TIDMSOLG
RNS Number : 3032L
SolGold PLC
10 September 2021
10 September 2021
SolGold plc
("SolGold" or the "Company")
Drilling encounters high grade zone at Tandayama-Ameríca,
Cascabel
The Board of Directors of SolGold (LSE & TSX code: SOLG) is
pleased to provide an update on its Tandayama-Ameríca ("TAM")
porphyry copper-gold deposit which lies approximately 3km north of
the Alpala deposit that comprises 2,663 Mt at 0.53% CuEq ([1]) in
the Measured plus Indicated categories and contained metal content
of 9.9 Mt Cu, 21.7 Moz Au and 92.2 Moz Ag ([2]) , at the Company's
Cascabel project, held by Exploraciones Novomining S.A. ("ENSA"),
an 85% owned subsidiary of SolGold.
HIGHLIGHTS
Ø Drill hole assays from Hole 13 comprise the best drilling
intersections achieved at the TAM deposit to date. Highlights
include:
-- 1,010m @ 0.55% CuEq, including:
o 824m @ 0.63% CuEq
o 736m @ 0.69% CuEq
o 392m @ 0.93% CuEq
o 132m @ 1.09% CuEq
Ø Hole 13 results enhance potential for significant depth
extensions amenable to bulk underground mining methods at TAM.
Mineralisation forms a northwest trending corridor, occupying an
area approximately 1,200m long, up to 750m wide, and extending from
surface to a depth of over 1,200m. The TAM deposit remains open to
the south and east and at depth.
Ø Highlights of drill hole assays received from Holes 8-12 at
TAM include:
-- Hole 11: 234m @ 0.48% CuEq, including 96m @ 0.87% CuEq and 54m @ 1.18% CuEq
-- Hole 12: 566m @ 0.32% CuEq, including 228m @ 0.53% CuEq
Ø Assay results from drill holes 14-23 are pending and drilling
of Holes 24-27 is currently underway. Over 18,500m of drilling has
been completed to date at TAM, and a further c.9,200m is planned
through the end of the year utilising the existing four diamond
drill rigs.
Ø Hole 24 has encountered intense mineralisation within an early
quartz-diorite intrusion from 507m depth. This zone is interpreted
as an extension of the strong mineralisation encountered in Hole 13
and includes up to 85% B-type quartz-chalcopyrite veining with
approximately 2% visible chalcopyrite and trace visible gold
mineralisation.
Ø The geological character of the porphyry stocks / dykes
encountered through drilling to date indicate a well-preserved
porphyry system and the full size and strength of the TAM system
has not yet been tested. Further surface geochemical anomalies to
the east of the current drilling area require drill testing.
Ø An NI 43-101 compliant Maiden Mineral Resource Estimate is
being prepared and is planned for release later in 2021.
SolGold Executive Board Member, Head of Exploration and ENSA
President, Mr Jason Ward, commented on the work being advanced at
Cascabel:
"The TAM target at Cascabel is just 3km north of Alpala, and
additional copper and gold mineralisation at TAM will add to the
already impressive metal inventory at Cascabel. Drilling results at
TAM to date, and preliminary work utilising Leapfrog GEO and EDGE
software is revealing a prospective bi-modal resource that appears
amenable to both bulk surface mining methods as well as bulk
underground mining methods. The potential upside of higher-grade
depth extensions beneath TAM is also adding exciting possibilities
to the still growing Cascabel project.
Geotechnical, hydrogeological and metallurgical data is already
being prepared to facilitate the conversion of future resources to
reserves, and this seems likely to have a major beneficial impact
on the development of the Cascabel property as a whole as studies
progress in 2022."
([1]) Copper Equivalent (CuEq) is currently calculated (assuming
100% recovery of copper and gold) using a Gold Conversion Factor of
0.751 (CuEq = Cu + Au x 0.751), calculated from a current nominal
copper price of US$3.30/lb and a gold price of US$1,700/oz.
([2]) See "Cascabel Property NI 43-101 Technical Report, Alpala
Porphyry Copper-Gold-Silver Deposit - Mineral Resource Estimation,
January 2021" with an Effective date: 18 March 2020 and Amended
Date: 15 January 2021 (the "Amended Technical Report"), filed at
www.Sedar.com on January 29, 2021.
