SolGold [SOLG-TSX, LSE] on Monday released impressive drilling results from its wholly-owned Porvenir project in Ecuador.
The Porvenir project is located in Zamora Chinchipe province, southern Ecuador and contains copper-gold mineralisation that is indicative of a well-preserved, vertically extensive porphyry system. The project covers 244 square kilometres on four concessions and is situated 100 kilometres south of the Fruta Del Norte deposit. It is part of a portfolio of 13 regional priority projects with the potential to host world class copper-gold deposits, the company has said.
Results released Monday are from the Cacharposa copper-gold target, part of a 1,700-metre long northerly-trending mineralized corridor that is up to 1,000 metres wide. The target is characterized by coincident copper, molybdenum, gold and copper/zinc soil anomalies that lie central to a zone of mineral depletion in soil.
These characteristics together are typical of numerous significant porphyry deposits globally, several of which have become mines.
The company said drill holes 14-22 at Cacharposa intersected significant copper and gold mineralization, including an intercept of 722 metres at 0.66% copper equivalent (CuEq) (0.52% copper, 0.23 g/t gold).
The company said three drill rigs are currently operating at Porvenir, continuing to delineate the extents of mineralization at Cacharposa along with testing other nearby mineralized targets at Mula Muerte and Vino at the Porvenir project.
Drilling of hole 26 will commence shortly at Cacharposa and assays from completed holes 23-25 are pending.
On December 3, 2021, Solgold shares closed at 40 cents and trade in a 52-week range of 69 cents and 35 cents.
Solgold was in the news recently when the company said drilling has encountered a new high-grade zone at its Cascabel copper-gold project in Ecuador. Solgold is exploring the project in a joint venture with Cornerstone Capital Resources Inc. [CGP-TSX, CTNXF-OTC, GWN-F].
In an exploration update, the company said drill hole assays from drill hole 13 include some of the best intersections achieved so far at the Tandayama-American (TAM) porphyry copper-gold deposit, which lies approximately 3.0 kilometres north of the Alpala deposit.
Drilling highlights include 1,010 metres of 0.55% copper equivalent [CuEq]. The company said these results enhance the potential for significant depth extensions amenable to bulk underground mining methods at TAM.
“Mineralisation forms a northwest trending corridor, occupying an area approximately 1,200 metres long, up to 750 metres wide, and extending from surface to a depth of over 1,200 metres,’’ the company said. “The TAM deposit remains open to the south and east at depth.