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SolGold reveals ‘encouraging’ drill results at Rannes gold-silver project, Australia

Published: 02:34 20 Jun 2012 EDT

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SolGold (LON:SOLG) today revealed ‘encouraging’ drill results from the Rannes gold-silver project which show that gold mineralisation is present in additional areas, beyond the current resource model.

Thirteen drill holes were completed outside the modelled area, aimed at increasing resources and finding higher gold grades.

The findings included one hole which encountered three lodes – with a 2.2 metre interval at gold grade of 2.36g/t, 2 metres at 3.03g/t and 2 metres at 3.84 g/t. Meanwhile sampling found up to 6.12 grams per tonne (g/t) gold and 12.3 g/t silver. 

"We are encouraged by the results from the recent drilling,” said chief executive  Malcolm Norris.

“We are seeing some higher grade intersections, and we are seeing some good intersections in areas outside of the current resource block model.  

“We are optimistic that we can build on this success."

Last month SolGold revised its resource estimate for the Rannes prospect with 34 per cent of the resource now classified in the ‘indicated’ category. 

Standing at 550,000 ounces it represents a lower but more robust estimate – a prior estimate was for 812,000 ounces but in the lower confidence ‘inferred’ category.

The Rannes resource is currently estimated at 18.7 million tonnes at 0.5g/t gold and 16.9g/t silver for 550,000 gold equivalent ounces.

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