References to figures relate to the version visible in PDF
format by clicking the link below:
http://www.rns-pdf.londonstockexchange.com/rns/3032L_1-2021-9-9.pdf
FURTHER INFORMATION
The TAM target lies approximately 3km north of the Alpala
deposit, at the Cascabel project, held by ENSA, an 85% owned
subsidiary of SolGold . The project area lies within the Imbabura
province of northern Ecuador approximately 100 km north of the
capital city of Quito and approximately 50 km north-northwest of
the provincial capital, Ibarra (Figure 1).
Drilling from the TAM porphyry copper-gold deposit at Cascabel
has intersected highly significant copper and gold mineralisation
with Hole 13 returning intercepts of over 500m% CuEq. Final assay
results from drill holes 8-13 are provided in Table 1 .
Assay results from drill holes 14-23 are pending and drilling of
Holes 24-27 is currently underway. Over 18,500m of drilling has
been completed to date at TAM ( Figure 2 ) and a further c.9,200m
is planned through the end of the year utilising the existing four
diamond drill rigs.
The geological character of the porphyry stocks / dykes
encountered through drilling to date indicate a well-preserved
porphyry system and the full size and strength of the TAM system
has not yet been tested. Additional surface geochemical anomalies
("A1" and "A2") to the east of the current drilling area require
drill testing for deeper portions of the system ( Figure 2 ).
Previous drilling and surface rock-saw channel sampling results
at TAM to date revealed near-surface mineralisation amenable to
bulk surface mining methods. Hole 13 results enhance potential for
significant depth extensions amenable to bulk underground mining
methods ( Figure 3 ).
Mineralisation at TAM forms a northwest trending corridor,
occupying an area approximately 1,200m long, up to 750m wide, and
extending from surface to a depth of over 1,200m. The TAM deposit
remains open to the south and east and at depth.
Hole 24 is currently drilling approximately 160m northwest and
160m deeper than Hole 13 and has encountered intense mineralisation
within an early quartz-diorite intrusion from 507m depth. This zone
is interpreted as an extension of the strong mineralisation
encountered in Hole 13 and includes up to 85% B-type
quartz-chalcopyrite veining with approximately 2% visible
chalcopyrite and trace visible gold mineralisation ( Figure 4
).
An NI 43-101 compliant Maiden Mineral Resource Estimate is being
prepared and is planned for release later in 2021.
Figure 1 : Location of the TAM, Alpala and Aguinaga deposits at
the Cascabel project.
Table 1 : Selected significant intercepts achieved in drill
holes 8-13 at the TAM deposit, Cascabel.
Figure 2 : Drill Plan at the TAM target, looking down, showing
current drill holes 24-27 in red, and planned drill holes in green,
over soil Cu/Zn geochemical anomalism. Holes 1-13 display downhole
CuEq assay grades. Drill holes 14-23 (black) have assays pending.
Surface geochemical anomalies ("A1" and "A2") to the east of the
current drilling area require drill testing for deeper portions of
the system. Section line A-B corresponds to the centreline of the
drill sections provided in Figure 3.
Figure 3 : Drill Section A-B, looking northwest, with a window
thickness of 150m, showing modelled geology and modelled grade
shells at the TAM target where Low-, Medium- and High-Grade shells
are modelled utilising CuEq cut-off grades of 0.15, 0.3 and 0.45
respectively. Limits of drilling data are indicated by black
outline.
Figure 4 : Selected drill core examples from Hole 24 including
visible gold (TOP).
Qualified Person:
Information in this report relating to the exploration results
is based on data reviewed by Mr Jason Ward ((CP) B.Sc. Geol.), the
Chief Geologist of the Company. Mr Ward is a Fellow of the
Australasian Institute of Mining and Metallurgy, holds the
designation FAusIMM (CP), and has in excess of 20 years' experience
in mineral exploration and is a Qualified Person for the purposes
of the relevant LSE and TSX Rules. Mr Ward consents to the
inclusion of the information in the form and context in which it
appears.
