First Drill Hole at Porvenir Intersects 893m of Visible Porphyry Mineralisation.
Second Hole Commenced Closer to Interpreted Core of System.
The Board of SolGold (LSE & TSX: SOLG) is pleased to provide an update on the Porvenir Project, held by Green Rock Resources S.A, a 100% owned and unencumbered subsidiary of SolGold.
Highlights
Ø PDH-20-001, the first drill hole at the Porvenir Project, at Cacharposa was completed at 909.3m depth, having intersected 893.4m of visual chalcopyrite mineralisation from 15.9m depth, including chalcopyrite percentages of up to an estimated 6.0 % by volume with associated porphyry style total quartz vein abundance of up to a measured 11.7 % by volume. Pyrite and molybdenite mineralisation are also common.
Ø PDH-20-001 tested the eastern limits of the Cacharposa porphyry system and was terminated in weak- to moderate-mineralisation. SolGold geologists interpret that the hole passed across the upper periphery of the core of a large, strongly mineralised porphyry copper-gold system.
Ø PDH-20-002, the second hole at the Porvenir Project, commenced 12 October and is at current depth of 3.0m. PDH-20-002 is being drilled from the same location as PDH-20-001 at a steeper angle of -75 degrees towards the same direction, and is targeted to more fully transect the interpreted core of the system (Figure 2).
Ø The visual estimates of chalcopyrite in PDH-20-001 support a lower probability contour of the 3D geochemical model, and this application now supports the geochemical footprint width of 1000m, and indicates an updated scope for depth continuation of mineralisation of approximately 1000m (Figure 2).
Ø A second drill rig is planned to be mobilised to Cacharposa Creek later this month, and sited approximately 200m west-northwest of PDH-20-001 with a view to test the central and western portions of the system including the potential root of the core of the system, which extends deeper than 1000m as indicated by 3D geochemical modelling.
Ø Mineralisation in Cacharposa Creek is part of a 1700m long northerly-trending mineralised corridor, up to 1000m wide. The mineralisation styles, size and geometry at Cacharposa are consistent with the surface exposure of a vertically extensive, well-preserved porphyry copper-gold system .
Ø Due to highly encouraging visual estimates and a strong correlation between mineralisation, hydrothermal alteration and magnetic susceptibility measurements from the first hole Cacharposa (PDH-20-001) there is growing potential for a large, strongly mineralised porphyry copper-gold system at Cacharposa, SolGold is planning a larger revised 50,000m drilling program.
References to figures relate to the version visible in PDF format by clicking the link below:
http://www.rns-pdf.londonstockexchange.com/rns/9552B_1-2020-10-13.pdf
Benn Whistler, Technical Services Manager of SolGold said of the mineralisation discovered so far at Cacharposa:
“PDH-20-001 was terminated within weak- to moderate-mineralisation at 909.3m depth. The continuation of visible chalcopyrite mineralisation in the outer (propylitic) zones demonstrate the strong character of the system. Revision of 3D geochemical probability models against down-hole data collected in PDH-20-001, show the potential scope of mineralisation at Cacharposa now covers a footprint area 1.7km long by 1km wide with a modelled root of over 1km deep. Rig 1 has now commenced the second hole, PDH-20-002, and we expect this hole to intersect even longer and stronger mineralisation than the first. Rig 2 is planned to arrive late October, with Rigs 3 and 4 expected to be mobilised from Hubbard Perforaciones Cuenca workshops in November, ahead of Rigs 5 and 6.”
Nick Mather, CEO of SolGold, commented on Porvenir and the implementation of SolGold’s broader regional exploration strategy:
“The mineral zonation and close correlation between chalcopyrite and magnetite is giving us a lot of confidence in the model and our drillhole target strategy at Porvenir. More broadly, across SolGold’s 14 exploration Targets in Ecuador, its increasingly obvious that the gross controls to orebody emplacement in the Ecuadorean sector if the Andean Copper Belt replicate. SolGold’s blueprint is rapidly refining in its application to our social, environmental, regulatory and operating processes and SolGold’s geological understanding. The cost and time savings and efficiencies Solgold will enjoy as we replicate discoveries are immense. It goes to rapid growth and value creation for SolGold shareholders and Ecuador.”
