TIDMSOLG
RNS Number : 7732A
SolGold PLC
01 October 2020
1 October 2020
SolGold plc
("SolGold" or the "Company")
SolGold First Drill Hole at Porvenir Project Discovers New
Highly Mineralised Copper-Gold Porphyry System.
The Board of SolGold (LSE & TSX: SOLG) is pleased to provide
an update on its wholly owned Porvenir Project, held by Green Rock
Resources S.A, a 100% owned and unencumbered subsidiary of
SolGold.
Highlights
Ø PDH-20-001, the first drill hole at the Porvenir, at
Cacharposa (formerly Target 15), has so far intersected over 500m
of visual copper sulphide mineralisation, hosted by potassium-rich
intrusions, as the hole continues towards a planned depth of at
least 700m.
Ø The dominant copper sulphide mineral observed to date is
chalcopyrite, an important ore-forming copper sulphide mineral
containing 34.5% copper. Chalcopyrite mineralisation has been
observed from 15.9m to the current depth of 525.3m. Detailed core
logging, to a depth of 491.0m, shows chalcopyrite percentages of up
to an estimated 6.0 % by volume with associated porphyry style
total quartz vein abundance of up to a measured 11.7 % by
volume.
Ø Geological and rock-alteration vectors drawn from surface
rock-saw and drill core observations, including an increasing
chalcopyrite to pyrite ratio with depth, suggest that more intense
mineralisation can be reasonably expected deeper in the system.
Globally significant examples of copper-gold porphyry systems
hosted by potassium-rich intrusions are numerous.
Ø PDH-20-001 is testing below outcropping surface
mineralisation, at Cacharposa Target (formerly Target 15), that
returned a highly prospective open-ended rock-saw channel assay
result in Cacharposa Creek. The assay results (announced 7 May
2019) exhibit an approximate 1:1 copper (%) to gold (g/t) ratio as
147.8m @ 0.69% CuEq (0.43 g/t Au, 0.37% Cu) including, 82.63m @
1.08% CuEq (0.71 g/t Au, 0.55% Cu). An approximate 1:1 copper to
gold ratio is also expected from drill core assays.
Ø Mineralisation in Cacharposa Creek is part of the Cacharposa
Trend, a 1700m long northerly-trending mineralised corridor, up to
1000m wide, with scope for depth continuation of more than 600m.
The mineralisation styles, size and geometry at Cacharposa are
consistent with the surface exposure of a vertically extensive,
well-preserved porphyry copper-gold system hosted in potassium-rich
intrusions .
Ø Whilst mineralisation measured from PDH-20-001 is highly
encouraging, the observations are of a preliminary nature. The
visual mineralization observed has not yet been assayed, and the
intensity of visual mineralisation should not be used to estimate
grade or commercial viability at this stage. Assay results are
expected to take not less than 3 weeks from submission.
References to figures relate to the version visible in PDF
format by clicking the link below:
http://www.rns-pdf.londonstockexchange.com/rns/7732A_1-2020-10-1.pdf
Commenting on the mineralisation intersected so far at
Cacharposa, Technical Services Manager, Benn Whistler said:
"The regional exploration teams are doing great work in these
challenging times by applying experiences gained at SolGold's 85%
owned Alpala Deposit, which holds 9.9 Mt Cu, 21.7 Moz Au and 92.2
Moz Ag in the Measured plus Indicated categories (43-101 Technical
Report filed 22 May 2020). SolGold expedited drilling at the
Porvenir project specifically due to the quality of the targets
there. The first hole at Cacharposa has been very promising so far,
with intersection of highly visible chalcopyrite mineralisation
which shows that the open-ended surface rock-saw results achieved
on surface in Cacharposa Creek, will likely continue to be
encountered at depth."
"The geology team interpret that the combined presence of visual
epidote veining, molybdenum mineralisation and potassic
K-feldspar-biotite-magnetite alteration indicate that PDH-20-001
hole is drilling across the upper periphery of the core of this
porphyry copper-gold system. These are characteristic features of
the upper periphery of the core of SolGold's Alpala Deposit and
many porphyry copper-gold systems globally. At Cacharposa, this
interpretation illustrates good correlation with 3D magnetic- and
geochemical-models. Vectors observed in drill core, including an
increasing chalcopyrite to pyrite ratio, indicate that even more
intense mineralisation seems likely deeper down, and we expect to
fully intersect the core of the system through subsequent deeper
drilling. These kinds of deposits often include a higher-grade core
containing bornite, and we believe there is strong potential for a
large porphyry copper-gold deposit to be hidden at or near the
surface at Cacharposa."
