TIDMSOLG
RNS Number : 1054L
SolGold PLC
17 April 2018
17 April 2018
SolGold plc
("SolGold" or the "Company")
Cascabel Exploration Update
Further High-Grade Extensions at Alpala Copper-Gold Porphyry
Deposit and Aguinaga Drilling Reveals Increasing Potential for
Second Large Porphyry Deposit at Cascabel
The Board of SolGold (LSE and TSX code: SOLG) is pleased to
provide an update on the drilling programs at Alpala and Aguinaga,
at the Company's Cascabel project in Northern Ecuador.
HIGHLIGHTS:
Ø Drilling at Alpala continues to extend the high-grade
mineralisation (which is expected to also extend the high grade
resource) along the southwestern margin of the Alpala Central
Deposit, as indicated by Hole 42, from which partial assay results
have thus far returned 846m @ 1.02 % CuEq, including 504m @ 1.28 %
CuEq, both open at depth and awaiting remaining assay results.
Ø Infill drilling within the high-grade core of the Alpala
Central Deposit is expected to significantly increase the
high-grade resource tonnage, as shown by Hole 43 (974m @ 0.71%
CuEq, including 478m @ 1.02% CuEq), and Hole 41-D1, which has thus
far intersected approximately 688m of visible chalcopyrite
mineralisation from 1003.8m depth (drilling continues and assay
results pending).
Ø Extension drilling at Alpala Northwest continues to intersect
strongly mineralised extensions, as indicated by Hole 37 (842m @
0.44% CuEq), and Hole 37-D1, which has thus far intersected
approximately 450.3m of abundant visible chalcopyrite
mineralisation from 1309.4m depth (drilling continues).
Ø Trivinio drill testing scheduled to commence within a
week.
Ø Aguinaga first drill hole (AGD-18-001) confirms the potential
for second large porphyry deposit, having intersected approximately
373.4m of porphyry style veining and visible chalcopyrite and
mineralisation from 295.3m depth.
Ø Aguinaga second drill hole to test depth extensions under
AGD-18-001.
References to figures and tables relate to the version of this
release on the Company's website (www.solgold.com.au) or visible in
PDF format by clicking the link below:
http://www.rns-pdf.londonstockexchange.com/rns/1054L_-2018-4-17.pdf
FURTHER INFORMATION
Commenting on progress, CEO Nick Mather said: "The drill program
is proceeding according to plan. We are finding a lot more high
grade intersections outside the current resource model for Alpala.
The takeaway is that extra high grade resource tonnes will have a
significant and positive impact on value. Allowing for this, and
with what we believe to be a unique set of logistical advantages
compared to many "high and dry" Chilean projects, increasing high
grade mineralisation, the discovery at Aguinaga, and the increasing
demand and price for copper and gold, the upside in this project is
very exciting."
The Cascabel Project is located on the northern section of the
prolific Andean Copper belt, 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 in northern
Ecuador, approximately three hours drive north of Quito, close to
water, power supply and Pacific ports (Figure 1). 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
tenement covering approximately 50km(2) .
Approximately 100,000m of diamond drilling has been completed on
the project to date. Currently, 12 drill rigs are active on site,
with 11 rigs drilling on the Alpala cluster (Figure 2), and one
drilling at the Aguinaga prospect (Figure 3). The Cascabel drill
program for 2018 comprises over 120,000m of planned drilling
focussing on extending and infilling the Alpala Resource, as well
as further drill testing of the Aguinaga prospect. Numerous other
untested targets remain, namely at Trivinio, Moran, Cristal,
Tandayama-America and Chinambicito, some of which will also be
drilled in 2018.
Drill testing of the Trivinio target is scheduled to commence
within a week with Hole 54, and is further supported by the
proximity of the mineralisation encountered in Holes 37 and
37D1.
Alpala Targeted Resource Additions
Assay results from the initial 53,616m of drilling at Alpala
were incorporated into the Alpala maiden Mineral Resource Estimate
(MRE) completed in December 2017 and announced on 3 January 2018.
