- SolGold (TSX:SOLG) provided an update on exploration of the Porvenir Project, held through its Ecuadorean subsidiary, Green Rock Resources S.A.
- The Porvenir Project sits within the northerly trending, Jurassic metallogenic belt of the northern Andes, which is host to significant economic gold and copper mines
- The project covers a cluster of geochemical anomalies that represent porphyry copper-gold targets
- SolGold opened trading at $0.15 per share
SolGold (TSX:SOLG) provided an update on exploration of the Porvenir Project, held through its Ecuadorean subsidiary, Green Rock Resources S.A.
The Porvenir Project is within the southeastern portion of the Eastern Cordillera of Ecuador, approximately 70 kilometres south of the regional centre of Loja. The project sits within the northerly trending, Jurassic metallogenic belt of the northern Andes, which hosts significant economic gold and copper mines at Fruta del Norte and Mirador, and large Cu-Au resources at Mirador Norte, Warintza, San Carlos, Panantza.
The project covers a cluster of geochemical anomalies that represent porphyry copper-gold targets that include Cacharposa, Balmore-(Diablo), Bartolo, Palmal and Merino. The Cacharposa anomaly coincides with a Cu-Au porphyry deposit that has an open-pit mineral resource estimate that comprises 396.8 metric tons (Mt) at 0.44 per cent copper equivalent (CuEq) for 1.40 Mt Cu and 1.80 million ounces (Moz) gold Au in the indicated category, plus 96.9 Mt at 0.37 per cent CuEq for 0.28 Mt Cu and 0.38 Moz Au in the inferred category, using a cut-off grade of 0.16 per cent CuEq.
On Oct. 26 2021, a data cut-off was applied to the Cacharposa dataset for the purposes of a Mineral Resource Estimation. That dataset was composed of 18,635.7 metres of diamond drilling; 439.6 metres of surface rock-saw channel sampling from 23 outcrops; and 16,982.4 metres of final assay results from drill holes 1 to 20.
Since that time, a further 2,610.0 metres of infill and extension diamond drilling has been completed at the Cacharposa Deposit and number of drill holes have been planned for future resource extension drilling.
“Drilling completed in the Cacharposa deposit indicates a pit constrained mineral resource, which is still open,” SolGold’s geology manager, Santiago Vaca, said in a news release. “The successful exploration performed at Cacharposa allows us to enhance our understanding on the geology and mineralization controls in the area, building our confidence in the potential to keep growing the resource with additional drilling, and to validate the high-quality of the other Cu-Au porphyry targets found within the Porvenir project.”
SolGold PLC is an Australia-based exploration company focused on the discovery, definition, and development of copper and gold deposits. It conducts operations in Ecuador, Australia, and Solomon Islands.
SolGold opened trading at $0.15 per share.
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