"Cacharposa also exhibits classic porphyry metal- and
hydrothermal alteration-zoning at surface with coincident Cu, Mo,
Au, Mn, and high Cu-Zn ratio anomalies nested within a classic
magnetic high surrounded by an annular magnetic low. Geological
mapping and spectral mineralogy data obtained from soil samples
show a central potassic alteration zone surrounded by an
intermediate argillic halo which is typical of many porphyry
copper-gold deposits."
"We are very encouraged by the visible mineralisation and are
busy scaling up the drilling fleet to six rigs as quickly as
COVID19 restrictions allow. The work program will comprise multiple
parallel work streams, employing the exploration blueprint used at
Alpala and well as pre-emptively launching first stage geotechnical
and metallurgical data capture programs, and the collection of
baseline social and environmental data."
Commenting on the copper-gold potential of Cacharposa at
Porvenir, Dr Steve Garwin independent international porphyry expert
and SolGold's Chief Technical Advisor remarked that:
"This porphyry system is characterized by a robust geological
setting, geochemical expression and magnetic signature that
compares favourably to large, economic and gold-rich porphyry
copper systems elsewhere. The initial mineralisation observed in
the first drill hole, to date, illustrates the downward
continuation of chalcopyrite mineralisation discovered in
Cacharposa Creek and highlights the potential for higher copper and
gold grades at depth."
"SolGold's pipeline of projects throughout Ecuador is based on
the same major geological features that formed the criteria for the
targeting and tenement application strategy. Some of these targets
are yielding significant copper-gold mineralisation. The results
thus far at Cacharposa indicate a strongly mineralised system that
could be more extensive than the surface rock-saw results
suggest."
Nick Mather, CEO of SolGold said of the significance of the
discovery to SolGold:
"The Cacharposa discovery at Porvenir demonstrates the critical
importance of regional exploration to SolGold's corporate strategy
and to its shareholders. It justifies SolGold's objective to
deliver further Tier 1 discoveries several times over, across
SolGold's unique and extensive exploration pipeline of thirteen
other 100% owned targets. These targets are covered by granted
tenure, throughout the 700km length of three parallel and
under-explored metallogenic copper-gold belts in the Ecuadorean
sector of the prolific Andean Copper Belt. Ecuador could grow to
become a major player in global copper and gold markets, and
SolGold will be at the core of that objective."
"Clearly our blueprint of targeting and applying the Alpala
geological, exploration and operational blueprint on a string of
these targets is working. Progress at Porvenir will be a lot
quicker and more efficient than at Alpala given our experience to
date. We will apply the same blueprint to all of our targets.
Delivery of SolGold's strategy will be transformational for Ecuador
and we are building our board and management capabilities
financially and operationally to deliver this objective."
Further Information
SolGold is continuing to pursue its strategy to become a tier 1
copper producing company through aggressive exploration of its
extensive tenement portfolio in Ecuador. The first pass regional
exploration program is fully funded until mid- to late-2021.
The Porvenir Project is in Southern Ecuador, some 100 km north
of the Peruvian border ( Figure 1 ). The project is situated within
the eastern most metallogenic portion of the Ecuadorian sector of
the Andean Copper Belt which hosts several of the world's largest
and most significant copper and gold deposits in Columbia, Ecuador,
Peru, Argentina and Chile, including the Fruta Del Norte gold
project owned by Lundin Gold, approximately 100km to the
north-northeast.
Drilling commenced at the Cacharposa Target (Cacharposa), within
the Porvenir Project area on 15th September 2020 as part of a
planned 8,000m initial drilling program. The first hole has so far
intersected 500.4m of visual copper sulphide mineralisation, hosted
by potassium-rich intrusions. PDH-20-001 continues towards a
planned depth of at least 700m.
Visible copper sulphide mineralisation has been observed from
15.9m to the current depth of 525.3m. The dominant copper sulphide
mineral observed to date is chalcopyrite, an important ore-forming
copper sulphide mineral containing 34.5% copper. Pyrite and
molybdenite are also common.
Detailed core logging, to a depth of 491.0m, shows chalcopyrite
percentages of up to a visually estimated 6.0 % by volume with
associated porphyry-style total quartz vein abundance of up to a
measured 11.7 % by volume.
Geological and rock-alteration vectors drawn from surface
rock-saw and drill core observations, including an increasing
chalcopyrite to pyrite ratio with depth beneath the discovery
outcrop, suggest that more intense copper mineralisation can be
reasonably expected deeper in the system.