At least 45,500m of further drilling has been completed at Alpala
since the development of the maiden MRE, and the Company is
optimistic that such drilling will result in significant resource
growth when incorporated into a revised MRE. Assays lag drilling by
approximately 4 weeks and approximately 11,000 metres of drill
holes have assays currently pending. All historical and current
assay results have been provided to the Company by ALS Laboratories
in Lima, Peru.
Highlights from recent assayed drilling results include:
Ø Hole 42 partial assay results: 846m @ 1.02 % CuEq, including
504m @ 1.28 % CuEq, both open at depth and awaiting remaining assay
results.
Ø Hole 43 final assay results: 974m @ 0.71% CuEq, including 478m
@ 1.02 % CuEq.
Ø Hole 37 final assay results: 842m @ 0.44% CuEq.
Highlights of recent assay results predicted to add
significantly to the existing December 2017 Alpala Mineral Resource
Estimate (MRE) are summarised in Table 1, following Figure 3
below.
Highlights of further drill intersections of visible copper
sulphide mineralisation from recent drilling, which await assay
results, include:
Targets increasing high-grade resource at Alpala Central
Ø Hole 41-D1 (Alpala Central): 688m of visible chalcopyrite
mineralisation from 1003.8m depth, including intense visible
mineralisation (open at depth and drilling continues).
Ø Hole 42-D2 (Alpala Central): 68m of intense visible
chalcopyrite mineralisation from 311.4m depth (open at depth as
drilling continues).
Ø Hole 48 (Alpala Central): 323m of strong visible chalcopyrite
mineralisation from 526.6m depth (open at depth as drilling
continues).
Targets extending the resource northwest and north towards
Trivinio
Ø Hole 49 (Alpala Northwest): 75m of intense visible
chalcopyrite mineralisation from 880.8m depth (open at depth as
drilling continues).
Ø Hole 37-D1 (Alpala Northwest): 450.3m of visible chalcopyrite
mineralisation, including abundant visible mineralisation from
1309.4m depth (open at depth as drilling continues).
Ø Hole 36-D1 (Alpala Northwest): 577m (open at depth) of visual
mineralisation from 1646m depth.
SolGold geologists are observing high grade (assayed) and highly
mineralised extensions (currently not assayed) from drill core
located outside of the current inferred and indicated resource
blocks at Alpala Northwest and along the southwestern margin of the
Alpala Deposit trend. Together with current infill drilling within
the Alpala Central high-grade core, this is predicted to
significantly increase high-grade resource tonnage (Figure 4).
Grade and tonnage curves supplied independently by SRK
Consulting as part of the MRE, indicate potential for an initial
5-year high grade resource of 120Mt at 1.82% CuEq, as the Company
continues to build upon its larger high grade core of 220Mt @ 1.44%
CuEq, purported to lead into extraction of the larger and still
growing >1 Bt, 40Moz AuEq resource long term (Figure 5).
Aguinaga Drilling Program
Drill hole 1 at Aguinaga was completed at 1000.3m depth on 11
March 2018, having intersected approximately 373m of porphyry-style
veins, visible chalcopyrite and trace molybdenite and bornite
mineralisation from 295.3m depth. Assay results for this hole
remain pending. Selected examples of mineralisation occurring in
Aguinaga drill hole 1 are shown in Figure 6.
The mineralisation intersected in Hole 1 at Aguinaga is similar
to that discovered at surface which lies about 300m to 400m in
elevation above the mineralisation in the drill hole. This surface
mineralisation returned an open-ended, rock-saw channel sample
result of 9.0m @ 1.51% CuEq (1.01% Cu, 0.79 g/t Au).
SolGold geologists believe that the first drill hole at Aguinaga
confirms the potential for a second large porphyry deposit at
Cascabel, demonstrating a steeply-dipping, mineralising system that
exceeds 320m in width, based on visual results of Hole 1 and
surface exposures (Figure 7).
