TIDMSOLG
RNS Number : 8977M
SolGold PLC
26 May 2022
26 May 2022
SolGold plc
("SolGold" or the "Company")
Tandayama-America Mineral Resource Update
The Board of Directors of SolGold (LSE & TSX: SOLG) is
pleased to provide an independently verified update regarding the
Mineral Resource Estimate ("MRE") for its Tandayama-America ("TAM")
porphyry copper-gold deposit at the Cascabel project in northern
Ecuador.
The TAM deposit 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
Total Mineral Resource at the TAM deposit is updated to 528.5Mt
@ 0.36% CuEq for 1.27Mt Cu, and 3.16Moz Au in the Measured plus
Indicated categories, equating to an increase in contained metal of
approximately 0.74 Mt Cu and 1.96 Moz Au compared to the maiden MRE
announced on 19 October 2021.
Mineral Resource Statement: Effective date 30 March 2022
Potential Cut-off Resource Tonnage Grade Contained Metal
Mining Grade Category (Mt)
Method (CuEq
%)
------------- -------- ---------- -------- --------------------- -----------------------
Cu Au CuEq Cu Au CuEq
(%) (g/t) (%) (Mt) (Moz) (Mt)
------------- -------- ---------- -------- ----- ------- ----- ------ ------- ------
Open Pit 0.16 Measured 17.8 0.20 0.16 0.30 0.04 0.09 0.05
------------- -------- ---------- -------- ----- ------- ----- ------ ------- ------
Indicated 338.7 0.23 0.21 0.36 0.78 2.28 1.23
------------- -------- ---------- -------- ----- ------- ----- ------ ------- ------
Inferred 35.7 0.22 0.23 0.36 0.08 0.26 0.13
------------- -------- ---------- -------- ----- ------- ----- ------ ------- ------
Underground 0.28 Indicated 172.0 0.26 0.14 0.35 0.45 0.78 0.60
---------- -------- ----- ------- ----- ------ ------- ------
Inferred 69.4 0.26 0.16 0.36 0.18 0.36 0.25
---------- -------- ----- ------- ----- ------ ------- ------
Total Measured + Indicated 528.5 0.24 0.19 0.36 1.27 3.16 1.89
-------- ----- ------- ----- ------ ------- ------
Total Inferred 105.1 0.24 0.18 0.36 0.26 0.62 0.38
----------------------------------- -------- ----- ------- ----- ------ ------- ------
Notes:
1. Dr Andrew Fowler , MAusIMM CP(Geo), Principal Geology
Consultant of Mining Plus , is responsible for this Mineral
Resource statement and is an "independent Qualified Person" as such
term is defined in NI 43-101.
2. The Mineral Resource is reported using cut-off grades that
are applied according to the mining method where 0.16 % CuEq
applies to potentially open-pittable material and 0.28 % CuEq
applies to material potentially mineable by underground bulk mining
methods. Copper equivalency is discussed in detail in "Reasonable
Prospects for Eventual Economic Extraction",
3. The Mineral Resource is considered to have reasonable
prospects for eventual economic extraction by open pit or
underground bulk mining such as block caving as described
below.
4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.
5. The statement uses the terminology, definitions and
guidelines given in the CIM Standards on Mineral Resources and
Mineral Reserves (May 2014) as required by NI 43-101.
6. The underground portion of the Mineral Resource is reported
on 100 percent basis within an optimized shape as described
below.
7. Figures may not compute due to rounding.
-- Potentially open pittable Mineral Resources comprise 356.5Mt
@ 0.36% CuEq in the Measured plus Indicated categories, plus 35.7Mt
@ 0.36% CuEq in the Inferred category, at a cut-off grade of 0.16%
CuEq.
-- Optimisation studies of the potentially open pittable Mineral
Resource show a higher-grade internal zone containing 223.3Mt @
0.41% CuEq which includes an outcropping zone containing 28.0Mt @
0.43% CuEq and 10.5Mt @ 0.55% CuEq.
-- Mineral Resources potentially mineable by underground bulk
mining methods comprise 172.0Mt @ 0.35% CuEq in the Indicated
category, plus 69.4Mt @ 0.36% CuEq in the Inferred category, at a
cut-off grade of 0.28% CuEq.