Porphyry copper and gold deposits, hosted by potassium-rich
intrusions, can often contain bornite in the core of the system and
SolGold's program will vector towards potential higher-grade,
bornite-bearing, core zones at Cacharposa as further drilling
progresses.
PDH-20-001 is testing below outcropping surface mineralisation
in Cacharposa Creek that returned an open-ended rock-saw channel
assay result of 147.8m @ 0.69% CuEq (0.43 g/t Au, 0.37% Cu)
including, 82.63m @ 1.08% CuEq (0.71 g/t Au, 0.55% Cu). The results
exhibit an approximate 1:1 copper (%) to gold (g/t) ratio and an
approximate 1:1 copper to gold ratio is also expected from drill
core assays.
The mineralisation discovered at Cacharposa is part of a 1700m
long, northerly-trending mineralised corridor, up to 1000m wide (
Figure 2 ). The mineralisation style, and geophysical and
geochemical footprints, in conjunction with the 3D MVI magnetic
modelling and 3D geochemical modelling at Cacharposa are consistent
with surface exposure of a well-preserved porphyry copper-gold
system with scope for depth continuation of more than 600m ( Figure
3 ).
The exposed mineralisation in Cacharposa Creek comprises
porphyry-style sheeted and stockwork B-type
quartz-chalcopyrite-magnetite veining which occurs as three steeply
dipping vein sets orientated northwest, east-northeast, and
west-northwest. The host rocks consist of potassium-rich, dioritic
and monzonitic intrusions, which contain variable amounts of
magmatic potassium-feldspar.
SolGold's surface mapping, pitting and trenching programs are
underway to identify additional mineralised outcrops underneath
vegetation and soil cover outside the Cacharposa Creek
exposures.
Field studies of the porphyry-related vein types and paragenesis
(relative timing) at Cacharposa are ongoing. Initial work indicates
a sequential vein development typical of many significant porphyry
copper-gold systems, such as SolGold's 85% owned Tier 1 Alpala
porphyry copper-gold deposit in Northern Ecuador.
Chalcopyrite mineralisation in PDH-20-001 occurs with
sericite-chlorite alteration associated with the partial oxidation
of magnetite to hematite. This "hematite dusting" enhances the
pink- to reddish-colour of the potassium-feldspar in the monzonite
host intrusion. This style of oxidation is typical in the upper
levels of several well-mineralised, porphyry copper-gold deposits
globally.
Drill core exhibits a relatively high fracture abundance, a
common feature of strongly mineralised copper-gold porphyry
systems. Multiple phases of veining are observed with "B1-type"
quartz-magnetite-chalcopyrite veins overprinted by "B2-type"
quartz-chalcopyrite-pyrite veining, which in turn are overprinted
by "C-type" chalcopyrite veins and veinlets, and later "D-type"
pyrite veins and veinlets with sericite halos. These vein styles
are typical of many major porphyry copper-gold deposits, including
SolGold's flagship Alpala Deposit. This vein terminology is
modified from the Gustafson and Hunt (1975) published porphyry vein
paragenesis and nomenclature (Gustafson, L.B. and Hunt, J.P. (1975)
The Porphyry Copper Deposit at El Salvador, Chile. Economic
Geology, 70, 857-912.)
Selected examples of mineralisation encountered in PDH-20-001 so
far are shown in Figures 4 to 11.
Hydrothermal alteration interpretation compiled from geological
mapping and spectral mineralogy data of soil samples indicate that
the Cacharposa porphyry system is characterised by a central zone
of potassic alteration (K-feldspar - biotite - magnetite) that is
overprinted by intermediate argillic alteration (chlorite -
sericite - clay), which is associated with higher copper and gold
grades in the vicinity of the discovery outcrop in Cacharposa
Creek. Phyllic (quartz - sericite - pyrite) and extensive
epidote-propylitic alteration also occur in the area (Figure 12).
These alteration patterns hold a number of similarities to those
identified at SolGold's 85% owned flagship Alpala Deposit.
The Cacharposa target is characterised by coincident Cu, Mo, Au
and Cu:Zn soil anomalies that lie central to a magnetic high and
zone of Mn-depletion in soil (Figure 13). These styles of g round
RTP magnetics and geochemical signatures at Cacharposa are
characteristic of porphyry copper and copper-gold deposits
globally.
