CuEq from 540m.
Hole 7: 570m @ 0.75 % CuEq from 288m, including 204m @ 1.23 % CuEq from 316m.
Visible copper-sulphide mineralisation encountered in Holes 8-11 (assay results pending) are highly encouraging and continue to substantiate the growing potential for significant near-surface resources at Cacharposa.
Fathom Geophysics was commissioned to undertake 3D geochemical modelling of the Varela target and the resulting 3D models have significantly upgraded the Varela target, highlighting the similarities between the Varela and Alpala lithocap footprints and geochemical signatures. 3D geochemical modelling conducted by Fathom Geophysics has proven highly predictive when used to target porphyry style mineralisation at both the Alpala and Porvenir projects.
The Varela target exhibits a classic well-preserved metalliferous lithocap and hydrothermal alteration system with a full complement of porphyry plume elements, the classic signature of a large scale strongly mineralised porphyry copper-gold(-molybdenum) system. Drilling is planned for commencement in Q2 2021 following an assessment post the Ecuador presidential elections.
“With continued robust drilling results from Cacharposa, the geology department has commenced level-plan and cross-section interpretation throughout the deposit, ahead of finalising 3D geological models that will form the basis of the Cacharposa Maiden Mineral Resource,” Mr Whistler said.
“The Cacharposa Deposit covers around one square kilometre at surface and covers a vertical column of over 900m, which is more than the world’s tallest building.
“Mineralisation remains open to the north, the south and at depth, and the geometry and copper and gold grades achieved through drilling thus far are considered amenable for large scale mining methods.
“The recent drilling results from Cacharposa are a testament to the quality of the company’s regional exploration portfolio and we expect to add further tonnage to the company’s resource base as exploration continues in the country.”