The abundance of porphyry-type quartz veins, visual estimations
of volume-percent chalcopyrite and the chalcopyrite-pyrite ratio
increase significantly within the > 320m wide interval of strong
visual mineralisation discovered in Hole 1. SolGold does not
believe that the core of the system has yet been encountered and
further drilling will test depth extensions underneath Hole 1, with
further targets identified by geophysical and geochemical modelling
also remaining untested.
The continuation of the successful drilling campaign at Alpala
has delayed the redeployment of a second drill rig to the Aguinaga
site, but this is expected to take place once a suitable rig
becomes available.
Mature Satellite Targets
SolGold has drill tested 8 of 15 copper-gold targets delineated
within the 50km(2) tenement (Figure 8), with the Alpala Porphyry
Cluster being the primary focus to date. Untested satellite targets
at Trivinio, Moran and Tandayama-America have matured to drill
ready status with drill testing planned for 2018. Drill targeting
studies are currently underway for satellite targets at
Chinambicito, Alpala South, Parambas and Cristal, all expected to
mature to drill ready status later in 2018.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of the
Regulation (EU) No 596/2014 until the release of this
announcement.
Qualified Person:
Information in this report relating to the exploration results
is based on data reviewed by Mr Jason Ward ((CP) B.Sc. Geol.),
Exploration Manager Global of the Company. Mr Ward is a Member of
the Australasian Institute of Mining and Metallurgy, holds the
designation MAusIMM (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
Karl Schlobohm
Company Secretary
CONTACTS
Mr Nicholas Mather Tel: +61 (0) 7 3303 0665
SolGold Plc (Chief Executive Officer) +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 / Mr Richard Morrison Tel: +44 (0) 20 3470
0470
SP Angel Corporate Finance LLP (Broker)
ewan.leggat@spangel.co.uk
Follow us on twitter @SolGold_plc
NOTES TO EDITORS
SolGold is a Brisbane, Australia based, dual LSE and TSX--listed
(SOLG on both exchanges) 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.
In October 2017, at the Mines and Money Americas Conference in
Toronto, SolGold's Nicholas Mather won the award for the CEO of the
Year - Exploration, Latin America. SolGold won the Exploration
Award for Latin America, and Ecuador won the Country Award for
Latin America. Each party then duly won the 2017 award for each
respective category on a global basis at London Mines and Money on
30 November 2017.
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. These raisings were undertaken at substantial premiums
to previous raisings. In November 2017 SolGold raised a further
GBP45m at 25p per share, placed with institutions and Newcrest
pursuant to their anti-dilution rights. SolGold currently has circa
USD85m in available cash to continue the exploration and appraisal
of its flagship Cascabel Project, and with which to conduct
regional exploration programs on its 73 other 100%-owned projects
in its wholly owned subsidiary companies.
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 Joint Venture). 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" (refer
www.solgold.com.au/cautionary-notice/) flagship copper--gold
porphyry project, is located in northern Ecuador on the
under--explored northern section of the richly endowed Andean
Copper Belt. Having fulfilled its earning requirements, SolGold is
a registered shareholder with an unencumbered legal and beneficial
85% interest in ENSA (Exploraciones Novomining S.A.) and
approximately 5% 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. Subject to the terms of existing agreements,
Cornerstone is debt financed by SolGold for its share of costs to
completion of a Feasibility Study.
In terms of repayment, SolGold shall receive 90% of
Cornerstone's share of earnings or dividends from ENSA or the
Tenement to which Cornerstone would otherwise be entitled until
such time as the amounts so received equal the aggregate amount of
expenditures incurred by SolGold that would have otherwise been
payable by Cornerstone, plus interest thereon from the dates such
expenditures were incurred at a rate per annum equal to LIBOR plus
2 per cent until such time as SolGold is fully reimbursed.
The investments by Newcrest for 14.54% of SolGold endorses
Ecuador as an exploration and mining destination, the management
team at SolGold, the dimension, size and scale of the growing
Alpala Deposit, and the prospectivity of Cascabel and its multiple
targets. The gold endowment, location, infrastructure, and
logistics are important competitive advantages offered by the
project. 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 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 other targets at Aguinaga, Parambas,
Tandayama-America, Moran and Chinambicito.
