SolGold PLC (AIM:SOLG) Mineralised Outcrops Discovered at La Hueca

New mineralised outcrops discovered at the La Hueca Project – SolGold’s exciting new copper discovery in southern Ecuador

The Board of SolGold (AIM code: SOLG) is pleased to provide an update on its 100% owned La Hueca Project.

 

HIGHLIGHTS:

 

Ø 77 granted licences now held in four wholly owned subsidiaries -3,198km²

Ø Five geochemical targets identified covering 2.6km² in a 6km x 1km mineralised zone with rock chip values to 13.86% copper.

Ø Field teams identify two additional outcrops of mineralised porphyry diorite within geochemical Targets 2 & 3.

Ø The newly identified outcrop in Target 2 is located 400m away from the main La Hueca mineralisation. Samples displays intense stockworks of B-veins and magnetite veins with by up to 3% chalcopyrite, 2% bornite, 1% chalcocite and traces of malachite and native copper.

Ø The other outcrop is located in Target 3, 1.5km from the main mineralisation.  Characterised by a 5m wide quartz vein containing pyrite, chalcopyrite, Bornite, and minor chalcocite with surrounding area rich in magnetite, chalcopyrite and pyrite.

Ø Additional technical personnel are being added to the field teams to fast track data collection for drill targeting and environmental permitting at the La Hueca Project – an exciting new 25km long mineralised porphyry corridor in Southern Ecuador. 

 

References to figures and tables relate to the version of this release on the Company’s website (www.solgold.com.au) or visible in PDF format by clicking the link below:

http://www.rns-pdf.londonstockexchange.com/rns/6610X_-2017-11-27.pdf

 

Introduction:

 

SolGold is continuing to pursue its strategy to become a tier 1 copper producing company through aggressive exploration of it’s extensive tenement portfolio in Ecuador.

The La Hueca Project is located in southern Ecuador on the prolific Andean Copper belt which is renowned as the production base for nearly half of the world’s copper, (Figure 1).  SolGold holds a 100% interest in the Project through its Ecuadorean subsidiary company, Cruz del Sol S.A. 

SolGold announced a significant new discovery at its La Hueca Project on the 25th of October 2017.  Since that announcement, field teams have continued to make new discoveries of mineralised outcrops along this newly recognised 25km porphyry corridor.  This corridor is associated with the contact between volcanic units to the west and the intrusive Zamora batholith to the east.  The contact is marked by a high density of fractures controlling the emplacement of the younger diorites, quartz stockwork and the porphyry copper-gold mineralisation.

Exploration Activities & Results

Cruz del Sol now has several field teams operating at the La Hueca Project and throughout its other granted concessions in south-eastern Ecuador.  Led by highly experienced senior geologists, field teams have repeated their recent success, discovering two new copper occurrences in La Hueca.  These additional mineralised outcrops provide further evidence of a large mineralised porphyry system located in SoldGold’s promising new La Hueca Project. 

The two new mineralised outcrops were discovered through targeted follow-up prospecting of stream sediment geochemical anomalies along the porphyry corridor.  An extensive stream sediment and panned heavy concentrate sampling program was recently completed throughout all La Hueca tenements.  The results confirm the 25km long corridor of gold and copper anomalism running through the project.  Five geochemical anomalies where selected for priority follow-up prospecting (Figure 2).  With these new discoveries in Targets 2 & 3, mineralised outcrops have been successfully located in all 5 targets selected from SolGold’s geochemical sampling programs.

Target 2

 

A newly discovered mineralised outcrop has been located within Target zone 2, extending mineralisation 400m SW of the main Target 1 zone (Figure 2).  Teams identified and exposed a hidden 12m section of mineralised outcrop in a heavily vegetated stream.

The outcrop in Target 2 is a fine grained diorite characterised by intense propylitic chlorite alteration.  It contains abundant quartz stockwork of B type veins and magnetite veinlets.  Cu mineralisation is represented by diagnostic copper gold porphyry minerals of up to 3% chalcopyrite, 2% bornite, 1% chalcocite, traces of malachite and native Cu (Figure 3). Assays are pending.

 

Target 3

 

New outcrops have also been located within the Target 3 zone, 1.5km NE of the best Cu mineralisation announced previously (Figure 2).  It represents a significant exposed 5m thick quartz vein (Figure 4) containing pyrite, chalcopyrite, Bornite, and minor chalcocite. Surrounding the vein are outcrops (Figure 5) containing abundant magnetite veinlets cut by quartz veins containing chalcopyrite, magnetite, pyrite and minor chalcocite.  The dominant hydrothermal alteration in this area consists of chlorite-epidote (Figure 6).  Assays are pending.

 

Future Work

 

The La Hueca Project represents an exciting new discovery with multiple mineralised targets contained within a 25km porphyry corridor.  In order to quickly identify and drill test targets at La Hueca, SolGold is rapidly increasing resources for all field teams working at the Project.  This includes additional technical personnel along with extra social and environmental team members.  SolGold’s social staff are liaising with key land owners and the environmental team is applying for expedited drill permitting.

Results for samples taken at both these newly discovered outcrops are expected shortly.





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