-- Potentially open pittable Measured plus Indicated resources
CuEq metal content has grown by 94% compared to the TAM Maiden MRE,
to 0.82Mt Cu and 2.37Moz Au in MRE#2. Similarly, TAM Measured plus
Indicated underground resources CuEq metal content has grown by
445% to 0.45Mt Cu and 0.78Moz Au in MRE#2.
-- Mineral Resources potentially mineable by underground bulk
mining methods include a higher-grade core that continues to remain
open to the southeast and at depth and will be the focus of further
drilling aimed at quantifying potential of other underground mining
methods such as sub-level caving and sub-level open stoping.
-- Following completion of Hole 42 at TAM on 29 April 2022, the
drill rig was moved to the Moran target to commence exploration
drilling of hole MOD-22-001. This hole is at a current depth of
414.7m and continues to intersect bornite and visible chalcopyrite
copper sulphide mineralisation from 19.1m to its current depth.
SolGold CEO, Mr Darryl Cuzzubbo, commented on the work being
advanced at Cascabel:
"The Cascabel project continues to grow with more drilling with
the additional resources being identified at TAM providing an open
pit resource potentially enabling Cascabel production to be brought
forward and a significant risk mitigation to any ramp up delays in
the underground production."
([1]) The Alpala Copper Equivalency (CuEq) and cut-off grade for
reporting were based on recent third party metal price research and
forecasts of Cu and Au prices as well as an operating cost
structure for Alpala. Operating costs included mining, processing
and general and administration (G&A). Net Smelter Return (NSR)
included metallurgical recoveries and off-site realization (TC/RC)
including royalties. Metal prices used were US$3.40/lb for Cu and
US$1,400/oz for Au.
([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.
FURTHER INFORMATION
TAM MRE#2
The TAM deposit 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).
On 30 March 2022, a data cut-off was applied to the TAM dataset
for the purposes of an updated Mineral Resource Estimation
("MRE#2"). The TAM MRE#2 dataset comprised 30,892m of diamond
drilling from holes 1-41, 458m of surface rock-saw channel sampling
from 72 outcrops, and 29,631.6m of final assay results from holes
1-40 ( Figure 2 ). This equates to an additional 15,065.6m of final
assays results received since the recent release of TAM maiden
MRE.
The estimation process followed the Canadian Institute of
Mining, Metallurgy and Petroleum ("CIM") "Estimation of Mineral
Resources and Mineral Reserves Best Practice Guidelines" ("CIM,
2019"). The Mineral Resource Estimate is stated in accordance with
CIM Definition Standards ("CIM, 2014") and Canadian National
Instrument 43-101 ("NI 43-101").
Ordinary Kriging ("OK") was run in three search passes and with
soft boundaries using Leapfrog Edge software. The estimation of Cu
and Au was confined within 3D estimation domains, which were based
on the combination of two 3D wireframe interpretations:
-- Grade Shell Interpretation : Low-, Medium- and High-Grade
shells equating to CuEq cut-off grades of 0.15%, 0.30% and 0.45%
respectively ( Figure 3 ).
-- Lithological Interpretation : Modelling of seven rock groups,
comprising "D10" (Pre-Mineral Diorite Host Rock), "EM"
(Early-Mineral Quartz Diorite and Diorite), "IBX" (Pre-Mineral
Intrusive Breccia), "IM" (Intra-mineral Quartz Diorite and
Diorite), "LM" (Late-mineral Diorite), "PM" (Post-mineral Quartz
Diorite and Diorite), "V" (Pre-Mineral Volcanic Host Rocks), and
"SOI" (soil and oxidised rock) ( Figure 4 ).
Model validation tests have not exhibited any material bias
between the input composite grades and the block model
estimates.
The TAM MRE is constrained within a 3D Open Pit Optimised Shape
("OP") and an Underground Optimised Shape ("UG"), whereby the UG
"daylights" into the floor of the OP ( Figure 5 ).
The TAM deposit shares the same geological and structural
setting as the Alpala deposit. Mineralisation is hosted within a
complex of middle to late-Eocene (Bartonian) hornblende-bearing
diorites, quartz diorites and intrusive breccias that intrude
volcanic host rocks to form a complex of stocks, dykes, and breccia
pipes.
The trend of mineralisation throughout the TAM deposit is
defined by a northwest (315(--) ) trending intrusive complex
inclined steeply (78(--) ) towards the northeast. Surface mapping
data was supported by structural measurements taken from orientated
drill core provided data from 127 intrusive contacts and 3062
B-type quartz veins.