SolGold has completed over 100,000m of drilling and expended
over USD100M in Ecuador, which includes Cascabel exploration,
regional exploration, corporate costs and investments into
Cornerstone. This has been accomplished with a workforce of up to
260 Ecuadorean workers and geoscientists, and 6 expatriate
Australian geoscientists. The results of all holes drilled 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. Intensive diamond drilling is planned for the next
12 months with up to 12 drill rigs operational.
SolGold has drill tested 8 of 15 copper-gold targets delineated
in the 50km(2) tenement with a focus on Alpala. Further drill
testing at Alpala will focus on:
-- Extending and infilling the Alpala Central area.
-- Expanding the system at Alpala Northwest and Trivinio.
-- Testing extensions of the system at Alpala Southeast.
-- Testing geochemical and magnetic targets at Alpala West and Carmen.
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 up to 800m width. A number of targets
are scheduled for testing during 2018, subject to ongoing technical
assessment, and completion of ground magnetic modelling and Spartan
Orion deep IP surveys.
The Company and its external consultants prepared an initial
mineral resource estimate at the Cascabel Project in December 2017.
Results are summarised in Table B within the Cautionary Statement.
The Mineral Resource Estimate was compiled in mid-December 2017
based on 53,616m of drilling. That meterage represents
approximately 54% of the 100,000m metres currently drilled on the
project. There remains strong potential for further growth from
more recent drilling results, and continued rapid growth of the
deposit.
The Company is currently planning further metallurgical testing
and completion of an independent Preliminary Economic Assessment
and Pre-Feasibility Studies 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 several
applications for additional exploration licences in Ecuador over a
number of promising porphyry copper gold targets throughout the
Country.
SolGold, through its 4 subsidiary companies, has 100% ownership
of extensive concession areas throughout Ecuador. Each subsidiary
company has technical teams, led by experienced senior geologists,
on the ground prospecting granted tenements and collecting baseline
data, whilst regional geophysics surveys are being planned.
Significant copper occurrences have been identified at numerous
projects to date, including La Hueca, Machos, Rio Armarillo,
Sharug, Porvenir and Timbara.
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 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 the
Solomon Islands.
SolGold is based in Brisbane, Queensland, Australia. The Company
is listed on the LSE and TSX, with both exchanges using the ticker
code: SOLG, and currently has on issue a total of 1,696,245,686
fully-paid ordinary shares, 31,795,884 share options exercisable at
28p; 9,795,884 share options exercisable at 14p and 46,762,000
share options exercisable at 60p.
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. 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. 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.
The Company recognises that the term "World Class" is subjective
and for the purpose of the Company's projects the Company considers
the drilling results at the growing Alpala Porphyry Copper Gold
Deposit at its Cascabel Project to represent intersections of a
"World Class" deposit. The Company considers that "World Class"
deposits are rare, very large, long life, low cost, and are
responsible for approximately half of total global metals
production.
"World Class" deposits are generally accepted as deposits of a
size and quality that create multiple expansion opportunities, and
have or are likely to demonstrate robust economics that ensure
development irrespective of position within the global commodity
cycles, or whether or not the deposit has been fully drilled out,
or a feasibility study completed.
Standards drawn from industry experts (1) Singer and Menzie,
2010; (2) Schodde, 2006; (3) Schodde and Hronsky, 2006; (4) Singer,
1995; (5) Laznicka, 2010) have characterised "World Class" deposits
at prevailing commodity prices. The relevant criteria for "World
Class" deposits, adjusted to current long run commodity prices, are
considered to be those holding or likely to hold more than 5
million tonnes of copper and/or more than 6 million ounces of gold
with a modelled net present value of greater than USD 1
Billion.
The Company and its external consultants prepared an initial
mineral resource estimate at the Cascabel Project in December 2017.
Results are summarised in Table B attached.
The Mineral Resource Estimate was compiled in mid-December 2017
based on 53,616m of drilling. That meterage represents
approximately 54% of 100,000m metres currently drilled on the
project. There remains strong potential for further growth from
more recent drilling results, and continue rapid growth of the
deposit.
