Earlier work in the northern part of the Sharug 2 concession identified a new 1km by 1.4km mineralised epithermal field with rock chips grading up to 39.6 grams per tonne gold, but work to the south has encountered has identified a potential porphyry copper-gold-molybdenum prospect called Santa Martha.
Outcrops of diorite and quartz diorite at Santa Martha consist of mineralised breccias and quartz stockworks with associated zoned hydrothermal alteration.
The best results returned for outcropping quartz stockworks and hydrothermal breccias included 2.52% copper, 0.15gpt gold and 491 parts per million molybdenum; 0.78% copper, 0.51gpt gold and 6ppm moly; and 0.73% copper, 0.33gpt gold and 53ppm moly.
A gridded auger soil program was conducted over the prospect with results further highlighting the prospect as an exciting new copper gold molybdenum porphyry target.
Highly anomalous rock values, followed by strong auger soil anomalies show the target covers an area 1.2km by 0.5km and remains open to the east.
SolGold CEO Nick Mather congratulated the company's "loyal and brilliant explorationists" for the latest find.
"SolGold's Pan Ecuadorean exploration strategy is well on the way to establishing SolGold with a unique pedigree in an integrated pipeline of projects, each with the opportunity to yield world-class targets or better," he said.
"SolGold is not just about Alpala. We offer shareholders an almost unparalleled opportunity for exponential growth through a number of discoveries and developments on the most under explored sector of the world's richest copper belt."
Alpala, part of the company's Cascabel project, is SolGold's flagship deposit with a measured and indicated resource of 2.95 billion tonnes at 0.52% copper equivalent for 10.9 million tonnes of copper and 23.2 million ounces of gold.
SolGold has 72 concessions in Ecuador and 12 priority projects, of which Sharug is one.
Ground magnetics will be conducted over the Quillosis and Santa Martha projects this month.
Shares in SolGold fell 3.8% overnight to 27.65p in London.