The size and strength of geochemical anomalies and the zoning of
the hydrothermal alteration assemblages at Cacharposa are inferred
to indicate a well-preserved porphyry copper-gold system that
extends from surface and beyond the current depth of drilling, to
more than 600m below surface.
Planning and logistical work is underway to ramp up drilling by
mobilising an additional five drill rigs to site as quickly as
COVID19 restrictions allow.
While visual measurements and observations of drill core are
extremely encouraging and SolGold believe provide initial
validation of the prospectivity of Cacharposa at Porvenir, readers
are strongly cautioned that the information in this press release
is of a preliminary nature and the visual mineralization observed
has not yet been assayed. The intensity of visual mineralisation
should not be used to estimate grade or commercial viability at
this stage.
Figure 1 : Location plan showing Porvenir Project in southern
Ecuador.
Figure 2 : Cacharposa Mineralised Corridor plan view, showing
the Cacharposa Target (formerly Target 15) with geology and
coincident soil gold, copper, and molybdenum anomalies. The
location of the discovery outcrops in are shown in La Cacharposa
Creek. The Vino Target, adjacent and to the west of the Cacharposa
Mineralised Corridor, is flagged for follow-up field work, and
diamond drilling in the coming months.
Figure 3 : PDH-20-001 cross-section slice looking
north-northeast (window thickness 100m). Three-dimensional magnetic
(MVI) modelling and geochemical modelling show coincidence with
surface soil Cu:Zn anomaly and suggest that mineralisation extends
at least 600m below surface. The combined presence of visual
epidote veining, molybdenum mineralisation and potassic
K-feldspar-biotite-magnetite alteration suggest that PDH-20-001
hole is drilling across the upper periphery of the core of this
porphyry copper-gold system. These are characteristic features of
the upper periphery of the core of SolGold's Alpala Deposit and
many porphyry copper-gold systems globally. The mineralisation and
hydrothermal alteration intersected so far in PDH-20-001 shows good
correlation between down hole geology and 3D magnetic- and
geochemical-models. The current hole path is shown in red with
planned drill hole paths shown in green. These future drill-holes
may exceed the planned lengths should mineralization continue at
depth.
Figure 4 : Selected drill-core examples from 0- 100m. "C-type"
chalcopyrite veining overprinting "B1-type"
quartz-magnetite-chalcopyrite veins and "B2-type"
quartz-chalcopyrite-pyrite veins with associated sericite-chlorite
alteration ( Top and Middle ). The bottom photograph shows
chalcopyrite and quartz veinlets hosted in pinkish monzonite, in
part caused by the conversion of magnetite to hematite ("hematite
dusting").
Figure 5 : Selected drill-core examples from 100- 150m.
"B1-type" quartz-magnetite-chalcopyrite veins overprinted by
"C-type" chalcopyrite veins and veinlets with associated
intermediate argillic sericite-chlorite-chalcopyrite-pyrite
alteration and coeval "hematite dusting" ( Top and Middle ).
Magnified (x 2.5) image of a "B1-type"
quartz-magnetite-chalcopyrite vein ( Bottom ).
Figure 6 : Selected drill-core examples from 150- 250m.
Disseminated chalcopyrite evident at core breaks (Top). "B1-type"
quartz-magnetite-chalcopyrite veins overprinted by "C-type"
chalcopyrite veins and veinlets with associated
sericite-chlorite-chalcopyrite-pyrite alteration and "hematite
dusting" ( Middle ). The bottom photograph shows epidote veins that
crosscut earlier "B-type" quartz veins.
Figure 7 : Selected drill-core examples from 250- 290m.
Disseminated and vein-controlled chalcopyrite, and "B-type" quartz
veins hosted by "hematite-dusted" monzonite. Visual estimates of
abundance in this interval indicate about 3.0% by volume
chalcopyrite and 4.0% by volume "B-type" quartz veins.
Figure 8 : Selected drill-core examples from 290-320m.
Disseminated and vein-controlled chalcopyrite, and "B-type" quartz
veins hosted by "hematite-dusted" monzonite, including veins up to
1.5cm thick containing massive chalcopyrite mineralisation. Visual
estimates of abundance in this interval indicate approximately 2.5%
by-volume chalcopyrite and 3.5% by volume- "B-type" quartz
veins.
Figure 9 : Selected drill-core examples from 320-400m.
Disseminated and vein-controlled chalcopyrite, with "B-type"
quartz-chalcopyrite veins, including veins up to 1.5cm thick
contain massive chalcopyrite.