Any development or mining potential for the project remains
speculative.
On the basis of the drilling results to date and the results of
the Alpala Maiden Mineral Resource Estimate, the reference to the
Cascabel Project as "World Class" (or "Tier 1") is considered to be
appropriate. Examples of global copper and gold discoveries since
2006 that are generally considered to be "World Class" are
summarised in Table A.
References cited in the text:
1. Singer, D.A. and Menzie, W.D., 2010. Quantitative Mineral
Resource Assessments: An Integrated Approach. Oxford University
Press Inc.
2. Schodde, R., 2006. What do we mean by a world class deposit?
And why are they special. Presentation. AMEC Conference, Perth.
3. Schodde, R and Hronsky, J.M.A, 2006. The Role of World-Class
Mines in Wealth Creation. Special Publications of the Society of
Economic Geologists Volume 12.
4. Singer, D.A., 1995, World-class base and precious metal
deposits-a quantitative analysis: Economic Geology, v. 90, no.1, p.
88-104.
5. Laznicka, P., 2010. Giant Metallic Deposits: Future Sources
of Industrial Metal, Second Edition. Springer-Verlag
Heidelberg.
Table A: Tier 1 global copper and gold discoveries since 2006.
This table does not purport to be exhaustive exclusive or
definitive.
Resource Tonnage Grade Contained Metal
Category (Mt)
Cu Au CuEq (%) Cu Au CuEq (Mt)
(%) (g/t) (Mt) (Moz)
----- ------- --------- ------ ------- ----------
>1.1% CuEq Indicated 70 1.1 1.3 1.8 0.7 2.8 1.2
----------- -------- ----- ------- --------- ------ ------- ----------
Inferred 50 1.1 1.3 1.8 0.5 1.9 0.8
------------------------- -------- ----- ------- --------- ------ ------- ----------
0.9 - 1.1%
CuEq Indicated 50 0.7 0.5 1.0 0.3 0.9 0.5
----------- -------- ----- ------- --------- ------ ------- ----------
Inferred 50 0.7 0.5 1.0 0.4 0.9 0.5
------------------------- -------- ----- ------- --------- ------ ------- ----------
0.3 - 0.9%
CuEq Indicated 310 0.4 0.2 0.5 1.2 2.3 1.6
----------- -------- ----- ------- --------- ------ ------- ----------
Inferred 550 0.4 0.2 0.5 2.0 3.5 2.6
------------------------- -------- ----- ------- --------- ------ ------- ----------
Total >0.3%
CuEq Indicated 430 0.5 0.4 0.8 2.3 6.0 3.4
----------- -------- ----- ------- --------- ------ ------- ----------
Inferred 650 0.4 0.3 0.6 2.9 6.3 4.0
------------------------- -------- ----- ------- --------- ------ ------- ----------
Table B: Alpala Mineral Resource statement as of 18 December
2017
Notes:
-- Mr. Martin Pittuck, MSc, CEng, MIMMM, is responsible for this
Mineral Resource estimate and is an "independent qualified person"
as such term is defined in NI 43-101.
-- The Mineral Resource is reported using a cut-off grade of
0.3% copper equivalent calculated using [copper grade (%)] + [gold
grade (g/t) x 0.6] based on a copper price of US$2.8/lb and gold
price of US$1,160/oz.
-- The Mineral Resource is considered to have reasonable
potential for eventual economic extraction by underground mass
mining such as block caving.
-- Mineral Resources are not Mineral Reserves and do not have
demonstrated economic viability.
-- The statement uses the terminology, definitions and
guidelines given in the CIM Standards on Mineral Resources and
Mineral Reserves (May 2014).
-- The MRE is reported on 100 percent basis.
-- Values given in the table have been rounded, apparent
calculation errors resulting from this are not considered to be
material.
-- The effective date for the Mineral Resource statement is 18th December 2017.
This information is provided by RNS
The company news service from the London Stock Exchange
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