By order of the Board
Dennis Wilkins
Company Secretary
CONTACTS
Dennis Wilkins
SolGold Plc (Company Secretary) Tel: +61 (0) 7 3303 0660
dwilkins@solgold.com.au
Ingo Hofmaier
SolGold Plc (GM - Project & Corporate Tel: +44 (0) 20 3823 2130
Finance) ihofmaier@solgold.com.au
Fawzi Hanano
SolGold Plc (Investors / Media) Tel: +44 (0) 20 3823 2130
fhanano@solgold.com.au
Follow us on twitter @SolGold_plc
Certain information contained in this announcement would have
been deemed inside information.
ABOUT SOLGOLD
SolGold is a leading resources company focussed on the
discovery, definition and development of world-class copper and
gold deposits. In 2018, SolGold's management team was recognised by
the "Mines and Money" Forum as an example of excellence in the
industry and continues to strive to deliver objectives efficiently
and in the interests of shareholders. SolGold is aggressively
exploring the length and breadth of this highly prospective and
gold-rich section of the Andean Copper Belt which is currently
responsible for c40% of global mined copper production.
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.
Dedicated stakeholders
SolGold employs a staff of over 800 employees of whom 98% are
Ecuadorean. This is expected to grow as the operations expand at
Alpala, and in Ecuador generally. SolGold focusses its operations
to be safe, reliable and environmentally responsible and maintains
close relationships with its local communities. SolGold has engaged
an increasingly skilled, refined and experienced team of
geoscientists using state of the art geophysical and geochemical
modelling applied to an extensive database to enable the delivery
of ore grade intersections from nearly every drill hole at Alpala.
SolGold has over 80 geologists on the ground in Ecuador exploring
for economic copper and gold deposits.
About Cascabel and Alpala
The Alpala deposit is the main target in the Cascabel
concession, located on the northern section of the heavily endowed
Andean Copper Belt, the entirety of which is renowned as the base
for nearly half of the world's copper production. The project area
hosts mineralisation of Eocene age, the same age as numerous Tier 1
deposits along the Andean Copper Belt in Chile and Peru to the
south. The project base is located at Rocafuerte within the
Cascabel concession in northern Ecuador, an approximately
three-hour drive on sealed highway north of the capital Quito,
close to water, power supply and Pacific ports.
Having fulfilled its earn-in requirements, SolGold is a
registered shareholder with an unencumbered legal and beneficial
85% interest in ENSA (Exploraciones Novomining S.A.) which holds
100% of the Cascabel concession covering approximately 50km(2) .
The junior equity owner in ENSA is required to repay 15% of costs
since SolGold's earn in was completed, from 90% of its share of
distribution of earnings or dividends from ENSA or the Cascabel
concession. It is also required to contribute to development or be
diluted, and if its interest falls below 10%, it shall reduce to a
0.5% NSR royalty which SolGold may acquire for US$3.5million.
SolGold's Regional Exploration Drive
SolGold is using its successful and cost-efficient blueprint
established at Alpala, and Cascabel generally, to explore for
additional world class copper and gold projects across Ecuador.
SolGold is the largest and most active concessionaire in
Ecuador.
The Company wholly owns four other subsidiaries active
throughout the country that are now focussed on thirteen high
priority gold and copper resource targets, several of which the
Company believes have the potential, subject to resource definition
and feasibility, to be developed in close succession or even on a
more accelerated basis compared to Alpala.
SolGold is listed on the London Stock Exchange and Toronto Stock
Exchange (LSE/TSX: SOLG). The Company has on issue a total of
2,293,816,433 fully paid ordinary shares and 105,125,000 share
options.
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.
The data aggregation method for calculating Copper Equivalent
(CuEq) for down-hole drilling intercepts and rock-saw channel
sampling intervals are reported using copper equivalent (CuEq)
cut-off grades with up to 10m internal dilution, excluding bridging
to a single sample and with minimum intersection length of 50m.
Copper Equivalent is currently calculated (assuming 100%
recovery of copper and gold) using a Gold Conversion Factor of
0.751 (CuEq = Cu + Au x 0.751), calculated from a current nominal
copper price of US$3.30/lb and a gold price of US$1,700/oz.
See www.solgold.com.au for more information. Follow us on
twitter @SolGold plc
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" within
the meaning of applicable Canadian securities legislation.
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.sedar.com .
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, and where
possible aims to circulate all available material on its
website.
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