Figure 10 : Selected drill-core examples from 400-450m.
Disseminated and vein-controlled chalcopyrite, with "B-type"
quartz-chalcopyrite-magnetite veins overprinted by later "C-type"
chalcopyrite veins and veinlets. Visual estimates of abundance in
this interval indicate about 2.5 volume-percent chalcopyrite and
2.0 volume-percent "B-type" quartz veins.
Figure 11 : Selected drill-core examples from 450-500m.
Disseminated and vein-controlled chalcopyrite, with "B-type"
quartz-chalcopyrite veins overprinted by later "C-type"
chalcopyrite veins and veinlets.
Figure 12 : Hydrothermal alteration compiled from geological
mapping of streams and interpretation of Terraspec4 (ASD) analysis
of soil samples. The Cacharposa Creek discovery outcrop is
characterised by chalcopyrite-pyrite mineralisation hosted by
dioritic to monzonitic intrusions that are altered to potassic
(K-felspar-biotite-magnetite) and intermediate argillic
(chlorite-sericite) mineral assemblages. This zone of surface Cu-Au
mineralisation is flanked by phyllic (quartz-sericite) and
propylitic (chlorite-epidote) alteration.
Figure 13 : Ground reduced-to-the-pole (RTP) magnetics and
geochemical signatures at Cacharposa are characteristic of global
porphyry copper and copper-gold deposits. The RTP magnetics exhibit
a central magnetic high surrounded by an annular magnetic low (Top
Left). Soil Molybdenum geochemistry shows a broad high nested
within the magnetic feature (Top Centre) and exhibits good inverse
correlation with soil Manganese (Top Right). The coincidence of
soil Copper, Gold and Cu:Zn geochemical anomalies (Bottom Left,
Centre and Right) are classic signatures of porphyry copper-gold
deposits.
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.), 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
Karl Schlobohm
Company Secretary
CONTACTS
Nicholas Mather Tel: +61 (0) 7 3303 0665
SolGold Plc (Chief Executive Officer)
nmather@solgold.com.au
Karl Schlobohm
SolGold Plc (Company Secretary) Tel: +61 (0) 7 3303 0661
kschlobohm@solgold.com.au
Ingo Hofmaier
SolGold Plc (GM - Project & Corporate Tel: +44 (0) 20 3823 2131
Finance) ihofmaier@solgold.com.au
Gordon Poole / Nick Hennis
Camarco (Financial PR / IR) Tel: +44 (0) 20 3757 4997
solgold@camarco.co.uk
Andrew Chubb Tel: +44 (0) 20 7907 8500
Hannam & Partners (Joint Broker and Financial
Advisor)
solgold@hannam.partners
Ross Allister / David McKeown Tel: +44 (0)20 7418 8900
Peel Hunt (Joint Broker and Financial
Advisor)
solgold@peelhunt.com
James Kofman / Darren Wallace Tel: +1 416 943 6411
Cormark Securities Inc. (Financial Advisor)
dwallace@cormark.com
Clayton Bush / Scott Mathieson Tel: +44 (0) 20 3100 2184
Liberum (Joint Broker and Financial Advisor)
Clayton.Bush@liberum.com
Follow us on twitter @SolGold_plc
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 the largest and
most active concession holder in Ecuador and is aggressively
exploring the length and breadth of this highly prospective and
gold-rich section of the Andean Copper Belt.
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 700 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.
Advancing Alpala towards development
The resource at the Alpala deposit contains a high-grade core
which will be targeted to facilitate early cashflows and an
accelerated payback of initial capital. SolGold is currently
progressing its Pre-Feasibility Study and is fully funded through
to development decision following the Net Smelter Royalty Financing
with Franco-Nevada Corporation for US$100million. Franco-Nevada
will receive a perpetual 1% NSR interest from the Cascabel licence
area.
SolGold is currently assessing financing options available to
the Company for the development of the Alpala mine following
completion of the Definitive Feasibility Study.
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
2,072,213,495 fully-paid ordinary shares and 113,175,000 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 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$1700/oz. True
widths of rock-saw channel sampling interval lengths are estimated
to be 100% considering the sub-vertical nature of intrusions at
Porvenir Project.
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. 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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
DRLEASEFEDAEFEA
(END) Dow Jones Newswires
October 01, 2020 02:00 ET (06:00 GMT)
Solgold (LSE:SOLG)
Historical Stock Chart
From Apr 2024 to May 2024
Solgold (LSE:SOLG)
Historical Stock Chart
From May 2023 to May 2024