The firm also told investors it is preparing to drill another prospect - the Trivnio- after surface gold copper samples showed up to 0.43% copper and 0.43g/t gold.
Hole 16 at the Alpala Central Deposit is now at 1,217 metres in depth and more than 650 metres of mineralsiation have been found so far.
Assays from between 516m and 764 metres include 216metres at 0.94% copper and 3.41 g/t gold from 548metres.
In addition, the firm hit a 60 metre intersection at 2.01% copper and 3.41 g/t gold from 704m.
"Hole 16 at Alpala has a planned depth of 1,800m and is currently drilling at a rate of approximately 30 metres per day, without difficulties," the group said.
"The hole is projected to intersect the upper surface of the typically high grade Quartz Diorite intrusive phase at a depth of 1,270m. The intersections achieved in Hole 16 increase the known strike extent of copper and gold mineralisation along the greater Alpala trend to over 650m," the firm said.
Porphyry systems, deep underground, have housed some of the world’s largest ever copper discoveries.
Cascabel lies on the Andean copper belt, the same geological trend as some of the largest copper and gold finds.
SolGold added on Friday that the Trivinio prospect, which has been mapped, is unclosed and is more extensive than the Alpala Creek discovery out crop.
"Trivinio has been advanced to drill-ready status and a drilling platform has been identified. Subject to the results of Hole 16, rig availability and logistics, SolGold intends to drill this target in the next 6 months along with the promising outcropping Aguinaga Prospect located 1.2kms north east of Alpala Central," the firm told investors.
Shares in the miner added 14.14% to 2.825p.