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UPDATE - SolGold shares up 20% after latest drill hole returns high grade results

SolGold shares shot up 20% after it said it was “delighted” by the initial grades returned from the latest drill hole on the Cascabel copper-gold porphyry project in Ecuador.

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SolGold (LON:SOLG) shares shot up 20% after it said it was “delighted” by the initial grades returned from the latest drill hole on the Cascabel copper-gold porphyry project in Ecuador.

The first batch of assays from hole-nine on the Alpala target returned 160 metres from 650 metres down measuring 1.56 grams per tonne of gold and 0.84% copper – or a copper equivalent of 1.78%.

A further section over 80 metres from 720 metres contained 2.72 grams per tonne of gold and 1.32% copper. Within that there were 50 metres at 3.9 grams of gold and 1.67% copper. 

This latest zone has been identified as additional to the high grade mineralisation found 120 metres south at hole five.

The drill rig on hole-nine is currently down to 1,246 metres and is planned to carry on to at least 1,800 metres.

Thus far copper sulphide mineralisation has been visible to naked eye over almost 800 metres from 452 metres.

Managing director Alan Martin believes the mineralisation seen holes five, seven, eight and nine may be parts of a broader gold-rich porphyry system at depth.

“Central Alpala is increasingly looking like a large and predictable system, with very encouraging and reliable vectors being established from drilling, mapping, geochemistry and geophysical surveys at Alpala,” he told investors.

At 8.30am, the shares were changing hands for 4.47p each.


Quick facts: SolGold plc

Price: 34.35 GBX

AIM:SOLG
Market: AIM
Market Cap: £715.89 m
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