TIDMSOLG
RNS Number : 1631W
SolGold PLC
08 December 2023
08 December 2023
SolGold plc
("SolGold" or the "Company")
Espejo Project Update:
High-Potential Porphyry Cu-Au-Mo Target Identified
SolGold (LSE & TSX: SOLG) is pleased to provide an update on
its exploration activities at the Espejo Project ("Project"), part
of the SolGold-ENAMI strategic exploration alliance ("SEA") in
Northern Ecuador. The Espejo Project, situated approximately 20km
northeast of the Company's Cascabel Project, has identified a
promising porphyry Cu-Au-Mo target.
The Espejo Project, positioned within the Northern Andean
Copper-Gold Belt, is located along the Toachi Fault. This fault is
a deep-seated, arc-parallel tectonic structure bisecting the length
of the Northern Ecuador Cordillera Occidental ("NECO") trend. The
Project is in close proximity to the Company's Alpala and
Tandayama-America porphyry copper-gold deposits. This region is
renowned for hosting various major exploration projects and notable
porphyry deposits such as SolGold's Cascabel (2.66Bt @ 0.37% Cu,
0.25 g/t Au) and Llurimagua (1.55Bt @ 0.51% Cu, 10 ppm Mo) (Figure
1).
SolGold's geological team, supported by expert advisors,
believes the under-explored Toachi Fault zone in the NECO trend is
a highly prospective area for the discovery of significant Cu,
Cu-Au, and Cu-Mo porphyry deposits, alongside high-grade epithermal
Ag and Au-Ag deposits.
Recent Developments at the Espejo Project
The Espejo Project now includes a newly identified porphyry Cu
target at Anomaly 4, in addition to Anomalies 1, 2, and 3,
initially characterized as three porphyry Cu targets (See News
Release dated 28 June 2022 by Cornerstone Capital Resources Inc.,
now known as SolGold Canada Inc., ).
Recent exploration at Anomaly 4 has revealed a 2km x 1.5km area
with porphyry intrusive rocks exhibiting Cu, Mo, and Cu/Zn soil
geochemical anomalies (Figures 2-5). These findings include zones
of outcropping B-type quartz veining within intrusive diorite and
granodiorite rocks associated with biotite (+/- magnetite) potassic
alteration overprinted by chlorite-sericite intermediate argillic
alteration. Anomaly 4 also shows classic porphyry geochemical
zonation, alteration, and mineralisation patterns, along with
evidence of related epithermal and skarn Au-Ag systems. Rock
sampling has yielded encouraging results, including significant Au,
Ag, and Cu grades in various mineralized forms.
Rock sampling (Figure 6-9) assays yielded the following results,
including significant grades of Au, Ag, and Cu in various
mineralised forms:
-- multi-mineralic Au-Ag-Cu skarn: 4.15 g/t Au, 77.8 g/t Ag, and 2.63% Cu;
-- multi-mineralic Au-Ag skarn: 34.5 g/t Au and 38.7 g/t Ag;
-- magnetite-pyrite Au skarn: 10.80 g/t Au; and
-- epithermal quartz veins: 36.8 g/t Au.
The four anomalies at Espejo have been delineated through
geological mapping of rock types, alteration, and sulphide minerals
and by multi-element soil geochemistry with rock geochemistry. The
mineralisation discovered at Espejo suggests that anomalies 1-4
represent a cluster of porphyry systems warranting drill testing.
The presence of porphyry-related epithermal and skarn
mineralization suggests a potential source of intrusion or
intrusions in the area.
Statement from the CEO
Scott Caldwell, CEO and President of SolGold Ecuador
acknowledged the significant progress this year and the support
from stakeholders:
"The recent identification of another high-potential target at
the Espejo Project, coupled with our discovery at Blanca Nieves,
highlights the expertise and commitment of our geology team. It
also emphasizes the patience and trust shown by our stakeholders in
2023 while we carefully evaluated and prioritized SolGold's
consolidated property list and effectively carried out our
exploration program. My sincere thanks go to our team, whose
exceptional work, combined with the collaborative spirit within
SolGold, has been crucial in advancing our exploration projects. As
we look ahead to 2024, we are filled with energy and optimism about
the opportunities that lie before us. With the team's continued
dedication and our shareholders' support, SolGold is
well-positioned to explore these new frontiers and drive further
growth."
Figure 1 : Location of the Espejo Project area, situated occurs
along the Toachi Fault, a deep-seated, arc-parallel tectonic
structure that bisects the length of the Northern Ecuador
Cordillera Occidental (NECO) trend, part of the Northern Andean
Copper-Gold Belt. This is a location that hosts several growing
exploration plays and the very large Cascabel (2.66Bt @ 0.37% Cu,
0.25 g/t Au) and Llurimagua (1.55Bt @ 0.51% Cu, 10 ppm Mo) porphyry
deposits. This region promises to deliver significant portions of
the copper and gold necessary to meet the growing global demand
over the coming decades. The inset diagram illustrates the location
of SolGold tenements in Ecuador.
Figure 2: Interpreted geology of the Anomaly 4 area, showing
extent of porphyritic intrusive rocks and the local structural
framework (refer to Figure 1 for the location of Anomaly 4 within
the Espejo project area. The locations for the rock samples are
illustrated in Figures 6-9.
Figure 3: Copper geochemistry in soil, rock and stream sediment
at Anomaly 4 shown over a background of RTP magnetics, indicating a
generalised outline of copper anomalism and locations of rock
samples A, B, C, D, E and F.
Figure 4: Molybdenum geochemistry in soil, rock and stream
sediment at Anomaly 4 over RTP magnetics, showing a generalised
outline of molybdenum anomalism and locations of rock samples A, B,
C, D, E and F.
Figure 5: Cu/Zn ratio geochemistry in soil, rock and stream
sediment at Anomaly 4 over a background of RTP magnetics, showing
generalised outline of anomalous Cu/Zn, and locations of rock
samples A, B, C, D, E and F.
Figure 6: (A) Epidote-garnet-magnetite skarn: 4.15 g/t Au, 77.8
g/t Ag, and 2.63% Cu. (B) Magnetite-pyrite skarn: 10.80 g/t Au,
7.28 g/t Ag.
Figure 7: (C) Granodiorite hosting stockwork porphyry B-type
quartz veining. (D) Skarnified andesite, showing epidote and
iron-oxide minerals: 6.93 g/t Au.
Figure 8 : (E) Skarnised andesite, showing epidote, pyrite, and
chalcopyrite: 2.6 g/t Au, 0.14% Cu. (F) Skarnised volcanic rock,
showing epidote, magnetite and pyrite: 34.5 g/t Au, 38.7 g/t
Ag.
Figure 9: (G) Skarnised volcanic rock showing epidote, pyrite,
magnetite, 36.8 g/t Au, 30.9 g/t Ag.
Qualified Person:
The above information relating to the exploration results is
based on data reviewed by Mr. Santiago Vaca (M.Sc. P.Geo.); Mr.
Vaca 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. He 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.
This announcement was approved for release by Scott Caldwell -
Chief Executive Officer.
Certain information contained in this announcement would have
been deemed inside information.
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 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",
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"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). For
gold and silver, samples are analysed by fire assay and gravimetric
finishing, 30g nominal weight (AU-GRA21, and Ag-GRA21). The ALS
laboratory performance is routinely monitored using the umpire
BUREAU VERITAS certified laboratory, using check batch rejects for
inter-laboratory comparisons.
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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