SolGold makes new porphyry discovery in Ecuador

SOLGOLD has made a new discovery of a large copper-gold-silver-molybdenum porphyry system at its Cisne-Loja project in southern Ecuador.
SolGold makes new porphyry discovery in Ecuador SolGold makes new porphyry discovery in Ecuador SolGold makes new porphyry discovery in Ecuador SolGold makes new porphyry discovery in Ecuador SolGold makes new porphyry discovery in Ecuador

Solgold's flagship Alpala project is located in the Imbabura province, northern Ecuador

Staff reporter

Mineralised outcrops at the Celen prospect show porphyry style quartz-magnetite-chalcopyrite veining along with disseminated magnetite-chalcopyrite with consistently rich copper, gold, silver and molybdenum mineralisation present in outcrop over a large area 2km by 1km. Celen is some 7km from the company's Cuenca Loma gold-silver epithermal prospect.

"The recent discovery of this large copper gold target at Celen … exhibits all of the geochemical and geophysical hallmarks of a large porphyry system," said exploration and country manager Jason Ward in a statement.

Mineralised zones exhibit strong magnetic anomalism while the porphyry style veins have 1:1 values of copper:gold with proportionate silver and molybdenum, which is diagnostic of a strong Andean porphyry copper gold system.

Of the 72 rock chip samples taken, 60 samples (83%) returned grades greater than 0.6% copper equivalent including an average molybdenum content for all 72 samples of 51.95ppm. Significant rock chip sampling results include 4.32% copper, 4.51 grams per tonne gold, 20.8gpt silver and 9.99ppm molybdenum.

Shares in SolGold are trading up at 20.8 pence, valuing the company at £385 million.