Copper and gold mineralisation is intimately associated with
porphyry style B-type quartz-chalcopyrite veins and stockworks,
centred upon an early-mineral causal quartz-diorite intrusion
(QD10), and cut by a series of intra-mineral, late-mineral and
post-mineral stocks dykes and breccias of diorite, hornblende
diorite, and quartz diorite.
Intrusions have emplaced episodically such that each subsequent
intrusion has introduced mineralising fluids (and subsequent arrays
of mineralised veins) into the TAM system, and/or remobilising and
enriching existing mineralisation or contributed to localised
overprinting of pre-existing mineralisation.
The geological character of the porphyry stocks / dykes
encountered through drilling to date indicate a well-preserved
porphyry system with significant potential for greater depth
extent. Individual mineralised porphyry dykes are observed to have
emplaced within a vertical column of over 1,000m.
The full size and tenor of the TAM system has not yet been
tested. Mineralisation remains open to the south and east and at
depth. Further surface geochemical anomalies to the east of the
current drilling area require drill testing.
Reasonable Prospects for Eventual Economic Extraction
The cut-off grades used for reporting have been based on up to
date third party metal price research, forecasting of Cu and Au
prices, and a cost structure from mining studies currently being
reviewed. Costs include mining, processing and general and
administration ("G&A"). Net Smelter Return ("NSR") includes
metallurgical recoveries and off-site realisation ("TC/RC")
including royalties and utilising metal prices of Cu at US$3.30/lb
and Au at US$1,700/oz.
Cut-off grades have been developed independently for open pit
mining methods and underground bulk mining methods. The cut-off
grade for potentially open pittable material has been calculated at
0.16% CuEq using a copper equivalency factor of 0.632, while the
cut-off grade for material potentially mineable by a bulk
underground mining method such as block caving has been calculated
at 0.28% CuEq using a copper equivalency factor of 0.654.
Optimisation was completed in two stages, with the open pit
optimisation initially applied to the block model, and the
remaining material was then considered for underground
optimisation.
The open pit optimisation was completed using the conventional
Lerchs-Grossman optimisation routine implemented in Whittle
software, and the revenue factor one pit was selected for reporting
the Mineral Resource. The QP considers that the open pit portion of
the reported Mineral Resource, has reasonable prospects for
eventual economic extraction at the specified cut-off grade.
Subsequently, a three-dimensional Underground Optimised Shape
("UOS") was generated using Datamine software at a cut-off grade of
0.28% CuEq. This cut-off grade was based on costs associated with
the block cave mining method. The UOS maximises the tonnes above
the cut-off while ensuring that all material was part of a minimum
mining unit with geometry appropriate for a block cave of 120 m
length by 120 m width by 200 m height. These minimum mining
dimensions for a block cave are consistent with Mining Plus's
experience and the resulting shape contains planned internal and
edge dilution that the QP considers appropriate.
It is noteworthy that the OP and UG optimised shapes are not
described as "mineable shapes". Mining factors excluded from this
analysis include, but are not limited to, capital costs
(non-mining, access and footprint establishment), regional pillars,
footprint geometries, unplanned dilution and the time value of
money. However, the shape does enclose a contiguous and
appropriately diluted Mineral Resource that, by virtue of its grade
and geometry, should be considered for inclusion within a mineable
shape. As such, the QP considers that the underground portion of
the reported Mineral Resource, has reasonable prospects for
eventual economic extraction by the block cave underground mining
method at the specified cut-off grade.
An assessment of whether the project as a whole is economically
viable has not been made under this analysis.
Moran Target
Following completion of Hole 42 at TAM on 29 April 2022, the
drill machine was moved to the Moran target where exploration
drilling of hole MOD-22-001 is at a current depth of 414.7m and
continues to intersect bornite and visible chalcopyrite copper
sulphide mineralisation from 19.1m to its current depth. The
mineralisation style holds close affinities to that at the Alpala
and TAM deposits, with copper sulphide mineralisation formed as
"B-type" quartz-chalcopyrite veins and disseminated chalcopyrite
mineralisation. Visual logging of copper sulphides includes
intervals containing over 2.2% chalcopyrite by volume and up to
2.2% "B-type" quartz-chalcopyrite veins by volume.
