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SolGold PLC (SOLG)

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Thursday 09 May, 2019

SolGold PLC

Cisne Loja Project Update

RNS Number : 4905Y
SolGold PLC
09 May 2019
 

9 May 2019

SolGold plc

("SolGold" or the "Company")

 

Strong Epithermal Gold and Copper Porphyry Results Returned for

Cisne Loja Project

 

The Board of SolGold (LSE & TSX code: SOLG) is pleased to provide an update from the Company's regional exploration activities from its 100% owned Cisne Loja Project in southern Ecuador, held by wholly owned subsidiary Green Rock Resources S.A.

 

Highlights

 

Celen Prospect

 

Ø

Copper, gold and silver mineralisation has been identified over an area 1.5km by 1km.

 

Ø

Copper, gold and silver mineralisation is hosted in diorite and granodiorite units associated with fractures and magnetite veining generally trending northeast-southwest.

 

Ø

Mineralised rock chip samples have been collected from 3 streams with significant rock chip results including:

 

·   

R03001218           5.28% Cu, 0.66 g/t Au, 91.4 g/t Ag

 

·   

R03001221           5.08% Cu, 1.10 g/t Au, 25.8 g/t Ag

 

·   

R03001204           4.92% Cu, 3.90 g/t Au, 55.7 g/t Ag

 

·   

R03001215           3.65% Cu, 0.02 g/t Au, 95.5 g/t Ag

 

·   

R03001214           3.43% Cu, 0.09 g/t Au, 73.8 g/t Ag

 

Ø

Celen Prospect is located 7km south of the Cuenca Loma representing a mineralised gold and silver epithermal vein field.  Previously announced rock chip results from Cuenca Loma prospect include 15.25 g/t Au, 23.6 g/t Ag

 

       

 

References to figures and tables relate to the version visible in PDF format by clicking the link below:

http://www.rns-pdf.londonstockexchange.com/rns/4905Y_1-2019-5-9.pdf

 

 

 

Commenting on the results, Jason Ward, SolGold's Exploration & Country Manager said:

"The presence of a strong epithermal gold field outcropping at Cuenca Loma prospect over 1.5km x 2.5km2 located 7km north of the copper gold porphyry prospect at Celen, over 1.5 x 1km, underscores the prospectivity of the area. The copper gold zonation presents us with a predictable geological framework, and we are optimistic about the discovery of both gold and copper ore bodies at Cisne Loja."

 

Introduction

 

Ecuador is located on the copper-gold rich and under-explored northern section of the Andean Copper Belt. The well explored southern portion is renowned as the production base for nearly half of the world's copper (Figure 1). SolGold's strategy to become a tier 1 copper and gold producer through systematic exploration continues to yield exciting results.  Follow up exploration has focussed on 11 priority projects identified across SolGold's 72 granted regional concessions.

 

With 11 priority projects now recognised, ongoing exploration by SolGold technical teams is focussed on advancing these priority projects with a view to progress to drill testing as soon as possible.  SolGold's high success rate has been achieved by operating multiple field teams comprising 42 Ecuadorean geologists in regional exploration, led by highly experienced national geologists and applying the exploration discovery and appraisal blueprint developed over the last 4 years at Alpala. 

 

Further Information

 

Cisne 2C

 

First pass mapping and sampling by Green Rock Resources S.A. field teams at the Cisne Loja Project has located outcrops with strong copper, gold and silver mineralisation in the Celen prospect located in the El Cisne 2C concessionRock chip results have returned highly anomalous copper-gold-silver (Figure 2 & 3).  The copper mineralization is developed within diorite and granodiorite units, mainly along fractures comprising malachite, azurite, chalcopyrite and neotocite (Figure 5 & 6), occasionally accompanied by traces of pyrite.  Mineralisation is also hosted in magnetite veinlets with malachite, azurite, chalcopyrite and tenorite.  Mineralisation has been identified over an area of 1.5km by 1km.

 

Hector Stream

 

·   

R03001218           5.28% Cu, 0.66 g/t Au, 91.4 g/t Ag

·   

R03001221           5.08% Cu, 1.10 g/t Au, 25.8 g/t Ag

·   

R03001204           4.92% Cu, 3.90 g/t Au, 55.7 g/t Ag

·   

R03001206           2.06% Cu, 0.24 g/t Au, 28.7 g/t Ag

·   

R03001207           1.39% Cu, 0.15 g/t Au, 24.6 g/t Ag

·   

R03001217           1.33% Cu, 0.08 g/t Au, 27.6 g/t Ag

 

El Tio Stream

 

·   

R03001215           3.65% Cu, 0.02 g/t Au, 95.5 g/t Ag

·   

R03001214           3.43% Cu, 0.09 g/t Au, 73.8 g/t Ag

 

Mandarina Stream

 

·   

R03001211           1.63% Cu, 0.30 g/t Au, 39.8 g/t Ag

·   

R03001213           1.45% Cu, 0.02 g/t Au, 36.6 g/t Ag

 

 

Figure 1: Location plan of the Cisne Loja Project in southern Ecuador.

 

 

Figure 2: Interpreted geology of the Celen prospect area.

 

 

Figure 3: Location of mineralised streams

 

 

Figure 4:  Cisne-Loja - Celen Prospect - Location of anomalous copper rock chip samples.

 

Figure 5: Mineralised rock samples from the Celen Prospect

 

 

Figure 6: Mineralised outcrops containing malachite

 

 

Table 1: Significant chip results from the Celen prospect - Cisne-Loja Project (10000ppm = 1%)

 

 

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

SolGold Plc (Chief Executive Officer) [email protected]ld.com.au

 

Tel: +61 (0) 7 3303 0665

+61 (0) 417 880 448

Karl Schlobohm

SolGold Plc (Company Secretary) [email protected]

 

Tel: +61 (0) 7 3303 0661

Anna Legge

SolGold Plc (Corporate Communications) [email protected]

 

Tel: +44 (0) 20 3823 2131

Gordon Poole / Nick Hennis Camarco (Financial PR / IR) [email protected]

 

Tel: +44 (0) 20 3757 4997

Andrew Chubb / Ingo Hofmaier

Hannam & Partners (Joint Broker and Financial Advisor)

[email protected]

 

Tel: +44 (0) 20 7907 8500

Ross Allister / David McKeown

Peel Hunt (Joint Broker and Financial Advisor)

[email protected]

 

Tel: +44 (0)20 7418 8900

James Kofman / Darren Wallace

Cormark Securities Inc. (Financial Advisor)

[email protected]

 

Tel: +1 416 943 6411

 

Follow us on twitter @SolGold_plc


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