Mineralisation encountered thus far at the Moran target is
hosted within volcanic, intrusive breccia and diorite porphyry
rocks. Examples of drill core from the last week of drilling are
shown in Figures 6 , 7 and 8 .
References to figures relate to the version visible in PDF
format by clicking the link below:
http://www.rns-pdf.londonstockexchange.com/rns/8977M_1-2022-5-26.pdf
Figure 1 : Location of TAM, Alpala and Aguinaga deposits at the
Cascabel project, showing the location of current drill testing
underway at Moran target.
Figure 2 : Drill plan of the TAM deposit, looking down, showing
TAM MRE#2 dataset of diamond drill holes 1-41, and surface rock-saw
channel samples from 72 outcrops. Holes 1-40 display downhole CuEq
assay grades utilised for the estimation, whilst hole 41 (black)
was utilised for geological data. Hole 42 was not included in the
MRE#2 dataset as it was drilled after the data cut-off date of 30
March 2022, with assays pending, is also shown. Cross-section
centre-line A-A' is shown in red.
Figure 3 : Drill Section A-A', looking northwest, with a window
thickness of 150m, showing modelled geology at the TAM deposit.
Grid spacing 300m.
Figure 4 : Drill Section A-A', looking northwest, with a window
thickness of 150m, showing modelled CuEq grade shells at the TAM
deposit.
Figure 5 : Duplicate section views, looking south, with window
thickness 1,700m, showing the high-grade >0.45% CuEq wireframe (
top ), and the "OP" and "UG" optimisation shapes ( bottom ).
Figure 6 : Selected examples of drill core from 140-190m depth
in exploration drill hole MOD-22-001 at the Moran target
approximately 500m north of the Alpala deposit.
Figure 7 : Selected examples of drill core from 190-350m depth
in exploration drill hole MOD-22-001 at the Moran target
approximately 500m north of the Alpala deposit.
Figure 8 : Example of drill core from 400m depth in exploration
drill hole MOD-22-001 at the Moran target approximately 500m north
of the Alpala deposit.
Table 1 : TAM deposit drill hole master summary.
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.
Information in this report relating to the Mineral Resource
Estimate was reviewed by Dr Andrew Fowler. Dr Fowler is a Chartered
Professional Member of the Australasian Institute of Mining and
Metallurgy and has in excess of 18 years' experience in Mineral
Resource Estimation, open pit mining, underground mining and
mineral exploration. He is an independent Qualified Person for the
purposes of the relevant LSE and TSX Rules. Dr Fowler 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
Certain information contained in this announcement would have
been deemed inside information.
CONTACTS
Dennis Wilkins
SolGold Plc (Company Secretary) Tel: +61 (0) 7 3303 0660
dwilkins@solgold.com.au
Fawzi Hanano
SolGold Plc (Investors / Media) Tel: +44 (0) 20 3823
fhanano@solgold.com.au 2130
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 aggressively
exploring the length and breadth of this highly prospective and
gold-rich section of the Andean Copper Belt which is currently
responsible for approximately 40% 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 approximately 800 employees of whom
99% are Ecuadorian. This is expected to grow as the operations
expand at Cascabel, 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 close to 60 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 a large and active concessionaire in Ecuador.
The Company wholly owns four other subsidiaries active
throughout the country that are now focussed on a number of high
priority copper and gold 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 32,250,000 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.
The Alpala Copper Equivalency (CuEq) and cut-off grade for
reporting were based on recent third party metal price research and
forecasts of Cu and Au prices as well as an operating cost
structure for Alpala. Operating costs included mining, processing
and general and administration (G&A). Net Smelter Return (NSR)
included metallurgical recoveries and off-site realization (TC/RC)
including royalties. Metal prices used were US$3.40/lb for Cu and
US$1,400/oz for Au.
TAM open pittable and underground resources were estimated using
a Copper Equivalency (CuEq) calculated from estimated costs,
including mining, processing and general and administration
(G&A), whereby Net Smelter Return (NSR) includes metallurgical
recoveries and off-site realisation (TC/RC) including royalties,
and utilising the updated nominal copper price of US$3.30/lb and a
gold price of US$1,700/oz to produce a Gold Conversion Factor of
0.632 (CuEq = Cu + Au x 0.632) for open pittable resources and
0.654 (CuEq = Cu + Au x 0.654) for underground resources.
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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